Conference covers Asian business

At its second annual Asia Business Conference last Friday, the Wharton Asian Association focused on the emerging economic frontiers of Southeast Asia and global economic issues concerning the Association of Southeast Asian Nations. The day-long conference, held at Steinberg-Dietrich Hall, included a keynote address by former U.S. Ambassador to the South Pacific Island nations William Bodde, Jr. and five other guest speakers. Founded in 1967, ASEAN presently includes the countries of Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. "The economic center of gravity is moving from Europe in the 19th century to the U.S. in the 20th century, to the Pacific and Asia in the 21st century," Bodde said. He added that the U.S. may face a number of challenges during the "Pacific Century," such as stronger economic competition from China and the declining cohesion of the Asia Pacific Economic Cooperation. Emphasizing the importance of allowing the global market to expand into the next century, Bodde warned against political isolationism and protectionism. Bodde also said policymakers in Washington, D.C. remain unaware of the growing Asian economy, adding that they should direct attention now given to domestic issues to foreign policy instead. "Human rights are very important, but I can't think of any more important issue in the 21st century than the China-U.S. relations," Bodde said. Nevertheless, he said, the U.S. is ahead of Europe in terms of its economic involvement in Asia. "If we're Eurocentric, Europe is really Eurocentric," Bodde said. "Europe has not caught on to Asia." Ray Cesca, who directs McDonald's international trade operations, discussed the costs and benefits of opening franchises in Southeast Asia. Noting that a number of cultural barriers come into play when establishing an outpost of a U.S.-based corporation in Asia, Cesca gave guidelines on how to enter the Southeast Asian market. He suggested choosing a reliable partner, developing a cost-effective infrastructure, playing fairly, targeting a new market and being flexible. Wharton junior Hester Wong, conference director for WAA, had been planning this year's conference -- with the help of more than 30 students -- since May. "[The Asia Business Conference] fills a gap," Wong said. "It is the missing link in the education of Wharton students." Engineering and Wharton sophomore Surina Shukri, who attended the conference, also acknowledged the need to expand Wharton students' international awareness, helping them develop greater knowledge of Asia's impact on the world market. "The speakers definitely made a point of what's going on in Southeast Asia," Shukri said. "We need more activity on what's going on in Southeast Asia. Southeast Asia is definitely one of the most booming economies."