Singapore Premier hails India, China economy

Singapore, Sep 19: Rise of India and China has energised the growth in the entire Asian region, Singapore Prime Minister Lee Hsien Loong said at the opening ceremony of International Monetory Fund and World Bank Annual Meetings here today.

''New patterns of trade and investments have emerged, linking Asian countries not just with China and India, but all across the region,'' he said adding, that in order to grow further, Asian countries need to open up their economies that will attract more foreign investments.

Asia is strengthening relations with existing partners like the United States and Europe, he noted, calling on the developed world to build up stakes in Asia's growth and prosperity, and encourage the continent to play a constructive and responsible role in world affairs.

''There is a considerable potential for Asia to promote trade and investment with new partners in Africa, Latin America, Russia and eastern Europe,'' the Singapore premier observed.

While cautioning against the challenges for growth, he encouraged nations from other continents to emulate Asia's success story.

''Phenomenons like poverty and disease can slow down the take-off speed of economies, but countries that are facing such challenges can grow as examplified by Asian nations,'' he said.

He noted that the African region, with countries like Tanzania or Ghana, was liberalising trade, promoting investment and developing their private sectors. ''Their sustained growth and progress reimpose faith in free markets.'' He, however, said that globalisation is not without risk.

''Shocks and disturbances in other economies can spread to the domestic economy of a country and destablise it. Happenings like company's closure in one country can lead to job losses in another,'' Mr Loong observed.

The anwser to such consequences can only be good governance in one's own country and not the closing of economy, he suggested.

UNI