Cooperation stressed for recovery in Asia
Cross-border collaboration vital for region’s return to growth, forum told
Innovative cross-border cooperation and greater use of public-private partnerships will help Asian economies transition to a new normal as they recover from the coronavirus pandemic, speakers told a forum on Tuesday.
More dialogue within the region can enhance what Michael Yeoh, president of KSI Strategic Institute for Asia Pacific, calls the 4Es — economic growth, employment opportunities, education and human capital development, and environmental sustainability.
Yeoh was among figures addressing the 2020 Asia Economic and Entrepreneurship Summit in Kuala Lumpur, Malaysia.
The summit, hosted by KSI with China Daily and the Pacific Basin Economic Council, explored the scope for growing partnerships to achieve inclusive, innovative and sustainable growth in the Asia-Pacific region.
Malaysian Minister of Entrepreneur Development and Cooperatives, or MEDC, Wan Junaidi Tuanku Jaafar, injected hope into the gathering by mapping out the country’s path out of the crisis, which has hit hard small and medium-sized businesses particularly hard.
“To initiate another way of doing business is the key work of the government,” the minister told participants attending online and at the venue.
The minister outlined Malaysia’s 3Rs approach — relief, recovery and reform — and said the policies are gaining momentum. SMEs are gaining more cash flow for breathing space, employment is increasing, industrial productivity recovering, and retail sales and wholesales are also growing, the minister said.
Nancy Shukri, Malaysia’s minister for tourism, arts and culture, pointed out that innovation requires new concepts and change has becomes the catchcry of the era. The minister pointed to the country’s legalization of app-based taxi services in 2017 as forward thinking. Malaysia has introduced robust incentives and plans to revitalize the tourism industry by the second quarter of 2021, she said.
Sustainable tourism now is among the goals for policymakers. Homestays, hotels, tourism agencies and others in related sectors will offer local delights and provide a true flavor of the country for visitors — all with health requirements adhered to, the tourism minister said.
However, the minister for the MEDC said: “We have to accept life will never be the same after COVID19. It pushes us to improvise and innovate.”
Innovation highlighted
The authorities are working with local agencies and private businesses as well as outside partners to promote businesses, train young people and empower others for innovation, as well as increase production and wealth creation, the MEDC minister said.
Xiao Geng, chairman of the Hong Kong Institution for International Finance, said the Asia-Pacific region can benefit from a recovering China, which continues to open up its economy and promote private businesses and markets.
Beijing’s policies are creating more opportunities and bigger markets for the world, Xiao said.
Chin Yew Sin, of the Global One Belt One Road Association, said China is expected to remain strong economically, especially with its technology edge, into the future. Chin highlighted the innovative spirit of its people.
Edon Woon, president of Asian Institute of Technology in Thailand, said Asia is a formidable economic force, with China taking the lead. The members of the Association of Southeast Asian Nations, or ASEAN, India and Japan are also providing support, Woon said.
He expects to see more intraregional cooperation, especially covering what he calls complementary collaboration in education. Woon also pointed to the growth in Asian universities as they lure more and more talented people.
Dennis Ng, chairman of the Institute of International Harmony and Sustainable Development in Hong Kong, said that countries can enrich each other through international collaboration.
Michael Walsh, chief executive of the Pacific Basin Economic Council, said e-commerce can help local businesses adapt to changes, enabling ASEAN nations to emerge stronger from the crisis.
Omna Sreeni-Ong, founder of ENGENDER Consultancy of Malaysia, spoke about slum communities and the ways that young people can be helped as part of efforts for countries to achieve the United Nations’ sustainable development goals. “It’s about showing respect” to every community so that they can benefit, she said.
Denison Jayasooria, co-chairman of the CSO-SDG Alliance Malaysia, said that, in the end, what counts is not just dollars and cents, but “harmony and peace for not only us and our families, but also for generations to come”.