Jose Isidro Camacho

Managing Director & Vice Chairman, Credit Suisse Asia Pacific

Asia in the New World Order

In re-balancing the new world order, some elements will evolve naturally, for example, the rise of Asian consumerism in places such as China, India, Vietnam, Indonesia etc. “I think those will all provide the counter-balance that provide a more global balance in terms of trade. And to me that is phenomenal, you don’t need to manage that…I think the new paradigm will have to be consuming China, consuming Asia and for me, that’s the new world order.”

Towards a better balance between the East and the West
The new world order would also be marked by massive infrastructure development projects in Asia. The Asian Development Bank, according to Camacho, estimated Asia would need close to US$8 trillion worth of infrastructure just to bridge the gap between Asia and the rest of the world in the next 10 years. That would amount to around US$800 billion worth of infrastructure spending needed in Asia, he added. Thus, “creating demand in Asia, creating opportunities for Western companies”, he stressed.

Asean’s relevance in promoting a more stable monetary system
Asean, he pointed out, “has a role to play in terms of promoting certain international values that would provide stability in the global economies”. “So, I think we are a neutral party to make our opinion known to everybody concerned”, he added.

Integration of financial services in Asean
Asean needs to move beyond words and act on integrating its financial services sector. “ I think we need to walk the talk because we have been talking a lot within Asean”, he said. “We gather [to talk] as a region but when we go back to our respective homes, we start talking very domestic again”, he noted.

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