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Asia is a growing economic powerhouse, with China and India poised to join the US as world powers by 2050. The world is also witnessing the rise of an integrated Asian economy, which could account for half the world’s GNP (up from its current one-third) with 60% of the world’s population. In contrast, the US’ economic weight would slide from one-fifth to one-tenth of world GNP by 2050. Would an emerging Asia spell the end of centuries of Western domination?
Today’s Asia is at a crossroads. It is a booming market for almost every product or service imaginable. It is able to serve as a platform for cost reductions throughout the entire value chain. And it is producing global competitors – such as Tata and Huawei – at a speed the world has not seen before.
But there are challenges. Are Asian infrastructure and leadership skills robust enough to sustain this phenomenal growth? How can Asian companies move beyond clever imitation to innovation and R&D? How would Asian societies create a conducive environment to encourage innovation? How can Asia balance rapid growth with sustainable development?
This November, global leaders from business, government, media and academia came together at the INSEAD Asia Campus in Singapore for the Leadership Summit Asia 2008. This Summit promoted dialogue and healthy debate on whether Asia is riding – or writing – the future.
These interactive sessions covered the growing shift of economic power to Asia, and the challenges and sustainability of this growth. Participants also debated on the leadership skills and capabilities that are most effective for global success, and the role of the CEO in managing risks and driving profits through global expansion and innovation.
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