Peru to hold APEC CEO Summit in 2016

The Philippines that hosted the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Wednesday handed over the chairmanship of the next summit to Peru where the summit's theme would be "human development and quality growth".

Juan Francisco Raffo, chairman of APEC Business Advisory Council 2016, said the southern American country's economy has really been a showcase of success over the years, Xinhua news agency reported.

Raffo said it was not an easy time currently and his country was expected to continue improving its inclusiveness. The summit of 2016 would be an opportunity for all APEC members to know Peru, he added.

Peru is "really a neighbouring country of the Philippines. All we have in between is a little bit water. Be bold enough to venture", said Raffo, adding that the theme of the next summit will be "human development and quality growth".

Prior to Raffo's remarks, Tony Tan Caktiong, chairman of the APEC 2015 CEO Summit, said over 800 delegates from across the region and beyond participated in the Philippine summit and 11 APEC leaders, including Chinese President Xi Jinping, U.S. President Barack Obama and Russian Prime Minister Dmitry Medvedev, addressed in the event.