ICC Chairman Fung Discusses Global Business in the 21st Century at TAG Business Forum

The Asia-Pacific experience has a universal application which may be relevant to the Arab region - Dr. Fung

AMMAN , September 14, 2008 Dr. Victor Fung, chairman of the International Chamber of Commerce (ICC) and chairman of the Li & Fung Group of companies, discussed today ?Global Business in the 21st Century: Asia-Pacific Perspective? at the Talal Abu-Ghazaleh Business Forum/Talal Abu-Ghazaleh College of Business.

Dr. Fung?s visit to Jordan is the first of its kind to the Arab region, based upon the invitation of Mr. Talal Abu-Ghazaleh, CEO & chairman of Talal Abu-Ghazaleh Organization (TAG-Org).

In his lecture, Dr. Fung explored and assessed the historical, current and future perspectives of the Asia-Pacific region in respect of globalization; in addition to drawing special attention to the Asia-Pacific experience that has a universal application which may be relevant to the Arab region.

Mr. Fung stressed the importance of the Small and Medium Sized Enterprises (SMEs) in the growth of national economies: ?China, India and Japan will be among the world?s biggest national economies in the 21st century. The actors in this arena will be both state entities - such as sovereign wealth funds - and a growingly confident private sector that consists of SMEs.?

Another point discussed in his lecture was means of making globalization more attractive by promoting its benefits for global economy.

?Asian economies are globalizing in several ways. Their markets are generally open to foreign trade and investment, while increasingly Asian economies and businesses are movers and shakers in trade and investment in all the world?s markets,? Dr. Fung said.

Moreover, he emphasized the fact that economic reform and globalization do not erode a nation?s cultural identity.

?Japan is still very ?Japanese? and the opening ceremony of the recent Beijing Olympics was a remarkable display of Confucianist renaissance,? he explained

?It is not true that the price for economic reform and thereby success is the dilution of cultural identity,? Dr. Fung stressed.

One of the greatest strengths of any big commercial power, according to Fung, is the quality of its learning, ?this was true of the Arabs in the 8th to the 15th century as it became true of the US in the 20th and is becoming the case in the Asia-Pacific.?

?I know that currently vast sums are being invested in the Arab world in education and learning. This is vital,? he stated.

Nevertheless, Dr. Fung highlighted that education per se is not sufficient.

?Graduates must also be given the right opportunities to use their talents. This is one of the key success factors of the Asia-Pacific region,? he said.

Dr. Fung referred to the fact that the Arab-region and Asia-Pacific shared a glorious commercial past; however, it diminished as the West became the center of the global commercial universe.

?This is changing dramatically. Today new axes of wealth are being created especially between what used to be spokes, i.e. the developing regions of the world. I think these are the opportunities of the future,? he concluded.

At the end of the lecture, Mr. Abu-Ghazaleh stated that Africa will also contribute to the future global economic growth, and invited Mr. Fung to attend the ?Towards an Afro-Asian Knowledge Based Society Initiative" international conference jointly organized by the Afro-Asian Peoples Solidarity Organization (AAPSO) and the Arab Knowledge and Management Society (AKMS) and supported by TAG-Org in January 2009.

In addition, Mr. Abu-Ghazaleh emphasized that Dr. Fung?s lecture will significantly contribute to a book he is writing.

Dr. Fung toured the various sections of the Talal Abu-Ghazaleh College of Business and was impressed with the College?s facilities.