One of the most anticipated business summits has wrapped up with new resolve for business engagement between Asia and the United States, despite recent announcements on international trade and tariffs.
330 leading business, government, diplomatic and academic figures from more than 12 countries across Asia and the US met in Kuala Lumpur Malaysia for the 2018 APCAC (Asia Pacific Council of American Chambers of Commerce) Business Summit.
The Chairman of APCAC, Jackson Cox, says the conference has proved vitally important in creating connections and deepening business engagement in what is the fastest growing region of the world.
“It has been a great week in Kuala Lumpur as we have met to chart a bold future for US business in Asia. I am optimistic that the future of American business here will remain strong and I will be forever grateful to the hosts for putting together such a successful event” said Mr Cox.
Summit organiser and Executive Director of the American Malaysian Chamber of Commerce, Siobhan Das, says she was particularly encouraged by the address of Malaysia’s Minister for International Trade and Industry, Dato Sri Mustapa bin Mohamed.
“The Minister acknowledged the important contribution US businesses have made to Malaysia over many years and indicated the government’s commitment to continue that positive engagement.
“This support is one of the reasons that Malaysia is a key destination for US investment,” she said. Across the Asia Pacific, total US Foreign Direct Investment stood at about USD850 billion at the end of 2016.
Delegates heard from a range of business, government and academic leaders throughout the past two days discussing a range of issues including an in depth look at what the Asian Century means, some of the challenges of Asia for US companies, smart cities, the impact of emerging technologies on the global supply chain, energy challenges, cybersecurity, infrastructure and ASEAN and regional trading frameworks.
APCAC (Asia Pacific Council of American Chambers) is an association of 28 American Chambers of Commerce from across in the Asia Pacific and representing 15,000 companies and 10 million employees with an estimated USD 620 billion in annual FDI management and more than USD 1 trillion in annual trade.
The most anticipated event is over!
The 2018 APCAC Business Summit took place from April 4 to 5, 2018 at the Kuala Lumpur Convention Centre. It was a challenging first quarter for everyone here at AMCHAM as not only we were we organizing this regional Summit for the first time but we had the added pressure of it being the 50th Anniversary event; we wanted to ensure we delivered a quality event that would allow participants to walk away with some concrete information. But, we did it! APCAC 2018 was a huge success and I am very proud of our staff for giving it their all, coming together as a small but formidable team and for all the support our members and their regional offices, without whose support we could not have pulled it off!
For many years now, AMCHAM had been contemplating whether or not we’re ready to host such a big event and AMCHAM being a non-profit, it was an event that could either make us or break us. Some were excited while others were skeptical but we finally decided to take the risk simply because it just was the right time to have this conversation. Although we had nine months to start planning, we also had to juggle on-going programs right up until the end of March! Basically, we had four months to get things together with Christmas and New Year in December, then Chinese New Year and other public holidays in between. This event took a lot out of my staff, I do feel guilty at times but I know it was the right time to host this event and believed in the combined team effort of the Board and staff that would see us through.
We had more than 330 delegates over the three days (AMCHAM Presidents/ED’s held a Chamber workshop on Tuesday) from across the region and some of our speakers flew from as far as the U.S. to be at this event. We also had Ambassadors made time to be with us throughout the two days providing the necessary gravitas.
We were also fortunate to be able to lure Dato Seri Mustapa, our MITI Minister, away from a very busy time to deliver a short keynote and for him to launch our Economic Impact Report with the initial sector focus of the E&E industry. It was touch and go on the timing but achieved, nonetheless.
I am happy to note that the feedback we received was that the networking was of superior quality and the whole program very well received. From sourcing for the best venue to identifying quality speakers and sponsors and details of ‘readable’ name tags to the selection of the menu, we took pride in ensuring our guests were going to be satisfied at the end of our Summit.
A special thank you to those who participated in the Summit especially to our major sponsors: Johnson & Johnson, ExxonMobil, Visa, MIDA, DLA Piper, Motorola, MSD and CFLD, and to all the smaller and in-kind contributors (see list below) without whom we would not have been as successful. Every dollar counted. Thank you to all the delegates from near and far for making it to this event and I hope you found the Summit to be beneficial to you.
I would also like to thank the team at Ruder Finn Asia for the communication and PR support and ensuring we’ve got sufficient coverage throughout the event. Cliff link, the event management company who took care of their entire operations of the event did a tremendous job throughout the two days. It was a pleasure working with both companies and we truly enjoyed the journey and we learned a lot.
In this edition, we have selected some highlights of the conference to share with you. We apologize for the delay in getting this to you but there was a tremendous amount of items to collate.
E-commerce is exploding in Asia, with e-sales for Asia-Pacific expected to total US$1.37 trillion in 2017 according to e-Marketer1, and hitting the US$3 trillion by 2021. China took the lion’s share with 53.4% of total e-commerce sales in the region and 494 million buyers2. While numbers for Asia Pacific can be skewed by China, it’s too simplistic to put this growth down to merely the China factor and its huge domestic market. Interestingly cross-border transactions are surging with Forrester Research projecting that cross-border sales will constitute 20% of e-commerce sales globally by 2022 with Asia Pacific the largest region.
Two key considerations have emerged in the last two years in light of this phenomenal e-commerce growth in Asia. One is the challenge of planning and optimizing operations to deal with these mega-event peak demands in addition to the traditional holidays. Secondly, there is the prospect of a year of multiple peak periods as opposed to just a handful of mega sales days and the Christmas rush. We see heightened sales peaks recurring through the year with the emergence of brand-dedicated events such as Dell’s Black Friday in July sale or eBay’s long-running Green Monday sale. While these are US-centric, it would be no surprise to see others in Asia drive similar major promotions.
Planning for these one-off events must now become part of ongoing operational planning and not a one-off project. Business operations must be ready for these spikes as they become part of daily business. To best prepare for this dynamic shift in business operations, here are some key considerations to help prime your business to prepare your next peak period and drive growth and expansion.
Global e-commerce requires a highly complex ecosystem:
Whether it is peak season or not, we believe that global e-commerce must be supported by a highly integrated, scalable and complex global ecosystem which few partners can genuinely provide. This ecosystem must encompass global reach and the power to reach millions of consumers, but also secure payment, fulfillment, tracking, returns, even shopping cart management – but also the right intelligence to expand choice, flexibility, and to customize the overall service experience.
Dynamic and customized experiences:
When demand hits peak loads, then flexibility and convenience are key to ensuring an optimal experience for both the end-consumer but also for merchants.
For instance, expand alternative delivery options. As more and more consumers shop online, having a package shipped directly to their doorstep is not always an option. So look to service providers who invest in more self-collection solutions like 7/11, locker boxes, as well as more flexible and convenient delivery options like FedEx Delivery Manager, which allows recipients to customize home deliveries.
In the world of IoT, connected sensors and smart devices, the ability to provide near real-time monitoring from inside the shipping package itself will be critical to businesses in healthcare, but also to shippers of food and other perishables, while also ensuring consumers receive their goods in prime condition.
Global and robust infrastructure:
When businesses are stretched to the limit you need your people focused on the business and leave the fulfillment and delivery process to capable and trusted partners to worry about. Small and medium-sized businesses need access to a logistics network that helps them achieve profitable, scalable, global growth. That’s what services like FedEx Web Services – which recognises that businesses need help to ship seamlessly to international locations – are all about.
The hot buzz-fueled areas of AI, IoT, big data and others are all being touted by players in the industry but no apps or innovations can replace the aircraft, trucks or other infrastructure that underpin the physical transportation and delivery of goods. For your small and medium business to be successful, you need to be supported by providers who have a global and robust infrastructure that ensures the physical process of fulfillment and delivery is executed flawlessly. So ensure your providers have the right infrastructure to help deliver a truly global e-commerce experience.
AMCHAM congratulates Malaysia for conducting an energized and peaceful 14th General Election in accordance with the rule of law, which is a pillar of business confidence. We look forward to continuing our proud tradition of working hand-in-hand with Malaysia’s elected representatives and civil servants to further develop the economy, increase productivity, enhance livelihoods, and ensure that Malaysia remains a highly attractive destination for foreign investment.
The Board of Governors
