East Asia needs sustainable growth

Asia needs to increase its ability to share the benefits of growth among the larger population if it is to develop sustainable in the future, WTO director general Pascal Lamy said at the closing session of the 19th World Economic Forum on East Asia yesterday.

He said countries in the continent should also promote multi-lateral co-operation and strengthen their trading capacities. The WTO official noted that within Asia, many bilateral relationships had been doing well but they had also many limitations.

"Many issues in international trade can be solved through multilateral co-operation," he added. He stressed the importance of ensuring every citizen benefited from the economic success of a country.

Frans Muller, member of the Management Board of German retailer Metro and Co-Chair of the forum, said that Asia had managed its economic growth well and "effectively dealt with the global financial crisis."

He said that the Asian market was very large and carried huge potential for foreign investors, but the situation would be further improved if governments, private sector and non-government organizations could work together for a common goal.

Hermant Nerukar, managing director of India giant Tata Steel who co-chaired the forum, said he had no doubts that Asia would emerge as a very wealthy region.

However, he also warned that as consumption gets stronger without commensurate increases in income, "It would lead to a moral decline."