Horasis Asia Meeting 27-28 November 2016, Bangkok, Thailand a Horasis leadership event

Co-host: Amazing Thailand – A Government of Thailand Initiative Report © Horasis 2016 – All rights reserved The publication was prepared in cooperation with the Asian Institute of Technology (AIT) No part of this publication may be reproduced or transmitted in any form or by any means.

Upcoming Horasis events: Horasis Global Meeting Cascais, Portugal, 2 8-29 May 2017 Horasis India Meeting Interlaken, Switzerland, 2 5-26 June 2017 Horasis China Meeting Sheffield, United Kingdom, 5- 6 November 2017 Horasis Asia Meeting Kolkata, India, 2 6-27 November 2017

Horasis is a global visions community committed to enact visions for a sustainable future (http:/www.horasis.org) 2 Horasis Asia Meeting 27-28 November 2016, Bangkok, Thailand a Horasis leadership event

Co-host: Amazing Thailand – A Government of Thailand Initiative

Organization Partner: Sittipol Holdings

Co-organization Partners: All India Management Association (AIMA) Asian Strategy & Leadership Institute (ASLI) Pacific Basin Economic Council (PBEC) Society of Family Offices (SFO) Swiss-Asian Chamber of Commerce (SACC) Young Presidents’ Organization (YPO)

Knowledge Partners: Academic Partner: Bangkok Bank Asian Institute of Technology (AIT) Central Pattana Devawongse Varopakarn Institute of Foreign Affairs Supporting Partners: EFA Group Bonds Group of Companies GPSC L’VOYAGE Muangthai Insurance Asia Pacific Wire & Cable Quam Limited Seatrek Trans Stamford Management Media Partners: ThaiBev China Daily Thailand Convention and Exhibition Bureau The Nation

3 Horasis Asia Meeting 27-28 November 2016, Bangkok, Thailand a Horasis leadership event

Co-chairs: Li to Camacho Vice Chairman Asia Pacific, Credit Suisse, Singapore Anson Chan Chairman, Bonds Group of Companies, Hong Kong SAR Binod K. Chaudhary Chairman, Chaudhary Group, Nepal Piyush Gupta Chief Executive Officer, DBS Bank, Singapore Yoshito Hori Founder and Chairman, Globis, Japan Harry C. Hui Founder and Managing Partner, ClearVue Partners, China Huynh Quang Hai Chief Executive Officer, VSIP Group, Vietnam Rajive Kaul Chairman, Nicco Group, India Kolapo Lawson Chairman, Lawsons Corporation, Nigeria Munir Majid Chairman, Bank Muamalat, Malaysia Sunil Munjal Chairman, Hero Corporate Services; President, AIMA, India Nix Nolledo Chairman, Xurpas, The Philippines Oh Jong Nam Co-Chairman, Saemangeum Development Committee, Korea Prinn Panitchpakdi Governor, Stock Exchange of Thailand, Thailand Surin Pitsuwan Former Secretary-General, Association of Southeast Asian Nations, Thailand Serge Pun Chairman, Serge Pun & Associates, Myanmar Vachara Phanchet Chairman, Sittipol Holdings, Thailand Shoei Yamana Chief Exec utive Officer, Konica Minolta, Japan

Horasis is a global visions community committed to enact visions for a sustainable future (http:/www.horasis.org) 4 Table of Contents

Foreword 6

Summary 18

The Shangri-la Hotel Bangkok, venue of the 2016 Horasis Asia Meeting

5 Foreword

By Frank-Jürgen Richter, Chairman, Horasis, Switzerland

The inaugural Horasis Asia Meeting took place in Bangkok, Thailand over 27-28 th November, 2016. The meeting was co-hosted by the Thai Government and co-organized by Sittipol Holdings.

At the opening of the meeting the delegates rose and expressed their condolences to the family of HM Bhumbibol Adulyadej, King Rama IX, who passed away on 13 th October 2016. On Thursday 30 th Novem - ber 2016, a few days after the meeting, His Holiness Kakuhan Enami, Head Priest, Bishamon-Do temple, Japan, Crown Prince Maha Vajiralongkorn blessing the Horasis Asia Meeting. inherited the throne becoming King Maha Vajiralongkorn Bodindradebayavarangkun, the 10 th monarch of the Chakri dynasty, also be known as Rama X.

We knew King Rama IX as a great and capital or resources. At the time of his death, compassionate leader who had made it he was the world’s longest-serving head of his life’s work to care for his people. state and the longest-reigning monarch in In 1974 he affirmed: Thai history, serving for 70 years, 126 days. • The development of the country must be fostered in stages. It must start with There were over 400 delegates from the construction of infrastructure, that 67 nations including seven government is, the provision of food and basic Ministers who attended this Horasis Asia necessities for the people by methods Meeting. Participants were mindful of how which are economic, cautious and the interactions of political and commercial conforming with principles. Once the policies combined to develop the relation - foundation is firmly established, pro - ships, accords and which might enhance the gress can be continually, carefully and future well-being within the many nations economically promoted. This approach comprising Asia. With this meeting Horasis will prevent incurring mistakes and aims to present a systemic view of the failures, and lead to the certain and drivers of the region’s economic develop - complete achievement of the objectives. ment across all sectors, recognising that the wide-reaching Asian region is acknowledged His ideology formed the bed-rock of his to be the growth engine of the future. Sufficiency Economy thesis which looked As with the other Horasis meetings, it is to sustainability, moderation, and a broad- expected this important meeting will be based development which should reduce hosted in different Asian cities over the greed and over exploitation of human next years.

6 Virtual Ribbon Cutting Ceremony, with the co-hosts and co-organizers

This is a time of unprecedented global change: with new policy directions expec - ted in the US (its new Administration will begin work after January 20 th following the inauguration of President-elect Donald Trump); and in Europe – with the intended separation of the UK from the EU (gene- rally known as BREXIT), as well as several of its nations holding elections. Still, Asia seems to be a beacon of stability, and the strongest driver of global growth.

There was an acceptance amongst partici - pants of Asia being the global powerhouse of the future. The developed nations’ GDP growth has slowed, and across much of the world businesses are finding it difficult to recover from the last financial melt-down of 2008, which began in the US and ripped round the world. The OECD suggests Asia will grow at 5% to 7% annually. Whatever figure is attained its growth will be way above the western near-stagnation Kobkarn Suriyasat Wattanavrangkul, Minister of Tourism and Sports, Thailand, speaking during the opening dinner

7 Opening Plenary on Asia’s Vision of the Future

of 2+ percent. Furthermore, Asia, with its nations will do the same for their citizens, predominantly young work-force offers a in part because they have agreed to meet demographic dividend for some 2 0-30 years. the UN Sustainable Development Goals by It should advance a global recovery pro vi - 2030. Delegates suggested that a positive ded its nations maintain their cooperation, spin by Asian governments through the and not retrench into protectionism given mechanism of ASEAN, or other regional the widespread populist reaction against forums, will pave the way to a general globalisation. uptick of personal wealth and well-being generating a feedforward effect on growth, What is really needed is a renewed confi - as well as economic and technological dence in the formal institutions that generate development. sustainable decisions and which lead to an increase in the incomes of the poor. Participants of this Horasis Asia Meeting Millions of people have been plucked from noted that infrastructure development poverty in China, and India is on the way precedes economic gain. Infrastructure to uplift its rural poor: other less populous does not only mean transport – yet we noted the great railways building frenzy brought new global wealth in the early 19 th century. Through the late 1960s the US economy again grew following its massive inter-state road building programs. Then Europe followed with its own integrated roa d/rail scheme ‘Te n-T’ which also linked towards Central Asian countries.

In a similar fashion, taking a regional view, Thailand has instigated broad infrastruc- ture re-developments comprising capacity increases for metro, rail and road access in and near large towns, and also greatly increasing long-distance cross-border rail Vacharee Phanchet, Chairperson, Sittipol Holdings, Thailand, welcoming participants

8 Minister Kobkarn meeting with participants Prinn Panitchpakdi, Governor, Stock Exchange of Thailand – technological leverage is important

and road routes as well as revamping its port structures for maritime shipping – not for - getting ports along rivers. These links will all enhance trade, as will its new regional and international airport expansions. Also, in keeping with the concerns expressed by King Rama IX to promote a healthy lifestyle for his citizens, safe bicycle lanes will be provided across the whole of Thailand. They will also support tourism.

Furthermore six special economic zones will be created close to the borders of neighbouring countries benefitting from Surin Pitsuwan, Former Secretary-General, new city to city and city to economic zone Association of Southeast Asian Nations, Thailand and economic zone connects onwards to other nations. Of course Thailand has to provide extra electricity capacity. It has to grapple through its planning horizon 2012- 2030 with rapidly rising electrical demand as well as the need to decarbonise electricity production in keeping with the 2016 UN Paris Agreement on Climate Change. Inevitably it has to balance the use of cheap coal vs renewables together with the potential for regional power exchanges.

Other economic stimulus is provided by China through its “One Road One Belt” (OROB) initiative expected to develop new hub infrastructures in many nations Yukio Hatoyama, Former Japanese Prime Minister meeting with Former Thai Prime Minister Abhisit Vejjajiva

9 Lalit Bakshi, Chairman, Golden Eagle Group, Japan, Amit Mitra, Minister for Finance, Commerce & Industries, welcoming participants West Bengal, India

across Asia into Africa and Europe, now ments have sought to apply forms of described in China as “The Belt” initiative. censorship. These are at the same time These developments bode well for the understandable, yet may be anti-trade. The future especially as China has agreed to Internet needs freedom to permit trade to conform to the U N/ TIR rules for border - develop though ‘the Cloud’ so all parties less road transport that they will ratify on have full access no matter where they 7th January 2017. Thus Chinese trucks will reside. Customers in Europe, the US or be able to pass unhindered by custom posts China must be able to purchase on-line right through Central Asia into Europe. We from Thailand for instance. Sometimes envisage that other nations close to the new these are single private purchases, at other Silk Road will also apply for TIR ratification time bulk commercial purchases. All need to open-up trade. multiple other links through supply chains that will be become useless if they stumble Banking also has been stimulated by China against nationally imposed fire-walls. As we through its Asian Infrastructure Investment noted above, the U N/ TIR allowing free Bank (AIIB) which is an international finan - passage of trucks across borders eases trade cial institution that aims to support the barriers yet it too needs open access building of infrastructure in the Asia-Pacific Internet links to be able to verify end-to- region; and via its BRICS bank though this end data – about the goods, the taxation will affect the Asian region less. The United status, as well as the vehicle and driver. Nations has called the launch of AIIB as Verification cuts the barriers against trade having potential fo r “scaling up financing while defeating money laundering, corrup- for sustainable development” and it should tion and other rent-seeking. benefit global economic governance. Across Asia we see real-estate development Furthermore, as the Internet spread slowly opening the hinterlands of ports (river, sea into Asia its nations have been overwhelmed and air-ports) and specifically there is the at the speed by which its population has development of services that support all the begun to use it – for mail, acquiring news trades, including cargo handling services, and to conduct e-commerce. Many govern - storage and warehouse services, freight

10 Horasis Asia Meeting gathered 400 senior business leaders from around Asia and the world

transport agency services as well as customs Founder and Chairman, Globis, Japan; and tax-equalisation processes. These are Harry C. Hui , Founder and Managing somewhat akin to the trade-related develop - Partner, ClearVue Partners, China; ments with respect to the European Huynh Quang Hai , Chief Executive Schengen Agreement of 1985, but the Asian Officer, VSIP Group, Vietnam; Rajive nations do not [yet] have the enabling Kaul , Chairman, Nicco Group, India; formula of the EU so new accords, while Kolapo Lawson , Chairman, Lawsons being logical, may not be ratified quickly. Corporation, Nigeria; Munir Majid , Once achieved inter-Asian market trades Chairman, Bank Muamalat, Malaysia; would be over U S $ 2.6 trillion and service Sunil Munjal , Chairman, Hero Cor- more than 622 million people. porate Services; President, AIMA, India; Nix Nolledo , Chairman, Xurpas, The In 2015 the ASEAN Economic Community Philippines; Oh Jong Nam , Co-Chairman, (AEC) was collectively the third largest Saemangeum Development Committee, economy in Asia and the seventh largest in Korea; Prinn Panitchpakdi , Governor, the world, and the intra-ASEAN invest - Stock Exchange of Thailand, Thailand; ment accounted for 17.9 percent of the Surin Pitsuwan , Former Secretary- total foreign direct investment. Clearly this General, Association of Southeast Asian Horasis meeting could incubate many new Nations, Thailand; Serge Pun , Chairman, business developments within, and with, Asia. Serge Pun & Associates, Myanmar; Vachara Phanchet , Chairman, Sittipol The following meeting co-chairs con - Holdings, Thailand; and Shoei Yamana , tributed to the plenary discussions: Lito Chief Executive Officer, Konica Minolta, Camacho , Vice Chairman Asia Pacific, Japan. In addition were several ministers, Credit Suisse, Singapore; Anson Chan , civic leaders and academics from around the Chairman, Bonds Group of Companies, world illustrating the meeting’s global reach. Hong Kong SAR; Binod K. Chaudhary , Chairman, Chaudhary Group, Nepal; Piyush Gupta , Chief Executive Officer, DBS Bank, Singapore; Yoshito Hori ,

11 Meeting co-chair Binod K. Chaudhary, Chairman, Chaudhary Delegates expressing their condolences to the family of HM King Bhumbibol Adulyadej Group, Nepal

The Horasis meeting began with two update the Chinese government is pushing for sessions. The first on ‘Faith’ reflected on further modernisation. Piyush Gupta , Asia’s present beliefs stemming from some Chief Executive Officer, DBS Bank, Singa - of the world’s ancient religions. The dele - pore suggested there was lots of capacity gates noted that faith is also something we available for growth, yet expressed concern carry internally, irrespective of our religious to ensure the regions’ youth were brought beliefs. As such ‘faith’ also interacts with the into the jobs market. This needed careful development of Globalisation – another management in the face of increasing tech - ‘way of life’ that is anchored in history: nological advances, notably automation. to wit, the ancient Chinese Silk Road. Binod K. Chaudhary, Chairman, Globalisation, suggested the delegates in a Chaudhary Group, Nepal supported these parallel session, is a bridging word referring assertions coming as he did from a more to the complexities of trade – which in restrained economy, but noted their deve - modern times has become global and has lo ping links with India. Sunil Munjal , the power to affect people at a local level. Chairman, Hero Corporate Services, India These panels opened the way to the first suggested that India sometimes does not plenary session discussion of Asia’s vision of understand its wide diversity so that brings the future and so became the scene-setter challenges as well as opportunities. Shoei for the whole meeting. Yamana , Chief Executive Officer, Konica Minolta, Japan, echoed this sentiment, The opening Plenary was chaired by noting that new concepts will enhance Thanong Khanthong , International News society’s values so strengthening the Editor, The Nation Television, Thailand. He region’s future. reviewed the record of Asia’s stakeholders as both business and government re-engineer the continent on multiple fronts at high ‘Located at the centre of ASEAN and representing its second largest economy, speed. , Founder and Mana - Harry C. Hui Thailand is the ideal location to advance ging Partner, ClearVue Partners, China the region’s economic, political and noted how mainland China’s economy has social agenda.’ slowed recently as its economy matured yet Kobkarn Suriyasat Wattanavrangkul, he remained optimistic for the future given Minister of Tourism and Sports, Thailand

12 Thanong Khanthong, Editor, The Nation Television, Thailand, making a point Lito Camacho, Vice Chairman Asia Pacific, Credit Suisse, Singapore whereas Harry C. Hui, Founder, ClearVue Partners, China looks on – the reasoning for a common ASEAN market is compelling

Kobkarn Suriyasat Wattanavrangkul , In support of the Blueprint’s goals detailed Minister of Tourism and Sports, Thailand sectoral plans have been developed, and noted how Thailand was in a new phase of forthcoming international agreements look growth which boded well for the region as set to provide further opportunities for the a whole. ‘Located at the centre of ASEAN region. Its projected growth is supported and representing its second largest eco no my, by OECD analyses. They state the eco no- Thailand is the ideal location to advance mic activity in the ASEAN 10 countries is the region’s economic, political and social growing moderately, with average projected agenda,’ the Minister conveyed. Vacharee growth of 4. 9 % for 2016 and 5. 3 % in Phanchet , Chairperson, Sittipol Holdings, 2017 driven by domestic demand, while Thailand added that the Horasis Asia consumer confidence remains strong in Meeting ‘presents a huge opportunity to China, India and Thailand. Services such as contribute to Thailand’s future growth.’ tourism, information and communications technology, and financial services will play Years ago Southeast Asia was an important significant roles in Emerging Asia, as does member of the world trading system. its agricultural sector, although its specific A wide range of commodities originated contribution to GDP growth has decreased in the region: especially important were over the years. spices like pepper, ginger, cloves, and nutmeg. The spice trade was developed by Indian and Arab merchants, but it also attracted Europeans to the region. The establishment of the ASEAN Economic Community in December 2015 has marked an important milestone. It provides an opportunity to review past achievements and to plan future targets in key policy areas.

The ASEAN Economic Community Blueprint 2025 is the overarching plan for Southeast Asian integration for 201 6-25. Sunil Munjal, Chairman, Hero Corporate Services, India – State and Federal reforms can benefit the nation.

13 All India Management Association (AIMA) celebrating a jubilee to mark its 60th anniversary and 7th years of partnership with Horasis.

A plenary session considered the global price falls had reduced the Nigerian economy economic outlook that for 2017 remains rapidly over the last few months. This will uncertain despite Asia’s continued econo - be of concern, not only to Nigeria but to mic buoyancy. While the discussion was in Africa and the world as it mulls over the danger of being captured by the U K/ EU price of oil in particular. Brexit situation and the US situation once President-elect Donald Trump is inaugu ra - In a special plenary on India, Amit Mitra , ted on 20 th January 2017 the discussions Minister for Finance, Commerce & Indus - reviewed the current state of the Asian tries, West Bengal, India, illustrated West regional and the global economy. For Bengal’s economic renaissance. He noted instance, what does the latter mean for Asian that India, a federal nation, has States that business? Nix Nolledo , Chairman, Xurpas, are the real economic drivers – and his State The Philippines, noted The Philippines had was at the forefront across most measures. received too little FDI so remained relatively There were 100 million citizens with many backward and thus tended to look towards in the age range 2 0-25 years, so there is a China. Myanmar too was in a mixed develop - strong incentive to exploit this demo graphic ment state, said Serge Pun , Chairman, dividend. This is aided by the commitment Serge Pun & Associates, Myanmar. Its in - to digitisation. For instance, the e-taxation vest ment program had been restrained and initiative has almost nullified rent-seeking only now was it developing on a broad front and at the same time has doubled taxation as the Army is ‘taking off its uniforms’ and income so reducing its fiscal deficit. He helping to direct growth avenues. Yoshito suggested West Bengal is the gateway to Hori , Founder and Chairman, Globis, Japan Asia. Sunil Munjal , Chairman, Hero applauded the present Japanese govern ment Corporate Services, India, suggested the under the leadership of Shinzo Abe that has opening up of India in 1991 was the start guided Japan through a difficult economic of its modernity and progress has not period. This is not yet over, and they must ceased since that time. State and Federal face new neighbourhood threats. In a sense reforms can benefit the nation, but some these were the thoughts of Kolapo take time to become seen as beneficial. Lawson , Chairman, Lawsons Corporation, Nigeria who described how commodity

14 Munir Majid, Chairman, Bank Muamalat, Malaysia Alexander Wan, Senior Advisor, China Daily Asia Serge Pun, Chairman, Serge Pun & Associates, Myanmar – the Internet may move ASEAN nations closer together Pacific – Asia is the global powerhouse of the future – Myanmar is good news.

‘India and China are the twin drivers Oh Jong Nam , Co-Chairman, Saemangeum for Asia and the world.’ Development Committee, Korea also men - Sunil Munjal, tioned the need for trust to promote regional Chairman, Hero Corporate Services, India development, as did Munir Majid , Chair - man, Bank Muamalat Malaysia, Malaysia. He suggested that while outwardly distrust is The ASEAN Economic Community (AEC) evident digitisation crossed borders smoothly, is a major milestone of the regional eco no - and the Internet and communications tech - mic integration agenda. Alexander Wan , nology may move all nations closer together. Senior Advisor, China Daily Asia Pacific, Lito Camacho , Vice Chairman Asia Pacific, Hong Kong SAR asked the panel members Credit Suisse, Singapore considered the to consider how the member countries and region to be exciting and the reasoning for their people will cooperate to be the global a common market is almost compelling: powerhouse of the future. And to do this, there are many zero tariffs on goods, and what are their economic and geopolitical lowering non-trade barriers ought to be priorities and strategies? Surin Pitsuwan , stressed as businesses move towards Former Secretary-General, Association of opportunities. Southeast Asian Nations, Thailand thought that there was a certain lack of trust be - ‘Business people need to question tween the leaders of ASEAN nations and their purpose of life and their goals new leadership within its remit may re- for the community.’ invigorate it. Its FDI was a little low, and His Holiness Kakuhan Enami, Head Priest of some 70 percent was directed to services, Bishamon-Do temple, Tendai Temple Sect, Japan whereas a broader approach focussed on a wide interpretation of infrastructure was needed. The closing plenary was chaired by Lawrence Abeln , Dean, AIT School of Management, Thailand who asked his panel ‘We need ASEAN now more than ever.’ members to reflect on the day’s discussions Surin Pitsuwan, Former Secretary-General, Association of Southeast Asian Nations, Thailand and to draw conclusions – which economic development models will help the region

15 Veerasak Footralul, Deputy Minister of Foreign Affairs, Thailand, Harry C. Hui, Founder and Managing Partner, The Japanese economy is recovering – emphasizing the middle path for correct political conduct ClearVue Partners, China – infrastructure development Yoshito Hori, Founder and Chairman, Globis, Japan precedes economic gain. to achieve its growth agenda? And what somewhat that ASEAN nations might opt strategic priorities can enhance regional for regional isolation which might be a integration? Huynh Quang Hai , Chief protection mechanism against the un cer - Executive Officer, VSIP Group, Vietnam tain ties that were evident in the EU and reflected on what strategic models had US at present. Instead, leaders ought to worked well, and what might be the shared invest more in deriving new growth strate - interests of the regional members: these gies that sustained regional cooperation. were not simple to discern he concluded. Prinn Panitchpakdi , Governor, Stock Exchange of Thailand, thought that tech- ‘The middle path is the overriding principle for appropriate economic, nological leverage was important. And political and personal conduct.’ Rajive Kaul , Chairman, Nicco Group, Veerasak Footralul, India said that the broad investment focus Deputy Minister of Foreign Affairs, Thailand had imbalances, but this was not surprising across India and China with their huge populations and geographic spread. In a tribute to HM Late King Bhumibol Anson Chan , Chairman, Bonds Group of Adulyadej, Veerasak Footralul , Deputy Companies, Hong Kong SAR worried Minister of Foreign Affairs, Thailand, emphasized the middle path as an over - riding principle for appropriate economic, political and personal conduct. Based on HM The King’s approach, Yukio Hatoyama , Former Prime Minister, Japan, proposed his vision for a pan-Asian leadership agenda: ‘We need to restore morals and increase social welfare,’ he said. Supachai Panichpakdi , former Secre - tary General, UNCTAD, said regional coopera tion will strengthen Thailand and its neighbours.

Supachai Panichpakdi, former Secretary General, UNCTAD – Regional cooperation will strengthen Thailand and its neighbours.

16 Lawrence Abeln, Dean, AIT School of Management, Thailand, chairing the closing plenary Kyrgyz Minister Azamat Zhamankulov on the country’s current investment climate

‘Regional cooperation will strengthen the next year and beyond. It is our hope Thailand and its neighbours.’ that the Horasis Asia Meeting will serve as Supachai Panichpakdi, a bridge through which Asian nations will former Secretary General, UNCTAD build stronger links amongst themselves as well as with their global trading partners.

In conclusion the inaugural Horasis Asia Finally, Horasis is pleased to invite you all Meeting has competently promoted a to join the next meeting – the second broad discussion of the factors that support Horasis Asia Meeting which will further growth, success and security of the region. catalyse positive change and joint develop - The many delegates took away ideas that ment. It will be held in Kolkata, India over could bring new ventures to the table over 26 – 27 th November, 2017.

Announcing the 2017 Horasis Asia Meeting, to be held in Kolkata over 26-27 November

17 Summary Faith Over four billion people in Asia follow By Shawn P. Kelly, Director of External Relations, a wide variety of different religions: Asian Institute of Technology (AIT) sometimes leading to conflict but also to harmonious cross-fertilization throughout Horasis – The Global Visions Community, the region’s history. The continent was the and Amazing Thailand – A Government of birthplace of a number of religions. Lou Thailand Initiative on November 27-28, Marinoff , Professor of Philosophy, The 2016 welcomed over 400 leaders from City College of New York, USA, led a around the world to Bangkok, Thailand for reflective discussion on the search for the Horasis Asia Meeting 2016. The Thai common ground or practices to promote capital was the chosen locale for Horasis’ interfaith dialogue and understanding. inaugural meeting focused on Asia. The two-day series of talks was one of the Some believe faith brings a sense of comfort, biggest international business forums in the as well as stability and security during a country this year. It attracted a who’s who time of disruptive change. While globa liza - of global leaders from politics, internatio nal tion has succeeded in connecting people affairs, finance, industry, media, education across temporal boundaries, a question was and international organizations. posed: “How can the people of Asia find a way to remove the barriers that divide The Bangkok meeting came less than one faiths while respecting the uniqueness of month after Donald Trump shocked the each tradition?” world by winning the U.S. presidential election. A notable topic of debate was how ‘It’s not only markets, but values also a Trump administration might engage Asia, drive the global village.’ following outgoing President Barack Obama’s Lou Marinoff, Professor of Philosophy, “pivot to Asia” policy. Participants agreed The City College of New York, USA that Asia and the world are undergoing changes. Finding ways to maintain peace, prosperity, stability and sustainable eco no- His Holiness Kakuhan Enami, Head Priest Lou Marinoff, Professor of Philosophy, mic development for the continent against of Bishamon-Do temple, Tendai Temple The City College of New York a backdrop of global unease dominated the Sect, Chairman of Japan Buddhist two-day forum of thirty high-level sessions. Conference for World Federation, Japan, believes that we need a new approach because the old approach is leading to intolerance, narrow goals, aggression and even violence. He held that ‘appreciation’ is the key for interfaith dialogue and understanding. His Holiness stressed that knowledge of the non-material should be embedded in education, business workshops and conferences. People should embrace the evolution of the human consciousness from intolerance to tolerance, His Holiness advised, emphasizing the need for more attention towards spirituality in a business context. Arrival of His Holiness Kakuhan Enami, Ed Bullecer, CEO, Head Priest of Bishamon-Do temple, Japan Paglas Group, Philippines

18 Plenary – Building within the ASEAN Economic Community

Michael Yeoh , Chief Executive Officer, and religious differences. “When everyone Asian Strategy & Leadership Institute, in a company pursues the same goal, they Malaysia, pointed out that governments will respect each other and understand the have to work together to build more peace, roots of their differences,” he said. justice and understanding. He explained how business communities can bridge the Sudhir Sharma , Chairman, Mitkat Ser- differences through religious dialogue. To vices, India, noted that India is home to a encourage and foster intercultural faith, he large diversity of religions, and is in fact the introduced what he referred to as the ‘3Cs: origin of some religions and philosophies. Confidence, Compromise and Compassion .’ As a military man, he was unequivocal that when his soldiers faced death, they all Michael Yeoh, CEO, Ed Bullecer , Chief Executive Officer, turned to faith. Agreeing that education Asian Strategy & Leadership Institute, Malaysia Paglas Group, Philippines said that we all had a role to play in fostering interfaith evolve at a certain pace, which depends dialogue and tolerance, he stressed that on how we are guided. He shed light on education is not the exclusive purview of spirituality in the Philippines, where schools – parents and family are also key. Christianity and Islam are the main religions. “Education does not start at school, but at He explored the roots of the existing the lips of your mother,” he said. intolerance between the two faiths in his homeland. Globalization Takera Kaneda , Chief Executive Officer, Asia has benefited greatly from the accelera - Cocoonlabo, Japan, spoke of celebrating ting processes of globalization – and the our differences as he pointed out distinc - region’s position at the leading edge of tions between East and West. Adding on to innovation is propelling the region into the Yeoh’s 3Cs, he stressed the importance of forefront. J. T. Li , Chairman, Senior having a shared or collective goal – which Associate Dean, Hong Kong University of might be a very difficult to attain – as a Science and Technology, Hong Kong SAR, source for unity, despite our many national set the tone by saying that saying that Gen. Sudhir Sharma, Chairman, Mitkat Services, India

19 Ulrik Federspiel, Group Executive, KV Rao, Resident Director ASEAN, Surong Bulakul, Chairman, Haldor Topsoe, Denmark Tata Sons Ltd, Singapore Global Power Synergy Company Limited, Thailand

“globalization is under fire” and pushback advantage. So remaining open to innovation against globalization on the rise. He quoted will help local businesses to excel. former Secretary-General of the United Surong Bulakul, Chairman, Global Power Nations Kofi Annan on inclusive globali- Synergy Company Limited, Thailand, asked zation, and asked: “How is the ASEAN the question: “Who are we and what we Economic Community impacting the global will be?” For him, the ASEAN Economic economy and potentially shaping the very Community is a harmonious melting pot nature of globalization?” and a manufacturing and export-oriented power. It is also tourist hub for the world. Ulrik Federspiel , Group Executive, He attributed the success of ASEAN to its Haldor Topsoe, Denmark, sees ASEAN togetherness and members’ willingness today as a catalyst for global growth. He to move in the same direction. Amid the noted that ASEAN countries have greatly success, a challenge for governments in benefitted from globalization. Indeed, ASEAN is to keep pace with digitization J.T. Li, Senior Associate Dean, Hong Kong University of Vietnam’s GDP will rise by 7.2 5 % this year. and what he called the “4.0 e-world.” Science and Technology Trade within ASEAN has also increased significantly. He cautioned against mixing up KV Rao , Resident Director – ASEAN, Tata the forces of globalization and inequality, Sons Ltd, Singapore, started by saying that arguing that socioeconomic disparities in 2017 the world is likely to experience its would be greater without globalization. lowest economic growth since the financial Shin Ito , Chief Executive Officer, iKoyoo crisis. “We are moving away from a few Inc, Japan, said globalization is important decades of inclusion to a few decades of and ASEAN will continue to drive it. Ito exclusion,” he opined, and “pushback against further stressed the need for operational globalization is coming from every corner efficiency, and the importance of improving of the world.” human capital within the region. Advances in information technology allow anyone in ‘The world is facing a ASEAN to participate in the digital eco nomy. serious inflection point.’ Big data management and the internet of KV Rao, Resident Director, things (IOT) have reached a stage of de - ASEAN, Tata Sons Ltd, Singapore velop ment in which ASEAN can really take

20 Suhaidi Sulaiman, Advisor, The East Coast Ko Kheng Hwa, Director, Shoei Yamana, CEO, Konica Minolta, Japan, Economic Region Development Council, Malaysia Ho Bee Land, Singapore during the opening plenary.

Suhaidi Sulaiman , Advisor, The East Coast Agreeing that ASEAN achieved economic Economic Region Development Council, success in the age of globalization, panelists Malaysia, explained that his government considered ways to address those who have would be focusing more on his area of the been left behind. As mentioned by KV Rao , country, and indicated that Malaysia is the world is facing a serious turning point. setting up a Global Halal Hub. Malaysia The question becomes: What to do? recently opened to globalization in the Addressing societal inequality is a domestic form of a new railway line that will extend affair and should be addressed at that level to Thailand and China. with sound policies and enlightened leader- ship, Ulrik Federspiel countered. As a Ko Khen Hwa , Director, Ho Bee Land, block, ASEAN is now 7th largest economy Singapore, remarked on ASEAN-based on earth. But if the AEC can succeed in digitization, and how the region can benefit breaking down internal and external barriers, Shin Ito, Chief Executive Officer, from online tectonic changes. E-commerce it many become an even more vital center iKoyoo Inc., Japan is a good entry point, with three main of the global economy, panelists said. New positive impacts: First, it will enable firms SMEs and start-ups can attract the attention to access new internal markets to deliver of the world. Streamlining and harmonizing services, as well as provide new channels e-payment across borders will create trust. which are particularly important to the But the main challenges for cross-border SMEs. Second, it enables companies to transactions are the need for sound legal penetrate markets outside ASEAN and reach frameworks and robust systems for data for global customers and collaboration. protection and security. Third, it can create a hotbed of innovation in ASEAN. Asia – A Vision of the Future Kicking off the two-days of talks, panelists ‘E-commerce can create innovation in the opening plenary session ‘Asia – A opportunities for ASEAN’ Vision of the Future’ brainstormed on how Ko Khen Hwa, Director, Ho Bee Land, Singapore leaders in business, politics and society are implementing change, which is taking place across the continent on multiple fronts and

21 A boardroom dialogue session

at pace. Change in Asia often comes at a 2.3 trillion to its consumption economy by great risk to past its traditions and stability, 2025, which means it will essentially add it was noted. Peering into the future, the an economy the size of Germany or the experts were largely bullish on the conti - United Kingdom. China is also looking to nent’s prospects, saying the “opportunities increase its cooperation with the rest of outweighed the challenges.” Asia, which is of vital importance for the development of the region. Companies are Thanong Khanthong , International News keen to diversify their holdings outside of Editor, The Nation Television, Thailand, China, he said, and are particularly motiva - stated that the global economy is indeed ted by the prospects in the Southeast Asian changing, as the world has been buffeted market. “We are very optimistic about the by political turmoil in the past few years. modernization of China,” Hui concluded. Presently, China’s slowing rate of growth could be addressed by giving boost to invest - ment in consumption industries. India’s ‘The Chinese Dream is alive and well’ Harry C. Hui, Founder and Managing Partner, world-leading annualized growth rate might ClearVue Partners, China provide a window of opportunity to fill in the gaps to its physical infrastructure needs, he said. Piyush Gupta , Chief Executive Officer, DBS Bank, Singapore, was similarly bullish Harry C. Hui , Founder and Managing on future of the continent. Gupta believed Partner, ClearVue Partners, China, that China will be able to overcome its proclaimed that “the Chinese Dream is slowing annualized growth rate in the alive and well.” So too, is innovation in the coming 3 to 5 years. But the biggest world’s most populous country, he added. challenge for China will be social-political China is no longer an innovation emulator. risks, he said. Turning to India, he noted Rather, entrepreneurs in China are creating that key challenges included inequality and innovation. In terms of steering the country environmental degradation. If America loses towards more consumption-led growth, interest in the region, increased Chinese which is currently less than United States hegemony could be problematic, he added. and Europe, Hui said China will add US$ But opportunities abound in a country with Myles Lu, Founder, Chetuobang Network Technology Co., China

22 The Meeting featured 30 sessions, with always five concurrent sessions at a given time. Piyush Gupta, CEO, DBS Bank, Singapore – There is lots of capacity available for growth.

a vast population of millennials engaging Turning to the recent demonetization of in e-commerce at scale. Fiscal devolution its currency, he said it will mean massive of power is fueling internal domestic short term pain in exchange for considerable competition. Moreover, India is shifting long term gain, such as reducing the fiscal ownership of infrastructure, and the idea deficit, lower interest rates and lower is to digitalize the economy. This world- inflation. Ultimately, the measure will leading effort will drive the country’s future. connect people into the financial system. Regionally, the trend toward consumption Overall, boosting the country’s ease of is increasing, and the most innovative ideas doing business will spur India’s economic are being generated in this part of the world, opening to the world, he predicted. Gupta said. Shoei Yamana , Chief Executive Officer, Konica Minolta, Japan, expressed concern ‘The digital economy is going to be Bernard Yeung, Dean, about an apparent backlash against globali- National University of Singapore the game changer.’ zation and a retreat to nativism. He suggested Business School Piyush Gupta, Chief Executive Officer, DBS Bank, Singapore that the upward trajectory of society would require creating value through innovation and connectivity, especially by improving Sunil Munjal , Chairman, Hero Cor po rate people’s lives with mobile devices. Yamana Services, India, reminded the audience of agreed that the focus across Asia should be the historical economic primacy of Asian on digital businesses. Through this process, giants China and India as he went on to we can connect people as to connect is the under scored their present-day re-emergence. key, he stated. India must develop its physical infrastruc - ture and cooperate with other regional powers to accelerate its growth. “Our ‘Connectivity is the key to globaliza - tion. It could be connecting to devices, biggest problem is people,” he decried, enterprises or it could be people.’ explaining that over 200 million still live Shoei Yamana, in abject poverty. According to Munjal, Chief Executive Officer, Konica Minolta, Japan India’s biggest challenge is to improve the quality of life of the marginalized masses.

23 Ali Mirza, CEO, Affluential, Singapore Supawan Teerarat, Vice President, Thailand Convention and Exhibition Bureau

Binod K. Chaudhary, Chairman, One key takeaway from the discussion was Chaudhary Group, Nepal, agreed that not that Asia’s economy is undeniably rising, and only is connectivity and innovation in Asia a raft of socio-economic statistics suggest increasing, the region is leading these that it is likely to continue to outpace other processes at the global level. Referring to regions of the world in the coming years. his country’s performance, he said: “The Four megatrends are transforming Asia: rise of India is a transformative engine for the shift from factory of the world to its neighbours.” Chaudary added that the consumerism, rapid urbanization and fact that South Asia is ‘catching up’ socio - infrastructure development, intra-regional economically to the rest of the Asia-Pacific trade and digital transformation. To address region has a lot to do with India. Asia’s looming challenges, the region has By connecting and cooperating, counties in to work together and keep connecting and the region can create value and opportunity cooperating, as its formula for success, the for their citizens, he concluded. experts agreed.

Some cautioned that social and political Thailand – A Roadmap towards risks for Asia and the world – underscored Economic Growth by economic inequality and social disparities – are real and not going away. Pushback In welcoming hundreds of Horasis Asia against globalization is gaining traction, amid Meeting business leaders from abroad, rising political populism and economic Kobkarn Suriyasat Wattanavrangkul , uncertainty. By 2030, it was noted, the Minister of Tourism and Sports, Thailand, United States will relinquish to China its shared that the Kingdom was ranked the long-held title as the world’s largest 6th in the world by the World Tourism economy, something America has enjoyed Organization in 2015 for international for over a century and a half. How the two tourism receipts. Moreover, a Tourism superpowers navigate this power transition Authority of Thailand survey recently in the coming years will define the fortunes indicated that 7 0 % of all tourists are of Asia and the rest of the world. repeat visitors to the country. A key reason for this success is “Thai people,” according to the Minister. “Tourism 4.0” refers to the Somchet Thinaphong, Chairman, GISTDA,Thailand

24 Aanya Sharan, Ambassador, Horasis Young Visionaries, hosting the youth panel Naoki Endo, President, beBit, Japan

country’s drive to incorporate technology, especially targeting the affluent and most creativity, identity and local experience to affluent consumers. He stressed that we the sector, she said. Thailand is also fast need to understand what drives the young developing towards becoming the Maritime generation, what the millennials purchase Hub of ASEAN, as well as the center for and need. He said the triple-A of ‘aspiration, weddings, sports, and medical care and affluence and ambition’ drives them. The wellness. The Prime Minister of Thailand young generation wants to pursue ‘that’ has instituted a development policy under unique experience. Technology enables the slogan: “No one is the leader, we go them to create solutions. together and no one is left behind.” The ASEAN connectivity campaign called “Two ‘What drives young people? AAA: Countries, One Destination” has also been Aspiration, Affluence and Ambition!’ initiated in Thailand. Ali Mirza, Chief Executive Officer, Affluential, Singapore Youthful Beliefs, Socio-Economic Change Naoki Endo , President, beBit, Japan, This session led by Aanya Sharan , mentioned that successful stories of founders Ambassador, Horasis Young Visionaries, share something in common – they want India, explored what drives, enables and to solve social problems. In general, young disables young people to bring about socio- people are often more progressive and have economic change. The panelists assessed a different mindset than older generations. how Asia’s young generation might propel He suggested that the role of older people entrepreneurial disruption to lasting socio- might be to consult with younger people and economic change. Sharan asked the experts to mentor them to innovate and disrupt. to consider how youth might contribute to According to Endo, entrepreneurs in Japan realizing the ‘Asian Dream.’ have a bad reputation, owing to some scandals in the past. In the case of Japan, it Ali Mirza , Chief Executive Officer, is important to change the perception of Affluential, Singapore, runs a company entrepreneurs, so that children may want that analyses the DNA of Asian consumers, to emulate them when they grow up.

25 Seah Kian Hoe, Managing Director, Claude Heyberger, Director Asia, Sahil Kini, Principal, Heng Hiap Industries, Malaysia ATD Fourth World, Thailand Aspada Investment Advisors, India

Claude Heyberger , Director Asia, ATD lift up people, especially in lower levels of Fourth World, Thailand, said he witnessed society, and lead to socio-economic change. and understood the danger of extreme poverty. Lack of education, basic security ‘The power of the first believer is huge, and health care are not worst part of being and it will make everything change.’ poor, he believed. What is worse is lack of Seah Kian Hoe, Managing Director, Heng Hiap Industries, Malaysia self-confidence. Low self-esteem disables them from learning, finding a regular job, and from growing to their potential. For the Sahil Kini , Principal, Aspada Investment poor, school is not a place where they can Advisors, India, pointed out that India is a learn because it is a place where they usually very young country with half of the popu- fail. He explored how the corporate world la tion being under 25 years old, and two could assume a role of lifting up the self- thirds are under 35. He mentioned that the esteem of young people. diffusion of technology was a slow process in India until recently, now it is booming. ‘Belief in yourself is very important.’ Technology connects and allows young Claude Heyberger, people to solve problems. Kini related a Director Asia, ATD Fourth World, Thailand story about an experiment which showed that young people, when given the tools, learn how to use new technologies to find Seah Kian Hoe , Managing Director, solutions for the problems they care about. Heng Hiap Industries, Malaysia, talked about two disruption points. The first is to ‘Nobody will come to do it, we need find a specialized product. His advice to his to solve the problem by ourselves’ young staff members is to find something Sahil Kini, to do and become a master at it. Then, he Principal, Aspada Investment Advisors, India asks them to find something else to do, and then marry the two things into something Serial entrepreneur Huynh Thang , completely new. His second point was Co-founder and Chief Executive Officer, integration. Both disruption points can lead Vicgo, Vietnam, advised young people that to more innovation, better pricing, and can a business idea should reflect the needs of

26 Huynh Thang, Co-founder and CEO, Vicgo, Vietnam Francis Schortgen, Professor, University of Mount Union, USA, chairing the session on geopolitics

Managing the Complexity the society as well a core understanding of of Asian Geopolitics people. At one time in Vietnam, many children did not wear a helmet, because We are witness to an historic international there was a belief that if they had an accident paradigm shift, as global power moves from they would get a neck injury. So Huynh Thang the West to the East with the emergence of was involved in the design of a helmet which behemoths India and China. Unexpected fit and was suitable for children, but also disruptions, such as the ‘Brexit’ and the removed the chance for a neck injury. He U.S. presidential election victory by also emphasized that students must learn Donald Trump, along with his pledge to new technologies in school. Young people withdraw America from the Trans-Pacific have innovative ideas, but they have to learn Partnership (TPP) trade agreement, to speak up and not hide their thoughts. dramatically altered the global scenario in relation to politics and economy. Asia In summary, panelists came to some con - comprises so many cultural differences and clusions. It was understood that young political antipathies. To deliver a better future people possess the ideas and understanding for all, these issues need to be unpacked of technology, but they often lack the capital, and better understood, participants said. the right environment and mentors to move forward and gain confidence. Many do not Francis Schortgen , Professor, University believe in themselves. There was a consensus of Mount Union, USA, started the discussion that education plays an important role, but with a panorama overview of the current it should also adapt to the new trends, needs world political and economic situation. of young people and a marketplace that is He noted the divide between international constantly changing. Older mentors who can business and international politics, and give youth access to capital or confidence added that the topic of geopolitics is, most can be an important link to help the younger of the time, in academic sense, absent generation find the right tools to bring from business thinking. He concluded that about beneficial socio-economic change. the international system is undergoing changes in subtle or not so subtle ways.

Takero Kaneda, CEO, Cocoonlabo, Japan

27 Kobsak Chutikul, Secretary-General, Hoang Tran, Chairman, Chitra Narayanan, Associate Fellow, Geneva Centre Asian Peace and Reconciliation Council, Thailand VietnamMarcom, Vietnam for Security Policy, Switzerland

Kobsak Chutikul , Secretary-General, the three kinds of uncertainties which Asian Peace and Reconciliation Council, business leaders account for in strategic Thailand, reminded participants that in the decision-making. First, geopolitical post-World War II world, the United States uncertainty, especially since 9/11. Second, used its unrivalled power to underpin the economic uncertainty, and the complicated global order. The longstanding Thai-U.S. interplay between technology and economic relationship started with the Treaty Amity growth. Third, policy uncertainty. In his and Commerce in 1818, during the view, there is currently no effective security Presidency of Andrew Jackson. Moreover, discussion happening on the Asian region. the late King Rama IX was born in America. He wondered if current institutions are But Pax Americana – which Kobsak said strong enough to be effective, in this context. greatly benefited Thailand as a corner stone of stability in the region – is coming to an ‘Are we in fact changing to a period of end. In modern times, Thailand’s foreign degradation to existing institutions?’ Sergey Demin, President, Rosatom Eastern Asia, Russia policy has moved in relation to changing John W .H. Denton, Chief Executive Officer, Corrs Chambers Westgarth, Australia international circumstances, he explained. According to Kobsak, half of the Thai population was happy when Donald Trump Hoang Tran , Chairman, VietnamMarcom, was elected president because Thailand Vietnam, highlighted the need for a strong was not included in the TPP. Others have institution that would analyze the expressed a concern that Thailand will lose geopolitics and uncertainties in the region. flexibility in terms of its foreign policy He stressed that leaders must understand choices. In Southeast Asia, many nations the background of each country, and frame like to use hedging strategies vis-à-vis the policy-making in terms of increased great powers, he explained. tolerance. On a personal note, he related how visiting nine museums across countries John W .H. Denton , Chief Executive in Asia helped him to understand the Officer, Corrs Chambers Westgarth, historical context of each country, and Australia, stressed the influence of therefore inform his approach to business. geopolitical uncertainty on business, in He recommended this style for building particular currency fluctuation. He noted relationships in Asia. John W. H Denton, CEO, Corrs Chambers Westgarth, Australia

28 a Toshihiro Toyoshima, Chief Executive Officer, Harukata Takenaka, Professor, National Kasemsit Pathomsak, CEO, Mercuria Investment Co., Japan Graduate Institute for Policy Studies, Japan Merchant Partners Securities, Thailand

Chitra Narayanan , Associate Fellow, will be a delicate act, but is absolutely Geneva Centre for Security Policy, necessary. Switzerland, explored the gap in under - standing coming from the West about Asia, Harukata Takenaka , Professor, National especially in terms of China and India. She Graduate Institute for Policy Studies, Japan, went on to say that that each country in stated that China is growing its presence in Asia is very distinct, and the West should the South China Sea by building artificial have more cultural sensitivity when doing islands containing airfields. Alarmed by business in Asia. Narayanan maintained this expansion, Vietnam and the Philippines that the West should have more perception had formed a united response. According about Asia and its many countries. to Takenaka, this regional tension will adversely affect the regional economy. He said that Japan shifted substantial investment ‘Asians know a lot about Europeans, away from China to ASEAN because the block and they expect the West to have the is now seen as a strategic regional point. same interest. However, the West knows little about Asia.’ Toshihiro Toyoshima , Chief Executive Chitra Narayanan, Associate Fellow, Geneva Centre for Security Policy, Switzerland Officer, Mercuria Investment Co., Japan, said that when China joined the World Trade Organization in 2001, he believed Kasemsit Pathomsak , Chief Executive there would be global integration. Officer, Merchant Partners Securities, However, the current situation has changed Thailand, noted that ASEAN, with its his opinion. He explained that the current 10 member countries, possess a real trade environment is enormously complex, opportunity, owing to its diversity. It and emergence of online commerce is contains the largest Muslim state, as an adding to the overall complexity. Against example. In the past, Japan was the leader this backdrop, Toyoshima called for multi- in regional foreign direct investment. But lateral mechanisms. now, the U.S. and China are also major players. People do not want war anymore. In a spirited discussion on the current global Power sharing between China and the U.S geopolitical order there was a consensus that

29 Philip Bowring, International Columnist, Hong Kong Nimnual Piewthongngam, Director, Wisda, Thailand

nobody can truly predict what will happen bottlenecks and how many must be in 2017. “Volatility” and “uncertainty” were overcome? How do sustainability pressures common when describing the status of interact with trade development? Some world. Denton believes Asia and the panelists opined that the New Silk Road world are bracing for a collapse of old could be one of the great achievements of security alliances. At the same time, the the early 21st century. It hold the promise panel also saw a lot of opportunities for of building infrastructure that will connect ASEAN. Panelists could not help but talk the whole region. Some expressed about the U.S. and China, when speaking of concerns about negative cost-benefit ratio geopolitics. Considering the rise of China, and potential political manipulation. Denton also suggested that Asians nations need to allow it strategic space in terms of Philip Bowring , International Columnist, security arrangements, which will mean Hong Kong SAR, offered several perspec - respecting the political priorities of China tives on China’s massive initiative to develop in the 21 st century. At the same time China land and sea connections between China, should accept the geopolitics that has long Southeast and Central Asia, the Middle East, underpinned stability in Asia. In Kobsak ’s Russia, and Europe. It will also include view, if the U.S. withdraws from its tradi - parts of China which are underdeveloped. tional role in Asia, it will take away some Success will depend on what type of goals foreign policy choices and some countries China wants to achieve along political and will feel pressure. In such a vacuum, China commercial lines, Bowring argued, and the may formulate the rules, perhaps creating significance of One Belt, One Road will be a new ‘ Pax Sinica ,’ he said. based on how trade is going to evolve in future.

Developing the New Silk Road ‘What is China’s goal?’ New trade routes are opening with Philip Bowring, International Columnist, Hong Kong SAR stronger economic ties between Asian nations. What is Beijing, in particular, trying to achieve with its ‘One Belt, One Amarit Charoenphan , Chief Executive Road’ initiative? Where are the Officer, HUBBA, Thailand, contributed to Vijay Eswaran, Chairman, QI Ltd, Singapore

30 Amarit Charoenphan, CEO, HUBBA, Thailand Pavan Gandhok, Co-founder and CEO, Sportacular India, India

the discussion by stating that there is lot of ‘One Belt, One Road is not a new concept interesting debate about the New Silk Road as ASEAN already has connectivity. and number of cities are excited and But to improve ASEAN we need a lot of looking forward to it, in terms of infra - funding.’ structure development, future benefits for Nimnual Piewthongngam, Director, Wisda, Thailand the whole region, expansion of China, and the spin-off technologies that could evolved in the future. He gave the example of Jack Pavan Gandhok , Co-founder and Chief Ma’s One Belt, One Road e-commerce Executive Officer, Sportacular India, made initiative. the point that Gwadar port is now opera - tio nal and it should be viewed as a positive stimulus for the world. The Chinese eco - ‘Benefits will come to the national nomy itself is transforming so rapidly, and level, but at the cooperation level is evolving into a consumption economy benefits will reach the whole region.’ Amarit Charoenphan, and a digital economy. He believed that Chief Executive Officer, HUBBA, Thailand ASEAN too will focus much more on digital opportunities.

Nimnual Piewthongngam , Director, ‘The Chinese economy is transforming Wisda, Thailand, believes that ASEAN has into a consumer economy.’ a good relationship with China, and it Pavan Gandhok, Co-founder and requires more capital funding for develop - Chief Executive Officer, Sportacular India ment of its infrastructure. She suggested that the New Silk Road ought to be inclusive to Friedrich von Scanzoni , Chief Exe cu- other countries’ companies. The countries tive Officer, Hubert Burda Media Asia, of ASEAN accept their differences and know Thailand, disagreed that the future economy how to work together, she emphasized. is going to be a digital game only. He high - Good communication would be needed lighted the fact that goods are always needed, among different channels to address and for this infrastructure is needed. concerns like cross-border differences, “Infrastructure and railways will support trade facilitation and investment, she added. demand, and this is the reason the Chinese

31 Friedrich von Scanzoni, CEO, Jacques Tourel, Chairman, JP Chowdhary, Chairman, Hubert Burda Media Asia World Trade Centre Warsaw, Poland Titagarh Wagons

Adapting to Climate Change are funding such efforts,” he said. The purpose of this development is to export Mark Daniell , Chairman, Raffles Family Chinese goods to the world and this is Wealth Trust, Singapore, mentioned that vitally important for the growth of its we need very different levels of participa - economy, he maintained. tion and preparation at different levels. Municipal governance is also necessary to deal with climate change. Three levels of ‘One Belt, One Road may be the greatest response strategies for coping with this achievement of the early 21 st century planetary threat are: government climate and we should to appreciate it.’ Jacques Tourel, change policy; sharing of best practices to Chairman, World Trade Centre Warsaw, Poland achieve high impact to solve the problem; and collaboration and lobbying at the national level. Jacques Tourel , Chairman, World Trade Centre Warsaw, Poland, suggested that the New Silk Road becoming a channel to ‘Community action is the key to coping with climate change.’ transfer Chinese goods should not worry Mark Daniell, ASEAN. It will facilitate trade which could Chairman, Raffles Family Wealth Trust, Singapore benefit everyone, he believed. It will also help Chinese goods get to European markets. Tourel, believes the uber mega-project ought JP Chowdhary , Chairman, Titagarh to be viewed in a positive way since Thai - Wagons, India, stressed the need for land and other ASEAN countries cannot proactive measures to cope with climate afford such huge financial investments in change like promotion of non-conventional infrastructure. energy sources such as solar, wind, electric vehicles, and extraction of energy from waste. He also mentioned that we need to create carbon sinks by engaging in afforestation.

32 Mark Daniell, Chairman, Richard Hames, Executive Chairman, Christoph Graf von Waldersee, Director, Raffles Family Wealth Trust, Singapore Centre for the Future, Australia Ecological Sequestration Trust, Germany

‘Climate Change is a reality and it is the planet who possess the necessary long an accepted fact all over the world.’ term vision to tackle the problem. Con- JP Chowdhary, Chairman, Titagarh Wagons, India sequently, collabora tion and coordina tion is the key prerequisite to tackle climate change, he said. According to Hidetoshi Uchiyama , Chief Executive Officer, Unerry, Japan,said, the ‘We have to have an Asian eye to resolve threats posed by climate change are alarming the issue of climate change in Asia.’ and everybody at the local level needs to Richard Hames, understand and accept the reality. He urged Executive Chairman, Centre for the Future, Australia all to develop actionable plans to cope with climate change at the individual level. Climate change is real and will impact the Hidetoshi Uchiyama, Christoph Graf von Waldersee , Director, planet in untold ways. Children born today CEO, Unerry, Japan Ecological Sequestration Trust, Germany, will face the consequences of our actions talked about the importance of our attitudes or inaction toward our warming planet. towards the use of natural resources. This Panelists agreed that environmentally- will determine where we are headed as a friendly behavior needs to be incorporated planet. He also noted that ‘the local’ is the from childhood. To change people’s way of new global, and we need operate in local thinking now, altering the pricing system ways to cope with climate change. He would be effective, as it would effectuate stressed the need for Asian counties to changes in human behavior faster than develop proper urbanization management anything else. If a plastic bottle is priced policies, as rapid urbanization in Asia is higher than other containers, consumers contributing to greenhouse gases emissions. would move away from plastic, it was noted.

Richard Hames , Executive Chairman, Centre for the Future, Australia, believes climate change cannot be thought of as an isolated problem. It should be a concern for all. But there are very few people living on

33 Warren Luke, Chairman, Hawaii National Bank, USA, hosting a session on financial services David Do, Chief Executive Officer, Vietnam Investments Group

Rebooting Asian Finance rapidly emerging across Asia. He noted Warren Luke , Chairman, Hawaii National that in India the banks are now working in Bank, USA, set the tone by pointing out that FinTech. But the rules and regulations are the presidency of Donald Trump will impact not standardized in Asia like they are in Asian finance. Addressing the panelists who Australia and the United Kingdom. He work in international trade and deal with added that there are certainly oppor tuni ties investors, he asked for recommendations for the start-ups in the FinTech sector, but that might be channeled to governments. cautioned that they may face challenges of To come up with solutions regarding trade, compliance to established regulatory finance and investment in Asia, he said environ ments in the West. Commenting on governments ought to sit down together the recent demonetization effort in India, on topics like financial regulation, the rise he said that cash flow will increase in the of e-banking and the financial technology long term but in the short term there will sector known as ‘FinTech’. definitely be pain.

, Chief Executive Officer, David Do ‘Digital finance rules are currently Vietnam Investments Group, Vietnam, not enough to operate.’ struck a somewhat tough tone on the Gaurav Chopra, Founder, Indialends, India actions of the financial industry, saying there was too much cash floating around the world, and this presented a fundamental risk. Pina Hirano , Founder and Chief Executive “But you can’t regulate common sense,” Officer, Infoteria, Singapore, suggested that he reiterated, saying he wasn’t sure that digitalization can help us to follow standard adopting U.S. regulations was the answer. accounting principles. In developing Comparing the financial sector to the countries, regulation is important because it technology sector, he said: “I am horrified lowers costs and risk. However, he remained by the complexity of financial services. skeptical of using U.S. standards. Hirano We can still not get global standards.” agreed with Mr. Do regarding the oppor- tunities for developing countries to prosper Gaurav Chopra , Founder, Indialends, by investing in digitization. As someone India, highlighted that digital finance is involved in setting up the new stock

34 Gaurav Chopra, Founder, Pina Hirano, Founder and Chief Executive Officer, Motoya Kitamura, Partner, ROC Partners, Japan Indialends, India Infoteria, Singapore

exchange in Myanmar, Hirano stressed that ‘Traditional banking is declining the FinTech industry is a big opportunity rapidly in Asia.’ for developing countries in Asia. Aaron H. Kwon, Chief Executive Officer, Summit International Capital, Korea ‘Emerging countries should take the advantage of new technology.’ Pina Hirano, Founder and Chief Executive Officer, Shin Hyun Uk , Founder, Popfunding, Infoteria, Singapore Korea explained that emerging countries can be evaluated based on the improvement of Motoya Kitamura , Partner, ROC infrastructure. Shin Hyun Uk encouraged Partners, Japan, he explained that financial the development of massive investment in regulations are not detailed in most Asian infrastructure across Asian communities, countries. As technology forces change on which will invigorate trade and spur the the industry, new categories of financial financial services industry. players are emerging. In Japan, FinTech is “small but blossoming” and is creating a Balaji Swaminathan , President Inter - situation of competition between the national, Westpac International, Singapore, financial institutions that want to embrace made the point that for developing countries new technology and the more traditional in Asia the cost of compliance is still heavy. regulators. Singapore is an example of a country that is creating the ecosystem to support the Aaron H. Kwon , Chief Executive Officer, digitalization of financial services. Citing Summit International Capital, Korea, the example of how India and China, unlike emphasized that in the Republic of Korea the West, bypassed the personal computer financial companies are very mindful of and went straight to digital, hand-held compliance issues. However, regulators are devices, he suggested that Asian countries not experienced enough to keep up with have an opportunity to leap-frog straight rapid changes in technology. He asked: into digital financial platforms. Here, China’s “What models will boost Asia’s financial hugely used WeChat offers a glimpse of a sector while minimizing the impact to the doable future. traditional sector?” Aaron H. Kwon, CEO, Summit International Capital, Korea

35 Balaji Swaminathan, President International, Kolapo Lawson, Chairman, Nix Nolledo, Chairman, Xurpas, The Philippines – Westpac International, Singapore Lawsons Corporation, Nigeria The Philippines had received too little FDI.

Economic Outlook This session veered toward discussion on the Financial Technology (FinTech) industry Although there are a raft of challenges and the impact new technology and inno - on the horizon, Asia’s economic future vation might have on traditional financial remains positive, and its resilient strength institutions in Asia. Currently, FinTech augurs well for the global economy. companies were said to be performing well, Frank-Jürgen Richter , Chairman, as they are less bounded by regulation. Horasis, Switzerland, asked a number of The lack of a regulatory environment in probing questions on how the changing developing parts of Asia is creating growth nature of the global economy is bringing opportunities, and the emerging digital about changes to Asian businesses. banking environment provides a chance for emerging countries’ banks “to skip the legacy Nix Nolledo , Chairman, Xurpas, The of unhelpful regulatory environments of Philippines, said with an assertion that traditional banks, and start from scratch by Philippine economy is changing, buoyed applying the best practices from abroad,” by high rates GDP growth over the past Do said. It was recognized that accounting few years. Previously, the economy was principles are localized in many Asian excessively beholding to foreign remittances countries, and this may hinder attracting from overseas workers. But fortunes are foreign investment. But digitalization can changing for the country in the context of play an important role to standardize global economy. Today, most of the accounting principles, panelist said. To financing is coming from private equity induce growth, the experts recommended and venture capitalists. Nix Nolledo con - that governments deregulate investment cluded that capital driven infrastructure policy and promote digitalization while is important for the development of ensuring accurate and transparent financial enterprises in The Philippines. reporting. Large-scale investment in infrastructure across the region was also recommended. ‘We are building infrastructure based on the joint ventures with other countries.’ Nix Nolledo, Chairman, Xurpas, The Philippines

36 Plenary session on the global economic outlook

Serge Pun , Chairman, Serge Pun & are retreating from Africa, China is still Associa tes, Myanmar, emphasized that the investing, he said. The opportunities for recent blossoming of democracy is going Asia and Africa cooperation are huge, but to prove very positive for Myanmar’s eco - it has to be seen with the care. Foreign nomic growth. Recently, in the response to investors need to understand the African democratic changes, both the United States context to be successful. and the European Union have lifted sanctions. The fall of the junta opened up Myanmar’s Overall, Asia is projected to experience economy for the whole world to see, and economic buoyancy in 2017. This will set it large levels of FDI are a positive windfall. apart from the somewhat uncertain economic outlook in the rest of the world. Still, it could be even better. Panelists stood firm ‘The government Myanmar will initiate profound changes, clean up corruption that emerging market entrepreneurs can and bring stability to the country.’ grow businesses, provided they can acquire Serge Pun, capital investment, joint ventures and Chairman, Serge Pun & Associates, Myanmar technological advancements. Africa is open for business from Asian investors, but care Yoshito Hori , Founder and Chairman, needs to be taken to develop contacts, and Globis, Japan, took the view that Japan’s to understand the local conditions and role is critical for the economic stability of people. This session included a united the region. He emphasized that two things pledge for stability, harmony, dialogue, are important for development and growth peace, prosperity, creativity, innovation – creation and innovation. He strongly and inclusiveness. believes that stability, harmony and dialogue will be key for maintaining peace and eco - ‘Strong economic oversight is crucial to nomic progress in Asia in the near future. overcoming and the emerging challenges in the current era.’ Kolapo Lawson , Chairman, Lawsons Yoshito Hori, Corporation, Nigeria, indicated that there Founder, and Chairman, Global, Japan is a paradigm shift happening in the African economy. While traditional EU investors Riku Sugie, President, Shinsei Financial, Japan

37 Beh Swan Gin, Chairman, Lucy Niu, Secretary General, International Bernard Pouliot, Chairman, Singapore Economic Development Board (EDB), Singapore Eco-tech Cooperation Working Committee, China Quam Limited, Hong Kong

Investing In Asia Moe Ibrahim , President, Bintan Lagoon, Recurring topics in the session chaired by Indonesia, spoke of the rapid growth of the Arun Sharma, Chairman, IFC, USA, were Asian middle class and their consumption. infrastructure, capital markets, the growing Government actions to counter corruption middle class in the region, the ageing of and the development of a trading network people in Japan, and cultural differences, in the region were seen as positive develop - and how these provide challenges and ments. He highlighted the importance of opportunities for investments. education. In Singapore, many SMEs educate their employees on how to connect and how Beh Swan Gin , Chairman, Singapore to access information. He also talked about Economic Development Board (EDB), language issues. Singapore, pointed out that most the economically stable countries in Southeast Don Lam , Chief Executive Officer, Vina Don Lam, Chief Executive Officer, Vina Capital, Vietnam Asia are Thailand, Singapore, Malaysia and Capital, Vietnam, spoke about the increase Brunei, and that Myanmar, Cambodia and in the number of Chinese tourists, especially Laos have tremendous market opportunity. in the Southeast Asian region, as result of Though the continent embraces diversity, many factors including the development of Beh Swan Gin did not expect a common low budget airlines, proximity and the low market. Investments in infrastructure and pricing in this region. He suggested to energy would lift up countries and their invest in tourism. While transparency, economies, and an open mindset for tech no - bureaucracy and governance are weak in logies could help the region’s development. this region, all have improved significantly Digitalization will disrupt sectors such in the last ten years. healthcare, and medical tourism, he opined . Lucy Niu , Secretary General, International Eco-tech Cooperation Working Committee, ‘The three engines of Asia are China, China, offered advice to help foreign in - Southeast Asia and India.’ vestors to come to China and identify the Beh Swan Gin, Chairman, Singapore Economic Development Board (EDB), Singapore problems and issues on both sides. Foreign investors want to explore opportunity and

38 Exchanging insights with government and business from Japan Scott Rickert, Chairman, PEN Inc., USA

efficiency of the companies in China, relatively small economies. But together which often requires slow approval from these countries can be strong. He explored government and decisions from other the relationship between the region and board members. She emphasized the word Japan, which has a shrinking market. To ‘Guan Xi’ which means relationship in minimize risk, he said, investors have to Chinese, and refers to the importance of diversify their investments across many building relationships between business countries. Low risk in one country will people. mitigate the high risk in another country. Sasaki recommended that investors see the Bernard Pouliot , Chairman, QuaM region as a whole. Limited, Hong Kong SAR, talked about investing in services especially targeted for Chinese business people. At the moment, ‘Thailand is a great place to start Chinese business people go to U.S. because with investments.’ they cannot find the kind of capital market Scott Rickert, Chairman. PEN Inc., USA services in Asia that they want. Asia has a lot of benefits, but misses out on oppor- tuni ties for investment because of the lack Scott Rickert, Chairman. PEN Inc., USA, of good infrastructure. Infrastructure, he talked about the business opportunities in said, means connectivity and bringing Southeast Asia and market stability. The people together. growing consumer market in Asia also presents opportunities for investors. Thailand is a great place to start, because it ‘Follow the money, follow the Chinese.’ has a high quality of lifestyle and health Bernard Pouliot, Chairman, QuaM Limited, Hong Kong SAR services. Moreover, it is a market-based economy teeming with family businesses.

Yoshiki Sasaki , Chief Executive Officer, Susheel Saraff , Chairman, Saraff Global, Japan Strategic Capital, Japan, said that Thailand, explained the implications of regionalization offers an opportunity. Each policy actions regarding the removal of the country in this region is not big and possess black money market in India, which will

39 Arun Sharma, CIO, IFC, USA, with Susheel Saraff, Chairman, Saraff Global and Clarence T’ao, Managing Director, BNP Paribas

change Asian economics. He talked also his country’s internal trust building. One about the increase of online consumerism is horizontal trust building, which is about in his country and the use of mobile phones. building trust among groups in society, Susheel suggested to invest in Thailand’s especially in terms of national ongoing booming tourism sector. reconciliation following the end of the country’s brutal 30-year civil war. Vertical Clarence T’ao , Managing Director, BNP trust building involves a new political model Paribas, France, noted that the growth of for strong governance and outreach to other the middle class in the Asia will lead to a organizations. Now the country is moving demand for goods and services. He suggested to an ‘Asia-centric’ foreign policy, he said. that regional economies should be more self-sustaining and less dependent on the Tunku Abdul Aziz , Chairman Advisory export-led model to the Western world. Board, Malaysia Anti-Corruption Commis- Chinese companies are now transferring sion, Malaysia, pointed out the importance Alastair Campbel, Chairman, Bridger, Hong Kong technology back into China. The growth of of building trust, which is the key to any the middle class is tremendous, and so too business relationship. When engaged with is rapid urbanization. T’ao believes that people, the first thing that comes to our mind digitalization in the ASEAN market will is whether we trust that person. He said that change the financial landscape. actions build more trust than words.

Alastair Campbell , Chairman, Bridger, Building Trust Hong Kong SAR, said that if you ask any Ravi Velloor , Associate Editor, The Straits government official or a taxi driver about Times, Singapore, led a discussion on the the problem of China, they will tell you: political tensions affecting some of Asian “Trust.” There is break in trust between countries despite the region’s overall individuals, institutions, rule of law, frame- development. work of agreements, and trade, he said.

Asanga Abeyangoonasekera , Director Kriengsak Chareonwongsak , President, General, Institute of National Security Institute of Future Studies for Development, Studies, Sri Lanka, noted two dimensions to Thailand, raised the topic of Asia’s possible

40 Ravi Velloor, Associate Editor, Yoshiki Sasaki, CEO, Tunku Abdul Aziz, Chairman Advisory Board, The Straits Times, Singapore Japan Strategic Capital, Japan Malaysian Anti-Corruption Commission, Malaysia

new frontiers for building trust. External Lawrence Pratchett , Dean of Business, trust issues could be bilateral, multilateral, Law and Government, University of regional, intra-regional and international. Canberra, Australia defined trust as “not One of the big trust issues is the South something physical.” What makes trust China Sea territorial disputes. If it is not happen is not about physical materials or handled properly, it could lead to serious any tangible trust – it is about expectancy. tensions. ASEAN’s flexible and constructive He suggested that we have to build capacity engagements are an example of building up for understanding each other and the ex - trust amongst its members. pectancy from each other. At the political level, we must trust the rules and regulations of each government. ‘Your reputation is the capital that will sustain you’ Eduardo Pedrosa , Secretary General, Adam Schwarz, Founder and CEO, Kriengsak Chareonwongsak, President, Institute of Future Studies for Development, Thailand Pacific Economic Cooperation Council, Asia Group Advisors, Singapore Singapore, talked about the rapid economic and technological shifts taking place globally. Adam Schwarz , Founder and Chief He said we need to consider things deeply Executive Officer, Asia Group Advisors, because the decisions being made today will Singapore, agreed with Kriengsak that impact our lives over the next 1 5-20 years. Southeast Asia has considerable issues but According to surveys, a large portion of that the region is generally at peace. He humanity believes the world lacks political noted a lack of legal framework to bring leadership, Pedrosa said. countries of ASEAN into dialogue. Overall, there was a view that trust seems to be breaking down between the people ‘Without institutional balance, and the establishment. In some parts of the the region is more vulnerable.’ world, the rule of law, cultural norms and Adam Schwarz, Founder and Chief Executive Officer, Asia Group Advisors, Singapore legal frameworks that endanger faith in the system are being challenged. Building the mechanisms for increasing trust to reduce

41 René Seifert, Chairman and Founder, Level 360, Germany Lawrence Pratchett, Dean of Business, Law and Eduardo Pedrosa, Secretary General, Pacific Economic Government, University of Canberra, Australia Cooperation Council (PECC), Singapore

volatility should be a priority for inter- Wilton Chau , Founder, Pan Asia Venture national relations in the short term. Development Platform, Hong Kong SAR, said that most investments in Hong Kong are direct investment. Internet of Things Boosting Venture Capital (IoTs) and big data management are sectors René Seifert , Chairman and Founder, attracting plenty of interest. But the problem Level 360, Germany, started the discussion facing startups in Asia is the overall lack of by posing a pair of questions: “What is the entrepreneurship culture. Asia also lacks major dynamic of venture capital in Asia?” experience and venture capital markets, he and “What is the difference of venture said. The U.S. startup scene is prosperous capital in Asia and the United States?” because there is a transfer of knowledge from one startup to the next, regardless of Rudra Chatterjee , Chairman, Obeetee, success or failure, he said. India, said technological change can provide value to a business, just like the internet Martin Haemmig , Visiting Professor, enables e-commerce. Corporate India Renmin University, China, commented on under stands the market, but does not want the rising venture capital sector in Thai - get involved in speculation. Rather, it pro - land. One should think beyond corporate vides funding to promising startups. Tata is dominant players, outside of Japan and an example of this practice. Chatterjee China, he suggested. Venture capital suggested that India needs to push forward investment in China is half of European with online health and online education. investment. Startups can reduce costs by Here, venture capital could be a suitable collaborating with universities possessing source of funding. advanced laboratories and equipment. Overall, a successful startup needs timing, a good executing team, a breakthrough idea ‘To be successful in India, you need to and funding, he said. consider its specific needs, and not just bring in technology.’ Rudra Chatterjee, Chairman, Obeetee, India

42 Rudra Chatterjee, Chairman, Martin Haemmig, Visiting Professor, Wilton Chau, Founder, Obeetee, India Renmin University, China Pan Asia Venture Development Platform, Hong Kong

‘In the past, young generations aimed we look at individual countries, we find to be a doctor or engineer. But now strong local brands, that are somehow not young people want to launch a startup.’ able to internationalize. Third, the ASEAN Martin Haemmig, consumer does not have a lot of respect for Visiting Professor, Renmin University, China intangible assets and most companies will have to overcome this lack of appreciation. Faris Yahaya , Managing Director, Cyberview, Malaysia, explained the back - Steve Benitez , Founder, Bo’s Coffee, The ground of the Malaysian government’s Philippines, said that the biggest challenge investment of US$ 5 billion for Cyberjaya, for domestic firms building their brands is the country’s flagship smart city. The invest - in establishing a strategic move for ment did not entirely depend on government, differentiating their brand against foreign but also on the private sector. Yahaya has brands. In his view, most companies will Faris Yahaya, Managing Director, witnessed the growth of venture capital in need to compete on their own strengths as Cyberview, Malaysia Malaysia, but has also seen how education in their key value proposition. In the case of Southeast Asia remains a barrier to producing his company, investing in branding was a startups. “We should educate the kids to be top-to-bottom approach, which means that job builders, not job seekers,” he said. it started with the CEO.

Asian Brands: ‘We have to focus on our strength Creating Awareness of a Rich Variety as a Philippine brand.’ Steve Benitez, Founder, Bo’s Coffee, The Philippines Brands from Japan and Korea dominate perceptions, but other Asian nations also have strong brands in the making. How can Roza Gazizova , Chief Financial Officer, these be promoted? Arnoud De Meyer , Hayman Capital, Myanmar, noted that the President, Singapore Management Univer si - ease of doing business in a country is ty, Singapore, started the meeting by saying important to brand building, as it makes that most global brands are not Asian. He things easier to grow a business. For her mentioned three key points. One, brands brand success is dependent on the eco- are still dominated by the West. Two, when nomic development of the country. Arnoud De Meyer, President, Singapore Management University

43 Steve Benitez, Founder, Roza Gazizova, Chief Financial Officer, Harrace Lau, Co-founder, Bo’s Coffee, The Philippines Hayman Capital, Myanmar 28Mall.com, Hong Kong

Harrace Lau , Co-founder, 28Mall.com, market, given that the competition level in Hong Kong SAR, commented that in his the marketplace is very high. She further company media publicity was important. highlighted the practice of Asian companies He further advised startups to associate buying European brands in order to build themselves with big brands as this helps in their own brands. opening a lot of doors. Lau concluded: “Use of media, use of iconic figures and ‘At the end of the day, the value of the associating yourself with a sturdy brand brand translates into higher market are essential.” value for the company.’ Mirjana Perko, President, Incon, Slovenia ‘To build a brand, the main challenge is innovation.’ Dilip Piramal , Chairman, VIP Industries, Harrace Lau, Ajit Shah, Managing Director, Co-founder, 28Mall.com, Hong Kong SAR India, explained that in the luggage industry Lotus Holdings, Nepal there is an advantage in having a heritage brand, especially if the brand is recognized Nguyen Hai Trieu , Co-founder and Chief across the country. In building brands, media Executive Officer, YouNet Media, Vietnam, promotions are expensive so a minimum also recognized the need to associate with level of financial strength is needed in order popular brands or big names. In order to to promote a brand. India is dominated by win in branding, understanding the local foreign brands, in his view. consumer from the inside is necessary, he said. Customer experience and leadership Ajit Shah , Managing Director, Lotus are also all-important. He advised to focus Holdings, Nepal, shared that his company on creating positive experience for custo - has always focused on sharing its story. mers, as a part of the brand building process. Though product quality may be good, it is vital to tell the story of the product, and Mirjana Perko , President, Incon, Slovenia, communicate the message (the story) as a discussed the link between Southeast Asia form of advertisement. Understanding your and Europe, saying that the challenge for niche market is important. “Your brand has Asian brands is how to enter the European to tell a story,” he said.

44 Nguyen Hai Trieu, CEO, Mirjana Perko, President, Dilip Piramal, Chairman, YouNet Media, Vietnam Incon, Slovenia VIP Industries, India

Kazuma Yamauchi , Chief Operation create the energy of team members toward a Officer, KonMari Media, Inc., Japan, shared shared vision and encourage forward thinking. that his company has moved its main office to the U.S. He said that few people have ‘Successful entrepreneurs are more experience in ‘internationalizing’ brands, leaders than they are managers.’ so having someone who can bridge a brand Lawrence Abeln, Dean, AIT School of Management, Thailand to another country is an advantage. He added that in today's world brand management should be at a multi-dimensional level, and Sanjay Budhia , Managing Director, Patton that technology can be managed across so Group, India, talked about having the whole many dimensions. organization being on the same mindset of what needs to be done, to meet the schedule and to embrace changes. He proposed ‘Having someone who can bridge your Kazuma Yamauchi, Chief “1+1 equals 11.” Entrepreneur leaders find Operation Officer, KonMari brand to another country is important.’ ways to meet social needs, combine the Media Inc, Japan Kazuma Yamauchi, Chief Operation Officer, KonMari Media, Inc., Japan effort, take risks and cope with changes to create synergies.

Pravin Chandrasekaran , Chief Executive Advancing Leadership Officer, OpalCrest, USA, claimed machines Lawrence Abeln , Dean, AIT School of perform better than humans in some aspects. Management, Thailand, concluded that the He leads a satellite business based in commonalities of successful entrepreneurs Singapore that serves the world. Leaders are an ability to read the environment, empower the people of the organization, identify talent, understand management to listen to ideas of subordinates, distributing optimize operational efficiency by focusing resources and are able to make decisions. on the results and the process, value crea - Leaders’ focus should not be antagonistic tion, and optimism. Abeln emphasized the to any particular business model. He men - importance of being open minded about a tioned that fear of failure was a common structure that supports strategy. Leaders characteristic among leading entrepreneurs.

Sanjay Budhia, Managing Director, Patton Group of Companies

45 Pravin Chandrasekaran, CEO, Kriengsak Niratpattanasai, Founder, Kenneth Shein, CEO, OpalCrest, USA TheCoach, Thailand PRIME Holdings, Myanmar

‘Entrepreneurial leaders should be Arun Pudur , President, Pudur Corpora - visionary and make transformational tion, Malaysia, was convinced that Asian change.’ business is re-emerging. Respect, trust, Pravin Chandrasekaran, cultural etiquette, and consideration for Chief Executive Officer, OpalCrest, USA social values are very important in doing business in Asia. The soul of business is in transforming the business model to create Kriengsak Niratpattanasai , Founder, that differentiating factor. Paying attention TheCoach, Thailand, said the leadership style to communication, and maintaining dignity in Thailand is polite, humble, and stresses is essential, he stressed. harmonizing relationships and contributions to corporate social responsibility, whereas Kenneth Shein , Chief Executive Officer, the Western style is more directive and PRIME Holdings, Myanmar, added that business focused. A leader should be self- leaders should be intelligent, objective, Arun Pudur, President, Pudur Corporation, Malaysia aware of his or her abilities and adaptive to adaptive to change, and place trust in other’s change. We have high power distance and actions. Intellectual courage and energy we should learn from international ways differentiate leaders from managers. Shein on power delegation. Good leaders have a allows managers at all levels to take risks vision, and an ability to translate and execute and connect dots for effective leadership. business plans with teams, and management, he said. Kei Shibata , Chief Executive Officer, Venture Republic, Japan, recognized that Asian culture is diversified. Identifying ‘Entrepreneurial leaders should be opportunities is a prerequisite for entre - humble, harmonized, and maintain Asian values.’ pre neurship. Some leaders have a sort of Kriengsak Niratpattanasai, “jealousy”, he said. Founder, TheCoach, Thailand

46 Kei Shibata, CEO, Plenary session on India Venture Republic, Japan

India - The Next Global Growth Engine ‘Leaders should focus more on team dynamics and less on individual Frank-Jürgen Richter, Chairman, charisma.’ Horasis, Switzerland, said India will become Kei Shibata, the growth engine of the world economy Chief Executive Officer, Venture Republic, Japan in the medium to long term. Some reform- minded states like West Bengal in particular Ronald Wong , Co-Founder, Bumbox are welcome success stories. The session Logistics, Singapore, made the point that explored the government’s priorities and entrepreneurs should expand their policies, both on the national and state level, business out of local market. Good co- and looked at implications for investors and founders with diversity are the trading partners. requirements of successful entrepreneurship. Amit Mitra , Minister for Finance, Ronald Wong, Co-Founder, Commerce and Industries, West Bengal, Bumbox Logistics, Singapore ‘Face saving culture is detrimental India, mentioned that India is on a fast- to entrepreneurial leadership.’ rising trajectory curve, and he hoped that Ronald Wong, Co-Founder, Bumbox Logistics, Singapore the country would be able to sustain its world-leading economic growth rate. “India has now became an economic powerhouse,” This thought-provoking session contained the minister stated. a wide range of opinions on advancing leadership but arrived at some shared con- Although India itself is growing at an clusions. Today’s successful leaders are annualized rate of 7 %, the state of West visionary people with an ability to maximize Bengal’s growth is in the double digits at a team’s potential to achieve goals in a 12 %. West Bengal is an industrialized changing environment. They can identify eastern state that attracts FDI due to its talent, understand management to optimize highly qualified workforce, availability of operational efficiency, and create value. They infrastructure, land, power, and proximity project optimism and seek to harmonize to international neighboring markets like relationships, all the while giving back to Nepal and Bangladesh, he said. It’s a success - society. ful place of social and entrepreneurial experimentation, he added.

47 Sanjiv Puri, COO, ITC, India Arun Kumar Jagatramka, Chairman, Parag Agarwal, Chairman, Gujarat NRE, India Supremus Group, India

‘India is on a fast-rising trajectory Sunil Munjal, Chairman, Hero Corporate curve. The country will be able to Services, India, described India as a place of sustain its world-leading economic discovery, of unparalleled diversity and also growth rate.’ of extremes. He elaborated on the legacy Amit Mitra, Minister for Finance, Commerce of the British Empire, and its impact on the and Industries, West Bengal, India development of his country. The introduc tion of modern reforms in 1991 spurred the While Delhi remains the driver of India, the country and the states to compete to do ‘nuts and bolts’ are the states, Mitra said, better, Munjal explained. He also men tioned encouraging those present to invest in his that India’s history can be compartmentalized state by promising a high level of financial into chapters. Today, the country’s demo- discipline that will enable them to capitalize cratic values and cultural strengths should on enormous opportunities. appeal to investors who are keen to prosper by betting on India. The minister presented some economic figures of tax collection and growth rates Building within the ASEAN for the West Bengal state in comparison to Economic Community other states. He highlighted the priority activities of the government such as invest - The establishment of the ASEAN Economic ment in human capital (through investing Community (AEC) is a major milestone in in education, especially young women), the regional economic integration agenda use of leap-frog digital techno logies and in Asia. Alexander Wan , Senior Advisor, e-taxation. Adoption of e-taxation policy has China Daily Asia Pacific, Hong Kong SAR, led to de-materialization and elimination guided a three-panelist discussion that of corruption. Capital always goes to that explored how the member countries and place where it can flourish, Mitra stated. their people can cooperate to be a global Right now it is India. “India is the future,” powerhouse of the future. Minister Mitra concluded.

48 Oh Jong Nam, Co-Chairman, Pana Janviroj, President, The Nation, Thailand Saemangeum Development Committee, Korea

Lito Camacho , Vice Chairman Asia Pacific, Surin Pitsuwan , Former Secretary- Credit Suisse, Singapore, believes in the General, Association of Southeast Asian potential of the ASEAN Economic Com mu - Nations, Thailand, explained that the nity, seeing the common ASEAN market as ASEAN Economic Community was initially compelling. However, he also views the AEC conceived in an atmosphere of uncertainty as a “half full glass.” On the positive side, and competition, and further highlighted the AEC is an exciting concept with its five that the idea of community was three-fold convincing objectives of one common to: (1) create competitiveness, (2) create market, and free flow of trade, labour, attraction, and to (3) create our own capital and services. But a lack of political demand. It was launched as a platform for conviction has led to little progress, and different socio-political and cultural concerns remain about non-tariff barriers. communities to reduce tariffs and increase In terms of the capital market, so far there exports. As a result, it attracted huge foreign Kotaro Tamura, Chief Executive a few results. According to Camacho, if direct investment in services and health Officer, Japan Strategic Initiative ASEAN does not achieve its objective, lack industries. He further pointed out that the of leadership and political connectivity ASEAN is composed of diverse peoples. could be blamed. The challenges to the Therefore, owing to the inherent difficulty AEC are strong. Uneven development and in creating a common identity, it has been disparate levels of capacity and capability diverted from its origin mission. Surin said in the ten member countries make it a lack of visionary leadership has been a difficult to have free competition. “We are hurdle to moving forward, as democracy is trying to convince ourselves that the AEC not so effective for the AEC. He also conclu - has happened but it hasn’t, and it won’t ded that there should be a sense of urgency happen until it appears domestically and is in the development of the AEC, as the region included it in our national plans,” he said. can’t count on the rest of the world anymore for bringing about its development. ‘I am a big believer in the potential of AEC.’ Lito Camacho, Vice Chairman Asia Pacific, Credit Suisse, Singapore

49 Bobby Liu, Co-Director, Topica Founder Institute, Vietnam Jayesh Parekh, Managing Partner, Jungle Ventures, Singapore, chairing the technology panel

Murin Majid , Chairman, Bank Muamalat, Trump will have implications for economic Malaysia, believes that ASEAN is way behind integration. He added that Brexit will on its announcement for integration, and downgrade the world’s economic growth that it has overlooked its promise. He further outlook. Nationalism, populism and stated that non-tariff barriers now determine protectionism are on the increase around the the flow of trade in ASEAN. This is signi - world, so we will need to build on trust first ficant because non-tariff barriers are more in order to achieve economic integration than tariff barriers, he said. On the issue within the AEC. Therefore, there is a need of leadership, he emphasized that to make to build more trust in ASEAN to integrate ASEAN more effective there should be a economies and achieve progress. Distrust top-down approach and it should start with is increasing, he said. strong leadership to achieve milestones. According to Majid, the region’s leaders Technology as Disruptor never integrate ASEAN as a national issue and Aggregator and nobody is discussing it with their constituents. At the same time, he pointed Jayesh Parekh , Managing Partner, Jungle out that the CLMVT (Cambodia, Laos, Ventures, Singapore, mentioned examples Myanmar, Vietnam, Thailand) sub-region is of disruptive technologies, such as mobile now linked up, and its total population of phones, robotics, FinTech, cyber security, 400 million is growing at 8 % per annum. and Meditech. Uber’s social impact on Thailand is benefitting from this with the employment was a source of much debate. 1,450 km (East-West Economic Corridor) highway. He was of the view that the FTAAP Syed Salim Bin Syed Ali , CEO, Felda (or Free Trade Area of Asia-Pacific) will Global Ventures, Malaysia, started the happen and that China possesses the cen - discussion by saying that new technologies tri fugal power to move ASEAN forward. have practical implications that must be considered prior to their application. For Oh Jong Nam , Co-Chairman, Saemangeum instance, cloning a palm tree involves Development Committee, Republic of minimal use of technology whereas Korea, pointed out that Brexit and the biotechnology and microbiology require U.S. presidential election win by Donald sophisticated techniques. Even though some Christian Krueger, Chairman, Krueger & Co, Switzerland

50 Akash Bhavsar, Chief Architect, Goh Peng Ooi, Chairman, Silverlake, Malaysia, Rio Kakui, Chief Executive Officer, SDG Accelerator, USA on technological disruption e-LogiT, Japan

people lose their jobs due to emerging Rio Kakui , CEO, e-LogiT, Japan, said that technology, many will eventually secure a smart phone technology revolutionized higher value job. He highlighted the advan - everything and it is considered to be a tages of Uber over conventional taxis in disruptive technology. He emphasized that Malaysia. disruptive technologies are oriented towards the human resource sector and technologi cal sector. He identified Uber as a disruptive ‘The market determines the technology, technology in HR whereas, drones and let it be’ self-driving cars would be categorized as Syed Salim Bin Syed Ali, CEO, Felda Global Ventures, Malaysia disruptive technologies in the technology sector. It is very hard for governments to decide at what level to use a particular Akash Bhavsar , Chief Architect, SDG technology, he said. Accelerator, USA, suggested that disruptive technologies should contribute to growth, Bobby Liu , Co-Director, Topica Founder create opportunity, and add to stability. He Institute, Vietnam, suggested that techno logy emphasized that profit with a purpose should has come with a cost. He urged the panel be the goal of disruptive technologies. to focus the discussion on the utilization of Overall, information technology or ICT technology and self-empowerment of cannot be seen as the solution to everything. people. He raised the issue of digitally divided communities and the difficulty of Goh Peng Ooi , Silverlake, Malaysia, said bringing them together for a common cause. that politics and economics have exhibited While noting the socio-economic problem the phenomena of disruptive technology of Uber in Singapore, Liu admitted that and its unpredictability, citing examples of the cost of obtaining information has been Brexit and Uber. He mentioned that he significantly reduced because of improve - applied quantum mechanics in social science ments in information and communications which was quite interesting. “We can use technology. quantum mechanics to explain what happens in politics and economy phenomena.”

51 Clas Neumann, Senior Vice President, Eddie Thai, Venture Partner, Neil van Wouw, Chief Executive Officer, SAP, Germany 500 Startups, Vietnam Vanten, Japan

Clas Neumann , Senior VP, SAP, Germany, Frank Veyder , COO, Slightly Mad Studios, said that the way people think is different Singapore, stressed the need to integrate from country to country. He mentioned CSR activities along with disruptive that Japan is leading the development of technology. He added that “disruptive robot-human interaction in the healthcare technology brings about creativity.” All of sector because the country has lot of old this requires a re-design of our social and people and a declining workforce. political environment. He mentioned the Furthermore, he stressed that innovation is benefit of cost-effective computer-aided also dependent on particular needs. He cited software to solve the problems related to the example of bottom up innovation in the simulation of driverless cars. Running India and top down innovation in China. physical tests would require huge investment. Top down innovation is applied for trans - “We tend to associate disruptive technology formation of industry whereas bottom up with negative perspectives, but that should approaches use participatory techniques to not be our approach,” he said. come up with a disruptive technology. Neumann called for the modernization of Neil van Wouw , CEO, Vanten, Japan, laws to integrate technologies effectively. stated that there is opportunity for disruptive technology. In order to harness ‘Laws can prohibit some technologies. the opportunity, people need to upgrade For example, driverless cars cannot their skill sets. We can only stop the operate on roads in Germany.’ advance of technology temporarily, but not Clas Neumann, Senior VP, SAP, Germany forever, he said. As long as there is a need for that particular technology, it will happen. Eddie Thai , Venture Partner, 500 Startups, Vietnam, said government regulations will Addressing Asia’s Gender Gap be helpful in coping with disruptive changes. He also focused on the need for the market Julianne Lee , Founder and Chief Exe cu- to get smart and adapt to changing situations. tive Officer, Julianne Lee & Co, Korea, led Industrial and social changes are difficult to a discussion on why Asia is still lagging in predict because of the uncertainty. gender equality. The session asked many successful women from all walks of life what Julianne Lee, Founder and Chief Executive Officer, JulianneLee & Co, Korea

52 Caroline Benton, Vice President, Participants sharing a light moment University of Tsukuba, Japan

strategies can be used to boost leadership corporate world, especially at senior levels. of women in business, government and She raised the topic of the gender ceiling. civil society and tap Asia’s female talent She pointed out that when women reach more efficiently. some level, they give up and dedicate their time to children and family care. Caroline Benton , Vice President, Uni - She referred to gender expectations and versity of Tsukuba, Japan, pointed out that business culture as limiting factors. her country Japan ranked No. 111 in the Global Gender Gap Report 2016 (World ‘You cannot see the gender ceiling, Economic Forum). The ratio of female but you can feel it.’ Le Pham Thi My, leaders in businesses and politics is very low. Chairwoman, Le & Associates, Vietnam The 4.0 Industrial Revolution is coming. Technology is changing and becoming more Gisele Mwepu, CEO, diverse and complex. There are surveys Yukiko Muto , President, OpenTable, OKAPI Finance International, Sweden which show that when organizations have Japan, talked about the balance between more female leaders they have a better work and family, and pointed out that many financial performance. The problem is that people often do not believe that you can be managers tend to prefer man rather than a good career women and a good mother women. Her university organizes summer at the same time. She referred to her own camps about science for young women. situation. She gave birth to a child 4 months ago and her mother asked her to quit her ‘Bring mothers also, to show that their job to take care of the baby. She said that daughters can be happy too in science.’ her husband is an extraordinary man who Caroline Benton, takes care of the child. Vice President, University of Tsukuba, Japan Gisele Mwepu , Chief Executive Officer, Le Pham Thi My , Chairwoman, Le & OKAPI Finance International, Sweden, Associates, Vietnam, pointed out that a highlighted the free childcare system in survey showed that women-led businesses Sweden, which made it possible for her to in Vietnam perform 2 6 % better than men- study, build her career and also to raise led businesses, but men dominate the children. Mwepu believes women can be

53 Deborah Biber, Chief Executive, PBEC, Hong Kong, Genri Goto, CEO, JaQool, Japan Lee Yee Cheong, Commissioner, UN Broadband hosting a session on climate change Commission for Sustainable Development, Malaysia

good mothers and businesswomen, if they Rekha Sethi , Director General, All India know how to manage well the balance Management Association (AMMA), India, between work and life. She raised the pointed out that India is doing well, but still point of “masculinity” among female top has a long way to go. Acknowledgement of leaders – as women often act and dress women as key figures in decision-making in like men to achieve respect. She also noted households about shopping, helped women how cultural factors can be barriers. to climb up in companies and get into Women have lower self-confidence, which positions where they decide about pur chases explains why they often ask for lower pay and consult about consumer psychology. than men for the same work, she said. India has a large number of women in the political sector. When there are more Rita Sim , Chief Executive Officer, Cense women involved on corporate boards or in Media, Malaysia, believes that not only the government, the chance of increasing women, but also men have to be confident profits is higher, she said. to avoid gender-related problems. She mentioned the challenges in Asia and In this session many female leaders expressed highlighted religion as one of them. Sim the importance of having confident men in referred to the Sustainable Development their life, as female empowerment cannot Goal of the UN Agenda 2030 about gender be done by women alone. Often their equality. She highlighted that perception and husband or father was an important person social expectations regarding gender and who inspired or supported them. They also the role of policymaking are important suggested to see men as allies in gender- actions. The Malaysian government tried based issues. Family is important in Asia, and to increase female participation in boards, gender policies should not push women to by pushing for a quota. Women in Malaysia make a choice between work or the family. now occupy 32.6% of top positions. Sim It was noted that often women know how to recommended to include men and boys in work with men, but not with other women gender equality conversations. on the same or higher levels. In the end, a call was made to build a network of Asian female leaders who can support and lift up other women.

54 Worsak Kanok-Nukulchai, President, Michael Frenkel, Dean for International Relations and Diversity, WHU, Germany Asian Institute of Technology

Educating for Employment in society needs to be re-examined. Second, and Innovation agreeing with Worsak , strive to implement This session chaired by Worsak Kanok- life-long learning, because what one learns Nukulchai , President, AIT, Thailand, asked today will soon be obsolete. Third, encourage two questions to the panelists: “How can the ‘cross-over marks’ or periods of educatio nal region implement education ecosystems that introspection every 10 years in key learning better prepare its workforce with the skills domains to re-evaluate assumptions and for today’s and tomorrow’s workplace?” practices in core educational systems. Followed by: “What needs to be done to reorient Asia’s educational institutions Vijay Eswarna , Chairman, QI Ltd, toward greater innovations?” Worsak made Singapore, took the view that innovation is the point that globalization and megatrends not something that can be taught, rather it impacting the region trigger a need for a can be shared. He was convinced that the Duc Nghiem, CEO, new breed of graduates. “But education is ‘silo-like’ educational mentality of ten Startup Hub for Investment, th Education and Leadership, still based on 20 century assumptions,” very different education systems in ASEAN Vietnam he said, as he stressed the criticality of was detrimental to regional advancement. life-long learning. He called for more openness, less rigidity and a borderless approach to education. Michael Frenkel , Associate Dean for Inter - Inculcating creative mindsets to produce national Relation and Diversity, WHU-Otto ‘job creators’ rather than ‘job seekers’ is Beisheim School of Management, Germany, critical. probed what constitutes an ‘education ecosystem,’ saying stable economic, politi - ‘Necessity is the mother of innovation.’ cal and institutional conditions are a Vijay Eswarna, Chairman, QI Ltd, Singapore pre requisite for a sustainable education system. Teaching children to ‘think outside the box’ is a prerequisite for developing Lee Yee Cheong , Commissioner, UN innovation in society. Broadband Commission for Sustainable Development, Malaysia, cautioned against Genri Goto , CEO, JaQool, Japan, made tilting education in Asia to support the three points. First, the role of universities digital economy or so-called 4th Industrial

55 Atul Temurnikar, Executive Chairman, Debbie Chien, Principal, Deepak Gupta, Founder and Chairman, Global Schools Foundation, Singapore Society of Family Offices, Singapore The Denita Group of Companies, Singapore

Revolution, which he said is “fueled by life-long learning and nurture citizens who consumption.” Education in Asia should can act on issues of global significance, take its own ‘middle path’ supported by many panelists said. In the CLMV, techno- prevailing philosophies and values that give logy is leap-frogging pedagogy so virtual credence to thrift, hard work, respect for learning is a way forward to keep up with one’s elders and caring for the family. young people. Online education systems allow us to acquire updated knowledge Atul Temurnikar , Executive Chairman, required for adapting to change. Asian Global Schools Foundation, Singapore, was education systems require a common firm in his belief that innovation should be language and open borders that will help encouraged at an early age because we to share quality education and foster inno- know that most innovations happen before vation. The experts recognized that many a person is twenty years old. Kindness and Asian universities are world-class, and the happiness are forms of innovations in West no longer monopolizes excellence in Yoshitaka Hirano, Founder and CEO, 2nDream Corporation, children that can be measured. So the higher education. Japan more the ‘happiness index’ the higher the economic outcomes for society in the long Nurturing Asian Family Business run, he believed. Family business is regarded as the backbone This panel agreed that rapid globalization, of ASEAN’s economies. Debbie Chien , digital revolution, mass migration, and the Principal, Society of Family Offices, Singa - prospect of climate change requires a new pore, chaired a session that explored this breed of workforce. Users, particularly the topic from multiple angles. business sector, are unhappy that they are receiving outdated products. Investment in Deepak Gupta , Founder and Chairman, education is important but so too is inter - The Denita Group of Companies, Singapore, national level benchmarking and capacity revealed about the conflict in identity as a building of national institutions in the trade-off from having an overseas education. region to support excellence. Education Lack of communication, or even commu ni - systems should equip students with cation breakdowns within the family in older creativity, and competencies to stimulate and younger generations, was observed.

56 Shiv Kaul, Managing Director, Tatsuya Masubuchi, CEO, On Kit Tam, Vice President, Nicco Engineering Services HighNetWorthLab, Japan Australia China Business Council Victoria, Australia

Children should be independent and have ‘My son is my successor.’ the right to choose the business or career Tatsuya Masubuchi, they want. Companies should avoid putting Chief Executive Officer, HighNetWorthLab, Japan all their eggs in one basket and instead invest in different sectors and countries. On Kit Tam , Vice President, Australia China Business Council Victoria, Australia, ‘Women become more important.’ pointed out some of the world’s largest Deepak Gupta, Founder and Chairman, The Denita Group of Companies, Singapore companies and best known brands like BMW and Wal-Mart are deeply rooted family businesses. A study reported that Shiv Kaul , Managing Director, Nicco family-owned firms, which make up 80- Engineering Services, India, said that they 90 % of firms worldwide, are important rely on finance professionals for operational drivers of GDP and job growth. The 2 nd or effectiveness. Exit strategy can eliminate his 3rd generations with foreign education came or her stake in the business. The inheritance home with different opinions. He said that tax can be as high as 30-4 0 % in India. the one-child policy in China had caused Governments should consider favorable economic and social pressure. Knowing regulations to support family businesses. when to have a professional take over your business is important.

‘Work is work. Home is home.’ Shiv Kaul, Managing Director, ‘Allowing the next generation to create Nicco Engineering Services, India wealth is how to transfer the business’ On Kit Tam, Vice President, Australia China Business Council Victoria, Australia Tatsuya Masubuchi , Chief Executive Officer, HighNetWorthLab, Japan, sensed that the next step in businesses is to go Win Nander Thyke , Founder and public. He considered purchasing life Chairman, rgo47, Myanmar, agreed on the insurance and providing invested capital for core concept of “unity” taught by her mother his son to start his own business in the USA who was in the fashion business. Thyke

57 Win Nander Thyke, Founder and Chairman, Haruka Sakamoto, Primary Care Physician, Sherene Azli, Chief Executive Officer, rgo47, Myanmar St. Luke’s Hospital, Japan Malaysia Healthcare Travel Council

identified an opportunity in e-commerce practitioners to find new ways to improve in Myanmar. It was her initiation that has their practices with better diagnoses, surgical become very successful. She is now looking procedures and improved patient care. to expand to international markets and is There is great need for public and private in search of a foreign partnership. collaboration to improve technology for chronic diseases and to make it available ‘I was originally a medical doctor for all at affordable cost. but now I am successful in the e-commerce business.’ Haruka Sakamoto , Primary Care Win Nander Thyke, Physician, St. Luke’s Hospital, Japan, Founder and Chairman, rgo47, Myanmar introduced the session by noting that in Asian countries technology has improved In this session, panelists underscored the dramatically, especially in childcare. enormous importance of family-owned firms, which make up 80-9 0 % of enter- ‘We need not only a high quality prises worldwide and are important drivers healthcare, but it must be accessible of GDP and job growth. They said allowing and affordable for all.’ the next generation to create wealth is how Sherene Azli, Chief Executive Officer, to transfer the family business. At the same Malaysia Healthcare Travel Council, Malaysia time, knowing when to have a professional take over your business is important. Governments should consider favorable Sherene Azli , Chief Executive Officer, regulations to support family businesses, Malaysia Healthcare Travel Council, the experts recommended. Malaysia, stated that people need quality healthcare that is accessible and affordable. Overall, healthcare in ASEAN can be greatly The Transformation of Healthcare improved by technology. She informed that in the Information Age every Malaysian has access to healthcare In the healthcare industry, dependence on within a 3 kilometer circle range. The goal medical technology cannot be overstated. should be for citizens of ASEAN to have Medical innovations enable healthcare access to healthcare facilities that are C. Jeffrey Char, Managing Director Venture Capital, Tokyo Electric Power, Japan 58 Christian Besler, Chief Digital Officer, Seigo Hara, Founder, Konstantin Mehl, Founder, Ayala Healthcare Holdings, The Philippines MICIN, Japan Kaia Health, Germany

affordable and of equal quality. Public- Japan lacks access to healthcare on some of private partnerships can assist develop ment its distant islands and in remote rural areas . of economies-of-scale and building better Hara is currently trying to provide a healthcare facilities for common people. personalized technology system for chronic diseases. Christian Besler , Chief Digital Officer, Ayala Healthcare Holdings, the Philippines, ‘We are providing a doctor to patient mentioned that around 5 0 % of the people telemedicine system.’ in The Philippines do not see a doctor in a Seigo Hara, Founder, MICIN, Japan year. Technology is important to train young doctors. There are significant opportunities Konstantin Mehl , Founder, Kaia Health, for digital healthcare in The Philippines. Germany, emphasized that physical exercise Via telemedicine, firms such as Besler’s are is important for chronic pain. Behavioral providing healthcare services at affordable therapies, which help people in doing cost to poor people living in rural areas. In exercises at home, benefit from a device the future, drones will be used to transport controlled through cloud servers. He medicines to remote locations. mentioned the important matter of driving costs down and quality up. ‘We are providing healthcare services at affordable cost to poor people living Hong Nguyen , Chief Executive Officer, in rural areas, through telemedicine.’ Asia Capital Enterprises, Singapore, Christian Besler, Chief Digital Officer, Ayala Healthcare Holdings, the Philippines proposed how to improve the healthcare system without disrupting the basic medical business. She spoke of medical tourists, Seigo Hara , Founder, MICIN, Japan, especially cancer patients, who seek therapies indicated that healthcare systems need abroad. “We want them to spend money for improvement. By providing a telemedicine treatments instead of for hotels or travel,” system (namely doctor to patient), a patient she said. Technologies are being developed will receive a prescription at home without to recognize cancer at earlier stages. A goal being physically present with doctor. The is to allow people to stay at home during majority of the patients are the elderly. treatment.

59 Hong Nguyen, CEO, Kieu C.D. Nguyen, CEO, Stacy Kenworthy, CEO, Asia Capital Enterprises, Singapore Pearl International Hospital, Vietnam HellaStorm, USA

Mapping Asia’s Urbanization ‘We are trying to reduce the travel costs for patients through advance Sein Way-Tan , Chairman, Green World technology.’ City Organization, Australia, started the Hong Nguyen, Chief Executive Officer, meeting by pointing out the environmental Asia Capital Enterprises, Singapore and economic challenges of urbanization. In the second part of the session he asked for opinions about air, water and land pollution Kieu C .D. Nguyen , Chief Executive and asked the speakers how to address human Officer, Pearl International Hospital, health in urban planning. Vietnam, mentioned that her hospital and scientists provide care and facilities for ‘Cities are like sick persons and charity in various countries. Plastic surgery urban planners are like doctors.’ facilities are free of cost for social services. Liu Thai Ker, The hospital partners with different uni - Chairman, Centre for Livable Cities, Singapore versities and scientists for advanced research and technology on genetics and oncology. “We work for charity not for profit,” she said. Liu Thai Ker , Chairman, Centre for Livable Cities, Singapore, argued that a Stacy Kenworthy , Chief Executive city should be sustainable (land) and Officer, HellaStorm, USA, explained livable (people). According to him, the about emerging telemedicine with robots current problem in Singapore is the desire of in America. He mentioned that they are urban planners to create iconic architecture, conducting research on therapist robots which does not contribute to the livability (doctor) connected to cloud. The product and sustainability of a city. He shared his is only available in the United States. The three rules for livable cities. First, urban system of robots is constantly updated as planners have to protect the Asian charac - improvements are seen in patient, he said. teristics. Second, he emphasized to make the city work and functional. Foreigners move ‘We are researching robot doctors.’ to Singapore, because everything works. Stacy Kenworthy, His third rule is to keep things simple. Chief Executive Officer, HellaStorm, USA

60 Kevin B Murphy, CEO, Liu Thai Ker, Chairman, Chiara Corazza, Managing Director, Asiawide Hospitality Solutions, Hong Kong Centre for Liveable Cities, Singapore Greater Paris Investment Agency, France

Chiara Corazza , Managing Director, ‘You do not need cities anymore Greater Paris Investment Agency, France, to connect.’ emphasized the importance of connecti vity Harshavardhan Neotia, Managing Director, and the role of infrastructure. She is Bengal Ambuja Housing Development Ltd, India attracting investments for a new model in public transport planning, where they will not work with lines connecting A and B, but Christoph Graf von Waldersee , circles connecting the suburbs. She men - Director, Ecological Sequestration Trust, tioned that the stations will be equipped Germany, presented two attributes for with facilities tapping into the e-commerce. sustainable cities, namely inclusion and She also calls for more sharing of best affordability. A city should be a place which practices among urban planners. allows anyone to come and do something. It has to include people of all thoughts, Sein-Way Tan, Chairman, orientations and beliefs. He called for the Green World City Organisation, ‘We need new models for infrastructure.’ Australia reorganization of cities. He raised the issue Chiara Corazza, Managing Director, Greater Paris Investment Agency, France of investments by planners and politicians on iconic buildings, but not in terms of efficient infrastructure. In Hamburg, they Harshavardhan Neotia , Managing renovated underground networks in a way Director, Bengal Ambuja Housing to cope with heavy rainfall. Develop ment Ltd, India, raised the topic of transformations within the energy sector ‘Two attributes of livable cities are and how they will influence urbanization. inclusion and affordability.’ He pointed out that people in history moved Christoph Graf von Waldersee, to cities because of job opportunities, health Director, Ecological Sequestration Trust, Germany services and better education but through increased connectivity people do not need to go to cities to find these oppor tunities. Sumit Dabriwala , Managing Director, People can stay in their villages, where Riverbank Developers, India, stressed that they have more space and more greenery. cities should be more sensitive and more sustainable. If you go back in history people

61 Anson Chan, Chairman, Bonds Group of Companies, Hong Kong, Kazutomo Robert Hori, CEO, Sumit Dabriwala, Managing Director, reflecting on regional cooperation in Asia Oceans Inc., Japan Riverbank Developers, India

flooded to urban areas because of job want incinerators or nuclear plants close opportunities and employment. Using India by (NIMBY: Not In My Back Yard). and China as examples, he said adding to Politicians risk votes in the next election squalor and adding to the stress of infra - when they plan this infrastructure. structure is not the solution. Instead of pushing the people to cities from rural ‘Nature is not designed for such areas, bring the basic necessities to people, high human concentrations.’ build the connectivity for them. Anson Chan, Chairman, Bonds Group of Companies, Hong Kong SAR Kazutomo Robert Hori , Chief Execu tive Officer, Oceans Inc., Japan, mentioned that he was in Bangkok fifteen years ago and Nguyen Phu , Chief Strategy Officer, noticed that a big forest which characterized Toong Coworking Space, Vietnam, explained the city was not there anymore. He said that he gives importance for his employees that urban planners have to preserve the to have access to affordable housing, which original character of cities. Unfortunately, are in shortage for millennials. He suggested he said, cities evolve so fast that urban that urban planners look into this concern. planners do not have time to stop and think. As a corporate leader, he aims to find optimal locations for his employees. He Anson Chan , Chairman, Bonds Group of mentioned also that consumer-oriented, Companies, Hong Kong SAR, talked about flashy, new architecture is replacing the the complexity of ownership, especially in old heritage in Hanoi. the older parts of Asian cities. Hong Kong has a lot of money and therefore can invest ‘There is a shortage of affordable in city governmental services, detangling housing for millennials.’ the complexity and buying out the owners. Nguyen Phu, Chief Strategy Officer, But such an affluent budget is not the case Toong Coworking Space, Vietnam for each Asian city. Traffic becomes an issue, and questions arise about solid waste and wastewater, and accessibility of drinking Nhan Vo , General Director, Empire City, water. The problem is that citizens do not Vietnam, used to work for local govern -

62 Nguyen Phu, Chief Strategy Officer, Harshavardhan Neotia, Managing Director, Kenneth M Atkinson, Executive Chairman, Toong Coworking Space, Vietnam Bengal Ambuja Housing Development Ltd, India Grant Thornton Vietnam

Asian Industry: The Road to Growth ment. He said that in the beginning the change of the city was significant, especially In this session, Venkat Matoory , Member, what he witnessed in Ho Chi Minh City. Statwick Ventures, India, prompted the He said that connectivity is important, but panelists to consider how the industrial that he feels more relaxed and happy when sector is going to grow in ASEAN and he is disconnected. He suggested to think what will be the success factors for it. about how to disconnect from people sometimes. Kenneth M Atkinson , Executive Chair - man, Grant Thornton Vietnam, said Vietnam was the ideal destination for investments ‘Forget about how to connect. Think also and industrial growth due to lower labor about how to disconnect from people.’ costs. In the past few years, a number of Nhan Vo, General Director, Empire City, Vietnam industries had shifted their production Nhan Vo, General Director, centers from other countries to Vietnam. Empire City, Vietnam But industrial growth could be said to be During the session, the speakers explored more successful if it could successfully the importance of functionality in infra - transfer wealth from the lower income to structure as well as the preservation of middle-income class. Here, institutional local culture, and how corruption, prestige reform is key. Vietnam is focused on R&D (“desire for iconic buildings”) and complex because entrepreneurs are looking at new urban structures like ownership issues are technology. stopping the necessary development of cities. Megacities characterize the current Kang Chang Mo , President, Ilju Enter - and future times and bring new challenges prise, Korea, agreed to an earlier discussion for more affordable housing, better waste that the manufacturing sector was shifting management, better water management, to lower cost countries and Indonesia and more disaster and risk mitigation. was going to be the next labour hub for Urban planners and policymakers have to industrial growth. In Korea, high-tech reorganize cities and re-think infra struc ture industries have increased over the past models, expert panelists said. 20 years, especially in its southern cities.

Venkat Matoory, Member, Statwick Ventures, India

63 J S Juneja, Chairman, Diana Chou, Managing Director, Robert Yap, Executive Chairman, Global Projects & Services Ltd., India L’VOYAGE, Hong Kong YCH Group, Singapore

Transportation and Tourism: J. S. Juneja , Chairman, Global Projects & Fundamental to Asian Prosperity Services Ltd., India, explained that the main reason for success of the SMEs in India was Diana Chou , Founder and Chairman, in doing export trade linked directly with L’VOYAGE, Hong Kong SAR, highlighted large enterprises. Large countries are that aviation in Asia has not been regulated, becoming protective because high-tech with different jurisdictions practicing products have migrated to China. different rules. Conversely, the European Aviation Safety Agency (EASA) in Europe John H .M. Cheuck , Managing Partner, and the Federal Aviation Administration (FAA) Ant Global Partners, Hong Kong SAR, in North America are in place to develop talked about the story of SMEs in Japan. procedures for regulatory cooperation in He believes a SMEs-based economy can’t civil aviation. She expressed some concern fail in the short run as they are growing at that the sharing economy concept, such as fast speed. Companies are in a win-win Uber, has already been adopted in the John H.M. Cheuck, Managing Partner, Ant Global Partners, economic cycle of designing, building and private jet business. Its implications and Hong Kong selling products and services. “If I have an consequences on security, operating and idea to invest in the manufacturing sector, insurance has some industry experts I will focus on China,” he said. feeling quite apprehensive.

Robert Yap , Executive Chairman, YCH ‘In Asia Pacific, different countries are Group, Singapore, pointed out the criticality working on different regulations.’ of the supply chain sector in the manu - Diana Chou, Founder and Chairman, facturing industry. A lot of countries are L’VOYAGE, Hong Kong SAR reaping benefits by shipping from China. Cost and the manufacturing processes in China are cheaper as compared to other Umesh Khanna , Vice President, Shapoorji countries, he said. Pallonji Group, India, referred to the Bangladesh, Bhutan, India, Nepal (BBIN) Initiative as a sub-regional cooperation made through the official representation of member states to formulate, implement and Kang Chang Mo, President, Ilju Enterprise, Korea

64 Gulu Lalvani, Chairman, Mike Walsh, CEO, Asia Jet Partners, Hong Kong Rajeev Singh, Director General, Royal Phuket Marina, Thailand Indian Chamber of Commerce, India

review quadrilateral agreements in transport ‘Cruising can add value onto and infrastructure. For India’s Ministry of this region’s tourism.’ Tourism to make important decisions, Andrea Marcon, coordination with other ministries is Chairman, Palakiss Business and Exhibitions, Italy required, specifically as they relate to aviation, highway and visa issues. Charlie Mularski , Chairman, Asian Business Aviation Association, Hong Kong Gulu Lalvani, Chairman, Royal Phuket SAR, said the current challenges facing the Marina, Thailand, complimented Thailand business jet sector are permit acquisition, on its proactive approach to attracting heavy barriers to entry due to government tourists to the Kingdom. He commented: regulation, security, lack of airport infra - “I am extremely happy about the large structure and common airspace issues in numbers of tourists in Thailand and in China, Hong Kong and Macau. He stated Andrea Marcon, Chairman, Phuket.” Full confidence and credit on this that businesses in the U.S. and E.U. are Palakiss Business and Exhibitions, Italy great work was extended to Minister doing well, but in Asia we are in the Kobkarn Wattanavrangkul. reverse. Asia could promote the use of private jets to improve tourism. Andrea Marcon , Chairman, Palakiss Business and Exhibitions, Italy, mentioned ‘In aviation, we are paranoid that the government of Italy is working hard over the security issue.’ to promote tourism, and that 8 0 % of Charlie Mularski, Chairman, Asian Business attractions in Italy are heritage sites. Foreign Aviation Association, Hong Kong SAR tourists arrive via international airports in Rome, Milan and Venice. Cooperation between cruise, airport and land transport Rajeev Singh , Director General, Indian will accommodate tourists better, as well Chamber of Commerce, India, revealed as enhance their travel experience. He that the figure of outbound tourists is much suggested that Thailand has potential to higher than the inbound numbers. Being become a destination for holiday cruises. rich in culture, India has set a target to welcome 50 million inbound tourists over the next four years. Nevertheless, some

65 Sanjay Singh, CEO, FICO Corporation, Thailand John B. Kidd, Research Fellow, Aston Business Peter Brimble, Principal Country Specialist, Asian School, United Kingdom Development Bank, Myanmar

aspects of India’s tourism infrastructure airport capacity, maintaining highly-paid remain somewhat underdeveloped and pilots, handling charges and taxation at unable to meet the growing demands. airports, negative public media about the Connectivity is another area for improve - industry and a lack of English language ment, in reducing travel time for travelers proficiency exhibited by safety manpower. when traveling to or across India. He stated that we need leaders whom we can trust and who possess vision to support Sanjay Singh , Chief Executive Officer, the sector over the long haul. FICO Corporation, Thailand, presented that Suvarnabhumi International Airport has In this session, panelists exposed a number signed contracts to expand capacity from its challenges facing the aviation business in current 45 million to 60 million travelers the Asia-Pacific region, such as security, per year. The increasing number of tourists English language proficiency, unfavorable is expected to reach 70-90 million travelers regulations, the introduced sharing eco no my Suthipak Chirathivat, Executive Director, in 8-10 years. Infrastructure augmentation concept and inadequate infrastructure. Central Pattana Public Company, should also be applied to other airports in Cooperation between tour operators, Thailand Phuket, Samui, Chiang Mai and Chiang Rai. airports and land transport is required, He pointed out that corporates require more they said, to accommodate tourists better, sensible loans from the financial sector to which will support and promote the reduce unnecessary stress on balance sheets. tourism industry and its countless jobs.

Overall, leisure and business travel in the ‘Strong optimism over the huge number region is thriving, exemplified by host- of tourist arrivals to Thailand.’ country Thailand’s ever increasing tourist Sanjay Singh, Chief Executive Officer, FICO Corporation, Thailand arrivals. But the experts expressed a need for governments to focus, lead and coordinate with the travel and tourism Mike Walsh , Chief Executive Officer, industry to resolve nettlesome and parochial Asia Jet Partners, Hong Kong SAR, issues, so that a new wave of tourism can described the challenges faced by private crest over destinations in Asia. jet businesses. The main concerns are on

66 James Fierro, Founder and CEO, ECO Capacity Guna Mahalingam, Member of the Board, Swiss- Mikhail Treyvish, President, Omnigrade Universal Crowdsourcing Exchange, United Kingdom Asian Chamber of Commerce Agency, Russia

Meeting the Infrastructure James Fierro , Founder and Chief Execu tive and Finance Challenge Officer, ECO Capacity Exchange, United This session chaired by John B. Kidd , Kingdom, indicated that infra struc ture is Research Fellow, Aston Business School, not developing as it should be. It should United Kingdom, was aided by international meet the needs of society, culture, economy, expert panelists in energy, power, roads business, and political demands. Right now planning, telecommunication, crowdsourcing, money is flowing in the world economy but and planning projects. They tried to make investment in infrastructure is decreasing. sense of prioritizing infrastructure, asking: Private investment in infrastructure should “Should it be oil exploration, transportation, be encouraged to fill the gaps. He mentioned railways or roads?” The panelists discussed that the world is once again using the barter the role of government and new institu tions system as medium of exchange. The more like the Asian Infrastructure Investment collaboration we have between financial and Bank (AIIB). non-financial institutions, the efficiency we get, he said. Peter Brimble , Principal Country Specia- list, Asian Development Bank, Myanmar, Guna Mahalingam , President, Strategic said the AIIB can play an important role in Investment Asia Ltd, Malaysia, lamented the developing infrastructure but its costs may fact that overall investment in small infra - be higher than ADB and IMF. Myanmar has structure is limited. One way forward is agreed to borrow US$ 4.5 Billion from the public-private partnership, which is a good World Bank, IMF and ADB but there are mechanism for infrastructural projects as some ongoing issues regarding disbursal of it balances the interest of both parties. funds. He mentioned the challenge of trust for completing government projects, and the Mikhail Treyvish , President, Omnigrade need for capacity building of government Universal Crowdsourcing Agency, Russia, agencies’ systems and competencies to com - said Asia is one of the least preferred regions plete projects, as key additional challenges. for crowdsourcing projects because of perceptions of political instability. “We need new and different infrastructure to facilitate trade and education.” he said.

67 Henry Cho, Chairman, Stiphan Beher, CEO, Hansol Chemical, Korea SpaceTek, USA, chairing a luncheon on Kyrgyzstan

‘We need a different kind of infra struc- cate more; Thing is the culture that makes ture than the 19 th or 20 th centuries, ’ everything different from others. Amrit Mikhail Treyvish, President, recommended cutting investment in the space Omnigrade Universal Crowdsourcing Agency, Russia sector, if it is not beneficial to humanity.

Kanesan Veluppillai , Director, Safeguards Stiphan Beher , Chief Executive Officer, Group, Malaysia, indicated that investment SpaceTek, USA, described a lower price in public works is in the interests of society space tourism project, and offered the and the economy. Prioritizing projects is the possibility of developing a space station to responsibility of government and is driven host astronauts. He also mentioned about by affordability, availability and potential the ‘Moon Village.’ He noted the push to economic growth. Each country has its own keep costs down to make it more feasible priorities; some focus on education, some to transfer to outer space. He called for on healthcare, some on roads and some on strong international cooperation between Masaki Adachi, Executive Specialist, NEC, Japan trade. countries and space companies. “We are trying to move more space operations outside of the U.S.” Fostering Asia ’ s Space Sector Masaki Adachi , Executive Specialist, Somchet Thiaphong , Chairman, NEC, Japan, stressed the importance of GISTDA, Thailand, emphasized that the establishing cooperation with other cooperation between different countries is countries, and tapping startups in joint not a choice, it is a must to develop the space venture business models. The real difficulty sector. Space agencies cannot use several is in trying to evaluate commercial space spacecraft at the same time, so there needs activity in business models, he said. to be more applications to serve customers.

Julius Amrit , Co-founder, Team Indus, India, emphasized three things: Trust, ‘Cooperation between different countries is not a choice, it is a must to develop Technology and Thing. Trust is what is the space sector.’ needed between the agency and customers; Somchet Thiaphong, Chairman, GISTDA, Thailand Technology is what makes people communi -

68 Kanesan Veluppillai, Director, Julius Amrit, Akinori Niimi, CEO, Safeguards Group, Malaysia Co-founder, Team Indus ACA Investments India, Japan, on Asia’s space sector

Pradeep Unni , Chief Executive Officer, policy and quantitative easing could not Antara Spacecom, Singapore, indicated that encourage consumption. So this is a crucial they are building a space station along with time for Asian economies, especially those some other partner countries. Cooperation countries which are still relying on the between different governments and corpo ra- export of goods. Countries need to tions is vital in the space exploration industry. encourage people to spend money. In this scenario, China’s ‘One Belt, One Road’ will provide massive and necessary infra - Achieving Asia ’ s Growth Agenda structure, he said. Asian nations are developing new strategies and partnerships to lift equitable growth. ‘The challenge in India is to create In the final plenary of the forum, high- 10 million jobs per year. ’ level panelists assessed what economic Rajive Kaul, Chairman, Nicco Group, India development models will help the region to achieve its growth agenda. They also considered strategic priorities that can Rajive Kaul , Chairman, Nicco Group, enhance regional integration India, attributed India’s present-day world- leading economic growth rates to the Lawrence Abeln , Dean, AIT School of switch from socialism to the free market. Management, Thailand, started by providing Modern India today boasts a middle class a context that U.S. and China combined population of over 400 million. But there contribute 4 0 % of the world’s economic are challenges. The country needs to create growth. Anson Chan , Chairman, Bonds 10 million jobs every year to keep pace Group of Companies, Hong Kong SAR, with the 6 million who annually graduate recounted that Asian countries have from universities and colleges. One strategy consistently followed Japanese post-WWII for Indian growth involves foreign direct model of export-led growth to develop - investment and foreign exchange. ment. After the Lehman Brothers shock of 2008, resistance to trade liberalization grew in the developed world, at the same time that modern Japan’s low interest rate

69 Huynh Quang Hai, CEO, Pradeep Unni, CEO, Rajive Kaul, Chairman, VSIP Group, Vietnam Antara Spacecom, Singapore Nicco Group, India

Prinn Panitchpakdi , Governor of Thai - On the question of growth, panelists ex - land Stock Exchange, Thailand, cautioned pressed concern about the labour force and that the capitalist model is failing to the need to address the pressures of youth distribute wealth equally. The challenge unemployment, as expressed by panelist now is to think about sustainable, inclusive Rajive Kaul and on the displace ment of growth. It is necessary to have balance labour force, as discussed by Anson Chan. between capitalism and public welfare, he All concurred that infrastructure develop - said. He mentioned that the government ment across the continent is a good means for monitors the Governor of Stock Exchange attaining growth in the current environ ment, of Thailand by looking at financial targets, in particular investment in transportation for example the number of IPOs per day. infrastructure to connect Asia. There was a He called for the creation of a regional call for unity, across all sectors, and even investment culture that engages Thailand’s a suggestion that the stock markets of the neighbours Cambodia, Vietnam, Laos, and CLMVT region could coalesce into one. Myanmar. “We have to work on win-win Negotiating as a region provides strength, situations that will help the people being the panelist agreed, striking an optimistic left behind,” he said. note for pan-Asian togetherness.

Huynh Quang Hai , Chief Executive Application of the Sufficiency Officer, VSIP Group, Vietnam, envisions Economy Philosophy to the working hand-in-hand with the country’s Business Sector: A Tribute to neighbours in mutually beneficial ways. H. M. King Bhumibol Adulyadej Vietnam is emphasizing support for local enterprise, SMEs and creating connectivity The Sufficiency Economy is a development via transportation development. Japan is approach developed by Thailand’s revered the largest foreign investor and Vietnam King Bhumibol Adulyadej emphasizing the relies on FDI for its industrial growth. In middle path as an overriding principle for the past, Japan needed low-cost labour, but appropriate conduct. The Horasis Asia today Japan needs skilled labour in Vietnam. Meeting delegates paid special tribute to His Majesty the King, who was a leader who cared for his people and the world.

70 Yukio Hatoyama, Former Prime Minister, Japan, proposing his vision for a pan-Asian leadership agenda Rapee Sucharitakul, Secretary-General, Securities and Exchange Commission, Thailand, keynoting the event

At a grand dinner to conclude the Horasis ASEAN Corporate Governance Association. Asia Meeting, Virasakdi Futrakul , Vice However, less than 1 0 % of family busi nes- Minister of Foreign Affairs, Thailand, ses survive into the 3 rd generation. A radical elaborated on the Sufficiency Economy change of mindset is required towards philosophy of His Majesty as an economic sustainability. His Majesty’s teachings are a model to help developing countries attain selfless, practical, sensible journey that can sustainable development goals. The ‘fish tale’ benefit the lives of all citizens, communities, he described to the audience demonstrated countries and the world. the strong bond between the Thai and Japanese Royal Families. 50 Nile Tilapia Pan-Asia Leadership Agenda fishes given by Crown Prince Akihito to His Majesty in early 1965 have turned into Yukio Hatoyama , Former Prime Minister commercial production of 220,000 tons of of Japan started his speech by pointing out Jesper Koll, CEO, the fish per year. that increased terrorism in Asia directly and WisdomTree Japan, Japan indirectly affects the political, social, and ‘Sufficient economy is an alternative economic environment of Asian business. economic model, a contribution of He mentioned that infrastructural develop- Thailand to the world’ ment in Asia is a chance to foster economic Virasakdi Futrakul, Vice Minister of Foreign Affairs, Thailand growth and greater global interaction will support global harmony. He pointed out Rapee Sucharitakul , Secretary-General , that prejudices are an important reason for Securities and Exchange Commission, some regional conflicts in Asia. The former Thailand, explained that the Sufficiency Prime Minister suggested that the East Asian Economy means to have enough to support Community Council should be the priority. ourselves. It is a guideline based on By including India, China and Korea with reasonable and ethical consumption of ASEAN, it can help in building a harmonious resources with emphasis on moderation and community in Asia. resilience to external shocks. The focus is on long term sustainability. In 2015, a total ‘We need to restore morals and increase of 23 Thai listed companies were amongst social welfare.’ the top 50 ASEAN companies ranked by the Yukio Hatoyama, Former Prime Minister, Japan

71 Taro Kono, Member of the House of Representatives, Japan, Azamat Zhamankulov, Deputy Minister of Culture, Information & Tourism, Kyrgyzstan during a luncheon and Elnura Sulaimanova, Deputy Mayor of Bishkek

Supachai Panitchpakdi , Former Secretary-General, UN Conference on Trade and Development (UNCTAD), Thailand, began his impassioned remarks by empha - sizing the importance of a holistic Asian community to ensure regional sustainable development. He referenced the philosophy of His Majesty King Bhumibol Adulyadej, and that Sufficiency Economy is really about one’s develop ment from within, through public service and community work. Supachai suggested to target and uplift the grass roots to create equitable sustainable development. He also stressed that the market hypothesis to determine price should not be the only factor for Welcome dinner development. Asian leaders should come up with some common goals in terms of climate change, gender equality, wealth, and income, he stressed, mentioning the importance of attaining the Sustainable Development Goals. Supachai concluded his speech by urging the gathering of leaders to rethink our perception of market capitalism towards sufficiency economy – which gives space for wisdom (value s/ moral concern and compassion) and being more selfless.

Community building 72 Karndee Leopairote, Managing Director, Registering participants C-Asean, Thailand

Sharing ideas and insights in an informal setting. 73 Bangkok’s Grand Palace – spiritual heart of the Kingdom of Thailand

Cruise on the Chao Phraya River

Garden of the Shangri-la Hotel 74 Bangkok – host city of the 2016 Horasis Asia Meeting Horasis: The Global Visions Community Thurgauerstrasse 40 CH-8050 Zurich Switzerland phone +41 79 305 3110 fax +41 44 214 6502 www.horasis.org