Malaysia: The overall deepening of
Asean's capital markets will remain challenging if advanced countries do not
create an inclusive environment for their less developed counterparts, said the
Securities Commission.
"The development of capital
markets is a main objective of the Asean Capital Markets Forum (ACMF) as we see
Asean capital markets to have the potential to grow as much as US$3.5 trillion
in the near term," said its executive chairman Tan Sri Ranjit Ajit Singh
at CIMB Asean Research Institute (CARI)'s Asean Roundtable Series this morning.
"However, we have seen that when
it comes to the discussion of deepening of Asean capital markets, there are
only two or three countries within Asean that would be able to participate
because they already have the depth that is needed, while the majority of
countries don't."
Ranjit called for the ACMF and all
countries involved to create a more inclusive environment when it comes to
cross-border initiatives so that all of Asean would be able to reap the
benefits.
He went on to say that though he
understands that these countries would prefer to focus on their own domestic
markets first, they must also be aware of the benefits of going cross border
while doing so.
"The key take-away is that, for
the Asean preposition to work, all Asean countries need to work together,"
he said.
"Though I understand that some
of the countries need to work on the deepening of their own domestic capital
markets, it is still important for them to also capitalise on the burgeoning
interconnectivity of Asean markets. They do not have to go at it alone as they
can readily tap into the existing strength of Asean."
Ranjit called upon the industry to
submit recommendation papers to their respective regulators so that the
regulators will be aware of their restrictions and work at it together on the
ACMF level.
"The Asean preposition can only
work if we work together, which we already are. However, there are still much
to be done if we want to reach the goals that were outlined in the Asean
Economic Community (AEC) Blueprint 2025."
Goals of the AEC 2025 include trade
liberalisation, behind-the-border reforms and policy harmonisation; all of
which is critical to Asean's future economic prosperity.
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