United States Contributes US$500,000 for Capacity Building Initiative in the Asia-Pacific

The United States signed a Memorandum of Understanding with the Asia Pacific Economic Cooperation (APEC) forum to provide US$500,000 to support capacity building projects across the Asia-Pacific region.

Ambassador Michael Michalak, the APEC Senior Official from the United States, announced that the initial contribution of half a million dollars would be the first of several contributions to APEC in 2007 and 2008.

"In recognition of APEC's role as the premier economic forum in the Asia-Pacific region, U.S. President [George W.] Bush announced in 2006 that the United States would commit to doubling our support of APEC activities to roughly US$5 million per year, starting in 2007," Ambassador Michalak said.

The initial U.S. contribution agreed upon in Singapore will be directed to the APEC Support Fund. It enables APEC to conduct economic and technical cooperation activities in such areas as health security, anti-corruption, and human resources development. Economic and technical cooperation, a pillar of APEC activities, complements APEC's trade and investment liberalization and facilitation agenda.

Michalak linked the U.S. announcement with efforts to reform APEC that began at the Leaders Meeting in Hanoi in November 2006.

"In Hanoi last year, President Bush and the other APEC leaders welcomed plans to strengthen and streamline APEC," Michalak said.

"The U.S. contribution will help us to achieve our goal of a stronger APEC in the years ahead."

The US$500,000 contribution from the United States provides a substantial increase to the fund which has seen contributions from Australia, China, Chinese Taipei, and Korea since its inception.

The APEC Support Fund was established in 2005 to meet capacity building needs in high priority sectors relating to economic and social development. The Fund supports projects for developing member economies in the APEC region.