Leaders of emerging economies turn crisis into opportunity (Feature)

By Veronica Sardon Nov 22, 2008, 7:59 GMT

Lima - The leaders of several emerging economies on Friday issued a message of cautious hope amid the gloom of the widening global economic crisis, by stating that new opportunities are arising even though the financial world is struggling.

In comments to the CEO summit that preceded this weekend's annual Asia-Pacific Economic Cooperation (APEC) forum, Peruvian President Alan Garcia was particularly graphic: 'I claim that the world is not sick but is rather suffering from growing pains.'

Chinese President Hu Jintao noted that China's great potential for economic development should be a major contribution to the world's economic recovery, while Indonesian President Susilo Bambang Yudhoyono also saw a silver lining to a very grey cloud.

'We face hard times ahead, but we still have a choice: Hope or despair, opportunity or failure,' Yudhoyono said.

In their comments, the leaders of Peru, China and Indonesia also called on the business community to put in perspective their decisions taken in this crisis period.

'We have lived the first year-long chapters of a revolution that should last longer,' Garcia said as he described 'the emergence of an extraordinary market in the world.'

Hu noted that 'the situation is very grim,' but said he saw further room to seek balanced and sustainable development through a coordinated approach that combines 'investment, consumption and exports.'

He underlined that it is 'imperative' that multilateral corporations that have profited from an economic boom should act responsibly in the current slump, and should not forget their role in providing economic security and safe-guarding people's livelihoods.

'Enterprises should be keenly aware of their corporate responsibility,' Hu stressed.

Yudhoyono noted that the crisis 'may actually present opportunities,' and he provided CEOs with a good reason to exploit them responsibly. 'A poor community is an angry community,' he said.

The Indonesian leader called upon business leaders to 'seize opportunities.'

He noted that people around the world can continue to support globalization in the current crisis, but will only do so if they 'derive direct and real benefits' from it for their everyday lives.

Yudhoyono said the world should concentrate on saving 'what can be saved' of the current system and focus on the future, by continuing to promote education and the work of small and medium-sized enterprises (SMEs) even as funds get scarce.

On the day that United States President George W Bush arrived in Lima for his last international gathering as the leader of the world's most powerful country, his Peruvian host sent a message to those who supported protectionism and were making conditions rough for investment.

Garcia stressed that Peru, which grew by more than 10 per cent in the first nine months of 2008, would like 'to be a haven for the capital that escapes other countries in fear.'