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FEALAC Information Network of Business Organizations

FEALAC Information Network of Business Organizations. Seoul, October 19, 2007 ECO/2007/13/Annex Prof. Won-Ho KIM whkim@latinamerica.or.kr Hankuk University of Foreign Studies. Mandate.

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FEALAC Information Network of Business Organizations

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  1. FEALACInformation Network of Business Organizations Seoul, October 19, 2007 ECO/2007/13/Annex Prof. Won-Ho KIM whkim@latinamerica.or.kr Hankuk University of Foreign Studies

  2. Mandate • At FEALAC FMM III, Ministers instructed the Economic and Society Working Group to examine a way to create a financial and trade information network of business organizations (INBO) to be indicated by interested countries. • Its mission shall be to monitor, identify and publicize trade and investment possibilities in the two regions. • This network shall serve as a clearinghouse to publicize investment opportunities, especially regarding infrastructure.

  3. Rationale • Trade and investment cooperation in FEALAC shall be an important means to promote development, prosperity and social inclusiveness for the biregional populations as well as a way to promote an even more meaningful and substantive relationship between the two regions. (FMM/2007/L/01/REV.4: p. 5/6) • The INBO shall be the actual vehicle to enhance the trade and investment cooperation.

  4. Objective • The INBO shall publicize, among others, trade promotion events such as fairs, expositions, business seminars/conferences, and common projects/activities, in countries of both regions. • Such initiatives shall aim at allowing businessmen and business enterprises to share expertise and experience and explore mutually beneficial business opportunities (FMM/2007/L/01/REV.4: pp. 5/6-6/6) • INBO will reduce information gap between economies and between firms, and encourage further interaction in both regions.

  5. CONTENTS OF INFORMATION Fora, seminars and conferences Fairs, expositions Projects Statistics, economic policy, experiences Infrastructure, regulation, business environment Firms, corporations Industry, sectors Institutions, universities

  6. INBO ORGANIZATIONAL STRUCTURE FEALAC FMM FEALAC Members Hosting Government(s) NBOs FEALAC INBO CENTER INBO Operation Team Contents Development H/W, S/W Operation

  7. METHODOLOGY • There will be many ways to implement the above mandate, and this paper explores two options that represent the two extreme poles of a wide range of possible answers. • In either case, a national business organization (NBO) of each FEALAC member country should be involved. • NBOs shall have cross-sectoral/industrial representation in their countries, and be equipped with web-based regular operating system and committed to the FEALAC goals.

  8. Option A • Utilize the FEALAC website (http://www.fealacsec.org) by creating a sub-page dedicated to the INBO. • This requires a minimal cost for the construction and maintenance of INBO. • The success of the system will depend on each national business organization’s efforts to make its website accessible and useful.

  9. … • A new sub-page will be created on the FEALAC website; • FEALAC members voluntarily indicate their NBOs to participate in INBO, whereby the website links of these NBOs will be listed on the designated sub-page; • NBOs update information on trade promotion events such as fairs, expositions, business seminars and conferences, among other initiatives, and may distribute statistics, and information on common projects and activities on a regular basis when connected through the sub page.

  10. … • Pros: • This version of INBO is easy to start with, and it could be a litmus test of what the real demand of this INBO project will be. • Cons: • It will not be the comprehensive information network that could effectively monitor and publicize relevant information, principally because of incoherence and incompatibility between NBO websites. • Each NBO’s active buildup and improvements of their websites is indispensable.

  11. Option B • A new website or a portal site or a data base for the financial and trade information network of business organizations • This involves a project of about US$50,000 for the initial system construction, another US$50,000 for the information-collecting engine development, and then a moderate size of manpower for the routine database/contents maintenance.

  12. … • Interested Country(s) develops an INBO portal system by designating an institution (INBO Center); • INBO Center shall update and maintain the INBO system and service by efficiently communicating with all NBOs (optionally by providing files), categorizing the information that it receives and/or collects, and updating/maintaining the INBO contents.

  13. … INBO Technical Meeting INBO Center and NBO Representatives discuss the key issues of the system modalities and the ways to cooperate each other for its effectiveness. Representatives should be those with full knowledge of the operation of their own web-based system, of the business information flow in their country, and of their customer feedbacks. The key issues Identification of relevant contents (Text/audio/video, events/statistics/people, classifying, etc.) Networking system and technology (Linking, archiving, codifying) Information distributing strategies and use survey Evaluation of the quality of the data and information Budget implications

  14. (OPTION B: Plan of Action and Agenda) 2nd half of 2007 Designate an institution to run the INBO Center FEALAC members indicate their NBO(s) 1st half of 2008 Allocate a budget for 2009 for the construction of the INBO system FEALAC INBO Technical Meeting 2nd half of 2008 Upgrade and reconstruct NBOs’ websites 1st half of 2009 Construct INBO in accordance with the agreed format 2nd half of 2009 Official launching of the INBO System

  15. … • Pros: • This version of INBO would be the first comprehensive information network of business organizations, which would effectively bridge the information gap between Latin America and Asia created by the geographical distance. • Cons: • It is not only expensive to build, but also complicated and costly to maintain.

  16. CONCLUSION Condition of success: In either case, active contribution of responsible NBOs would be crucial. FEALAC governments should supervise their NBOs’ participation, and publicize INBO system among interested sectors in their country so that they efficiently use it. FEALAC countries should commit themselves to the necessity and continuity of the INBO system. If the INBO would fail to deliver timely and accurate information, it will not differ from other similar websites that offer investment-related information.

  17. THANK YOU!

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