Goh sees silver lining in Asian crisis<\/p>\n
SINGAPORE (Reuters): Singapore Prime Minister Goh Chok Tong
\nsaid on Monday the Asian financial crisis that wreaked havoc on
\nthe region had proved to have a silver lining, pushing it in the
\ndirection of more open, less corrupt economies.<\/p>\n
"The crisis has given East Asia an opportunity to quicken its
\neconomic liberalization, jettison KKN (corruption, collusion and
\nnepotism) in favor of good corporate governance and refocus on
\ncapability and productivity growth," Goh told the World Economic
\nForum.<\/p>\n
He said the opening of East Asian economies had accelerated,
\npartly thanks to International Monetary Fund prescriptions and
\npartly to the need to re-capitalize Asian banks and companies.<\/p>\n
"Even relatively closed sectors such as banking, insurance and
\nautomobiles have now been liberalized," he said.<\/p>\n
Goh said Indonesia coined the term KKN but now there are
\nstrong reformist forces there demanding transparency and
\naccountability.<\/p>\n
"To expect a clear-cut victory overnight for transparency and
\naccountability will be naive. KKN is endemic in many societies.
\nBut hopefully, the economic crisis should bring about a retreat
\nof KKN," he said.<\/p>\n
Goh said the crisis forced East Asia to think long-term and
\ntake steps to improve workers training and education and promote
\ninnovation, creativity and entrepreneurship.<\/p>\n
"The fourth positive outcome is that Asia received a traumatic
\nbut necessary lesson on the realities of globalization, in
\nparticular, the way globalized capital markets work," he said.<\/p>\n
He said Singapore had taken steps to educate its workforce and
\nramp up liberalization in key areas, including financial and
\ntelecommunications sectors.<\/p>\n
In finance, he said a three-pronged strategy was in place to
\npromote an asset management industry, to develop capital markets
\nand to build a strong a competitive banking industry.<\/p>\n
"As for telecommunications, the approach is to increase
\nconsumer choice at the most competitive prices, to stimulate
\ngreater efficiency and to raise service quality."<\/p>",
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