Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - ASEAN: more unity among members needed

ASEAN: more unity among members needed

121121_07
Leaders, key officials of ASEAN and East Asia and development partners attend the ASEAN Global Dialogue at the ASEAN summit, Tuesday, Nov. 20, 2012 in Phnom Penh. Photograph: Sreng Meng Srun/Phnom Penh Post

Further comprehensive economic co-operation and expansion among ASEAN’s member states, East Asia and its development partners was imperative for managing risks and impacts from the fragile global economy, Prime Minister and ASEAN chairman Hun Sen said during the ASEAN Global Dialogue yesterday.

The dialogue brought together the leaders and key officials of ASEAN and East Asia and development partners to exchange and seek ways to deal with issues facing the region, such as the global financial crisis, jobs, food, food security and climate change.

According to Hun Sen, the world is still in the grip of the global financial crisis.

“We recognise that if the global economy is still weak, ASEAN definitely cannot escape from the crisis,” he said.

Asian Development Bank president Haruhiko Kuroda, one of the main development partners, said yesterday that as some advanced economies gradually rebuild their balance sheets, Asia’s emerging markets need to diversify sources of growth to boost GDP.

“Tomorrow’s successful economies will focus on effectively transforming themselves through growth that reaches more people, especially the poor,” Kuroda said. “Growth must be more inclusive, green and knowledge-led.”

He said that with 420 million Asians entering the labour market by 2030, job-creation woul remain a daunting challenge for the region.

Infrastructure development is essential to job creation efforts, and in response to ASEAN’s massive infrastructure needs, the ASEAN Infrastructure Fund was created earlier this year.

ASEAN secretary-general Surin Pitsuwan told a press conference yesterday the bloc had done a very good job and had knowledge from lessons learned during its own crisis in 1997, so ASEAN and East Asia countries knew how to protect themselves from financial crisis.

“They appreciate the way we handled our own economic challenges,” Pitsuwan said.

“They acknowledge the fact that we have gone through our own crisis in the late ’90s and we have learned lessons.

“We have made some reforms, and we have instituted better governance for co-operation,” he said.

After the crisis in 2000, ASEAN worked with East Asian countries to create the Chiang Mai Initiative Multilateral Fund — initially worth $120 billion and doubled to $240 billion this year — to insure against financial crises.

Hidetoshi Nishimura, executive director of the Economic Research Institute for ASEAN and East Asia, said yesterday the Chiang Mai Initiative was a very important achievement.

“This is unique, very unique,” he said. “Even [the] EU doesn’t have [something] like that.”

According to Nishimura, it is a “very strong assurance to do very good business in this area.” He also said it was “a very good absorption to the external shock.”

To contact the reporters on this story: May Kunmakara at kunmakara.may@phnompenhpost.com
Anne Renzenbrink at anne.renzenbrink@phnompenhpost.com

0

Comments

Please, login or register to post a comment

Latest Video

Google Angkor

Google's 3D Angkor online

Drawing on over one million photos, Google has taken the Angkor Wat temple complex into the digital realm, allowing anyone with internet access to enjoy 360-degree panoramic views of 100 of the ancient temples.

97' grenade attack commemoration

Back in the streets

Thousands of CNRP supporters march through Phnom Penh

This month 20 years ago...

1994-04-08 07:00
House adjourned over Chakrapong
1994-03-25 07:00
Govt elated by $777m aid total
1994-04-08 07:00
Thais to plant border listening devices
1994-04-08 07:00
Govt rethink urged on tax, accounts
1994-03-25 07:00
Ministers muddy press law waters
1994-04-08 07:00
Sailor arrested for killing shipmate