Tremendous potential for Asia-Europ

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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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