The annual meeting between business leaders from Japan and six of the 10 ASEAN countries began Thursday in Tokyo.
The 27th ASEAN-Japan Business Meeting, held to exchange views and opinions on economic conditions and issues was organized by the Japan Association of Corporate Executives (Keizai Doyukai).
JACE group leader Yotaro Kobayashi said at the opening that while the Sept. 11 attacks in the United States are likely to affect economic recovery both there and in Asia, business leaders must assess the impact objectively because the U.S. market will continue to play an important role.
Kobayashi, also chairman of Fuji Xerox Co., said the recent expansion of China's economy, which has continued to grow despite the global economic slowdown, was another common concern for surrounding countries.
Kobayashi said Japan should determine what kind of relationship it should develop with China.
"There is no doubt that China will be an active and important global economy, and the question is what kind of relationship should we develop with China," Kobayashi said.
adding that while the region should welcome the powerful competitor, international efforts must be made to ensure fair competition.
Tan Eng Soon, director of Tan Chong International Ltd. and delegation leader from Singapore, said competition and cooperation with China will benefit the region.
However, he voiced hope that Japan would also consider relocating some of its industries to member countries of the Association of Southeast Asian Nations, rather than focusing solely on China.
The meeting, with some 120 attendees, ends today.