Notwithstanding the recent turbulence in the global financial markets, the fundamentals for Asian economy remain strong and the regional economic outlook is positive, a Singaporean minister said here on Tuesday.
Speaking at a one-day business seminar, Minister for Trade and Industry Lim Hng Kiang said that a sense of optimism and confidence abounds in economies across Asia, and unlike a decade ago, the current growth enjoyed by many economies in this region is built on a stronger foundation.
"This has been made possible by the rise of China and India as economic dynamos for the region and a resurgent Japan, all of which provide a broader base of growth for Asia," he said.
The minister noted that while the emergence of China and India will bring about competitive challenges, it will also give rise to greater economic opportunities.
Through ASEAN's economic engagements with these parties and the corresponding growth in intra-regional trade, investment and people linkages, Malaysia and Singapore will be able to benefit from their rise, he added.
Malaysia, together with Singapore and other members of the Association of Southeast Asian Nations (ASEAN), is well placed to ride on this growth, he said, adding that for one, the realization of the ASEAN Economic Community (AEC) will position the ten-member grouping as a substantial economic entity, alongside other markets like China, South Korea and India.
The minister said that the creation of an integrated marketplace of 550 million people will help to inject more dynamism into Asia, and enhance the overall attractiveness of the region to investors.
The minister said that it is time for both Singapore and Malaysia to deepen economic interactions and cooperation to forge a winning partnership for the future and sail ahead together.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article