President in Singapore on state visit and for world economic summit

[October 12, 2003 - 10.45 GMT]

More than 800 business leaders and politicians are in Singapore this week for the World Economic Forum's (WEF's) annual East Asia summit with globalization again under the spotlight. Sri Lankan President Chandrika Kumaratunga who is on a state visit to Singapore is among the Asian leaders due to address the summit. Kumaratunga is being accompanied by a high-level business delegation.

Among the participants are Jordan's King Abdullah II, Cambodian Prime Minister Hun Sen, IMF deputy managing director Shigemitsu Sugisaki, Visa International president Malcolm Williamson and JP Morgan Chase president Andrew Crockett.

Singapore is one of the most ambitious advocates in Asia of free trade and its hosting of the influential forum comes amid a stern tussle between rich and poor nations over the inequities in the globalization process.

WEF Asia director that Frank-Jurgen Richter told reporters ahead of the summit that the failure of the World Trade Organization (WTO) talks in Cancun, Mexico, last month would be one of the big issues discussed in Singapore.

The WEF, a renowned pro-globalization body, released a survey to coincide with the three-day summit asserting that most people in Asia supported the process.

However one of the biggest areas of concern was the devastating impact, the subsidies paid by rich countries such as the United States, Japan and those from Western Europe have on poor nations and their farming community.

Tonight, Sri Lankan President and her delegation will be hosted to a banquet by Singaporean Prime Minister Goh Chok Tong. President Kumaratunga will address the summit on Tuesday 14th October 2003.

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Last Updated Date: October 12, 2003  -9.00 GMT.