A session of the WEF ASEAN 2018 in Hanoi (Photo: VNA)Hanoi (VNA) – Governments of the ASEAN member states should designsuitable policies to control risks and seize opportunities related to thereturn of their expatriates, said speakers at a discussion within the frameworkof the 2018 World Economic Forum on ASEAN (WEF ASEAN) in Hanoi on September 13.
Thediscussion on the ASEAN expat network revolved around the role of the group in eachcountry’s development strategies, particularly amid the Fourth IndustrialRevolution which has created various socio-economic changes.
It delvedinto the economic impact of the group and ways for the home nations tocapitalise on returning expatriates’ resources and capacities, particularly intechnology transfer.
At thesession, Jose Isidro Camacho, Managing Director of the Asia-Pacific Division ofthe Credit Suisse Group, highlighted the importance of the expat network.
Camacho,also former Secretary of Finance of the Philippines, said remittances nowaccount for about 10 percent of the Philippines’ GDP, which is used for domesticspending or investment in the private sector, describing this a driver of theeconomy.
He saidmany Filipinos are working in developed countries, particularly the SiliconValley. When these expatriates come home, they bring along new technologies andskills, becoming pioneers in technology transfer, Camacho added.
Remittancesfuelled the development of Bangladesh’s private companies during the 1990s,said Foreign Secretary of the Bangladesh Shahidul Haque.
He saidoverseas Bangladeshis and foreigners to the country have made significantcontributions to helping the country’s progress in technology and labourskills.
Participatingspeakers agreed that more positive manoeuvres from the respective governmentsare needed to encourage expats looking at returning.
They saidfavourable policies, a good investment and working environment, and atrustworthy social welfare system are initial factors to attracting thecommunity.
ProfessorLutfey Siddiqi, a visiting Professor-in-Practice at the London School ofEconomics and Political Science, suggested an increase in marketing campaignstargeting young expats.
Hehighlighted the necessary of a connection between the expatriate community andtheir countryfolks at home.
A marketingcampaign on the country’s image, policy, working conditions and multi-culturalsociety is worth investing in to attract expats’ contributions, he said.
Thethree-day WEF ASEAN, themed “ASEAN 4.0: Entrepreneurship and the FourthIndustrial Revolution”, was started in Hanoi on September 11. This is the thirdtime the WEF has chosen Vietnam as the venue for a regional WEF.
The WEF wasestablished in 1971 as a non-profit foundation and headquartered in Geneva,Switzerland. The forum engages the foremost political, business, and otherleaders of society so as to shape global, regional, and industry agendas.
TheAssociation of Southeast Asian Nations (ASEAN) groups Brunei, Cambodia, Indonesia,Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand, and Vietnam. –VNA
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