Session I Strategies and Policies for Promoting Entrepreneurship The basis for growth in a free market economy is the spirit, passion and commitment of the founders of its businesses. The entrepreneurial spirit, as its best, is what drives a garage-based venture company to become a global multinational company. Entrepreneurship is the human engine that helped to jumpstart the economies of many economies, including Korea and Japan. But entrepreneurs often face daunting obstacles in their quest of building a business. They often give up even before the vision can be realized due to government regulations, unfair trade practice and lack of support in the form of capital and management. Without entrepreneurs, a free market economy cannot grow. Many economies have special legal and policy provisions to promote entrepreneurship, but such provisions are often ineffective. Session III Free Trade, Borderless Economy and Global Competitiveness The WTO has removed many barriers to global trade yet restrictions do remain. A number of bilateral agreements for free trade among ASEAN members have been signed. Negotiations are underway, for example, between Japan and South Korea. Within the next five years, nearly twothirds of the Asian economies are expected to be covered by some form of bilateral or multilateral agreements. Despite the enormous benefits that an economy enjoys from the free trade system, some segments of the population within each economy are opposed to free trade. The primary task of any government that has opted for a free trade system is to balance the interests of the beneficiaries and sufferers of such a system. ICT and Knowledge Economy The global economy is wired. Without a strong ICT infrastructure, it is unthinkable that economic growth can be achieved in today's environment. The economic development model has changed for the better. The digitally rich economies or companies are in an advantageous position in relation to their less fortunate counterparts. Thus, it is now imperative that any government must pursue an aggressive policy to develop an ICT infrastructure in order to expedite economic growth. How an economy builds its ICT infrastructure will depend on largely how global ICT companies formulate their strategies. Session IV Capital and Technology Flow through M&A and Joint Ventures For many developing economies, improvements in the standard of living through home-grown industry or business are nearly impossible. The experiences of Korea, Singapore, and other economies point to the advantages of utilizing global capital and technology by developing efficient systems for cross-border M&As and joint ventures. Inducing direct foreign investment through joint ventures is one powerful alternative to creating jobs. However, there are some inherent negative effects to the capital and technology flow across borders. How could developing economies promote the flow of cross-border capital and technology How can developing economies best manage the negative effects of the flow of cross-border capital and technology