Japan vital for Asian recovery: Forum

Japan vital for Asian recovery: Forum

JAKARTA (JP): The Fourth Asian Neighbors Forum's meeting held
recently in Seoul, South Korea, agreed that Japan's leadership
was crucial to lead East Asian countries out of the economic
crisis.

"We shared the view that the recovery of the Asian economy
should be led by Japan by boosting its economy and creating
domestic demand, which can in turn lead to the revitalization of
regional trade and investment," said the forum in its conclusion,
a copy of which was made available to The Jakarta Post on Friday.

The May 8 to May 9 meeting was attended by representatives
from 21 of Asia's leading business organizations, who said
governments and businesses in the region must work on a
protection mechanism to pinpoint areas of financial fragility.

"To this end, we concurred with the necessity of continuing
reforms, prudential regulations and having a strong Asia-based
institution.

We also discussed the importance of cultivating strong capital
markets within the region," the forum said.

The forum called for the establishment of a regional
cooperative entity with Japan, China and Korea as core members to
enhance labor mobility, facilitate investment and encourage
technological transfers.

The forum also said businesses in the region should enhance
transparency and efficiency in line with international standards
to stay competitive in the post-crisis era.

Delegations to the forum agreed to meet every year, with the
2000 meeting to be held in Japan.

Vice president of the Indonesian Chamber of Commerce and
Industry Soy M. Pardede in a keynote speech during the meeting
said in order to regain their former success in the post-crisis
era, Asian businesses should be more transparent in policy
designs and practices.

Pardede said large businesses in the region should also
concentrate on core business activities instead of building
extensive business networks. (jsk)