2009 APEC 20th Anniversary Essay Contest

To mark APEC’s 20th Anniversary in 2009, the Secretariat invited business students from APEC’s 21 member economies to write an original essay on: “What can APEC do for Business?” Targeted invitations were sent to over 100 of the region’s top business schools and a general invitation was issued via the APEC website.

PRIZEWINNERS

  1. The winner is Geoffrey (Kok Heng) See from Singapore. Geoffrey is currently studying state-owned enterprises in China at YaleUniversity in the United States. His essay recommends that APEC work to reduce ‘institutional distance’ (i.e. differences in institutional environments) so that the Asia-Pacific can be the world’s global production cluster.
  1. The first runner-up is Indra Surya Susantio from Indonesia. Indra is a student at the Graduate School of Commerce, WasedaUniversity in Tokyo, Japan. His essay advocates that APEC work to encourage the private sector to provide goods and services for lower-income consumers as a way of fostering economic development.
  1. The second runner-up is Sunviana Sunaryo from Indonesia. Sunviana is studying for a Bachelor of Business at the PrasetiyaMulyaBusinessSchool, Jakarta, Indonesia. Her essay proposes five ‘green steeps’ that APEC should take to promote sustainable economic growth and to generate new ‘green’ business opportunities.

The winners will be congratulated by Singapore’s Prime Minister, Lee Hsien Loong, on the sidelines of the APEC CEO Summit on the 13th of November.

The full text of the three essays is available at:

Abstracts of the essays are provided below.

For more information, contact:

Linda Carroll at or at (65) 9617 7316

Anita Douglas at or at (65) 9172 6427

  1. WINNING ESSAY:

Asia Pacific as the World’s Global Cluster? Reinterpreting APEC’s role in a world of increasing institutional distance

Author: Geoffrey (Kok Heng) See

Citizenship/Permanent residency: Singapore

Student of: WhartonSchool, University of Pennsylvania, The United States

Abstract

The Boeing Dreamliner project is remarkable not just for its amazing product, or its interminable delays, but also for the unprecedented global production network it has brought together. Boeing chose to rely on suppliers from all around the world not just for the delivery of selected parts, but also for research and development collaboration and the production of entire subsystems of the plane.

This network provides a glimpse of the global cluster: a futuristic approach to production that links producers from all over the world to produce much more efficiently than ever before and to produce things that could not be produced before. If the global cluster becomes a reality, this new production system will provide an enormous boost to trade, economic collaboration and technological collaboration between economies. This is why APEC must care about this transition in production systems, promote it, and make Asia-Pacific the most competitive host for it.

However, delays in Dreamliner production reveal problems with the global cluster. The global cluster is made possible by innovations in communication and decreasing ‘institutional distance’ between economies. As the institutional environment in different economies become more similar, inter-economy collaboration becomes easier. However, evidence points towards increasing differences between institutional environments (which business academics term ‘institutional distance’) throughout this decade.

APEC, by viewing its ‘Three Pillars’ mission through the lens of global clusters, can effectively aid the transition in production systems. APEC can overcome the key obstacle of increasing institutional distance by leveraging its unique network of state and private actors to identify key institutional distances to close and to persuade relevant actors to take action.

  1. SECOND PLACE:

What can APEC do for Business?: Fostering Economic Growth through the Business Development Program at the Base Of the Pyramid

Author: Indra Surya Susantio

Citizenship/Permanent residency: Indonesia

Student of: GraduateSchool of Commerce, WasedaUniversity, Tokyo, Japan

Abstract

This essay attempts to emphasize the importance of the private sector’s involvement through APEC participation in fostering economic development at the Base of the Pyramid (BOP).

In December 2008, the Asian Development Bank reported that poverty in the Asia Pacific region is estimated to be much larger than earlier reported. The region was also reported to be facing major hurdles in meeting its Millennium Development Goals. Following ADB reports, in January 2009, the World Economic Forum, in partnership with The Boston Consulting Group presented a set of new insights and design principles which can help companies tap the economic potential of BOP markets in ways that serve both commercial and societal goals.

In fact, both reports concluded that the task to reduce poverty is far too large for the public sector to handle by itself, and so the role of the private sector in poverty reduction and inclusive growth is therefore critical. They argue that the private sector can play a bigger role in improving the lives of the poor and near poor than it does now, leaving the public sector to focus on those most in need.

While many companies around the world are increasing their engagement in emerging markets, many remain focused on the high-income populations in those countries. The major reason is because the BOP approach needs an innovative concept that channels private entrepreneurship towards inclusive development. Unfortunately, most of the private sector has been familiar with traditional and regular ways of doing business, and therefore faces difficulty in changing their ways of doing business in the BOP market.

I submit this proposal for a private sector-led response with the conviction that innovative marketing approaches will provide solutions to continuous business growth in APEC members.

  1. THIRD PLACE:

APEC 5 GREEN Steps: Facilitating ‘Green’ Business in Asia-Pacific Region

Author: Sunviana Sunaryo

Citizenship/Permanent residency: Indonesia

Student of: Bachelor Business, PrasetiyaMulyaBusinessSchool, Jakarta

Abstract

Businesses around the globe are currently facing two of the most detrimental crises of the 21st century – a financial crisis and an environmental crisis. I believe focusing only on financial concerns will be a big historic mistake. Hence, global environmental issues and promoting sustainable economic growth should be an imperative worldwide agenda, constituting an important topic for discussion in many forums, organizations and cooperation, including Asia-Pacific Economic Cooperation (APEC).

The essay begins by delving into the status quo related to climate change in the Asia-Pacific region. The environmental crisis will outlast the serious economic downturn that worsens the financial crisis in the region. Significant loss of marine, agricultural and industrial revenue and additional environmental costs will be both big burdens and obstacles for APEC economic activities.

To address the problems, this essay proposes APEC 5 GREEN steps. These include:

Generating Climate Change Research in the Asia-Pacific Region

Reinforcing Green Investment Officer

Encouraging Green Investment and Funding

Establishing Annual Asia-Pacific Green Economy Conference

Navigating the Right Path for the Next Green Business Leader

APEC is beyond regional cooperation, it plays a global role and I am firmly certain that APEC can translate the environmental crisis into lucrative business opportunities. These strengths and opportunities can successfully tackle all major weaknesses and threats to the APEC 5 GREEN steps proposal. These will be briefly discussed through a SWOT (Strength, Weakness, Opportunity, and Threat) analysis. Afterwards, this essay shows economy benefits that APEC 5 GREEN steps will bring to Asia-Pacific economies.

Finally, the essay comes to the conclusion that APEC 5 GREEN steps are convincingly feasible steps to enhance the role of APEC in promoting sustainable green economy and simultaneously facilitating lucrative business in the region.

APEC Member Economies: Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China;Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines;Russia; Singapore; Chinese Taipei; Thailand; United States; and Viet Nam.