5/26/2011
Five Days, Four Countries
During a tour of the Pacific Rim last week, Deputy Secretary Neal Wolin met with dozens of government officials, economists and business leaders throughout Southeast Asia and Australia, an increasingly important region for the global economy, to deliver an important message: the United States is committed to an open investment policy.
In an address at the Singapore Stock Exchange, he said, “The United States is one of the world’s most attractive destinations for foreign investment. We enjoy that success because of our commitment to open investment. And we’re committed to open investment because we understand the tremendous value that foreign investment brings to our economy – and, indeed, to the global economy.” Following his speech, he talked with CNBC Asia’s Martin Soong and Bloomberg’s Haslinda Amin about the importance of Southeast Asia to the global economy as well as pressing issues back home.
Earlier in the week, Wolin sat down with Australia Broadcasting Corporation’s Lateline to talk about his trip to Sydney, the first to the continent by a senior Treasury official in many years. The Deputy Secretary taped the interview at the U.S. Consulate, which overlooks the iconic Sydney Harbour Bridge – arguably one of the best views in town.
The next day, Wolin was in Kuala Lumpur, Malaysia to stress the United States’ support for Malaysia’s goal of raising growth and incomes through comprehensive economic reforms. Malaysian Central Bank Governor Zeti Akhtar Aziz arranged a series of high-level meetings for the Deputy Secretary to discuss a diverse set of issues including Islamic finance, Trans-Pacific Partnership (TPP) negotiations and financial regulation. The visit also included meetings with Performance Management and Delivery Unit (PEMANDU) Minister Dato' Sri Idris Jala, Finance Minister II Dato' Seri Ahmad Husni Hanadzlah and a discussion with Malaysian business leaders at the famed Petronas Towers, standing at 1,483 feet. Before departing Kuala Lumpur, Deputy Secretary Wolin shared his views on Malaysia’s economic reforms with local reporters saying, “We have an important relationship with Malaysia both with respect to investment and trade, and we're keen to see that relationship strengthened, deepened and further developed.”
After a quick flight that evening, Wolin was in Jakarta, Indonesia where economic reforms under President Yudhoyono have led to a recovery of investment and strong growth based on domestic demand and exchange rate flexibility. He met with the country’s Investment Coordinating Board Chairman Gita Wirjawan, Central Bank Governor Darmin Nasution and Finance Minister Agus Martowardojo as well as a number of officials from Indonesia’s banking sector to discuss continued coordination on regional and global efforts to achieve strong, sustainable and balanced growth.
These five busy days very vividly reflect what Deputy Secretary Wolin spoke about in Singapore, “Over the last several decades, the U.S.-Asian economic relationship has become a cornerstone of global growth and stability. Its evolution in the years ahead will be crucial to our shared prosperity. And we will continue our commitment to partnership, shared responsibility, and economic openness to bring continued prosperity to the Pacific Rim and beyond.”
