East Asia summit urged to tackle global economic sluggishness
East Asia summit urged to tackle global economic sluggishness
Deutsche-Presse Agence, Singapore
Political and business leaders from 32 countries were urged on Sunday at the World Economic Forum's (WEF) East Asia summit to tackle global economic sluggishness, greying populations and terrorism.
Singapore's Minister for Defense Teo Chee Hean kicked off the annual event held in the city-state after the Association of Southeast Asian Nations (ASEAN) meeting in Bali and before the Asia Pacific Economic Cooperation leaders' meeting in Bangkok.
"The phenomenon of regional economic integration is fast evolving into reality," Teo told the summit regarded as Asia's leading business-focused forum.
He cited significant developments toward an ASEAN Economic Community and linkages between ASEAN and North East Asia and South Asia.
"Business is tapping on growth opportunities opened up by new markets and technologies, Teo told the more than 800 delegates.
Challenges to be faced include "global economic sluggishness, greying populations, terrorism and various socio-economic issues," Teo noted.
"The rapid emergency of ASEAN, China and South Asian economies has economic implications on the region's trading and investment patterns," he added.
ASEAN groups Singapore, Indonesia, the Philippines, Malaysia, Thailand, Brunei, Cambodia, Laos, Vietnam and Myanmar (Burma).
Globalization is once again a pivotal topic with the failure of the World Trade Organization (WTO) talks in Cancun, Mexico, last month to be discussed, said Frank-Hurgen Richter, WEF Asia director.
The Geneva-based WEF, a pro-globalization body, released a survey coinciding with the three-day summit showing more than half of Asians queried in 10 countries supported the process.
Other issues on the agenda are currencies, corporate governance and the impact of the severe acute respiratory syndrome (SARS), which had a devastating impact on the economies earlier this year. Experts expect the virus to return during winter in the northern hemisphere.
Cambodian Prime Minister Hun Sen, Sri Lankan President Chandrika Kumaratunga and Jordan's King Abdullah II are among those attending the summit.
The event enables leaders "to identify and seize opportunities for Asia to gain the spirit of innovation, dynamism and growth," the WEF said.
The program identifies key trends and enables participants to chart Asia's future through panel discussions and workshops, it added.