Business News

[altsean@xxxxxxxxxx]

(from altsean@xxxxxxxxxx)

MEET ENDS WITHOUT STAND ON MYANMAR
The Star (Malaysia) May 22, 1997
by Shahanaaz Sher Habib
in Manila

The Pacific Basin Economic Council (PBEC) ended its 30th international
general meeting without taking any position on Myanmar.

The region's premier business organisation over the past few days took
strong positions - supporting Hong Kong's return to China, calling for the
immediate acceptance of China into the World Trade Organisation, but totally
ignored Myanmar.

PBEC secretary-general Robert Lees told a press conference at the end of the
meeting that: "PBEC has no position whatsoever on Burma (Myanmar)."

"We are just hopeful that the issues are worked out so that there can be
military and political security (in that country).

"When that happens, the private sector will rise to the occasion and
investments will flow in.

"But the governemnt has got to do its part. Governments have the
responsibility of bringing this kind of stability. Only the government can
do that, the private sector can't," he said.

Lees said political stability and military security were vital to economic
development.

The United States has recently banned new investments in Myanmar as a public
condemnation for alleged human rights abuses by the country's military junta.

Lees also said PBEC had formed a committee to study liberalisation of the
financial services and was likely to come up with a report in about six months.

PBEC is an association of senior business leaders from 20 economies in the
region representing over 1,200 businesses that boast global ne sales of more
than US$4.25 trillion (RM10.62 trillion) and employees of over 10.9 million.