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East Asia 2011 – Opening Ceremony with President Susilo Bambang Yudhoyono

East Asia 2011 – Opening Ceremony with President Susilo Bambang Yudhoyono

Sushant Palakurthi Rao: Ladies and
gentlemen, your Excellencies, distinguished participants and co-chairs
of this meeting, please join me in welcoming his Excellency Susilo Bambang
Yudhoyono, President of the Republic of Indonesia and ASEAN Chair 2011. And from the country which has hosted
this summit seven times, more than any other country in the past decades, we’re
very pleased to be joined by his Excellency Lee Hsien-Loong, Prime Minister
of the Republic of Singapore. Mr. President, on behalf of all of
my colleagues and the representatives from civil society, government, and industry at
this meeting I would like to extend our very sincere and deep appreciation for
your personal commitment to the success of this year’s meeting. And to the members of your cabinet who are
not only present today but who have lent their personal time and that of
their ministries, their insights, and their support we wish to express all of
our gratitude for such great collaboration. And now to commence the proceedings of
the open ceremony of the World Economic Forum on East Asia, I invite my Executive
Chairman and the founder of the World Economic Forum, Professor Klaus
Schwab, to chair this session. Klaus Schwab: Your Excellency President
Yudhoyono, Prime Minister Lee Hsien-Loong, it’s a great pleasure to be here and welcome
to the 2011 World Economic Forum on East Asia, celebrating
our 20th anniversary. And we are convening here over 600 leaders
from business, government, civil society, media, and academia under the theme “Responding to the New Globalism.” Mr. President, this theme has
been influenced by you. It reflects the risks and priority issues
that you raised in your speech in Davos earlier this year which was entitled “The
Big Shift and the Imperative of 21st century Globalism.” The major strategic shifts you highlighted
as new realities, including the rise of the emerging economies, adapting to
a new peace and security mindset, and transforming the economy to low carbon
growths are being explored in our sessions today and tomorrow. We have four pillars for our program: managing global disruptions, ensuring
employment and inclusive goals, leading sustainability, and
finally new norms for Asia. I want to highlight the importance
to be here in Indonesia. You, Mr. President, you do not represent
only the Republic of Indonesia but also being the chair of ASEAN, you have a vital
role to play in the world of today. But Indonesia is a remarkable country.
If I look, for example, at our competitiveness report I have seen that
you are the G20 economy which has had the fastest best improvements in our
global competitiveness report since 2005. And let’s not forget, Indonesia is also
the third fastest growing economy in the G20 just after China and India.
And finally, particularly in the world of today, I think we should look also at
the great success of the political transformation, social transformation
which has taken place in your country under your leadership and it may serve as
a very good example for many countries for democracy, a stable democracy, with
a Muslim majority and multi-ethnic, multi-religious society. I should not forget in introducing Indonesia
the young spirit of your country and one of the figures which surprised me
most is how much connected your society is. For example, the number of Facebook users
in Indonesia is the second highest in the world just after the US and the highest
number of Tweets in Asia comes from Indonesia. For this reason we have also decided to
integrate our Facebook community into this meeting and we have asked them to use the
opportunity and to ask also a question to the President.
And actually there were 72,000 Facebook fans responding and at the end of our
session today I will ask you one question which we selected from the manifold
people in Facebook community. We can have only one question but I would
like to use this opportunity to thank also the Facebook community which have used
this opportunity to be with us at least virtually. Prime Minister Lee Hsien-Loong as it was
mentioned you were seven times the host of this East Asia economic summit.
You are in some way a co-founder. I’m very pleased that you joined us here
at this special celebration of 20 years. I also would like to use this opportunity
to congratulate you because you just have been re-elected Prime Minister. And now, Mr. President, we are delighted
to hear your special opening address. Susilo Bambang Yudhoyono: Thank you,
Professor Schwab, for your kind introductions. Prime Minister Lee Hsien-Loong, Prime
Minister –, Professor Klaus Schwab, Excellencies, ladies and gentlemen, let me
begin by expressing a very warm welcome to Indonesia to all the participants
of the World Economic Forum. When I spoke in Davos last January I
drew attention to the various power shifts sweeping our world today and called for
a 21st century globalism as a necessary response to new realities. I am glad that you picked up on the theme
of globalism at this conference. A 21st century globalism should be different
than the 20th internationalisms. In our time globalism should be inclusive rather than exclusive. It should be pragmatic
rather than dogmatic. It should unite than divide and should
be directed at addressing common global challenges rather than directed
at certain groups of countries. It should be driven by the imperative
of cooperation rather than confrontation, by collaboration rather than conquest. Asia must be at the center of this
new globalism for Asia today is not the same as Asia decades, let alone centuries ago. Modernization, development, democracy,
open society, connectivity – these are all dramatically changing the face of Asia. Asia certainly has the resources, opportunity, and most importantly confidence
to shape the international system.
The world is not short of ideas, in fact we have too many of them.
What we lack and surely need is consensus – a global consensus is still missing in
the climate debate, a consensus is still missing in the Doha round, a consensus
is still missing in reforming global institutions, a consensus is still missing
on how to rebalance the global economy. We will need this consensus if we are
to withstand the political, strategic, and economic turbulences which are bound
to come our way in the future. We are ushering a new global era which do
not yet have a name and whose precise features are only coming to form. There is still some tension, some pushes
and pulls between the old world and the new world which is normal. Every transition, every transformation
takes time and toil. This is something that we in Indonesia
know only too well. Against the backdrops of constant change
and against all odds Indonesia has been rather fortunate to be where we are now.
If I am asked what is the best way to describe Indonesia, I would say this: uniquely resilient and
remarkable adaptive. Indonesia has survived many trials
and tribulations, financial crises, political instability, riots, avian fly,
constitutional crisis, ethnic conflict, separatism, terrorist attacks,
and natural disasters. Today Indonesia stands proud as the
world’s third largest democracy, Southeast Asia’s largest economy, and
emerging economy with political stability, with independent and active foreign policy, and as a member of the G20 and as founding
member and this year chairman of ASEAN I am particularly pleased that the Indonesian
economy is going stronger. Of course we still have plenty of
problems relating to poverty, inequity, corruption, infrastructure,
and bureaucratic inefficiency. Still our purchasing power parity GDP
is approaching $1 trillion and we aim to be in the world’s top ten largest economies
in the coming decade. We have a balanced budget owing to prudent
fiscal policy, our debt to GDP ratio is 26%, the lowest in history, our
trade volume and foreign reserve are at record high, foreign investment is
rising sharply, in recent years we have implemented what is arguably the
largest anti-poverty pro-poor programs in Indonesia’s modern history which is part
of our growth rate equity development strategy. We have recently launched a master plan
to accelerate and expand the Indonesian economy in the next 15 years. Professor Schwab has asked me to share
with you some lessons from Indonesia’s transformational story. Well my answer would be several things. To begin with during the entire roller
coaster ride, we only had faith in and clung to the essentials of being Indonesia
– freedom, diversity, harmony, tolerance, and unity. Without these essentials, Indonesia
would not be Indonesia. In recent times democracy has come to be
part of our national DNA all the way to the grassroots even when our politics
and economy were underג€¦ we never stopped believing in these essentials. Another reason for our progress is that
despite the sea of uncertainty, we were not shy to change, to adapt,
and to re-invent Indonesia. Sure there were questions, doubts, anxieties,
fear but every turning point the leaders and the people made
the courage to step forward. Time and again Indonesia did not resist
but sought and embraced change as a matter of necessity. Of course none of Indonesia’s transformation
was possible unless there was a change of mindset.
Indonesia now has a confident attitude about our country and our
place in the world. We are no longer stigmatized by our colonial
past and are eager to claim our place in the global future. We are driven by opportunity, not fear. I noticed that this new found confidence
then is not particular to Indonesia. You can see it throughout Asia. In my heart
I do believe that Asia’s moment has come and that a much brighter future lies
ahead but we cannot take these things for granted. Let me suggest several ways by which we
can make Asia the continent of the future. First Asia must be part of the solution to address the global imbalances.
The world economy cannot afford to rely on strong growth in emerging
economies alone. We need healthy growth globally, including
in the developed world. One way or another we all need to
make structural adjustments to correct the global imbalances.
Asia, more than any other region, can help achieve a strong, sustainable,
and balanced economy. Asia must also lead the way to keep
markets and societies open. Second, Asia needs to anticipate and address
the growing prices that will come from food, energy, and water insecurity.
Of the seven billion people that now inhabit our planet, 60% live in Asia. As their economies grow, they will seek
and compete for finite natural resources, a pattern that in previous centuries led
to wars, conquests, exploitation, and untold suffering. In our time this issues need not lead to
conflict, be it in the Mekong River or in the South China Sea. We can find creative ways to turn
potential conflict into potential cooperation. Given the proportion of the population in
Asia and therefore its use of resources and need for food, Asia should also live
by example in terms of sustainable growth. Third, Asia must do all we can to become
the center of global innovation. Technology, more than every, will be the
key driver of changed in the 21st century. With all the problems of poverty,
marginalization, inequity, and degradation that are still prevalent throughout Asia,
technology may well be the key to resolve that.
Asia should not just try to catch up, it can leap frog into the future. In these days, innovation and technology
can come from anywhere. There is a growing force of innovators
and techies from Bangalore to Bandong, from Singapore to Shenzhen that can produce
home grown innovation with global application. Fourth, Asia must step into it’s best
emerging resource, the youth. The youth today are becoming a
generation unlike any other. They are much more connected, more open,
more creative, and more active. Through the internet and social media networks
such as Facebook and Twitter, the youth are developing a sense
of transgenerational consciousness, a feeling of mutual empathy and shared hopes.
We need to encourage this rather than resist it.
The youth also feels strong entitlement for their future and want to be agents of
change as we have seen in the Middle East. It is therefore important for Asian countries
to provide them with the skill and opportunities so they can become the
most dynamic and productive part of society. If these youth grow to be entrepreneurs,
innovators, and pioneers in your field, the rewards for Asia will be incalculable.
Finally, the fifth, Asia needs to preserve and build on what is best about Asia – the rich diversity.
Asia is home to the world, the civilizations, and religions. It is also the continent with the
greatest number of ethnic groups and dialects. In the age of globalization it would be
most ironic if Asia would fall behind others in creating a peaceful
multicultural world. Asia’sג€¦ in our ability to preserve
the condition of culture, civilizational and religious harmony that for centuries
and millennia have been part of the Asian way of life. Ladies and gentlemen, if we can do all
these then we shall be able to claim our time as the Asian century and we can be
sure that Asian century means a century of progress and peace and one of cooperation
and collaboration. I thank you. Klaus Schwab: Thank you very
much, Mr. President. Your speech was so comprehensive that it
is difficult to start out discussion. You handled practically all the questions
which I had written down. Nevertheless, and I will start with you
Prime Minister, because you have been so active in this field. There are now many different regional arrangements
in East Asia, in Southeast Asia, in Asia. Is this contributing to a stronger voice
of the region or is it having a dilutive effect? And I may immediately
ask one additional question – how do you maintain in the
ASEAN context your identity vis-a-vis China and vis-ֳ -vis the United States?
Prime Minister Lee Hsien-Loong: Well firstly on the multiplicity of groupings
which we belong to, ASEAN itself is of course one important grouping and we have
ASEAN plus various other partners, plus one, one by one, we have ASEAN Plus Three
which is the Northeastern Asian partners – China, Japan, and South Korea – we belong
to the East Asia Summit which brings in a wider group with India, Australia,
New Zealand, and we belong to APEC which brings in countries like the US and
countries on the other side of the Pacific.
It’s very untidy, it’s an alphabet soup, it means a lot of meetings and overlappings,
but i think overall it’s an organic architecture which is gradually
developing which has helped us to strengthen our ties with one another. There’s a lot of temptation to try to
make things neater but I think that it’s wiser to accept the untidiness and to let
the structures evolve organically. Over time as relationships grow, as the
cooperation deepens, then the structures will adapt to suit this cooperation. We don’t know what the shape of the future
will be, we hope that Asia – we believe Asia will be a big part of the
21st century – but we will not be the only part of the story. America remains a very powerful country,
Europe has a lot of potential even though it has difficulties now, and we have to
link up with these different parts of the world and organic architecture which
can evolve and be flexible and resilient is part of this. You asked about America and China and ASEAN
– well both America and China are very important partners of ASEAN. America for many, many years since the
Second World War, China increasingly in recent times, particularly over the last
decade or two – we’d like to strengthen our ties with both of them, we’d like to
be friends with both of them, cooperate in many areas, and we see great potential in
China’s prosperity and development and its extending of it’s relations all over Asia – potential for trade and for tourism, potential
for investments into China as well as from China into different countries
in Asia, including Indonesia and other ASEAN countries, and we hope that this will continue.
One thing it depends on – that China remains on good terms with America – then
it’s easier for us to be friends with both and long may that continue. Klaus Schwab: This gives me an opportunity,
Mr. President, to take up the question which was asked by one person in
the social community, in the Facebook community. And the question comes form Aaron Anand
Aracha and he writes “Dear President, I am a Malaysian student and I’m a firm believer
in the close regional integration of ASEAN countries.
Where do you see ASEAN 10 to 15 years down the road?” Susilo Bambang Yudhoyono: In my view
by 2020 or 2025, 10 to 15 years now, ASEAN will be getting stronger, more cohesive,
and economically more integrated. Under new charter, we endeavor to pay a big community, the ASEAN community, that
is Essence an economic community, a socio-cultural community, and also
political and strategic community. Of course ASEAN is not the same as European
Union but one thing — ASEAN today is more structured, more rules-based,
more unified, and having better policy coordination. Our strategic long term agenda –
ASEAN wants to be strong pillar, important pillar in the region, the economic pillar.
ASEAN wants to be playing more important roles in maintaining peace, stability,
and order in the region especially in the Pacific Asia region.
And of course the spirit is now ASEAN want to connect our association with
the global community of nations. It is the future of ASEAN in my view and
of course ASEAN must do more – we have to deal with so many challenges internally
as well as externally but I believe very strongly we are on the right track and
we will be able t achieve our goals. And for the young leaders I am hoping –
especially the young leaders of ASEAN – 10 to 15 years from now is your time, you
will assume better roles and leadership to continue our endeavor to achieve our great
call to be ASEAN community that is also contributing to the maintenance of global
peace, stability, justice, and prosperity – that’s my answer. Klaus Schwab: Prime Minister,
may I follow up this question? When you look at Europe and you compare
it with ASEAN or Asian integration the European Union may have some difficulties
at the moment whereby I’m personally optimistic that those difficulties
will be overcome. But there are shared values underneath so
there is a common commitment to certain principles, particularly principles
of democracy, which are missing in some of the ASEAN countries. How do you see the evolution
of this situation? Lee Hsien-Loong: I think ASEAN is in
a different situation from Europe. Europe as you say shares many more common
values amongst the member countries of the European Union and of course you are many
years ahead of ASEAN in the world of economic integration, it started after the
war and this is 50/60 years worth of effort. ASEAN is much more diverse – it’s not just
political values but also the histories, the cultures, colonial past where we have
had different colonial metropolitan governments and therefore countries
that develop in different ways. What we can do is to bring ourselves together
and find common ground where we can and put aside those areas where we are
different for the future for another day. We know we have to do this.
If we look at 2020 or 2030, China will be a much more developed and prosperous
country – even now. India will also have made
considerable progress. And if ASEAN is going to be part of the
story, we have to be much more integrated amongst ourselves and we have to be much
better linked up both with China and India and also with the rest of the world – with
America, with Europe, with Latin America, even Africa. And that’s what ASEAN needs to do as
a strategic imperative in the next phase because unless the 10 countries of ASEAN
can come together effectively – you may have titles, you may have meetings
– but if you are not a practical, meaningful economic community, an integrated
economic community, you will fall off the radar screen and it will be to the considerable
detriment of all peoples. Klaus Schwab: It’s very interesting
to compare ASEAN and Asia and Europe in retrospect after World War
II as you mentioned. We have the development of
a true European identity. Now the problem of Europe is in face of
problems to still prioritize the European identity over the national identity.
And as I see in Asia you are different – you are in the process of developing
Asian identity. Would you agree with this? Lee
Hsien-Loong: I think we are qualitatively different. Between France and Germany who fought
wars for many years, centuries, but basically it won European culture
and after the Second World War with visionary leaders on both sides came together and
you formed the nucleus of the European community.
In Asia we have not fought wars with one another but our countries are very different,
their religions are different, the traditions go back to different
great civilizations – Indian civilization, Chinese civilization, as well as influence
from western civilizations, the Americans who were a colonial power
in the Philippines. So to come together and to form one Asian
identity I think is probably one visionary objective beyond the next. One day we may get there but right now we
are focused on practical cooperation which will yield practical benefits
for the members. Klaus Schwab: Even if you could say one
basic element of the Asian culture is Confucius and if I take you up Plato
and when you reach the two there are so many similarities so hopefully we will develop
one day shared values in the world.\ Lee Hsien-Loong: Well all the great religions
share many common values but I think they will remain different great
religions for a long time to come. Klaus Schwab: Let me turn
to a more economic issue. How well, if I take our Annual Global
Risk Report, one of the major risks which was identified was a strong slowdown of
the Chinese economy and a continued increase in currency volatility, particularly
giving the first devaluation possible devaluation of the dollar
and considering the Yuan pegged to it. I may ask first you, Mr. President, and
Prime Minister you have also – you have experienced as head of the Monetary Board
so certainly are quite equipped to answer to this question.
Mr. President. Susilo Bambang Yudhoyono: In my view there
are many issues to be settled in our global economy. We discussed in depth in various forums
in the G20, APEC, ASEAN, in many forums. Of course their perspectives
are different. We have to discuss about global economic
imbalances about the issue of currency, the national interest versus global
and regional interest so what we have to do is actually we have to find our common interest,
how to overcome the situation properly, how to put a proper balance between
our own interest, our national interest versus other interests and of
course it’s not easy sometimes if we are talking about – for example we discussed
again and again in the G20 forum about policy coordination, what kind
of coordination can realistically be achieved in this connection.
So in my view what we need is to continue having dialogue, having not only
meetings, cooperation to find realistic and achievable solutions that can benefit all.
I would like to answer in general terms in this connection and the spirit is, in
my view, there are many critical questions to address globally but with our ability
to find a proper balance among all interests is the key. Klaus Schwab: Prime Minister, I take up
the question again and I would formulate it in a maybeג€¦ way.
Would you welcome a rise of re-evaluation of the Yuan? Lee Hsien-Loong: I think that’s
a very sharp question. If you put it like that my answer is no. But I would say that a gradual re-alignment
of currencies is helpful, helpful both for the overall balance and
als0 helpful for China itself because it can be part of the restructuring which has
to take place in China, a restructuring to become less reliant on export-led growth
and to have a greater component of domestic demand whether there’s the investment
or consumption and to have spreading of the benefits of growth away
form the export sector towards the rest of the economy – the domestic workers, the farmers, the people inland — which would
result with a gradual appreciation of theג€¦ I think that this is an argument which
has been made and which even Chinese economists and scholars would
acknowledgement in some way. How to balance that against the political
difficulty of raising an exchange rate which will affect the export industry
and therefore risk causing unemployment which could cause political difficulties –
so that’s something which the Chinese leadership has to judge and I think between
them and the Americans they will discuss this very carefully. Klaus Schwab: And I think
they have been doing so. Lee Hsien-Loong: And from what I can see
they’ve avoided a collision so far and I hope they continue to make progress..
Klaus Schwab: May I follow up this issue with a related question? It seems to be the case the some Asian countries
are now very much confronting the challenge of inflation
and economic growth. What is your recipe to address this issue?
Lee Hsien-Loong: Well if the Americans put their house in order that
will help a great deal. This is because global monetary conditions
are abnormal, it’s awash with liquidity, interest rates are almost zero, and so money is running around looking
for investments and if you don’t trust investing it on Wall Street in the American
stock market then you look for other investments in the emerging markets.
And the result is you get property prices, asset prices go up in the emerging markets
which causes many problems – Hong Kong is experiencing this, the Chinese I think
have also been experiencing this, Singapore ha seen it too, our property
market has seen very drastic increases over the last two years to all concerned –
but it’s an open global economy and you cannot completely cut yourself off, neither
is it easy for any individual country to solve the problem by itself –
that’s our dilemma. Klaus Schwab: Now Mr. President, in
your speech you outlined the importance of innovation. If I look at China, China is turning out
at the moment 6.5% million graduates as far as I understand every year, more
than half or around half in technical/scientific areas. Now what does it mean for the business
model of the countries in the region? China, also based on the 12th five-year
plan shall become a formidable competitor in innovation-based industries.
Now where do you see the competitiveness of a country like yours based on
raw materials, based on production, based on innovation, or probably a mix? Would
you like to address this issue? Susilo Bambang Yudhoyono: Yes, I think
each country wants to improve its competitiveness.
For Indonesia we are realizing that we should only base our economy from
the conventional sector such as ourג€¦, our industry, our current surpluses.
We have to do more to improve our competitiveness.
I fully understand that the role of education is very important to improve the
quality of our human capital that’s why we are also now looking very hard to produce
more new talented workforce in Indonesia. We are improving our education,
our universities to be able to compete into this globalization. I understand that countries like India
has great competitiveness in information technology, in… China does have the same capabilities
besides manufacturing. Indonesia is of course not only developing
its own resources such as mining industry but we have to ensure that
we could also improve our technology, our know-how, our skills, our science
and also the innovation capability. We will follow the path of the successful
countries in being able to improve the competitiveness through improving the
quality of their human capital. Klaus Schwab: Prime Minister Lee
Hsien-Loong, in the speech of the President he addressed already the
issue of the young population. when you run a democracy, you don’t run
a democracy but if you lead in a democracy, I would say this phenomenon of empowerment
of young people and I should say there was some indication in your country of dissatisfaction but I have to add immediately
every European leader would be happy to get more than 60% approval
rate in elections. But how do you integrate this
very impatient idealism? I would say it’s usually idealism which
you see in the young generation but it’s impatient and it’s direct,
you have to listen to it. How would you see to incorporate this in
a democratic system of decision making? Lee Hsien-Loong; Well this
is a challenge which all countries have to face or societies have
to face because with the social media, with the internet where there is Facebook
or Twitter and with instant communications and feedback we have a completely
different generation in our eyes – they are the future, they are the ones whom
we hope will take our societies forward and we hope that we’ll be able to provide
them the skills and the preparation so that they can build a better like for themselves than we have had.
And yet we have to ask how can we fit in the expectations, the values, the habits
of thought of a generation where you communicate instantly and immediately you
know the answers to questions, to a world which has changed but not changed to such
an extent that you can get everything that you want when you immediately want
it and that is a challenge. We have to be of that generation, we must
have leaders who are able to talk to them, to talk with them, and communicate with
the young, you have to be in that media to know how to operate in Facebook and Twitter
– and some of us do, some of us not so well – because we didn’t grow up
with this but as an institution we have to learn to do that and we have to learn to
be in sync with that generation so that you can express those aspirations in
a constructive way and yet as the years pass, as the challenges come, educate a
new generation as to what in the world has not yet changed and how they to adapt so
that they can thrive and prosper in the 21st century. Klaus Schwab: When we look at the G20
process, Mr. President you are part of the G20 process, Prime Minister you are not
directly, so I may ask both of you as an insider and a quasi outsider, what
do you expect from the G20? And here I may add one particular question – if Asia is very dependent on
certain agricultural and mineral commodities and one of the issues for example on
the agenda of this year’s G20 is to see whether a strong or I would say
relational supervision of commodity market is a market that’s needed. Mr. President? Susilo Bambang Yudhoyono: Yes.
Klaus Schwab: As an insider. Susilo Bambang Yudhoyono: I would like to
start by saying that in my view the G20 can do several things but cannot
do everything because G20 should not claim that we are representing all nations even
though the structure and the composition is about okay, it’s better that
for example G7, G8 operates. We in the G20 are representing developed
nations, emerging economies as well as developing nations. So actually the forum should be able to
accommodate to identify the real issue of our economy, the global economy I mean. And the G20 should also understand
the interest of all nations – the developed, developing, as well as emerging countries.
By addressing those issues and challenges I believe that the solution made by the
G20 will be answering to a certain degree the real issue that we are facing
together in our economy. And a country like Indonesia and
other developing nations that are part of the G20 can also express the constant interest
of developing nations such as the issue of development, narrowing the gap
of development, financial inclusion, combating poverty and others.
So for me if the G20 continue playing positive roles by realizing that the G20
must address all issues that are faced by all countries in the world so the G20
is still relevant as a premier forum for today’s global architecture
and economic volume. The second point you are mentioning,
Professor Schwab, that the regulation to make in the G20. Regulation is needed of course, over regulated
is not good, but in my view markets can go unregulated.
Appropriate regulation is needed to ensure that we could prevent unnecessary
crises that may happen because of lack of regulation in our global economy.
So it depends on what kind of regulation to make but on the one hand if you
are mentioning about the natural resources, food commodities then the idea is to ensure
that we are still maintaining open economy, open trade and investment while
also protecting other interests of our I should say our development,
the environment, etc,. So regulation is needed but in my
view regulation should not hinder the efficiency of the market that other market
mechanisms – I should say other rules that we need to ensure that global economy
is moving well, getting stronger, more balanced, and more sustainable. Klaus Schwab : Prime Minister.
Lee Hsien-Loong: Well I think the G20 is a practical compromise.
The world’s problems are complex and interrelated – we are all involved
one way or the other. If you have all 200 odd countries in
the world involved in a conference, the meeting will never end.
On the other hand if you have just a handful of countries involved settling
things for everybody else, the solutions will not be accepted. So some way in between the two we have
to find the right compromise to have key participants represented, everybody feels
he has a look in directly or indirectly, and able to reach some consensus
as to the right way forward. And the G20 is an effort to do this,
it’s bigger than the G8, and it’s much smaller than the whole of the UN. But of course by
itself even the G20 cannot solve all the problems so Singapore is – we’re not
a member of the G20, we attended the last summit in Seoul and I’ve been invited to
attend the next summit in Cannes in France this year but we have tried to make ourselves
useful by participating in what is called a Global Governance Group, a group of 20 odd small countries at the UN
who get together, compare notes, share our common concerns and therefore hope that
by making common cause to have a more effective voice in forums like the G20. Klaus Schwab: We are coming to the end of
the session and we will have a traditional formal opening short ceremony but before
doing so Mr. President, Prime Minister, we have here quite a number of top
business leaders in the room. What would be your message to those if
you look at the next 10 years – create employment? What do you want
to tell the business leaders in this room? In one or two sentences – are you satisfied
with all the business leaders concerning social responsibility, inclusiveness,
and so on or do you have any — Susilo Bambang Yudhoyono:
I want to say one sentence. We need our collaborations in achieving
better growth, in creating more jobs, in reducing poverty while protecting
our environment. Klaus Schwab: Prime Minister.
Lee Hsien-Loong: Well I think you are an important part of the solution to the
world’s problems so if you can continue to generate prosperity for your companies
and for your economies and continue to encourage your governments to keep your
economies open, to keep markets working, to help the benefits spread to as wide
a proportion of the population as possible then I think we can have a stable world
where we can evolve and transform ourselves quickly and get
to a better tomorrow. Otherwise, you can see all the opportunities
but something can go wrong. Klaus Schwab: Ladies and gentlemen,
friends please join me in thanking President Yudhoyono and Prime Miinister
Lee Hsien-Loong for having been part of this opening session and providing us
and having provided us with some insights in the present situation.
And I would like to end in one sentence, Mr. President.
I would like to thank you for the great hospitality we find here.
We have – since you came to Davos we have enlarged our ties withג€”strengthened our
ties with Indonesia and have now quite a strong contingent of the business community
being part of the World Economic Forum so it’s a great pleasure to be here
and Prime Minister I’m looking forward to the day we are back in Singapore.
Ladies and gentlemen please join my in expressing our gratitude. Sushant Palakurthi Rao: And now
to inaugurate the 20th anniversary of the World Economic Forum East Asia together
with the President of Indonesia, I invite to the stage Mari Pangestu, Minister of
Trade, and Hatta Rajasa, the Coordinating Minister of Economic Affairs for
the traditional Indonesian gong ceremony.

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