News

New Institutional Platform Established to Support the Role of the Private Sector in Northeast Asia

At the 9th Consultative Commission Meeting of the Greater Tumen Initiative (GTI), on November 15th 2007 in Vladivostok, Russian Federation, a Business Advisory Council (BAC) was formally launched.

This new institutional platform consists of senior business leaders from the countries of the Greater Tumen Region (the People’s Republic of China, Mongolia, Democratic People’s Republic of Korea, Republic of Korea and Russian Federation) and foreign investors operating in these countries. The BAC will operate as non- governmental entity and be private sector led and founded. All participants of the 9th Consultative Commission Meeting welcomed the creation of the BAC, which aims to promote permanent dialogue between governments and private sector representatives to strengthen regional development and cooperation.

The BAC has been 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, chaired the Investment Forum of the GTI, in Vladisvostok last week.

The Greater Tumen Initiative, originally the Tumen River Area Development
Programme (TRADP), is a regional cooperation mechanism created in 1995 with a membership of five countries: the People’s Republic of China, Mongolia, Democratic People’s Republic of Korea, Republic of Korea and Russian Federation. It is a unique intergovernmental platform for economic cooperation and exchanges for the North-East Asian region.

At the 8th Consultative Commission Meeting held in Changchun, China on 2 September 2005, member countries agreed to set up a Business Advisory Council, as a new institutional platform for the GTI, to promote an increasing involvement of the private sector in the GTI and to improve an enabling environment for investment. A special focus was set on the areas of energy, investment, tourism transport and environment.

The governance arrangements for the Business Advisory Council, which have been developed by the UN Office for Partnerships, envisage a Congress, a Secretariat and a Steering Committee, comprising high-level business leaders, foreign investors, and representatives of umbrella organisations. Among the members are multinational companies such as DHL, Standard Chartered Bank and Goldman Sachs, as well as business associations including the China-Britain Business Council and the American Chambers’ network.

For the press release, click here.