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Second meeting of the Greater Tumen Initiative Business Advisory Council (BAC GTI) in Shanghai, China

Private sector kicks off work to promote investment in Northeast Asia


24 March, Shanghai, China About 40 regional and international business representatives gathered for the second meeting of Greater Tumen Initiative (GTI) Business Advisory Council (BAC) confirming the high potential of Northeast Asia for new investment opportunities and highlighting the critical role of the private sector to foster economic development and prosperity in the region.


Meeting under the leadership of the BAC Co-chairs, Mr. Anthony Walton, Vice Chair, Standard Chartered Bank Group, USA and Mr. Wang Jun Hao, Vice Chairman , Juneyao Group, China, BAC members agreed on a strategy for scaling up activities in the coming months and how to proceed with the preparation of Business recommendations to the GTI governments to be presented during the 10th meeting of the GTI Consultative Commission in October 2008 in Ulan Bator, Mongolia. Among key decisions, members agreed to draft recommendations on how to address challenges businesses operating in the Greater Tumen Region are faced with. Moreover they agreed to put together an initial draft of the Investment Guide for the Greater Tumen Region. Branding and advocating strategy as well as expansion outlooks for the Greater Tumen Initiative were further reflected on and developed. The perspectives for greater engagement of the financial sector in the Greater Tumen Initiative was another central topic of discussion, including the creation of a North-East Asia Investment Consortium that would strengthen the ability of the Greater Tumen Region to attract capital inflows.


A special contribution to the work of the BAC was made by the BAC Council of Young Leaders which gave very concrete ideas on how to expand and consolidate the work of the BAC and how to further advocate the Greater Tumen Region.


Mr. Khalid Malik, UNDP Resident Representative & UN Resident Coordinator in China, in his opening address stressed the context in which the second BAC meeting was taking place. He said that a number of developments such as the upcoming inaugural meeting of the GTI Tourism Council and the upcoming meeting of the 10th GTI Consultative Commission in Ulan Bator are all important steps forward showing a new sense of dynamism in the region.


BAC members expressed deep gratitude to Mr, Wang Junhao, Vice Chairman , Juneyao Group, China and Co-chair of the BAC for his warm hospitality in hosting this productive meeting. The third BAC meeting will take place in Mongolia in October 2008 and will be hosted by the Mongolian Company, Petrovis.


The Business Advisory Council is a new institutional platform, created at the 9th meeting of the GTI Consultative Commission in November 2007 in Vladivostok, Russia, and consists of senior business leaders from the countries of the Greater Tumen Region (the Peoples Republic of China, Mongolia, Democratic Peoples Republic of Korea, Republic of Korea and Russian Federation) and foreign investors operating in these countries. The BAC was developed by the UN Office for Partnerships in consultation with UNDP Regional Office in China and the Tumen Secretariat. The Executive Director of the UN Office for Partnerships, Mr. Amir Dossal, himself an institutional member of the BAC, led the discussions of the meeting in Shanghai. The BAC operates as a non- governmental entity and is private sector-led and funded. Its main role is to promote permanent dialogue between governments and private sector representatives to strengthen regional development and cooperation.


The BAC members include multinational companies such as DHL, Standard Chartered Bank Group USA and Goldman Sachs, as well as business associations including the China-Britain Business Council and the American Chambers network.


The Greater Tumen Initiative is a regional cooperation mechanism established in 1995 by China, the Democratic Peoples Republic of Korea (DPRK), Mongolia, the Republic of Korea (ROK) and Russia, and supported by the United Nations Development Programme. It is a unique intergovernmental platform for economic cooperation and exchanges in Northeast Asia and serves as a catalyst for policy dialogue and cooperation in the areas of transportation, energy, tourism, investment and environment.


For more information, please visit the GTI website at www.tumenprogramme.org or contact the GTI Secretariat and its Director Ms Nataliya Yacheistova at nataliya.yacheistova@undp.org or by phone at +86 10 6532 6871

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