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yoda
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| 10/25/2008 2:33 AM |
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Speech for Singapore’s Head of Delegation (Ms. Elim Chew, President, 77th Street) for the Plenary Opening Session of the
China-ASEAN Young Entrepreneurs’ Association
20-25 October 2008
Economic Inputs
Introduction
Thank you Republic of China,all China Youth Federation for graciously organizing and hosting the Forum in Nanning
The CAYEA is a useful platform for young entrepreneurs in China and ASEAN countries to interact with one another. Such platforms are key for generating ideas, sharing experiences, and enhancing cooperation among entrepreneurs, not only to ensure a good network, but to also deepen relations across borders, and keep updated on innovations that could further the work and successes of our young thinkers and doers
Being a non-government and non-profit regional umbrella organization of young entrepreneurs, the CAYEA is an invaluable grouping that can complement the work of our governments, by being effective end-users and beneficiaries of initiatives to further and achieve the individual goals of your organizations, which in turn contribute to the growth of our economies.
Economic Initiatives and Agreements Entrepreneurs Can Benefit From
The governments of ASEAN Member States and China have been actively engaged in developing tools and initiatives for increased trade and investment linkages with one another’s growing markets and economies.
On the economic front, Singapore is currently the chair country for the ASEAN Economic Ministers Meetings, and our Economic Ministers and Officials have been working hard with the rest of the ASEAN countries on developing and implementing commitments to further ASEAN economic integration. The aim is to achieve by 2015, an ASEAN Economic Community, or AEC. What is envisioned by an AEC is to have a region in which goods, services, and investments can flow freely in ASEAN, guided by systems and regulations that are transparent, consistent, and facilitative for traders, investors, and service providers based in the ASEAN region.
ASEAN has recently concluded enhanced trade and investment agreements – the ASEAN Trade in Goods Agreement, or ATIGA, and the ASEAN Comprehensive Investment Agreement, or ACIA. What this means for us is that when these are implemented early next year, they will be tools for us traders and investors who are operating in the region to use, so that we can maximize our earnings and have easier access to a wider market. The ATIGA, among other elements, locks in reduced or eliminated tariffs for the goods and materials we import and export, while the ACIA protects the investments we make when we establish ourselves in an ASEAN country. More importantly, such initiatives and agreements give us access to places beyond our own borders and broaden our horizons.
In parallel with internal integration initiatives, ASEAN has also been constantly and actively improving relations with our key trading and investment partners. In 2007, China was ASEAN’s 4th largest trading partner, and is ASEAN’s fastest growing trading partner with 22% growth in trade from 2006 to 2007Ώ]. To further this relationship and maximize future trade potential, ASEAN and China have signed and implemented the ASEAN-China Free Trade Agreement, or ACFTA. The ACFTA is another example of a tool we can make use of to facilitate our trade and investment relations with one another. The ACFTA provides more far-reaching market access for our goods and services. Under the ACFTA, trade between ASEAN countries and China becomes more affordable, allows us to source materials from one another more easily, and allows us to sell our products to one another more easily. A step further would be the networks ASEAN establishes with other key partners through similar initiatives and agreements with various Dialogue Partners. China can use its strong links with ASEAN to tap on the wider regional network. (Note: ASEAN also has FTAs with Japan, Korea, India, Australia and New Zealand).
Beyond economic gains, through our increased transactions and interactions with one another, we also reap the benefits of cultural exchange and learning, greater exposure of our products and services, and more opportunity for our ideas to be generated and effected on a larger and more international scale.
The Role of Young Entrepreneurs
This is the ideal time for young entrepreneurs to shine. The role of young entrepreneurs today is not underestimated, and they are recognised as being the future movers and shakers of their respective industries. The economic initiatives being developed and implemented are not geared solely towards Multi-National Corporations, as might have been the case in the past. The trend today is to pay heightened attention towards encouraging, cultivating, and benefitting smaller, more creative organizations, such as the ones you belong to, you have started, you are running, or are about to join, start or run. National and regional policies and systems are being maneuvered towards your efforts, especially in terms of education that encourages creativity and innovation, technical assistance being offered, and increased publicity and awards being given.
Small & Medium Enterprises, or SMEs, make up the bulk of businesses in ASEAN. For Singapore, SMEs are hugely significant, contributing to almost half (47%) of our GDP and generating 62% of available jobsΐ]. Of this, a growing number are established by young entrepreneurs such as each of you around the table. You can be assured that your contributions to the economy are very much recognised and very much needed. Your feedback to our governments is also important, as these will be taken into account in policy making. The role of the CAYEA is thus essential, as it serves as a platform for this purpose, as well as assures services and activities vital to the growth of young entrepreneurs and your organizations.
I am honoured to be among you as part of the CAYEA process, and am confident of the success you will be to the ASEAN-China community, both as a grouping and individually. |
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