Business leaders optimistic on prospect of Asian economy
Business leaders optimistic on prospect of Asian economy
Karl Malakunas , Agence France-Presse, Singapore
Asia's economies are set to roar back from a dark 2003 that was plagued by terrorism, war, a health epidemic and global trade failures, business leaders told the opening of the World Economic Forum's (WEF's) East Asia summit here on Sunday.
"This idea of a dynamic renewal is very clear after a very difficult year," WEF Asia director Frank-Jurgen Richter said in views that were echoed by many other participants of the influential summit that has attracted 800 senior business and political figures.
Richter said in his opening address to the forum the terrorism attacks in Bali that killed 202 people exactly one year ago, the war on Iraq and the Severe Acute Respiratory Syndrome (SARS) epidemic had all severely impacted businesses in Asia.
He said the failure of the World Trade Organization's (WTO's) global trade talks in Cancun, Mexico last month had also cast a shadow over Asia's economies.
"But now everything is on the move and Asia is looking ahead with a lot of optimism," he said.
Richter cited last week's Association of Southeast Asian Nations (ASEAN) summit in Bali, which committed the 10-nation body and China, Japan, South Korea and India to closer economic integration, as one of the greatest reasons for hope.
"We have just heard from the ASEAN leaders in Bali... a great vision, a grand vision," he said.
Other participants to the forum agreed with Richter's upbeat assessment.
"I continue to feel that there's a lot of optimism in this region as we move forward," the president of Malaysian oil giant Petronas, Hassan Marican, told the opening session.
"Optimism not only on the economic front but optimism also in the development and deepening of regional co-operation in both the political and social-cultural side of our lives.
"I feel very optimistic that this region, as it gets organized, as more and more cross border participation in the political and business front continues, will become a much stronger region and will be able to play a much stronger role in the shaping of global change."
The chairman of the Singapore Business Federation and a co- chair of the summit, Stephen Lee, was equally optimistic.
"The past few months' sentiment has improved significantly as reflected in the stock markets," Lee said, adding he expected economic growth to average between three and five percent in Asia over the next 12 months.
Lee said even a feared second outbreak of SARS, following the first that killed more than 800 people around the globe with most of the victims in East Asia, would not have the same devastating impact on the region's economies.
"The positive side is SARS was a learning experience. Business had to react very quickly... medically we also learnt quite a bit," he said.
"So as a result if there is a recovery of SARS... I think the region -- Taiwan, China, Hong Kong -- will be much better prepared. I think this time there will not be the widespread panic."