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On 12 May, an opening ceremony of the Business Advisory Council (ABAC) of the Asia-Pacific Economic Cooperation (APEC) Forum was held in Moscow. Traditionally, VTB is among the companies representing Russia in the ABAC.
Th

 
13 May 2008

On 12 May, an opening ceremony of the Business Advisory Council (ABAC) of the Asia-Pacific Economic Cooperation (APEC) Forum was held in Moscow. Traditionally, VTB is among the companies representing Russia in the ABAC.   
The ABAC consists of three representatives from every largest national company of member economies. In 2007-2009, under Russian President order, Russia is represented by Andrey Kostin, VTB Chairman and CEO, Oleg Deripaska, Chairman of the Supervisory Board of Basic Element company and Alexander Medvedev, Deputy Chairman of the Management Committee of Gazprom.    
In his welcome address to the plenary session, Andrey Kostin, on behalf of the Russian ABAC members, mentioned the Council's enhanced work efficiency since the last session in Moscow in 2001.  He was also satisfied with the results of the work made to strengthen the relationships between business communities and public officials. "No doubt, this ABAC session will help the Council prepare a full and impartial annual report by the APEC summit to be held in November," said Andrey Kostin.  

The ABAC session in Moscow is of significant importance for Russia to host the APEC Summit in 2012 and to hold Vladivostok meeting of heads of States and Governments of the member economies. Within the APEC Summit in Russia over 100 events will be held to develop international relations and economic cooperation between Russia and other APEC member economies and to strengthen the Russian economy. The Organizational Committee on Preparation for the APEC-2012 Summit in Russia consists of top officials from ministries and authorities such as Dmitry N. Kozak, Minister of Regional Development of Russia and Elvira S. Nabiullina, Minister of Economic Development and Trade of Russia. 

On 12 May, within ABAC framework, a ceremonial dinner will be held in Balchug Kempinski Hotel for the Council members under the aegis of VTB. Among the attendees at the dinner will be Juan Raffo, ABAC Chairman, Andrey Kostin, VTB Chairman and CEO, high-ranking officials of the Ministry of Foreign Affairs, the Ministry of Economic Development, the ABAC member companies, and the RF Government Office.

For reference:
The Business Advisory Council of the Asia-Pacific Economic Cooperation (APEC) was established in 1995 to coordinate interests of the business community from member economies and decisions made within the APEC Forum. The priority lines of the Council activities are APEC resource planning, capital market expansion, business promotion, regional economy liberalization, and working out the rules and strategies for APEC members' cooperation in the information community.      
The Asia-Pacific Economic Cooperation (APEC) Forum was established in 1989 by Bob Hawke, Prime Minister of Australia, to set the rules of direct investment and trade in the Asia-Pacific region. Today, among Forum members are 21 region economies accounting for 57% of the global GDP, 48% of the global trade, and over 40% of the total global direct investment.


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