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Tremendous potential for Asia-Europ
Subject: Tremendous potential for Asia-Europe trade: Tommy Koh
The Straits Times (July 10th)
Tremendous potential for Asia-Europe trade: Tommy Koh
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By Derwin Pereira in Jakarta
SINGAPORE'S ambassador-at-large Tommy Koh yesterday called on Asian and
European businessmen to exploit the potential of their regions and step
up trade and investment flows.
In a speech at the Asia-Europe Business Conference here he said economic
trends showed that trans-Atlantic and trans-Pacific ties, including
trade and investment, were stronger than those between East Asia and
western Europe.
"The conclusion is obvious: Asia and Europe are under-trading with, and
under-investing in, each other's economies," he said, adding that both
regions formed the "weakest side" of the world economic triangle, which
included North America.
Professor Koh, who heads the Asia-Europe Foundation (Asef), told a
three-day conference that the potential to do more was tremendous.
He cited the Asia-Pacific's credential as the world's fastest-growing
economic region where European companies could increase profit margins
and expand global market shares. Europe, on the other hand, offered
Asian businessmen the world's largest, most integrated and sophisticated
economy.
One reason European and Asian firms were not active in each other's
economies was that many Europeans lacked an in-depth knowledge of the
Asian market, he said.
"It is important for European companies to understand the cultures of
doing business in the various Asian countries," he said, adding that in
Asia, it was important as to "know who" as to "know how".
He said European investors were also discouraged by the lack of
transparency and a clear regulatory framework.
On the flip side, he said that apart from the United Kingdom, Ireland
and, to some extent, the Netherlands, Asians perceived the European
business environment as being expensive and its workforce inflexible. He
said: "Asians also suffer from a knowledge gap. They lack detailed
knowledge of the developments and opportunities in Europe.
To increase two-way trade and investment flow, Prof Koh suggested
building Euro-Asia business networks at the bi-regional and bi-national
levels.
He said this process had already started with the First Asia-Europe
Business Forum, which was hosted by France, in October last year.
At the same time, Asian and European governments should work to create a
more conducive business environment and a better cultural undertanding.
"Better cultural understanding will support successful business
relations between our two regions," he said, adding that the mass media
played a critical role in this respect because it shaped public
perceptions. Prof Koh said that Asef would convene a meeting of leading
news editors from Asia and Europe in Luxembourg on October 25 to
brainstorm ways of discarding "old stereotypes" of media coverage. "We
need to persuade the mass media in our two regions to report each other
in a more accurate and balanced manner," he said.
"THERE WILL BE NO REAL DEMOCRACY IF WE CAN'T GURANTEE THE RIGHTS OF THE
MINORITY ETHNIC PEOPLE. ONLY UNDERSTANDING THEIR SUFFERING AND HELPING
THEM TO EXERCISE THEIR RIGHTS WILL ASSIST PREVENTING FROM THE
DISINTEGRATION AND THE SESESSION." "WITHOUT UNDERSTANDING THEIR
STRENGTH, WE CAN'T TOPPLE THE SLORC AND BURMA WILL NEVER BE IN PEACE."
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