Print Download PDF Embed

News Release

Indonesian and Singaporean Leaders Call on Business to Keep Markets Open

Fon Mathuros, Director, Communications Department, Tel.: +62 811 910 8768;

• The 20th anniversary World Economic Forum on East Asia opens in Jakarta
• Business leaders should work with government to drive new growth, create jobs and reduce poverty, while protecting the environment
• More information about the meeting is available at:

Jakarta, Indonesia, 12 June 2011 – In the opening ceremony of the 20th anniversary World Economic Forum on East Asia, the leaders of Indonesia and Singapore called on business leaders to work together with government to drive new growth through innovation and push for greater openness in their economies.

“We need collaboration in achieving better growth, creating more jobs and reducing poverty, while protecting our environment,” Indonesian President Susilo Bambang Yudhoyono told more than 600 business, political and civil society leaders participating in the meeting. Singaporean Prime Minister Lee Hsien-Loong advised the business community to “continue to generate prosperity for your companies and countries and keep markets open and the benefits spreading to as wide a population as possible.”

Both leaders spoke of Asia’s growing role in a world confronted by complex global issues such as climate change, destabilizing economic imbalances, the need to strengthen the rules-based trading system, and how to reform institutions and mechanisms of global governance to be more effective and representative. “There are still tensions – some pushes and pulls – between the old world and the new world, which is normal,” Yudhoyono explained. “Every transformation takes time and toil.” Pleaded the president: “We need consensus.”

The international community must foster a sense of inclusiveness, pragmatism and cooperation as it tackles common challenges, Yudhoyono argued. “Asia must be at the centre of this new globalism. Asia must lead the way to keep markets and societies open. We can find creative ways to turn potential conflict into potential for cooperation. Asia must do all we can to be a centre of innovation.” The region needs to use its cultural diversity to its advantage. In his country, he noted, “we are driven by opportunities, not fear. This newfound confidence is not particular to Indonesia; you can see it throughout Asia. In my heart, I believe that Asia’s time has come. But we can’t take it for granted.”

Prime Minister Lee echoed that warning: “You can see all the opportunities, but something can go wrong.” Conflict in the region, particularly between the US and China, is one risk. It is important for China and the US to maintain good relations, Lee observed. “If China remains on good terms with America then it is easier for us to be friends with both.” Asked if he would welcome a sudden major revaluation of the Chinese currency as a way to correct global economic imbalances, Lee said that he would not want to see such a move but reckoned that “a gradual realignment of currencies would be helpful for the overall balance and helpful for China itself.”

Notes to Editors
To learn more about the World Economic Forum on East Asia, go to
Download photos from the 2011 World Economic Forum on East Asia at
Download photos from the previous World Economic Forum on East Asia on Flickr at
Watch sessions live during the meeting at
Watch sessions on YouTube at or
Become a fan of the Forum on Facebook at
Follow the Forum on Twitter at and
Check in with the Forum on Foursquare at
Read the Forum Blog at
Read Forum reports on Scribd at
Follow the meeting on iPhone at
Upcoming Forum events at
Subscribe to Forum news releases at
SCTV is the Host Broadcaster of the 2011 World Economic Forum on East Asia.



SCTV is the Host Broadcaster of the 2011 World Economic Forum on East Asia.


The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. It engages with business, political, academic and other leaders of society to shape global, regional and industry agendas.

Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent, impartial and not tied to any interests. It cooperates closely with all leading international organizations (