Asia should fast track
To mitigate effects of another global crisis:
Asian countries should continue to fast track their recent trend
among themselves towards having greater cooperation through trade
Hatton National Bank Chairman Rienzie T Wijetilleke said the Asian
region will be safe and better with the utilisation of its internal
resources and idle assets that will guarantee the prosperity for the
Rienzie T. Wijetilleke
Addressing the Oxford Union in USA on “Challenges faced and
challenges a head in emerging economies in Asia”, Wijetilleke said this
situation presents an opportunity to the young and forward looking
professionals to acquire required skills and get prepared to face
He said it is important that everyone learns the techniques of
optimal handling of resources belonging to others and understanding the
risk’s involved in doing so.
“The problem of replacing the ageing population has to be addressed
at international level as well as the Governments of the countries
concerned to build human resource capital with equal strengths and
resources to take over institutions and run them in an efficient manner.
“But the question is whether such young people will have the
necessary skills to face these most challenging and complicating
situations that prevail in managing organisations and institutions as
well as resources belonging to people”, Wijetilleke said.
Referring to the occurrences in the last 18 months he said the true
extent of globalization and the very high value the whole world has paid
for encouraging integration between the financial systems and the real
“It’s through a clear understanding of these crucial linkages that
countries will be able to cushion any adverse effects of another crisis
that the generation will or may face in the future”, he said.
Wijetilleke said the crisis commenced with the fall of property
markets in the US and UK and the plunging of equity markets in the major
“This situation did not directly affect the economic climate of some
of the emerging countries for sometime.
But the deterioration of the strong and larger international banks
overseas with whom the emerging countries have relationships naturally
had a direct effect on the emerging economies”.
The present situation has caused wide fluctuations and decline in the
gold, oil and commodity markets some of which were earlier considered
Export customers of these Asian countries who deal with western
markets in garments, commodities, building material are already
experiencing a down turn and no longer enjoy the volumes and margins in
their exports as in the past and they also experience delayed payments.