Singapore, 7 January 2009 - "It's time to get real," says the new APEC Executive Director, Michael Tay. Assuming his role at a most precarious time in world economic history, he insists on a need to be "down to earth."
"It had to happen eventually," he says of the global financial crisis. "The world has outgrown the structures that existed. Things have changed dramatically in recent decades but institutions have continued to operate in the same old ways. There is no viable way forward but to be open and to accept that things are going to be different now."
2009 marks APEC's 20th anniversary and will see the participation of the world's most recently-appointed leaders in its annual meeting in November.
In the meantime, APEC member economies have committed to stimulate trade and economic growth by:
Resisting protectionism; and
Accelerating economic integration of the Asia-Pacific region.
To learn more about APEC and its working groups, go to: www.apec.org.
APEC Executive Director, Ambassador Michael Tay
Ambassador Michael Tay is the last to serve a rotating term as APEC's Executive Director and will play a lead role in the selection of a fixed-term Director for future years.
Ambassador Tay is known for his contributions to the business and arts communities. Prior to his appointment, he served as Singapore's Ambassador to Russia from 2003 to 2008, where he developed strong diplomatic and business relationships; and established the Russia-Singapore Business Forum. He also commissioned the Russian composer, Vladimir Martynov to compose a symphony about Singapore, which may be heard by visitors to the National Museum of Singapore.
A year fraught with inherent challenges, Ambassador Tay considers 2009 a starting point: "The global situation can be used as a platform on which to build financial systems that better accommodate globalisation; that do not so disproportionately favour the über wealthy; and that enable less developed economies to establish a solid business presence."
Ambassador Michael Tay's CV can be seen in its entirety here.
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