[THE INVESTOR] South Korea has been selected as host of the eighth Asian Business Summit that is to be held in 2017.

The decision was made during this year’s summit on July 16 in Singapore.

The Asian Business Summit is an important forum for leading business organizations across Asia to meet and deliberate upon the key challenges, identify new partnership opportunities, as well as build a roadmap for accelerating growth.

This year, a total of 24 representatives from 15 corporate organizations in 11 nations took part.

Lee Seung-chul, vice chairman of the Federation of Korean Industries called on members to form an Asian version of aircraft supplier Airbus.

“Despite studies showing Asia has the largest demand for aircraft, the market is dominated by the US and Europe,” Lee said. “This needs to change,”

In addition, Lee called for Asian countries to jointly hold exhibitions for mobile and electronic devices -- an area where Asian manufacturers show their strength.

The participants also discussed global economic uncertainties, such as the latest Brexit crisis, and how Asia can regionally address the issues.

By Kim Ji-hyun (jemmie@heraldcorp.com)