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Call for greater financial integration for Asean
Malaysian Reserve
15 Jan 2013
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Corporate Malaysia
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English
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CLOSER COOPERATION NEEDED: Top echelon from trade and financial organisations from across Asean have clamoured for greater trade and financial integration
among the member nations, both old and new, including other Asian countries like India. The sentiment was voiced by participants at The Wharton School's
public panel dialogue on economic growth and opportunities in South­East Asia in Kuala Lumpur. SEE P3
Headline
MediaTitle
Date
Section
Page No
Language
Journalist
Frequency
Call for greater financial integration for Asean
Malaysian Reserve
15 Jan 2013
Color
Corporate Malaysia
Circulation
3,8
Readership
English
ArticleSize
TANU PANDEY
AdValue
Daily (EM)
PR Value
Full Color
10,500
31,500
613 cm²
RM 5,671
RM 17,014
Call for greater financial
integration for Asean
Asean countries have
room to grow as an
economic powerhouse
in the region, say
panelists
byTANU PANDEY
TOP echelon from tradeand fi­
nancial organisations from
across Asean (Associaion of
South­East Asian Nations) coun­
tries have echoed for greater
trade and financial integration
among the member nations,
both old and new, including
other Asian countries like India.
The 10­nation Asean coun­
tries collectively boast of re­
sources and foreign reserves
worth US$800 billion (RM2.41
trillion) and a consumer base
as big as 600 million people.
"We are a good demography,
a lot of young people in our
population and God has blessed
us with a good geography. We
have a culture very diverse for
each of our member nations.
We should use the strength of
Dr Zeti (left) and The Wharton School external affairs vice dean Samuel T Lundquist at The Wharton School's public
panel dialogue on economic growth and opportunities in South­East Asia in Kuala Lumpur
executive officer (CEO) Malay­
an Banking Bhd Datuk Seri
Abdul Wahid Omar and Asia
Plus Securities Public Co Ltd
CEO Kongkiat Opaswongkarn
and many others.
Speaking on the occasion,
Sun said the connectivity build­
ing move that Asean is under­
each other. I would call it com­
taking will connect Singapore,
plimentary advantage of each
India, Thailand and other
other," said Khazanah Nisional
Bhd managing director Tan Sri
neighbouring countries and
bring approximately 2.6 billion
Azman Mokhtar.
consumers to Asean in addition
He was speaking as a panel­
to the 600 million existing con­
ist at The Wharton School's
sumers. As such, he said there
public panel dialogue on eco­
nomic growth and opportuni­
is a good reason for the private
sector to invest in Asean.
ties in South­East Asia ir Kuala
While for Cambodia, he said
Lumpur on Mondav.
Among others at the event
it may be a small nation but
were Bank Negara Mdaysia
of Asean."
"we are in the centre of gravity
generous investment incentive
partly by making it easier for
strategy without a restriction on
ownership of companies and
exchange of currencies.
Commenting on the financial
small businesses in countries
like Malaysia to gain access to
credit," she had said. Lagarde
had pointed out that the move
integration process in the Ma­
would make economies safer,
laysian economy and other
by allowing more insurance
against volatility and adverse
developments and greater ac­
cess to financial services by the
Asian nations, Dr Zeti said, "For
Malaysia we have developed
our bond market and capital
market, particularly in the bond
market we are getting bonds
and sukuks being issued by
corporations from other parts
of the world, including Asia in
any currency so this part of fi­
nancial integration," she said.
International Monetary Fund
managing director Christine
Lagarde, who was in Malaysia
last year, had also stressed the
need for greater financial inte­
poor can reduce inequality.
Meanwhile, the panel dis­
cussed that the Asean Eco­
nomic Community (AEC) that
was scheduled to implemented
by January 2015, may be post­
poned to December 2015.
The AEC was set in place for
greater economic cooperation
between Asean nations in
terms of a single market and
production base, a highly com­
governor Tan Sri D: Zeti
Cambodia's economy is stable
Akhtar Aziz, Council for De­
and macro­economic situation is
gration among the nations.
"Greater regional financial
velopment of Cambodia senior
very stable, he said. He invited
integration could open up a
minister and vice chairman
all the Asian nations to invest in
host of new benefits such as
region of equitable economic
development, and a region
fully integrated into the global
HE Chantol Sun, group chief
the country as it provides a very
boosting domestic demand,
economy.
petitive economic region, a