On behalf of ASAF, the Asian Securities Analysts Federation, I would like to thank all of you for coming to this annual conference. I am very appreciative of our distinguished guests and speakers who are going to be sharing their views and experience with us regarding the way forward for the Asian capital markets.

The Asian economies have indeed witnessed the benefit of the globalization process. The region has increasingly become a major center of world trade and international capital flow. According to IMF statistics for 2006, Asia’s share of the world GDP far exceeds that of the EU and that of the United States. The three major economies in Asia - China, India, Japan - account for more than 35% of the world GDP. Asia’s foreign exchange reserves reached three trillion US dollars accounting for about 62% of world’s total foreign reserves. These are all very impressive figures. There is no dispute that both the Indian and Chinese market provide ample opportunities … More importantly, integration within Asia has fostered a closer economic relation among various countries and territories within this region. The process has promoted complementary and yet competitive development in manufacturing, in FDI as well as access to funds, and this may ultimately help ease the economic shock from any potential future slow down in US and Europe.

In exploring the topic of Asian capital markets, it is useful to look at Hong Kong as an example. Hong Kong being part of China … has contributed to the growth of mainland market. Some banks, stock exchange clearing and settlement system, the market infrastructure and the quality workforce in different financial sectors, all have contributed to the making of Hong Kong as a key fund raising center for mainland China …

You would agree with me that without sound legal system, a world class stock exchange and the essential support cast, this development would not have taken place. The growth in capital market in Hong Kong has expanded jobs and offer opportunities for Hong Kong to develop further businesses with China. This is a good example of taking advantage of the need of capitals of neighboring countries. Therefore everyone who is involved in this intermediation process as bankers, as analysts, as brokers, owes it to himself to ensure that he works under the best practice and straight ethics of his trade. An industry build on sound principles and training would be able to find business opportunities at home or across the borders. ASAF being a federation of societies of investment professionals within the region are advocates of these principles. It has assumed an important role in facilitating the exchanges of views and promoting constructive dialogues of regional societies towards these goals.

ASAF was initially started as an informal gathering of investment analysts from different Asian markets to meet, mingle, and catch-up.  But over the years, with keen support of the founding members and industry professionals, ASAF now is home to 14 member societies from different countries and territories in Asia. Membership ranges from analyst societies, training institutes as well as financial services association. So we are multifaceted. With the devoted efforts from various committees, it is encouraging to see enhancement of offerings by ASAF, especially in the promotion of Certified International Investment Analysts, the CIIA designation, and development of ASAF platform to disseminate members’ publications. The strong representation in wide membership base also has enabled ASAF to be an independent voice of our profession at the regional and global level. We will continue our work with the regulators and exchanges, striking for balance between promoting the best practice across the societies, while addressing the specific concern of each market.

One of the goals of ASAF is the organization of the annual conference. This is a unique event for market professionals to meet and to discuss current issues. With good support and participation from member societies, the federation has been able to call upon speakers from the region covered by ASAF to participate in a meaningful forum for the host society. For this year we are glad and honored to be holding the conference in India. This is an exciting market and deserves our full attention.

I would like to take this opportunity to thank the host ICFAI University, Tripura. Lastly let me extend my thanks again to all ASAF member societies for their contribution and effort towards the development of ASAF and towards this conference. I look forward to their continued support and cooperation in meeting the challenges in the coming year. We need to work together towards fulfilling ASAF’s mission in the region.