Fri, 28 Jan 2011

Davos (ANTARA News) - President Susilo Bambang Yudhoyono has called for international cooperation to correct global economic imbalances and accelerate reforms in the financial sector and international financial institutions.

He made the appeal in his speech before the World Economic Forum in Davos, Switzerland, on Thursday.

"Certainly like what has been discussed in the G20, we must cooperate to overcome global imbalances. There is also the need to accelerate progress in the financial sector and international financial institutions before another crisis may possibly happen again," he said.

He said it was very important for countries grouped in the G20 to implement the commitment that they had made during the meetings in the forum.

He also emphasized the importance of a global financial safety net as a second-tier defense so that the world would be able to anticipate and resilient towards possible economic crisis in the future.

He said the best way that every country should have taken to deal with the problem was developing an inclusive economic growth like what Indonesia has done in its long-term development plan.

"This means we have to pay more attention to our economic and social policy which is not focused only on growth but also distribution that would help create just and prosperous community. This is the main philosophy of the Indonesian development efforts," he said.

In view of that he said the Indonesian development efforts would only be successful if the government was clean and free of corruption.

On the occasion President Yudhoyono also spoke about a change in the world constellation following the presence of new centers of growth in Asia.

He said Asia has so far recorded strong and fastest economic growth including not only China, India and Japan but also Indonesia.

"When we think of Asia we also think of Indonesia and ASEAN. Indonesia is the world`s third largest democracy and also the largest economy in Southeast Asia and is also the key area of the world economic growth and we will soon become the most productive manpower in Asia. Indonesia will play a key role in the Asian rising," he said.

President Yudhoyono also emphasized the importance of regional cooperation to settle various economic problems in the countries in the region and as a world economic growth block.

He also underlined the importance of global cooperation in the 21st century that prioritizes mutually beneficial cooperation through friendly and diplomatic relations strength.(*)