Asian countries should take advantage of their strong economic fundamentals to increase investment and trade with Europe, Finance Minister Kittiratt Na-Ranong said in a speech to the 10th Asia-Europe Finance Ministers Meeting in Bangkok on Monday.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong (Photo by Thiti Wannamontha)
Mr Kittiratt, the host minister, said that during the 1997 economic crisis Europe had offered support for Asian economies, both in terms of investment and exports.
"Now Europe is facing an economic crisis, while Asian economies boast strong current accounts and trade surpluses," he said.
"It's an opportunity for Asia to help by investing and importing goods, helping the European economy and creating jobs."
Finance ministers from 46 of the 49 Asia-Europe forum members are attending the conference, as well as representatives of the European Commission, the European Central Bank, the International Monetary Fund, the World Bank and the Asian Development Bank.
Mr Kittiratt, giving the opening address, said cooperation was more important than ever in light of the eurozone crisis.
"Because Asia and Europe are closely knitted in terms of international trade and investment, one spark of crisis could cause turmoil on the other side of the world," he said.
Mr Kittiratt said ministers discussed the importance of Europe taking steps to ease the current eurozone crisis over the medium-term, "to reduce volatility of financial markets including plans to reform financial sectors and strengthen banking supervision".
A statement released by the conference stressed the role of emerging markets in helping Europe by "further strengthening private consumption and implementing structural reforms to help boost domestic demand and growth".
"Ministers also stressed the importance of creating confidence among investors and consumers, breaking the linkage between sovereign debt and the banking system and job creation, as main factors for sustainable economic recovery," the statement said.