ID :
144198
Wed, 09/29/2010 - 10:14
Auther :
Shortlink :
https://oananews.org//node/144198
The shortlink copeid
ASIA NEEDS TO SPEAK LOUDLY WITH ONE VOICE, SAYS SC CHAIRMAN
KUALA LUMPUR, Sept 29 (Bernama) -- Asia needs to speak more loudly and with one voice in discussions over global economic and financial governance, Securities Commission Malaysia chairman Zarinah Anwar said Tuesday.
"Indeed, effective global governance is going to be constrained if emerging
markets in Asia (and elsewhere) are not recognised and represented," Zarinah
said in her closing remarks for World Capital Markets Symposium here.
"The challenge, however, is to overcome the diversity of national interests
that comes from the different sizes and stages of development among Asian
countries," she said.
Zarinah said a stronger voice from Asia will emerge if Asia remained on
track on regional integration towards removing barriers to trade and more open
markets.
"Asia needs integration to facilitate greater trade and capital flows, and
open up investments, including sovereign wealth funds and pension funds," she
said.
"Deep and liquid markets are important enablers for venture capital and
other productive investments into future drivers of economic growth."
There are still many opportunities for exponential growth in emerging
markets, and this region in particular, according to Zarinah.
"However, we need to create conditions for entrepreneurs to unlock
technology for new platforms, improve communications infrastructure like
broadband and facilitate the use of new media such as social networks," she
said.
Zarinah said risks to the world economy still remained high, adding that
"previous imbalances remain but growth is now more uneven, with greater reliance
on a few engines of growth".
Countries, she said, are more inter-dependent through trade and capital
flows.
"As a result, shocks in one part of the world are more easily transmitted to
other parts," Zarinah said.
"Policy disparities between slower-growing advanced countries and
faster-growing emerging countries could give rise to destabilising hot-money
flows, which in turn are generating currency volatility and exchange rate
tensions and protectionism will threaten global recovery, not only because it
stifles trade but also because it raises the cost of financial services," she
said.
-- BERNAMA
"Indeed, effective global governance is going to be constrained if emerging
markets in Asia (and elsewhere) are not recognised and represented," Zarinah
said in her closing remarks for World Capital Markets Symposium here.
"The challenge, however, is to overcome the diversity of national interests
that comes from the different sizes and stages of development among Asian
countries," she said.
Zarinah said a stronger voice from Asia will emerge if Asia remained on
track on regional integration towards removing barriers to trade and more open
markets.
"Asia needs integration to facilitate greater trade and capital flows, and
open up investments, including sovereign wealth funds and pension funds," she
said.
"Deep and liquid markets are important enablers for venture capital and
other productive investments into future drivers of economic growth."
There are still many opportunities for exponential growth in emerging
markets, and this region in particular, according to Zarinah.
"However, we need to create conditions for entrepreneurs to unlock
technology for new platforms, improve communications infrastructure like
broadband and facilitate the use of new media such as social networks," she
said.
Zarinah said risks to the world economy still remained high, adding that
"previous imbalances remain but growth is now more uneven, with greater reliance
on a few engines of growth".
Countries, she said, are more inter-dependent through trade and capital
flows.
"As a result, shocks in one part of the world are more easily transmitted to
other parts," Zarinah said.
"Policy disparities between slower-growing advanced countries and
faster-growing emerging countries could give rise to destabilising hot-money
flows, which in turn are generating currency volatility and exchange rate
tensions and protectionism will threaten global recovery, not only because it
stifles trade but also because it raises the cost of financial services," she
said.
-- BERNAMA
