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Global growth hope lies with able Asia

International conference told

Staff Correspondent
Asian leaders are capable of leading the region to weather impacts of the global financial crisis and create the foundation for more prosperity for the world's growth engine, a top UN expert said yesterday.
It is within the means of the leadership of the region to lay the basis for greater resil-
ience against the crisis seen in 2008, said Mukhisa Kituyi, secretary general of the United Nations Conference on Trade and Development.
He was speaking at a discussion on Global Economic Recovery: Contemporary Reality on the sidelines of the ICC International Conference on Global
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Economic Recovery: Asia Perspective at Sonargaon Hotel in the capital.
The International Chamber of Commerce Bangladesh (ICCB) organised the two-day event to mark its 20th founding anniversary in the country.
The Asian leaders can insulate themselves from vulnerabilities external to their economies, create the foundation for sustainable gainful employment, reduce domestic and regional inequalities, and address geopolitical uncertainties with neighbouring countries and between the countries, said Kituyi.
"That will lay the foundation not only as the driver of the global recovery but as a driver for opportunities for the global economy," he added.
Sunil BahadurThapa, minister for commerce and supplies of Nepal, expects more from South Asian countries.
"South Asia should adopt such policies and programmes which could provide better connectivity, widen job markets and other opportunities, empower people and strengthen national capacity in order to create a strong Asia region. That would add value to the greater Asian perspective."
South Asia needs to make the recovery stronger, inclusive and sustainable, and this requires intervention at policy, institution and structural levels, he said.
The Nepalese minister lamented that South Asia still remains the least economically integrated region in the world though it has been under the Saarc framework for the last three decades.
"We want to move towards a meaningful regional integration. Visionary statements have been put forward by our leaders to turn the Saarc into an economic union. Words must meet action," he said, adding that there is ample scope for revitalising regional cooperation.
South Asian Free Trade Area (Safta) was created eight years ago but it is still hostage to a long sensitive list, non- and para-tariff barriers and connectivity issues. "These issues have to be addressed if South Asia wants to advance economically," said Thapa.
Pwint San, deputy minister for commerce of Myanmar, said international trade and investment and technological innovation would play a vital role in the global economic recovery.
He called for boosting economic growth around the region for creating a huge demand for jobs.
Kyle Kelhofer, country manager of the International Finance Corporation (IFC), said the role of private sector in improving the lives of people can't be ignored in emerging and developing markets.
Over the last 20 years, more and more economic responsibilities have been bestowed upon the private sector in the region, said the official
of the IFC, the private sector financing arm of the World Bank Group.
"In this regard, the government, private sector and other stakeholders should be congratulated for helping to enable this change, which has contributed to the widespread economic growth and more opportunities for citizens," he added.
ICC Secretary General John Danilovich said trade is the lifeline of the global economy and is vital to the global economic recovery.
"With a global need for jobs and growth, it is imperative to bring down barriers in international trade and investment to increase cross-border trade and investment flows," said Danilovich.
Commerce Minister Tofail Ahmed, who chaired the discussion, said though duty- and quota-free access has been given to countries like Bangladesh, these nations are unable to exploit the benefit due to non-tariffbarriers.
Mahfuz Anam, editor and publisher of The Daily Star, said the global financial crisis has brought all countries back to the reality that financial and other sectors need regulation.
He, however, ruled out the possibility of return of a controlled economy, and voiced support for the group of local entrepreneurs who are calling for "less government but good governance".
"We don't want the government to regulate, impede and constrain us, but we want the government to ensure fair play and create a truly competitive environment in which it acts as an enlightened regulator, and more like a referee enhancing the quality of the game."
Terming Bangladesh's huge population an asset, he said a private sector-led economy could use and turn them into a productive force.
He stressed the need for quality education and skills development to transform the population into a productive force.
"And this skills development must be in harmony with the need of the industry, as, at present, there is disconnect between industries' need for human resources and the educational system's production of human resources."
He put emphasis on accountable political and financial forces in the country as there is an absence of accountability. "Besides, whatever oversight bodies we have, they are becoming weak due to reckless politicisation."
Bangladesh Bank Governor Atiur Rahman said Asia's intraregional exports can and need to grow faster, not just in primary or intermediate inputs but also in finished consumer and capital goods, for reducing dependence on North American and European markets.
ICCB President Mahbubur Rahman also spoke.