Heads of APEC members, chief executive officers (CEOs) from all over the world started meeting in Nusa Dua Bali of Indonesia on Sunday.

Over 1,200 CEOs and 10 head of members took part in the APEC CEO Summit, Wisnu Wardhana, chairman of the summit said at the opening.

"The economic turmoil and uncertainty show how global market matter to us," he said.

Indonesian President Susilo Bambang Yudhoyono opened the summit.

In his speech, the president said the private sector is important to economic growth and job creation.

"This APEC CEO summit is also an opportunity to showcase the phenomenal growth of private sector in our region. The rapid expansion of business has totally changed our 21's century economic landscape for the better," said Yudhoyono in Bali Intercontinental Convention Center.

"Governments remain important in formulating economic policies but without the help of private sector we might not be able to provide jobs for our citizen," he said.