November 28, 2005
Indian Official: Gov't Must Open Economy
By THE ASSOCIATED PRESS
Filed at 9:30 a.m. ET
NEW DELHI (AP) -- The Indian government hopes to open the economy more to foreign competition despite opposition from powerful leftist allies, a senior government official said Monday.
The government plans to ease foreign investment rules and open new sectors to overseas capital, despite political opposition which forced the Cabinet earlier this month to delay a decision.
A panel of ministers has since been set up to hammer out a consensus on the proposals, which include simplifying procedures, raising caps on foreign equity participation in some sectors and opening electricity trading and mining activities to foreign investment.
''We do think, very shortly, we will make major announcements,'' Ajay Dua, secretary in the industrial policy department, Monday told the India Economic Summit, a gathering of global business leaders who are exploring business opportunities in India, one of the world's most rapidly expanding economies.
Dua's comments came a day after the Indian finance minister said the country must open up its economy more to accelerate its already rapid economic growth.
''We must exploit the single biggest advantage India has -- an educated and young work force that is growing,'' Finance Minister P. Chidamabaram told the summit that opened Sunday. ''We must open the doors to foreign direct investment.''
India's economy is currently growing at a 7 percent rate, but experts and officials said it could emulate China's success and expand even faster.
''The Indian economy should look to 8 percent and beyond,'' Chidambaram said. But to do so, India needs to make huge investments in infrastructure such as roads, ports and electricity generation, and he said a more liberal policy on foreign capital was the key.
Although India has increasingly allowed foreign direct investment since switching from a socialist-style economy in the early 1990s, many foreign companies still feel further reforms are necessary. There are limits to foreign equity participation in many sectors, and problems with red tape persist.
India has received $4.5 billion in foreign direct investment this year, a fraction of what economic rival China has drawn during the same period, Chidambaram said.
Delegates to the three-day summit, organized by the Geneva-based World Economic Forum, said they were optimistic India would change.
''I have been coming here. But I have never heard such optimism, and such positive noise about growth and development in India,'' said Martin Sorrell, group chief executive of the British-based advertising giant WPP.
Still, a large number of Indians remain poor, left out of the economic boom of the past decade and a half. About 400 million people, nearly 40 percent of India's 1 billion plus population, live on less than a dollar a day.
The summit was also discussing what should be done to make economic growth more inclusive to prevent a social and political backlash resulting from widening economic disparities.
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星期二, 十一月 29, 2005
New Straits Times - Malaysia News Online
http://www.nst.com.my/Current_News/NST/Saturday/National/20051126075721/Article/indexb_html
--------------------------------------------------------------------------------
Single Asean market
By Koh Lay Chin
A SINGLE market ripe with a multitude of choices and opportunities. That is what an integrated Asean will do for Malaysian businessmen who cannot wait to reap its benefits. As the end-goal of economic integration outlined in Asean’s Vision 2020, the Asean Economic Community (AEC) will see a European Union-style single market and production base where the region’s competitiveness can be better harnessed.
Malaysian businessmen are hailing Asean integration and the AEC as a wonderful concept that would allow a free flow of services, goods, investment, skilled labour and capital.
Most say the integration process was moving, but slowly, with some countries not opening up as fast as they should.
In terms of economic power, Asean’s potential is enormous, comprising a market of 500 million with an annual gross production of over RM1.9 trillion.
It is a region that is strategically positioned between the two global giants of India and China. The challenges the region faces, however, are also enormous.
Many bigger economies of the developing world are growing just as strongly, and businessmen talk about Asean losing its competitive edge if it sits back and watches.
Asean-Business Advisory Council chairman and corporate leader Datuk Syed Amin Aljeffri said integration would mean a host of obvious gains for local businessmen.
They include a wider market for products, greater choices for sourcing of raw materials and locating their production plants in areas to take the best advantage of economies of scale.
It could also see a streamlining of economic activities as many Asean companies seemed to produce the same thing and thus compete with each other, he said.
"The moment proper incentives are given and agreements reached as to which area will concentrate on what, everything will come into place. This means incentives have to be standardised, rules and regulations harmonised and logistics improved."
He said, however, that all this would come to nothing unless Asean was prepared to be like the European Union.
The realities of a common currency, which the giant grouping espouses, should be considered for the benefit of the region.
"It is not too far-fetched, and no reason why it cannot take place now. Malaysia, Singapore and Brunei, after all, shared the same currency before," he said, citing the three countries’ monetary union in 1967.
Asean’s current priority is to integrate the 11 sectors aimed at strengthening its competitiveness, and facilitate and promote intra-Asean trade and investment flows.
The sectors are wood-based products, automotive, rubber-based products, fisheries, textiles and apparels, electronic goods, agro-based products, e-Asean, healthcare, air travel and tourism.
Asean is also working to achieve a free flow of services earlier than the original target of 2020, with 2015 being considered as a possible end date.
To do this, it has agreed to set clear targets and schedules of services liberalisation for each sector and each round as well as adopting the Asean Minus X formula so that countries which are ready can liberalise first and others join in later.
Syed Amin said while concepts like the common currency was a long-term goal, there had to be some short-term goals for Asean.
Small and medium entreprises have to be more involved.
There could also be some tweaking to immigration laws to allow for labour mobility, he said, as well as the recognition of the Asean business entity which would allow Asean companies to have certain advantages or be given preferences.
The stage for these issues to be addressed is the Asean Business and Investment Summit (Asean BIS2005) to be held in Kuala Lumpur from Dec 9 to 11.
© Copyright 2004 The New Straits Times Press (M) Berhad. All rights reserved.
--------------------------------------------------------------------------------
Single Asean market
By Koh Lay Chin
A SINGLE market ripe with a multitude of choices and opportunities. That is what an integrated Asean will do for Malaysian businessmen who cannot wait to reap its benefits. As the end-goal of economic integration outlined in Asean’s Vision 2020, the Asean Economic Community (AEC) will see a European Union-style single market and production base where the region’s competitiveness can be better harnessed.
Malaysian businessmen are hailing Asean integration and the AEC as a wonderful concept that would allow a free flow of services, goods, investment, skilled labour and capital.
Most say the integration process was moving, but slowly, with some countries not opening up as fast as they should.
In terms of economic power, Asean’s potential is enormous, comprising a market of 500 million with an annual gross production of over RM1.9 trillion.
It is a region that is strategically positioned between the two global giants of India and China. The challenges the region faces, however, are also enormous.
Many bigger economies of the developing world are growing just as strongly, and businessmen talk about Asean losing its competitive edge if it sits back and watches.
Asean-Business Advisory Council chairman and corporate leader Datuk Syed Amin Aljeffri said integration would mean a host of obvious gains for local businessmen.
They include a wider market for products, greater choices for sourcing of raw materials and locating their production plants in areas to take the best advantage of economies of scale.
It could also see a streamlining of economic activities as many Asean companies seemed to produce the same thing and thus compete with each other, he said.
"The moment proper incentives are given and agreements reached as to which area will concentrate on what, everything will come into place. This means incentives have to be standardised, rules and regulations harmonised and logistics improved."
He said, however, that all this would come to nothing unless Asean was prepared to be like the European Union.
The realities of a common currency, which the giant grouping espouses, should be considered for the benefit of the region.
"It is not too far-fetched, and no reason why it cannot take place now. Malaysia, Singapore and Brunei, after all, shared the same currency before," he said, citing the three countries’ monetary union in 1967.
Asean’s current priority is to integrate the 11 sectors aimed at strengthening its competitiveness, and facilitate and promote intra-Asean trade and investment flows.
The sectors are wood-based products, automotive, rubber-based products, fisheries, textiles and apparels, electronic goods, agro-based products, e-Asean, healthcare, air travel and tourism.
Asean is also working to achieve a free flow of services earlier than the original target of 2020, with 2015 being considered as a possible end date.
To do this, it has agreed to set clear targets and schedules of services liberalisation for each sector and each round as well as adopting the Asean Minus X formula so that countries which are ready can liberalise first and others join in later.
Syed Amin said while concepts like the common currency was a long-term goal, there had to be some short-term goals for Asean.
Small and medium entreprises have to be more involved.
There could also be some tweaking to immigration laws to allow for labour mobility, he said, as well as the recognition of the Asean business entity which would allow Asean companies to have certain advantages or be given preferences.
The stage for these issues to be addressed is the Asean Business and Investment Summit (Asean BIS2005) to be held in Kuala Lumpur from Dec 9 to 11.
© Copyright 2004 The New Straits Times Press (M) Berhad. All rights reserved.
星期六, 十一月 19, 2005
Two - Nation Trade Talk of Town at Summit - New York Times
November 18, 2005
China and Chile Sign Free - Trade Agreement
By THE ASSOCIATED PRESS
Filed at 1:00 a.m. ET
BUSAN, South Korea (AP) -- China and Chile signed a free-trade agreement Friday, the first between China and a Latin American country.
Chilean Foreign Minister Ignacio Walker and his Chinese counterpart Li Zhaoxing signed the pact on the sidelines of the Asia Pacific Economic Cooperation forum in Busan, South Korea. Chinese President Hu Jintao and Chilean President Ricardo Lagos witnessed the signing.
No details of the agreement were immediately released, but it was quickly welcomed by business leaders. Chilean officials have said it is the first free-trade agreement between China and a Latin American country.
''The free-trade agreement is a historic step for free trade -- important for China, important for Chile, important for Latin America,'' Mauro Mazzacurati, the president of delivery company DHL's operation in Chile, told The Associated Press.
Earlier Friday, Lagos extolled the benefits of bilateral free-trade agreements in a speech to business executives at the APEC forum, which aims to achieve free trade between its 21 member economies by 2020.
Lagos said the ultimate goal should be a strong multilateral trading system based on the World Trade Organization.
Disputes over agriculture and other issues have soured hopes of advancing trade liberalization goals at the WTO's ministerial meeting in Hong Kong next month. Recent talks in Europe have failed to resolve the disputes.
Copyright 2005 The Associated Press Home Privacy Policy Search Corrections XML Help Contact Us Work for Us Site Map Back to Top
China and Chile Sign Free - Trade Agreement
By THE ASSOCIATED PRESS
Filed at 1:00 a.m. ET
BUSAN, South Korea (AP) -- China and Chile signed a free-trade agreement Friday, the first between China and a Latin American country.
Chilean Foreign Minister Ignacio Walker and his Chinese counterpart Li Zhaoxing signed the pact on the sidelines of the Asia Pacific Economic Cooperation forum in Busan, South Korea. Chinese President Hu Jintao and Chilean President Ricardo Lagos witnessed the signing.
No details of the agreement were immediately released, but it was quickly welcomed by business leaders. Chilean officials have said it is the first free-trade agreement between China and a Latin American country.
''The free-trade agreement is a historic step for free trade -- important for China, important for Chile, important for Latin America,'' Mauro Mazzacurati, the president of delivery company DHL's operation in Chile, told The Associated Press.
Earlier Friday, Lagos extolled the benefits of bilateral free-trade agreements in a speech to business executives at the APEC forum, which aims to achieve free trade between its 21 member economies by 2020.
Lagos said the ultimate goal should be a strong multilateral trading system based on the World Trade Organization.
Disputes over agriculture and other issues have soured hopes of advancing trade liberalization goals at the WTO's ministerial meeting in Hong Kong next month. Recent talks in Europe have failed to resolve the disputes.
Copyright 2005 The Associated Press Home Privacy Policy Search Corrections XML Help Contact Us Work for Us Site Map Back to Top
星期五, 十一月 18, 2005
CNN.com - Asia's business-politics divide - Nov 14, 2005
CNN.com - Asia's business-politics divide - Nov 14, 2005Asia's business-politics divide
Despite differences, economic integration intensifies in Asia
BUSAN, South Korea (AP) -- Having outraged neighboring nations with a visit last month to a war memorial, Japan's leader shouldn't count on gushes of cordiality from some participants at a meeting of leaders from the Asia-Pacific region.
Although sideline meetings between leaders are standard fare at the annual Asia-Pacific Economic Cooperation summit, Prime Minister Junichiro Koizumi isn't expected to meet with Chinese President Hu Jintao at this week's summit in Busan, South Korea.
Koizumi's visits to Yasukuni Shrine, which honors Japanese war criminals along with the nation's 2.5 million war dead, are an intensely emotional issue for China, South Korea and other Asian nations that suffered atrocities before and during World War II by Japanese soldiers. Beijing has already canceled a planned visit by Japan's foreign minister.
South Korean President Roh Moo-hyun said last week he'd be willing to meet Koizumi, reversing earlier comments by Roh's office that such a meeting wasn't in the works. The short session set for Friday is likely to include criticism of Koizumi's shrine visit.
South Korean Foreign Minister Ban Ki-moon and his Japanese counterpart Taro Aso exchanged "frank opinions" on the shrine visits and other topics during brief talks Monday on the sidelines of the APEC meetings.
Some analysts say Asian nations have historically followed a merchant mentality where business interests override political differences -- and the business ties are blossoming at an explosive rate. Japan's trade with the 21 APEC member economies makes up nearly three-fourths of its global trade, comprising 68 percent of imports and 75 percent of exports.
Katsumi Nakamura, president of Dongfeng Motor Co., Nissan Motor Co.'s joint venture in China, said Koizumi's shrine visit hasn't affected the company. Nissan is planning to sell 410,000 vehicles this year in China, as Japanese car brands win popularity among China's growing middle class.
"Political problems will be solved in the political arena," Nakamura told reporters recently. "Chinese people are polite, and they aren't going to show any bad feelings."
The classic Asian case of working together while bickering over politics is China's relations with Taiwan. China considers Taiwan part of its territory and has been pressing for reunification since their 1949 split, but that hasn't stopped booming business relations.
Despite their deep differences, top officials from China and Taiwan each take a seat at APEC's table. The 21-member group discusses trade, security and other issues -- but avoids politics.
Hideo Ohashi, economics professor at Tokyo's Senshu University, believes China is aware of possible economic costs if anti-Japanese sentiments erupt.
Demonstrations across China earlier this year against new Japanese history textbooks that critics say whitewash Japan's World War II atrocities were widely viewed as having curtailed new Japanese investments, Ohashi said.
"Even without APEC, the economic integration of East Asia has progressed rapidly in a natural way," he said, adding the organization should facilitate government measures to complement progress in business, such as streamlining customs and visa regulations. "Certainly, the region is undergoing a big change."
Like other Asian experts, Ohashi says Japan's image will improve dramatically if Koizumi stops going to the war shrine.
Koizumi's shrine visits -- five since taking office in 2001 -- were once believed key for their influence at the ballot box. Still, Koizumi remains one of the most popular Japanese prime ministers, and his Yasukuni visit is one of his least popular policies, drawing criticism even from some Japanese.
Critics say the shrine glorifies past militarism, with some suspicious the visits are a thinly veiled symbol of Japan's secret ambitions to assert itself more on the international stage.
Makoto Kobayashi, director of the Tangshan Municipal People's Government Japan Office, which encourages Japanese companies to invest in an area near Beijing, wants Koizumi to stop going to the shrine, although Kobayashi personally has never encountered anti-Japanese behavior.
"How can Koizumi say it's just a domestic issue? Japan caused suffering to the Chinese and Korean people. If you simply thought about their feelings, it's something you won't be saying," he said. "And it's not working as a plus for the Japanese people either."
Copyright 2005 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/14/apec.politics.ap/index.html
Despite differences, economic integration intensifies in Asia
BUSAN, South Korea (AP) -- Having outraged neighboring nations with a visit last month to a war memorial, Japan's leader shouldn't count on gushes of cordiality from some participants at a meeting of leaders from the Asia-Pacific region.
Although sideline meetings between leaders are standard fare at the annual Asia-Pacific Economic Cooperation summit, Prime Minister Junichiro Koizumi isn't expected to meet with Chinese President Hu Jintao at this week's summit in Busan, South Korea.
Koizumi's visits to Yasukuni Shrine, which honors Japanese war criminals along with the nation's 2.5 million war dead, are an intensely emotional issue for China, South Korea and other Asian nations that suffered atrocities before and during World War II by Japanese soldiers. Beijing has already canceled a planned visit by Japan's foreign minister.
South Korean President Roh Moo-hyun said last week he'd be willing to meet Koizumi, reversing earlier comments by Roh's office that such a meeting wasn't in the works. The short session set for Friday is likely to include criticism of Koizumi's shrine visit.
South Korean Foreign Minister Ban Ki-moon and his Japanese counterpart Taro Aso exchanged "frank opinions" on the shrine visits and other topics during brief talks Monday on the sidelines of the APEC meetings.
Some analysts say Asian nations have historically followed a merchant mentality where business interests override political differences -- and the business ties are blossoming at an explosive rate. Japan's trade with the 21 APEC member economies makes up nearly three-fourths of its global trade, comprising 68 percent of imports and 75 percent of exports.
Katsumi Nakamura, president of Dongfeng Motor Co., Nissan Motor Co.'s joint venture in China, said Koizumi's shrine visit hasn't affected the company. Nissan is planning to sell 410,000 vehicles this year in China, as Japanese car brands win popularity among China's growing middle class.
"Political problems will be solved in the political arena," Nakamura told reporters recently. "Chinese people are polite, and they aren't going to show any bad feelings."
The classic Asian case of working together while bickering over politics is China's relations with Taiwan. China considers Taiwan part of its territory and has been pressing for reunification since their 1949 split, but that hasn't stopped booming business relations.
Despite their deep differences, top officials from China and Taiwan each take a seat at APEC's table. The 21-member group discusses trade, security and other issues -- but avoids politics.
Hideo Ohashi, economics professor at Tokyo's Senshu University, believes China is aware of possible economic costs if anti-Japanese sentiments erupt.
Demonstrations across China earlier this year against new Japanese history textbooks that critics say whitewash Japan's World War II atrocities were widely viewed as having curtailed new Japanese investments, Ohashi said.
"Even without APEC, the economic integration of East Asia has progressed rapidly in a natural way," he said, adding the organization should facilitate government measures to complement progress in business, such as streamlining customs and visa regulations. "Certainly, the region is undergoing a big change."
Like other Asian experts, Ohashi says Japan's image will improve dramatically if Koizumi stops going to the war shrine.
Koizumi's shrine visits -- five since taking office in 2001 -- were once believed key for their influence at the ballot box. Still, Koizumi remains one of the most popular Japanese prime ministers, and his Yasukuni visit is one of his least popular policies, drawing criticism even from some Japanese.
Critics say the shrine glorifies past militarism, with some suspicious the visits are a thinly veiled symbol of Japan's secret ambitions to assert itself more on the international stage.
Makoto Kobayashi, director of the Tangshan Municipal People's Government Japan Office, which encourages Japanese companies to invest in an area near Beijing, wants Koizumi to stop going to the shrine, although Kobayashi personally has never encountered anti-Japanese behavior.
"How can Koizumi say it's just a domestic issue? Japan caused suffering to the Chinese and Korean people. If you simply thought about their feelings, it's something you won't be saying," he said. "And it's not working as a plus for the Japanese people either."
Copyright 2005 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/14/apec.politics.ap/index.html
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