KUALA LUMPUR: Asian governments and businesses are urged to be quick in responses and flexible in meeting the ever changing needs and demands of consumers.
Tan Sri Francis Yeoh
This was a consensus echoed by panelists at the second day of the 11th Forbes Global CEO Conference in a session entitled ‘Crossroads of Trade’.
One of the panelists, Tan Sri Francis Yeoh, said some governments were not responsive enough to make reforms in their economic systems which could provide greater opportunities for business to meet consumers’ demand.
“For example, consumers want expensive stuff but with cheaper costs. That is the kind of flexibility that they want,” said YTL Group of Companies managing director to over 400 business leaders and policymakers who attended the conference yesterday.
He also said some governments are too rigid with their regulatory system, thereby preventing any investment opportunities from foreign companies.
“For the past three years, it has been difficult for us to buy anything because the value is not compelling and everyone seems to be worried about other things like quantitative easing and uncertainties of the global economy,” he said.
Another panelist, Kiran Mazumdar-Shaw, concurred with Teoh, saying the reason why India has not been in the same pace with other Asian countries was due to lack of responsiveness towards business environment.
“The reason why the Indian government has not kicked off its reform was because it is busy dealing with a lot of governance issues and scams. I think for the government, it is important to be transparent and accountable,” said the chairman and managing director of Biocon Ltd.
Other panelists are Enrique K Razon Jr, chairman and president of International Container Terminal Services Inc; Xiang Wenbo, chief executive officer and president of Sany Heavy Industry Co Ltd; and Philippe Ghanem, executive chairman of Squared Financial Services Ltd. — Bernama
Meanwhile, at a press conference later, Yeoh cited Malaysia as a good example of governments that were quick to response by transforming the economy to meet the increasing demands of consumers and businesses.
“Here is one jewel of the economy that is really seizing the bull by its horn. I applaud Malaysia for allowing its economy to transform. My hope is that Malaysia will continue to buck up and don’t lose focus in its journey,” he said.
The second day of the conference will end the day with “A Meeting of Minds” session with the Prime Minister, Datuk Seri Najib Tun Razak, chaired by Steve Forbes. — Bernama