Asia's growth depends on closer ties: Lim Hng Kiang
Relatively healthier fiscal positions, strong investment and buoyant domestic demand in many Asian countries will cushion the impact of a major slowdown in developed economies, but Asian countries still have a lot of work to do to realise their full economic potential, said Minister for Trade and Industry Mr Lim Hng Kiang.
He was speaking at the Global Entrepolis Singapore conference this morning. He noted that Asia needs to think hard about raising labour productivity and investing in equipment, infrastructure and training to maximise the potential of its people.
The region also needs to tackle structural challenges and pursue regulatory reforms to deepen its economic linkages and sustain good growth, he added.
Such moves are important as modern business needs are constantly evolving, he said. For example, supply chains today span across many suppliers and partners from different countries so disruptions or increased trade barriers in one country will hurt many players along that supply chain.