Panelists share their insights on green development during the 6th Asia Economic and Entrepreneurship Summit in Kuala Lumpur, Malaysia on July 27, 2023. (PHOTO / PROVIDED TO CHINA DAILY)
Promoting a green economy and more multipolar world is the future path for Asia as the region strives to overcome geopolitical tensions and geostrategic challenges, a forum heard on Thursday.
Rajah Rasiah, distinguished professor of economics at the Asia Europe Institute, University of Malaya in Kuala Lumpur, discussed the “emergence of a multipolar system”.
“I see the emergence of dual international currencies,” Rajah said at the 6th Asia Economic and Entrepreneurship Summit in Kuala Lumpur.
Organized by the KSI Strategic Institute for Asia Pacific, the Pacific Basin Economic Council, the ASEAN Economic Club and China Daily Asia Pacific, the theme for this year’s summit was “Powering and Future Proofing Asia in the New Multipolar World”
Organized by the KSI Strategic Institute for Asia Pacific, the Pacific Basin Economic Council, the ASEAN Economic Club and China Daily Asia Pacific, the theme for this year’s summit was “Powering and Future Proofing Asia in the New Multipolar World”.
Rajah said the move to “dedollarize”, especially among the BRICS countries, is “an alternative forced upon (us) by the US”.
He said the move towards alternative currencies is due to growing uncertainties, especially among countries “that are small and highly integrated into the global economy” through trade and investment.
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The summit featured a panel discussion on “The Green Reset: Future Ready Asia” which considered ways to drive positive change and forge a future where digital, green and innovation-led growth becomes the norm.
“Without a green environment nobody can survive. That’s why I think green technology and green economy is the future trend for the world,” said Chin Yew Sin, adviser for Asia-Pacific region of the Global One Belt One Road Association.
Chin, who was participating in the panel discussion, said reducing carbon emissions is needed to sustain economic growth and that there must be a balance between economic development and environmental protection.
He said China is “really working very hard” to use clean energy sources like solar power and to manufacture electric vehicles. Chin also urged the use of tax incentives to encourage companies to slash their emissions and said that everyone should endeavor to reduce their carbon footprint.
Vaseehar Hassan Abdul Razack, KSI’s executive vice-chairman and director at the Kuala Lumpur-based Bank Rakyat, alluded to the principles promoted by Mohandas Karamchand Gandhi, known as the father of the Indian nation, and questioned the need to grow at breakneck speed.
We also (need) to slow down because if you want sustainability and a green environment, it cannot be compatible with 8%, 9% growth. There (should) be a compromise.
Vaseehar Hassan Abdul Razack, Director, Bank Rakyat
“We also (need) to slow down because if you want sustainability and a green environment, it cannot be compatible with 8 percent, 9 percent growth. There (should) be a compromise,” he said.
Daniel Mankani, founding partner and chief executive officer of Banking Technologies Asia, said every country should balance their production and consumption to reduce emissions. He said “the model of (having a one country as the) factory to the world is not sustainable in the longer run”.
“You could say the consumption on the other side is demanding or requiring me to do so much and that’s why I (have higher) emissions. But I personally think that you should balance it out. Every country should be responsible for the stuff that they need,” Mankani said.
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Mankani also talked about digital innovation in the banking industry. He said there is “no holy grail” when it comes to the financial system and that whatever type of system you create must be based on “value creation” for the benefit of the banks’ clients.
In a panel discussion on entrepreneurial and business leadership for a new era, Chong Chye Neo, independent director of Bursa Malaysia, the country’s stock exchange, said organizations need an entrepreneurial mindset as the pandemic has accelerated digitalization.
“Most importantly, (we need to) understand that the new market, the market of future, will evolve around millennials and Gen Z,” said Chong, who is former managing director of IBM Malaysia.
Millennials are those born in the 1980s or 1990s, while Generation Z is defined as individuals born between 1996 and 2012.
As millennials and the Gen Z are the workforce of the future, Chong said it is important for companies to think about how they can attract them through, for example, creating an environment that will encourage them to think outside the box.
“By innovative growth, you will escalate above the region and the global trends,” said Rainer Althoff, member of The Economic Club of Kuala Lumpur’s executive council and CEO of ALC International.
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He said change is the driving force for the economy and business today and leaders of the future need to manage three key systems, namely the market, people, and the organization.
“The innovation process has to be taken by digitalization… meaning to reform and to transform into a new business model,” Althoff said.
Mohamed Iqbal Rawther, chairman of The Economic Club of Kuala Lumpur and KSI’s deputy chairman, said entrepreneurs have become the fourth component of production, in addition to land, labor and capital.
“Without the entrepreneurs, you cannot take on the challenges in front,” he said.
There is a great focus and responsibility for leaders to guide people through a lot of challenges, said Georg Chmiel, executive chair of advisory Chmiel.My.
“With deep fake messages being posted on the web, technology has become … a very big threat from my perspective and it should not be underestimated,” said Chmiel.
Contact the writer at prime@chinadailyapac.com
