International Chamber of Commerce Elects New Chairman and Vice Chairman

Market Wire, June, 2008

The International Chamber of Commerce (ICC) elected a new chairman and vice chairman during last week's ICC World Business Summit in Stockholm.

Victor Fung, chairman of the Li & Fung Group of companies, will become the first ICC chairman from Hong Kong. American executive Rajat Kumar Gupta, senior partner emeritus of McKinsey & Company, was elected vice chairman of the world business body. Both will serve two-year terms beginning July 1.

The Paris-based ICC is the largest, most representative private sector association in the world, with hundreds of thousands of member companies in over 130 countries. The United States Council for International Business (USCIB), based in New York, serves as ICC's American national committee.

Mr. Fung will succeed the current ICC chairman, Marcus Wallenberg of Sweden, who will become ICC's honorary chairman.

Mr. Fung has written and spoken widely on international trade matters and is a strong advocate of the multilateral trading system. He has served as chairman of the Hong Kong Trade Development Council, as the Hong Kong representative on the APEC Business Advisory Council and on the Informal Business Advisory Body to the World Trade Organization. He has also served as chairman of the Hong Kong Airport Authority.

"With the global economy facing numerous interrelated challenges that are creating worldwide economic uncertainty, there has never been a greater need for world business to speak loudly and forcefully in favor of the multilateral trading system," said Mr. Fung. "ICC, which has a worldwide network of experts and works closely with governments and intergovernmental organizations, is well positioned to help find global solutions to these obstacles to economic growth."

Mr. Gupta, in his 34-year career in consulting, including nine as McKinsey's managing director worldwide, has served many leading companies on a broad set of topics related to strategy, organization and operations. He has played a leadership role in organizational thinking throughout his career and led McKinsey's organization practice.

With an in-depth knowledge of the United Nations, having served as the UN Secretary General's special advisor on UN reform, Mr. Gupta said he looked forward to building on ICC's long history of providing vital services to business.

"Like ICC's founders, I believe international trade and investment are critical factors for economic growth and job creation, with important implications also for cross-border cooperation," he said.

USCIB promotes an open system of global commerce in which business can flourish and contribute to economic growth, human welfare and protection of the environment. Its membership includes over 300 U.S. companies, professional service firms and associations whose combined annual revenues exceed $3.5 trillion. As American affiliate of the leading international business and employers organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide and works to facilitate international trade. More information: www.uscib.org .

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Contact: Jonathan Huneke VP of Communications USCIB 1 212 703 5043 Email Contact