Trade, finance, and economic development - interview with PBEC chairman Scott Price

May 30, 2007

VentureOutsource.com talks with Scott Price, chairman with the Pacific Basin Economic Council (www.pbec.org). Mr. Price is also CEO for DHL Express Asia Pacific.

The Pacific Basin Economic Council (PBEC) is focused exclusively on Asia-Pacific centric business interests and helps provide a framework for members to actively engage in policy discussions and initiatives designed to guide regional progress. Transcripts from that discussion follow.

VO: For company executives exploring the possibility of expanding into the Pacific Basin market, what do you see as the top three (3) challenges companies face?

Price: Three challenges facing companies expanding into the Pacific Basin market are:

1. Understanding the various Asian cultures
2. Acquiring adequate knowledge of a large and diverse geographic area of the globe with varying social and economic levels sometimes accompanied by challenging political climates and
3. The various customs and regulatory requirements for different countries

VO: What do you feel are three (3) challenges facing companies already operating in the region - yet wanting to expand their market presence?

Price: Three challenges facing companies already operating in the Pacific Basin market:

1. Managing growth: to meet increasingly sophisticated consumer demands, companies must continuously invest in infrastructure, systems, and people to consistently provide the highest level of product and service quality.
2. Attracting and retaining talent: retention of mission-critical job holders is difficult in a competitive landscape. Hence, effective leadership as well as retention and development training programs are both necessary and critical in order for companies to be successful.
3. Executives must recognize the importance of developing innovative products and services that can clearly differentiate their organization from the competition.

VO: With unrest in the world, focus on world peace and opportunities to create prosperity for countries (whether already developed or developing) is important to humanity. What role do you see ‘trade' playing in bringing economic development and peace to volatile regions around the world? What are your thoughts on trade barriers?

Price: Increasingly, governments are recognizing the importance of trade, especially intra-regional and global trade, and its unifying role across geo-political boundaries.

Scott Price Chairman Pacific Basin Economic Council (PBEC)

In recent years, the world has seen an unprecedented number of new trade agreements and trade blocs or, free trade areas, across all parts of the globe. New free trade agreements (FTA) and a burgeoning WTO membership, with several developing countries waiting in the wings to become part of this exclusive group, bear testament to the emphasis governments place on trade.

Some critics say increasing trade brings with it greater social divide, a bigger gap between the haves and have-nots. However, the positive impact trade brings to a country's economic development is undeniable and is, in fact, irrepressible.

As part of a trade promotion body such as PBEC and, as CEO of a trade facilitator in DHL Express, I am always looking forward to further relaxation of trade barriers and the greater promotion of free trade.

    

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