Singapore meeting to focus on Asian crisis<\/p>\n
SINGAPORE (Reuters): Capital controls and the liberalization
\nof financial systems in Asia will be the key focus of
\ndiscussions, both formal and informal, at a gathering of
\ninternational political and business leaders next week.<\/p>\n
\"The issue of what is happening to the process of financial
\nliberalization all over the region is a key issue,\" said Claude
\nSmadja, managing director of the World Economic Forum.<\/p>\n
Smadja said the issue of capital controls would be \"addressed
\nin many sessions. It is too bad that we don't have more officials
\nto present their point of view,\" he told reporters on Friday.<\/p>\n
The Swiss-based WEF, together with Singapore's Economic
\nDevelopment Board (EDB) is staging the Seventh East Asia Economic
\nSummit from October 12 to 14th in Singapore. The summit will have
\n700 international participants, Smadja said.<\/p>\n
Philippines President Joseph Estrada, on his first visit to
\nSingapore, will be the keynote speaker at the summit which will
\nalso be addressed by Singapore Prime Minister Goh Chok Tong.<\/p>\n
Also present will be Hubert Neiss, the International Monetary
\nFund's chief expert on Asia, the heads of central banks from New
\nZealand, Indonesia, Hong Kong and Malaysia and stock exchange
\nchiefs from Asian bourses.<\/p>\n
A host of corporate chief executives from companies including
\nJardine Matheson, Nestle of Switzerland, Korea's Daewoo Corp,
\nNovell Inc, Yamaha Corp and the Philippines Long Distance
\nTelephone (PLDT) will also address the conference.<\/p>\n
Smadja said he was disappointed with the relatively small
\nturnout by senior European officials.<\/p>\n
\"I am very disappointed. I think that Europe has been missing
\na historical opportunity in this crisis to strengthen its links
\nwith East Asia,\" he said.<\/p>\n
\"Europe has said for many years it wanted to establish links
\nwith East Asia. It was a golden opportunity for Europe to show
\nthat it meant what it was saying.\"<\/p>\n
\"We have invited top officials from Europe to convey strong
\nmessages about Europe's interest. I must say that we have not
\nbeen successful with respect to political leaders.\"<\/p>\n
He said the absence of key officials from countries such as
\nJapan was for a different reason.<\/p>\n
\"The absence of some senior officials from different countries
\nis a good indication of the fact that in some countries they do
\nnot feel fully confident about the kind of message they can
\nconvey at this state,\" he said.<\/p>\n
Japan's Vice Minister of Finance for International Affairs
\nEisuke Sakakibara is among those scheduled to appear who have
\nbacked out.<\/p>\n
\"It is quite clear that in their countries, the debate that is
\ngoing on at the political level is not yet finished,\" he said.<\/p>\n
Apart from Sakakibara, another no-show at the summit will
\nsacked Malaysian finance and deputy prime minister Anwar Ibrahim,
\none of those invited. Anwar is in jail awaiting trial on charges
\nof sodomy and corruption which he denies.<\/p>\n
The theme of the WEF summit is the Asian crisis and the \"new
\neconomic landscape in Asia\".<\/p>\n
Smadja said the summit was aimed partly at restoring a
\nbalanced perspective of the Asian crisis.<\/p>\n
\"We strongly believe that has happened in the last 15 months
\nwas definitely a process of overreaction and over-adjustment to
\nthe problems which existed,\" he said.<\/p>\n
\"There is an Asian miracle. It now is in parenthesis. There
\nwill be an Asian miracle after the phase that we are going
\nthrough.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-meeting-to-focus-on-asian-crisis-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}