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SINGAPORE: Experts said Asia may emerge stronger from the financial turmoil currently affecting the global economy.
At a business forum on Friday, they said growth in Asian economies is expected to accelerate once the global slump ends, and urged industry players and investors to remain calm.
The experts said the current gloom hanging over global financial markets will not last.
The good news is that when it ends, there will most likely be a rapid turn for the better, and potentially greater trade between Asian nations.
CEO of DBS Bank, Richard Stanley, said: "This problem we have now in the financial markets and some of the knock-on effects that we have in the economy... to me, is just a thing that will pass.
"I think that people in business (and) individuals should remain calm in this situation, because it is the lack of calmness, lack of perspective that have perhaps been the cause of what has happened in the last few weeks.
"I have no doubt that it will turn and while I'm not saying when it will turn, (but) when it does, it will happen pretty suddenly, and I think we can expect a pretty quick turnaround sometime in the future."
In fact, industry experts said these troubling times will accelerate Asia's growth, and following the turbulence, more trade and capital between India and China.
Mr Stanley said, "Looking ahead, I think it is good for Asia. It's been said for years that this is the Asian century... (and) this crisis will accelerate that process.
"With the growth of India, of China, where I spent many years of my career, and with the great economies here in Southeast Asia - the financial hubs in Singapore and Hong Kong - I think we are well positioned to come out of this pretty strong...
"I think there will be a distribution (of) financial activity into these markets, in particular Singapore and India. As a result of this, there will be more regulation."
The Singapore Exchange (SGX) is also working to bring in more Indian companies.
CEO of SGX, Hsieh Fu Hua, said: "In terms of how we can serve India, we actually have a track record. We have also created some real estate Indian trust, so there are, as you say, pockets of strength. And the issue is if you are prepared to venture with us to create opportunities, we are there to support you."
The SGX is also targeting to bring in more small- and medium-sized companies from the infrastructure sector in India.
- CNA/yt
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