Asian Summit to build economic momentum

Asian Summit to build economic momentum

Associated Press, Singapore

Asian government, business and civil leaders will debate how to increase momentum in the region, which is outperforming the rest the world economically, when they gather in Singapore in October, the World Economic Forum's Asia director said on Saturday.

Frank-Juergen Richter said the East Asia Economic Summit, Asia's equivalent to the annual World Economic Forum in Davos, Switzerland, will also focus on geopolitical developments, including the fallout from the Iraq crisis and the rising importance of Islam in society.

While other regions have slowed down economically, Asia has generally continued to grow - driven by rapid development in China, he said.

The summit - to be held Oct. 12-14 - will grapple with how to manage crises in a world where people have lost trust in business, governments and international organizations, Richter said.

He noted surveys showed trust in religious groups has risen.

"What we saw in Davos was international institutions that we use to believe in like NATO, the United Nations and the World Trade Organization have lost their appeal and people do not trust them anymore," Richter told a news conference on Saturday.

"We will integrate discussions on the clash of civilizations, religion, and role of Islam. These are all important elements because we know business is not being conducted in a room of clear determining factors," he said.

The Singapore summit aims to bring together 800 leaders. Sessions will look at ways to remove trade barriers and bridge cultural gaps between China, Japan, Korea and the 10-member Association of Southeast Asian Nations, Richter added.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Thailand, the Philippines, Singapore and Vietnam.