Pacific economic council will move to Hong Kong

Associated Press

The Honolulu-based Pacific Basin Economic Council says it will move its international headquarters to Hong Kong by the end of the year.

The PBEC board selected Hong Kong because of its position as the leading regional business center, the council said Saturday in Bangkok, Thailand.

"Being in Hong Kong will enable PBEC to raise its public profile and enhance its influence on crucial policy issues affecting our member companies," said board chairman S.R. Cho, who is chairman of Hyosung Corp. of South Korea.

Council members represent 1,000 major corporations in 20 countries around the Pacific.

The organization was formed in 1967 and has been headquartered in Honolulu since 1992.

"PBEC is deeply grateful for the exceptional support and warm hospitality that we have enjoyed from the Hawai'i state government and the entire community," Cho said. "We intend to maintain links with Hawai'i, particularly the business sector and first-rate research institutions like the East-West Center."

Arthur L. Kobler, a retired U.S. Air Force captain and former diplomat, was named president of the council in September.

Kobler replaced Dalton Tanonaka, who said he was fired in August because he pushed for the group to retain its Hawai'i base.