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Monday 16 June

World Economic Forum on East Asia closes, identifying climate change and water shortage as top concerns 
Climate change and water shortage have emerged as the top issues with the greatest impact on Asia, according to a survey of business leaders by the World Economic Forum. The survey, released at the close of the 17th World Economic Forum on East Asia, wrapped up a two-day meeting dominated by discussions on “the three Fs”, as Ahn Ho-Young, Deputy Minister for Trade of the Republic of Korea, put it – food, fuel and finance. He said these were not new uncertainties as the world has seen them in the past and he emphasised what he considered to be the more important issue of climate change.
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Business leaders highlight role of governments in food price hikes
Business leaders at the World Economic Forum on East Asia highlighted the role of government in food price increases, warning of mounting unrest and protectionism if urgent actions are not taken.

Speaking at a panel discussion on the food and fuel crisis, Peter Brabeck-Letmathe, Chairman of the Board of Nestle, Switzerland, attributed two-thirds of the food price hikes to government decisions. He said: “About 10% of food price increase can be due to the increase in fuel, 10% from changes in lifestyle … about one-third of the price increase, we will give it to the decision to use food for biofuels … and about one-third to political decisions to stop exports … and 10% from speculators.”
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Japan PM looks ahead to G8 summit  
Japanese Prime Minister Yasuo Fukuda has addressed the 'Japan Lunch' at the World Economic Forum on East Asia 2008. He told participants that he would make sure that the issue of high global food prices is addressed at the G8 Hokkaido Toyako Summit of which he is chairman. His video message was shown at a session for the ‘Table for Two’ Forum hunger initiative.
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Sunday 15 June

Badawi warns of threat posed by high food prices
Abdullah Ahmad Badawi, Prime Minister of Malaysia has welcomed participants to the 17th World Economic Forum on East Asia in Kuala Lumpur. Speaking at the official reception on 15 June, he told the assembled leaders from business, government and civic society that the most important challenge facing East Asia and the world is the global increase in food prices. “The steep rise in energy prices is the second biggest challenge facing us,” Badawi added.
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Protectionism threatens Asia without benefiting West
The rise of protectionism in Western economies is a threat to growth in Asia, noted Lord Levene, Chairman, Lloyd’s, United Kingdom. In a discussion on global risks at the World Economic Forum on East Asia, he said that Western politicians had lost sight of the fact that costs in US and Europe had been kept down through trading with Asia. “If you are going to produce these things domestically, costs will go up to such levels that the public will not be able to buy these things anymore,” said Levene.
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Asia’s global leadership challenge
Asia will be crucial in helping the world out of the current financial crisis, agreed panellists in the opening session of the World Economic Forum on East Asia. In the short term Asia will ‘take up the slack’ for the rest of the world, stressed Azman Mokhtar, Managing Director, Khazanah Nasional, Malaysia. “We have not yet got to the point where there is enough Asian representation in the global institutions,” said Marcus Agius, Chairman, Barclays, United Kingdom. “The challenge facing the region’s politicians is to repeat their success while dealing with the inequality problems”, he said.
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Co-Chairs

Peter Brabeck-Letmathe, Chairman of the Board, Nestlé, Switzerland
Jamshyd N. Godrej, Chairman and Managing Director, Godrej & Boyce, India
Takao Kusakari, Chairman, Nippon Yusen Kabushiki Kaisha (NYK Line), Japan
Lord Levene, Chairman, Lloyd's, United Kingdom
Ralph Peterson, Chairman and Chief Executive Officer, CH2M HILL Companies, USA

Quotes

“The Malaysian economy is driven by domestic demand, consumption and production. There is partial decoupling but we can drive our own economy.”
Zeti Akhtar Aziz, Governor, Bank Negara Malaysia, Malaysia

"The World Economic Forum is about turning challenges into opportunities...let's work together to address the issue of food and fuel prices"
Ahn Ho-Young, Deputy Minister for Trade

"Multilateralism is still the priority. Asian countries feel that it is crucial to complete the Doha negotiations. We need to gain certainty"
Mari Pangestu, Minister of Trade of Indonesia

"I'm convinced that the Vietnam economy is impacted by the US weak dollar as we export a lot to the US. Our exports, however, did continue to grow in 2007/2008"
Vu Van Ninh, Minister of Finance of Vietnam

"Until very recently East Asia was a follower of the global agenda, but for the first time it is now a leader. The world looks to this region to get it out of the current financial crises"
Peter Brabeck-Letmathe, Chairman of the Board, Nestlé, Switzerland

"In the short term Asia will take up the slack of what is happening on the other side of the world but there is a question of whether this is sustainable. Does Asia have the institutions and innovations to lead in the long run?"
Azman Mokhtar, Managing Director, Khazanah Nasional, Malaysia

"This meeting is a good opportunity to study what changes are happening in the region and how we can collaberate to affect its politics and economics"
Takao Kusakari, Chairman, Nippon Yusen Kabushiki Kaisha (NYK Line), Japan, Co-Chair, World Economic Forum on East Asia

Contact

For more information about the World Economic Forum on East Asia, please contact:
EastAsia@weforum.org