The rapid growth of China and India is positive for regional
trade and investment in Asia despite earlier concerns that they
would suck foreign investment from other Asian countries and push
up commodity prices, panelists of the World Economic Forum said
Wednesday.
Other Asian countries have enjoyed spillover benefits of the
rise of China and India in terms of exports and a shift in
productive capacity, Indian Commerce and Industry Minister Ashwani
Kumar told a panel.
Panelists agreed that regional integration is successful in
Asia.
Fifty-five percent of total Asian trade has been within the
region, higher than the North American Free Trade Area, said Jusuf
Wanandi, a researcher with Indonesia's Center for Strategic and
International Studies.
Victor L. L. Chu, chairman and chief executive officer of Hong
Kong's First Eastern Investment Group, said the regional groupings
like the Association of Southeastern Asian Nations plus China,
Japan and South Korea are progressing well.
But he expressed concern over terrorist threats, the nuclear
issue of North Korea, and energy and environmental problems that
have coupled rapid economic growth.
Dae-Whan Chang, a media business executive from South Korea, was
also concerned about the possible negative impact of North Korean
nuclear issue on regional economic development.
(Xinhua News Agency January 25, 2007)
