NEWS TODAY-4-4-08-RICK C
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Financial minds link at summit
(04-04-2008)
DA NANG — The US-ASEAN Business Council has led a delegation of top US financial executives to the ongoing 12th ASEAN Finance Ministers Meeting in Da Nang.
The group comprises representatives from AIG, Citibank, GE Money, State Street Bank & Trust, Standard & Poor’s, and Visa.
It is being led by the council’s president Matthew Daley and head of Banking and Markets for ASEAN at Citibank and chairman of the council’s Financial Services working group, Piyush Gupta.
Daley said: "The council has had the honour of hosting a dialogue with the 10 ASEAN finance ministers and American business leaders for the last several years. Being able to formally attend their annual meeting is a unique opportunity for American executives, because ASEAN’s finance ministers are playing leadership roles in both inter- and intra-regional economic integration and capital market development initiatives in Asia."
This year’s mission to the ASEAN Finance Ministers Meeting comes at a time when economic and financial stresses in several major economies are causing instability in global markets.
The delegation has been able to exchange views with the ministers individually and in a group.
Gupta said: "In talking with ASEAN financial sector policy makers, we as investors and market participants recognise the challenges they are facing. However, even during the current period we also see opportunities for ASEAN nations to push ahead with the kinds of financial sector structural reforms and regional integration efforts that could significantly enhance both the resilience and profile of the region’s economies and markets globally."
Tom Clark of GE Money Asia noted: "Meetings like this are important opportunities for us to meet with finance ministers and other senior regulators … to offer our private sector perspective, discuss global best practices, and suggest approaches to policy and regulation that will promote growth and translate into a win-win for [everyone]."
During its two-day mission, the delegation also met with Viet Nam’s Minister of Finance Vu Van Ninh, Deputy Minister of Finance Tran Xuan Ha, State Bank of Viet Nam Governor Tran Van Giau, Singapore’s Minister of Finance Tharman Shanmugaratnam, and secretary general of ASEAN, Surin Pitsuwan.
According to the US-ASEAN Business Council’s figures, trade between the US and the ten ASEAN nations exceeded US$170 billion last year. — VNS
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