Mr Arin Jira, Chairman of the ASEAN Business Advisory Council (ASEAN-BAC), was the distinguished luncheon speaker. He shared the experience of the private sector in doing business in ASEAN. According to him, the current crisis hampered the process of regional integration. The policy alteration and shifts undertaken by governments had shaken the confidence of investors. While multinational companies could still take advantage of the present ituation, the small and medium enterprises tended to stay local. He expressed his belief that ASEAN should shift its strategy from reliance on U.S. demand to more on intra-ASEAN trade. This was particularly relevant at a time when countries in the West were introducing measures that had protectionist undertones. Shifting to increased activity with neighbours would, however, require public-private partnerships as an essential factor. This was an area of weakness for ASEAN. ASEAN still lacked a formal mechanism for private sector involvement. Thus, both governments and private sector need to collaborate in helping businesses overcome bureaucratic hurdles.

Mr Arin Jira highlighted the lack of recognition of ASEAN brands. To address this, ASEAN countries need to increase the share of trade and investment among themselves. There should also be initiatives to increase the production and consumption of ASEAN goods and to raise their value. He cited the example of the ASEAN-BAC's initiative of conferring the ASEAN Business Award on outstanding ASEAN companies, thus giving them greater prominence and raising their profile. Similar initiatives or arrangements should be made to encourage SMEs to expand their operations in the region and to attract investments, including venture capital. In turn, successful companies can share the business sector's views on and experience with difficulties encountered as a result of ASEAN's ongoing regionalism efforts.

Mr Arin Jira concluded by calling for greater business interaction to transform the ASEAN region into a regional economic base. He suggested that this could be achieved through greater private-public partnerships. He encouraged ASEAN governments to initiate and create companies, provide direction and guidance, and open up opportunities to invest in the companies. This could be initiated first in the agriculture sector, from which ASEAN countries produce a significant percentage of the region's commodities. He cautioned, however, that cooperation among and within member states was important to regulate supply and demand, so as not to compromise national interests.