ID :
23747
Fri, 10/10/2008 - 19:29
Auther :
Shortlink :
http://m.oananews.org//node/23747
The shortlink copeid
India, China will help Asia ride over financial crisis: Lee
Singapore, Oct 10 (PTI) Singapore Friday said the global
financial crisis, which has had a debilitating impact on world
economies will take time to subside, but voiced optimism that Asia's dynamism, spurred by the growth of India and China will help the region endure the turbulence.
"Both India and China are continuing to transform their economies and after the turbulence passes, which eventually it will, their emergence in a stable and peaceful region will benefit many other Asian countries," Singapore premier Lee Hsien Loong told over 800 non-resident Indians from 20 countries gathered here for the Prawasi Bharatiya Diwas (P.B.D.).
He cautioned that Asian countries must be prepared for "a
rough ride at least over the next year and quite possibly
longer" and said the problems facing financial institutions in
the U.S. and Europe "will not be solved overnight".
The conclave is being held at Singapore, the first Asian
country outside India to host the event. The P.B.D. was held
in the U.S. last year.
The two-day meet was formally inaugurated by Lee and
India's Overseas Affairs Minister Vyalar Ravi, who lit the
traditional oil lamp at the sprawling Suntech city complex.
Noting that the trust and confidence between banks will
take time to restore, Lee said Asian banks had been lucky to
have avoided the problems afflicting U.S. and European banks.
Describing Singapore's association with India as "deep
rooted," the premier said many ethnic Indians in Singapore had
come as "humble labourers and plantation workers".
Singapore's population of four and a half million
comprises nine percent ethnic Indians. The Singapore
government has at least half a dozen ethnic Indians in top
posts.
"The Indian community in Singapore is vital pillar of our
multi-racial community," Lee said.
Ethnic Chinese form the majority component of the
population while Malays come in second. Singapore also has
200,000 Indian expatriates, one of the largest expatriate
communities here.
Acknowledging that links through the India diaspora had
helped the two countries to progressively enhance bilateral
relations, Lee said, "India's integration into the regional
network benefits immensely from its diaspora."
Meanwhile, Ravi in his address said New Delhi's
partnership with Singapore and the Association of South East
Asian Nations (A.S.E.A.N.) was based on a shared vision of the
future.
"Our vision today is of an integrated Asia in which the
benefits of cooperation will far outweigh the costs of
competition," he added.
Terming the story of the Indian diaspora as that of
"struggle and success," Ravi noted that the community was
estimated to be around 30 million and spread across 110
countries.
Referring to the current financial turmoil, Ravi said a
key lesson to be learnt from it was that sustainable economic
growth was far too important to be left entirely to the
market.
"The absence of regulation can and does create a moral
hazard. Free markets are often prone to manipulation," he
noted.
He also cited the financial turmoil as an opportunity to
create better regulatory systems and better practices.
"Global financial markets need a coherent set of
transparent rules for all of the participants in order to have
a fair and orderly market. We must enforce them evenly," he
said.
financial crisis, which has had a debilitating impact on world
economies will take time to subside, but voiced optimism that Asia's dynamism, spurred by the growth of India and China will help the region endure the turbulence.
"Both India and China are continuing to transform their economies and after the turbulence passes, which eventually it will, their emergence in a stable and peaceful region will benefit many other Asian countries," Singapore premier Lee Hsien Loong told over 800 non-resident Indians from 20 countries gathered here for the Prawasi Bharatiya Diwas (P.B.D.).
He cautioned that Asian countries must be prepared for "a
rough ride at least over the next year and quite possibly
longer" and said the problems facing financial institutions in
the U.S. and Europe "will not be solved overnight".
The conclave is being held at Singapore, the first Asian
country outside India to host the event. The P.B.D. was held
in the U.S. last year.
The two-day meet was formally inaugurated by Lee and
India's Overseas Affairs Minister Vyalar Ravi, who lit the
traditional oil lamp at the sprawling Suntech city complex.
Noting that the trust and confidence between banks will
take time to restore, Lee said Asian banks had been lucky to
have avoided the problems afflicting U.S. and European banks.
Describing Singapore's association with India as "deep
rooted," the premier said many ethnic Indians in Singapore had
come as "humble labourers and plantation workers".
Singapore's population of four and a half million
comprises nine percent ethnic Indians. The Singapore
government has at least half a dozen ethnic Indians in top
posts.
"The Indian community in Singapore is vital pillar of our
multi-racial community," Lee said.
Ethnic Chinese form the majority component of the
population while Malays come in second. Singapore also has
200,000 Indian expatriates, one of the largest expatriate
communities here.
Acknowledging that links through the India diaspora had
helped the two countries to progressively enhance bilateral
relations, Lee said, "India's integration into the regional
network benefits immensely from its diaspora."
Meanwhile, Ravi in his address said New Delhi's
partnership with Singapore and the Association of South East
Asian Nations (A.S.E.A.N.) was based on a shared vision of the
future.
"Our vision today is of an integrated Asia in which the
benefits of cooperation will far outweigh the costs of
competition," he added.
Terming the story of the Indian diaspora as that of
"struggle and success," Ravi noted that the community was
estimated to be around 30 million and spread across 110
countries.
Referring to the current financial turmoil, Ravi said a
key lesson to be learnt from it was that sustainable economic
growth was far too important to be left entirely to the
market.
"The absence of regulation can and does create a moral
hazard. Free markets are often prone to manipulation," he
noted.
He also cited the financial turmoil as an opportunity to
create better regulatory systems and better practices.
"Global financial markets need a coherent set of
transparent rules for all of the participants in order to have
a fair and orderly market. We must enforce them evenly," he
said.
