The Importance of Human Capacity Building in Asia-Pacific Economic Cooperation

Although the importance of human capacity building has been cited in the growth of economies, it has not taken a central role in carrying out regional cooperation in Asia Pacific. In addition, human capacity building is associated with the competitiveness of the economies in the Asia Pacific region. Because of these associations, there are regional benefits arising from enhanced human capacity building beyond the usual private returns and social benefits. In addition, narrowing technological gap through human capacity building can promote greater regional trade. Lastly, regional efforts on human capacity building should not be perceived as a prelude to labor mobility but instead as a prerequisite for greater mobility of capital. Thus, aside from the role of human capacity building in economic growth and competitiveness, it is also crucial in regional connectivity and related with trade liberalization which are major thrusts of APEC.