ASEAN ministers to meet in Kuala Lumpur

JAKARTA (JP): Nine ASEAN ministers of finance and their senior officials will gather at the 30th anniversary of the ASEAN Conference and Exhibition on Finance, to be held at the Putra World Trade Center in Kuala Lumpur from Dec. 1 to Dec. 3.

The conference, organized by the ASEAN Business Forum in cooperation with the ASEAN Secretariat, will focus on the theme of ASEAN Financial Initiatives for the 21st century.

Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dato' Ajit Singh said yesterday that the conference would be particularly relevant to policy makers who have to deal with the challenges of globalization in the financial services sector.

"I am also confident that the conference will provide an ideal opportunity for senior government policy makers and executives of financial institutions in ASEAN to exchange views and formulate new areas of cooperation to further develop ASEAN financial markets," he said.

The forum's president Tan Sri Dato Dr. Loy Hean Heong said ASEAN countries must reinforce the financial cornerstones of their economic success.

"We need to continue to take steps to reduce sovereign and credit risk and improve real rates of return. It is imperative that we refine our competitiveness, innovate and stay one step ahead in the global financial game," he said.

The conference will provide some interesting sessions such as "The Future of the Yen in the World and East Asia", "Risk-Return Profiles of ASEAN Economics" and others.

Some senior representatives from international organizations such as the International Monetary Fund and the World Bank will speak at the conference.

Malaysian Prime Minister Mahathir Mohamad is due to officially open the conference and exhibition and give the keynote address on Dec. 1. (08)