The Asia Pacific Economic Cooperation forum completed its first ten years in 1999. It is appropriate to pause and look back at its evolution over this period, and look forward to assess its future role in the multilateral world of the World Trade Organisation (WTO). This paper attempts both of these tasks from a New Zealand perspective. The factors and forces behind regionalism, its points of confluence and conflict with multilateralism, and its future role in a globalised international economy are all addressed in this paper. How the forces of regionalism are shaping up in the Asia-Pacific region, and how New Zealand - a small open economy - is linking itself into it are anlysed to put New Zealand's recent economic reforms in an international perspective. To what extent New Zealand and other countries in the Asia-Pacific area can learn and benefit from the experiences of one another is brought into sharper focus in the paper. Professor Srikanta Chatterjee is a professor of international economics at Massey University in New Zealand. A native of India, Professor Chatterjee studied economics at the Universities of Calcutta, India, and Surrey and London, England, receiving his Ph D from the London School of Economics. Besides New Zealand, Professor Chatterjee has been on the full time faculty in universities in India, U.K., Australia, Japan and Fiji. He has also been on the visiting faculty in Australia, Bangladesh, Botswana, China, Italy, India, Japan, Korea, Malaysia, Mauritius, the Netherlands, Norway, Singapore, South Africa, Swaziland and Vietnam. In 1997, Professor Chatterjee was a Japan Foundation Fellow at the Tokyo Keizai University, and, in 1998, he spent a semester at the Kyoto Ritsumeikan University as a New Zealand Asia 2000 Foundation Visiting Professor of Asia-Pacific Studies. Currently a Fulbright Travelling Fellow, Professor Chatterjee is visiting Berkeley, and attending a conference in San Diego before going on give lectures at the University of Colima in Mexico. Professor Chatterjee's teaching and research interests include international economics, international business, the Asia-Pacific economies, inequality and income distribution, and the economics of the household.

The Securities and Exchange Board of India (SEBI) which is the country's market regulator has recently released its draft rules on corporate governance. Mr. L.K. Singhvi will discuss the SEBI draft. The Securities and Exchange Board of India is India's primary regulator of financial markets. A member of the Indian Civil Service, Mr. Singhvi heads SEBI's Investigation, Enforcement and Surveillance Departments and its Derivative and Venture Capital Fund Departments. Prior to joining SEBI, he held positions in the Indian Revenue Service and the Income Tax Department. When India began reform in 1991, Mr.Singhvi undertook the important assignment of the Director of Enforcement of Foreign Exchange Regulations and was also a member of the committee for dilution of Foreign Exchange Regulations. Mr. Singhvi has participated both in national and international conferences especially in the area of capital market and is also an active member of the Asia Pacific Regional Committee on Enforcement.

Traditionally, an entrepreneurial spirit has not been seen as something of much value in Japan. However, the Japanese government has undertaken a variety of short-term and long-term measures to revitalize the Japanese economy through creating new business opportunities and employment. Mr. Yoda's discussion will touch on the SBIR, the Japanese version of the Bayh-Dole Act, the revision of the Bankruptcy Act, the revision of the standard for accounting as well as the revision of patent law for research institutes at national universities. To further promote the development of new enterprises and support for their growth, tax provisions, such as the "Angel Tax", have been revised and the number of incubators available for new entrepreneurs to use are also subject to increase. Through the revision of patent law, the relationship between university research institutions and private businesses in Japan will become a key factor in Japan's revitalization. Expected results from these government strategies as well as some aspects of these revisions that need to be further considered will be discussed by Mr. Yoda along with his analysis of the potential role of the Japanese government in facilitating entrepreneurial links between Japan and Silicon Valley. Mr. Yoda serves as Chief Executive Director of the Japan External Trade Organization's (JETRO) San Francisco office, where he as served since 1997 as a liaison between the Japanese and the US business communities. His primary responsibility is implementing Japanese trade promotion programs and assisting US companies looking to enter the Japanese market. Previous to his assignment at JETRO San Francisco, Mr. Yoda spent 25 years working for the Ministry of International Trade and Industry (MITI) and other governmental organizations. Mr. Yoda has also served as Commercial and Economic Councilor for the Japanese Embassy in Ottawa, Canada (1991-94). Mr. Yoda received a BA degree in Law from Kyoto University. He frequently takes part in directing JETRO's trade promotion activities as well as promoting the Japanese market to U.S. business and community leaders.

The great economist, Alfred Marshall, said of industrial districts: "The mysteries of the trade...are as it were in the air...." This seminar reports on a project that addresses the "mysteries" of the Valley (at least to many of the people who want to replicate it). Key topics to be discussed are a habitat that is unmatched in its ability to create new firms and take ideas to market rapidly, the edge provided by communities of practice, the high quality and highly mobile labor force, the various roles of government in the rise of the Valley, and how changes in technology and markets have favored it. Henry S. Rowen is Director of the Asia/Pacific Research Center at Stanford University. He is a senior fellow at the Hoover Institution and the Edward B. Rust professor emeritus at the University's Graduate School of Business. From 1989 to 1991, Rowen was the assistant secretary of defense for international security affairs in the U.S. Department of Defense. He was also chairman of the National Intelligence Council from 1981 to 1983, served as president of the RAND Corporation from 1968 to 1972 and was assistant director of the U.S. Bureau of the budget from 1965 to 1966. He recently was the editor of Behind East Asian Growth: The Political and Social Foundations of Prosperity, published by Routledge Press, 1998. At the present time, he is co-editing a book on how the Silicon Valley system of innovation and entrepreneurship works. The next phase of this project will examine high technology centers in Asia.

Prior to joining RAND in 1989, Dr. Swaine was a consultant in the business sector, a Postdoctoral Fellow at the Center for Chinese Studies, University of California, Berkeley, and a research associate at Harvard University. Dr. Swaine holds a Ph.D. and Masters in Political Science from Harvard University and a Bachelor's degree from George Washington University. He specializes in Chinese domestic politics and foreign policy, U.S.-China relations, and East Asian international relations.

The role of location is gaining attention as a contributor to firm and industry competitiveness. A number of researchers have linked innovation and productivity to the geographic clustering of firms. While a variety of industry clusters in the United States and abroad have been studied, seldom have they been considered within the context of global competition. Global competition complicates the location decision. Drawing on extensive evidence from the hard disk drive industry, including information on the complete population of firms since the industry's inception, this presentation offers a framework for understanding the dynamics of industry location in international competition. David McKendrick is Research Director of the Information Storage Industry Center at the University of California, San Diego. His current research focuses on the role of location in competitive advantage, the effects of geographic dispersion on innovation and learning in multinational corporations, and the evolution of international competition. Prior to joining UCSD, he taught in the business schools at the University of California, Berkeley, and the University of Texas at Dallas. He received his Ph.D. in business from the University of California, Berkeley.

There are several technology parks in India funded by both the state and the private sector. They have been widely criticized for offering either a poor habitat for technology development or for being too expensive. Mr. Vaghul heads India's largest development bank, ICICI. ICICI has newly promoted Knowledge Park in Hyderabad to uniquely focus on business R & D. Mr. Vaghul will explain the rationale for and development of Knowledge Park in the context of India's technology development. Narayanan Vaghul, a distinguished financier and currently a visiting professor at the Leonard N. Stern School of Business at New York University, is chairman of ICICI Limited. Mr. Vaghul has had a long, distinguished career as a banker. After qualifying as a B.Com. and Chartered Associate of the Indian Institute of Bankers, he started his career in 1957 with the State Bank of India. In 1974 he left SBI (as Chief Officer, personnel) to join the National Institute of Bank Management where he soon rose to the Chief Executive position of Director. Thereafter, he worked with two of the largest Indian commercial banks, Central Bank of India as Executive Director (1978-1981) and Bank of India as Chairman & Managing Director (1981-1984). From 1985 to date Mr. Vaghul has been Chairman of ICICI Limited. Mr. Vaghul's pioneering vision and stellar contribution to Indian industry was acknowledged when Business India, a leading Indian business magazine, selected him as Businessman of the Year (1992).

This is a time of tremendous opportunity, but to remain competitive every business is finding it necessary to be much more entrepreneurial. At SRI International, this has resulted in a new model for research and development with a focus on creating and delivering high-value solutions to the marketplace. For example, SRI spins off three to five new high-technology companies each year. This talk will review key elements of our model and the entrepreneurial process needed to successfully form high-technology companies within a relatively large R & D organization. The issues and challenges of our model will be discussed and compared against the global trends we observe. Curtis R. Carlson became President and Chief Executive Officer of SRI International in December 1998 after 25 years with Sarnoff Corporation, an SRI wholly owned subsidiary. Carlson joined RCA's Sarnoff Laboratory in 1973. He was named head of the Image Quality and Perception Research Group in 1981, Director of Sarnoff's Information Systems Research Laboratory in 1984 and Vice President of the laboratory in 1990. In 1995, Carlson became Executive Vice President of Sarnoff's Interactive Systems Division. Carlson has published or presented more than 50 technical publications and holds more than 15 U.S. patents in the fields of image quality, image coding and computer vision. While at RCA's Sarnoff Laboratories, he was the recipient of two RCA Outstanding Achievement Awards. Carlson received his B.S. in Physics from Worchester Polytechnic Institute and M.S. and Ph.D. degrees from Rutgers University. He is a member of the Institute of Electrical and Electronics Engineers (IEEE), Sigma XI, Tau Beta Pi and the Society of Motion Picture and Television Engineers.

The fact that software companies can be started with little more than a few programmers and their PCs has generated great interest in countries around the world looking for ways to get into the high-tech boom as part of their economic development strategy. Avron Barr and Shirley Tessler have been studying the Korean software industry in the context of their ongoing research on the worldwide software industry, looking for strategies that might help Korea develop her competitive strengths. They have looked at all aspects of the industry: software education, financial institutions and new business creation, habitat for startup companies, the domestic market, and global niche strategies. A summary of their findings and some possible recommendations will be discussed. Since 1994, Avron Barr and Shirley Tessler have been conducting SCIP's study of the worldwide software industry with Professor William F. Miller. They are also the principals of Aldo Ventures, Inc., a strategy consulting firm for software organizations. Avron studied Computer Science at Stanford, edited the four-volume Handbook of Artificial Intelligence, co-founded a Silicon Valley software start-up in 1981, and served as Marketing Director for a software publisher. Shirley also studied Computer Science at Stanford, and has an MBA from Wharton. She spent 16 years in corporate finance and M&A before joining Aldo Ventures in 1991. Together they have consulted with dozens of software companies and IT shops on the commercial application of advanced software technology and on the software industry.

Foreign-born engineers are a significant and fast growing presence in Silicon Valley. This talk will examine how first generation Chinese and Indian immigrants--who represent one-third of the engineering workforce in the region--have integrated into the local economy while simultaneously building long-distance linkages to regions in Asia. AnnaLee Saxenian is a Professor of City and Regional Planning at the University of California at Berkeley and an internationally recognized expert on regional economic development and the information technology sector. Her current research examines the contributions of skilled immigrants to Silicon Valley and their growing ties to regions in Asia. Her recent publications include Silicon Valley's New Immigrant Entrepreneurs and Regional Advantage: Culture and Competition in Silicon Valley and Route 128. She has written extensively about innovation and regional development, urbanization, and the organization of labor markets in the San Francisco Bay Area. Saxenian is the Gordon Cain Senior Fellow at the Stanford Institute for Economic Policy Research for the 1999-2000 academic year. She holds a Doctorate in Political Science from MIT, a Master's degree in Regional Planning from the University of California at Berkeley, and a BA in Economics from Williams College in Massachusetts.