Malaysia, RI to have small summit delegation

Malaysia, RI to have small summit delegation

SINGAPORE (AP): As central bank governors, finance ministers and stock exchange chiefs meet for the World Economic Forum's East Asian summit this week, the two countries in the worst economic straits -- Indonesia and Malaysia -- will have only meager representation.

Though both countries will send their central bankers to the seventh annual East Asian Economic Summit, no cabinet ministers from Malaysia and Indonesia will attend the Monday-Wednesday gathering.

"I know that they are all under tremendous pressure, given the situation in these two countries," Claude Smadja, the organization's managing director, said Friday. "Their participation and interaction would have been of tremendous value to these two countries."

Philippines President Joseph Estrada, making his first international visit as leader of his country, gives the keynote speech. He will also make a quick side trip to the Indonesian island of Batam to meet with President B.J. Habibie.

The only other head of government attending is Singapore Prime Minister Goh Chok Tong.

The capital and currency controls recently imposed by Malaysia, as well as the political turmoil the country is going through, will be a central topic, formally and informally, at the conference, Smadja said.

"This is an issue that will be addressed at many of the sessions ... a key issue that no one will want to sweep under the carpet," Smadja said. "It is too bad that they don't have any of the officials (here) to present their point of view."

One of the missing officials is Anwar Ibrahim, former Malaysian deputy prime minister and finance minister, who had committed in July to addressing the conference. Meanwhile, Anwar was fired and mounted an unprecedented popular challenge to the 17-year rule of Prime Minister Mahathir Mohamad. Anwar was arrested Sept. 20 and charged with illegal homosexual acts and corruption.

Smadja said that the absence of senior officials from some countries "is a good indication that these countries don't feel fully confident that they can deliver a message" to the summit.

This year's gathering is also devoid of some top-ranking European officials.

The highest European official on the agenda, Danish Finance Minister Mogens Lykketoft, canceled just ahead of the meeting.

"I am very disappointed," Smadja said. "It's a time when East Asia is going through such turmoil and difficulties. It was a golden opportunity for Europeans to show that it meant what it was saying" about transcontinental cooperation.

The conference will include economic reports by the East Asian countries, panel discussions, speeches and networking meals on how what actions and structures are needed to fix Asia's economic mess.

"We are putting a lot of emphasis this year on financial restructuring," Smadja said. "Nevertheless, the impact of the crisis on the political situation is becoming a key issue."

Smadja said he hopes the conference will help restore confidence in the region and help crystallize policy options for governments.

Speakers include China's deputy finance minister, Lou Jiwei; Stanley Roth, U.S. assistant secretary of state for East Asia- Pacific; and Hubert Neiss, Asia-Pacific director for the International Monetary Fund.

Central bankers from Australia, Hong Kong, Indonesia, Japan, Malaysia, New Zealand and Singapore are also among the participants.