AmCham Taipei President William Foreman recently attended a two-day business summit in Hong Kong organized by the Asia Pacific Council of American Chambers of Commerce (APCAC). The group represents AmChams across the region.
The summit is an annual event that attracts CEOs, diplomats, government officials and other key influencers. This year’s theme was: “The Future of U.S. Trade and Investment in Asia.”
Over the course of two days, the program was packed with keynote speeches and numerous panel discussions. Here are just a few key takeaways:
- Don’t believe the headlines. The U.S. is not in retreat in the Asia-Pacific region. U.S. companies are still trading and investing here more than any other country.
- American companies are still the key standard setters that promote openness, transparency, fair markets and growth driven by the private sector.
- We’re not seeing the end of globalization. We’re just seeing it evolve.
- China is catching up fast. It’s investment has quadrupled over the past five years. China has an advantage because it has a plan, a long-term vision. The U.S. needs one.
- Developed nations are struggling to find a way to compete with China’s model of state-driven capitalism. Often, openness is a handicap when going up against China Inc.
- Eventually, there will be some kind of U.S.-China trade deal. When that happens, the focus in the relationship will shift to the next big theme: technology.
- Many of the headlines (and tweets) coming out of Washington are discouraging. But now it’s more important than ever to get engaged with AmCham to change the conversation. If you don’t, you’ll be even more disappointed.
Next year’s APCAC summit will be in Singapore. And, it will definitely be a must-attend event for the Chamber!