Asia is setting the pace for growth in the world's economy said German Economics Minister Wolfgang Clement Thursday in his opening speech in Bangkok at the 10th Asia-Pacific Conference of German Industry and Trade (APK). The economic dynamics of the Asia-Pacific region correspond to a long-term trend and are not a passing fad, said Clement before an audience of 800. "This must and will energize the German economy and strengthen the commitment in this region." Clement was confident that the goal of increasing to 20 per cent German foreign trade in Asia from the current 12 to 15 per cent would be achieved. Chairman of the APK committee of German business, Siemens board chair Heinrich von Pierer, lauded the achievements of the 3,000 German businesses in Asia, which gained an annual turnover of approximately 130 billion euro and employ half a million people. The Asia-Pacific region is interesting for both large and mid-sized companies, said Pierer. "The risk not to be here is greater than that to be here." Clement and von Pierer both stressed the importance of multilateral trade agreements and negotiations with the World Trade Organization (WTO). Until such agreements can be drawn up, however, bilateral agreements between Asian countries or with the U.S. are not a disadvantage to the German economy, according to the leaders. The two-day conference was organized by the German-Thai Chamber of Commerce.
