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uling coalition does play a tough electoral game. In November polls the National Front coalition retained power in Kuala Lumpur, even as it lost control of a second provincial legislature to the main Islamic opposition party. 22 While there was progress on the economic and political fronts, the security situation continued to worsen. In April, first India, then Pakistan, test-fired long-range missiles capable of carrying the nuclear warheads each tested the year before. Within days, the most serious fighting in years between the two erupted when Muslim guerrillas stormed across a section of the ceasefire line in disputed Kashmir, provoking a full-scale response by India. Although the missile tests and Kashmir fighting were not directly related, they highlighted the danger posed by nuclear arms in such a volatile region. In Indonesia, in the wake of East Timor’s August referendum vote for separation, fighting between supporters of independence and pro-Indonesian militias was so bitter that the United Nations sanctioned the deployment of a peacekeeping force (including Canadians) until the territory completes its transition to independence. Only in North Korea did tensions ease somewhat: first, US inspectors concluded that a supposed underground nuclear facility had no such purpose; then Pyongyang gave in to pressure from the international community and, in return for food aid, abandoned planned tests of a long-range ballistic missile. ECONOMIC RECOVERY 1 With the exception of Indonesia, the economies that suffered directly from the Asian currency crisis began 1999 in a recovery mode. Exchange rates had stabilized, interest rates were coming down, unemployment had peaked, output was growing again and ASIA DAY-BY-DAY DECEMBER 1998 01 US lifts economic sanctions imposed on India and Pakistan in May in response to nuclear tests. 04 Khmer Rouge accepts authority of Cambodian government, ending long civil war. Three top Khmer Rouge leaders remain at large. 04 Kuomintang wins 123 of 225 seats in Taiwan legislative elections. 06 13th Asian Games open in Bangkok. 07 South Korea’s top five chaebol agree to implement restructuring programs. 07 Cambodia regains UN seat after 15-month absence. 09 Indonesian prosecutors question former President Suharto on alleged political and economic crimes during his rule. 10 About 10,000 demonstrators in Jakarta demand democracy, prosecution of Suharto. 13 Japanese government takes control of insolvent Nippon Credit Bank. 15/ Southeast Asian leaders meet in Hanoi for 17 6th ASEAN Summit. 25 Khmer Rouge leaders Khieu Samphan and Nuon Chea surrender to Cambodian government. 29 Chee Soon Juan, leader of Singapore Democratic Party, arrested for making a public speech without a permit. JANUARY 1999 12 First South Korean tourists arrive in North Korea since Korean War. 13 New Zealand Prime Minister, Jenny Shipley, visits Ottawa. 19/ Fighting between Muslims and Christians on 23 Indonesian island of Ambon leaves 50 dead.
stock markets were climbing. As the year progressed, so did the affected economies, with the result that over the 12 months all but Indonesia recorded growth. Even in Indonesia the marginal decline marked a sharp turnaround from the 13.7% contraction of the previous year. While the recovery is welcome and likely to continue, there are still some challenges to overcome before the region can earn a clean bill of health. For one, there has been a significant increase in the direct involvement of governments in the affected economies, which will tend to squeeze out private investment in the next few years. Beyond that, the swift return to growth masks continuing financial weaknesses in Asian companies. For the 15 years prior to 1997, governments in much of East and Southeast Asia were pulling back from a direct role in industry (China and Vietnam being the exceptions). State-owned companies were steadily privatized, leaving the private sector greater freedom to get on with business. There were exceptions: governments maintained direct ownership of one or more banks in most countries, generally kept a stake in some utilities, and retained ownership of key industries such as oil production (in Malaysia and Indonesia) or automobile manufacturing (Malaysia). While they moved away from direct ownership, governments adhered to growth-oriented economic policies, and often set explicit goals for industries. But in combatting the crisis set off by the devaluation of the Thai baht in July 1997, governments were forced to take back ownership or control of a vast range of companies, especially in the key financial sectors. 23 During 1997-98, the four most seriously affected economies — South Korea, Thailand, Indonesia and Malaysia — had to inject a combined US $78 billion of public funds into their banking systems to sustain liquidity and bolster public confidence, and to keep 28 Indonesian President Habibie offers East Timor independence or autonomy. 29 Hong Kong’s highest court rules that mainland Chinese children with parents living in Hong Kong have right of abode in SAR. 29 Independence supporters and opponents clash in East Timor after Jakarta offers choice on independence. FEBRUARY 08 Philippine government and Moro Islamic Liberation Front begin peace talks to end insurgency in Mindanao. 09 About 1,700 Khmer Rouge guerrillas join Cambodian army. 09/ Three-day national strike paralyzes Bangladesh, 11 with six people dead and 200 injured. 18 Indonesian government passes antimonopoly bill which will impose sanctions on anti-competitive business practices. 19 World Bank approves US $210 million loan to India for power generation program, first non-humanitarian loan since India’s nuclear tests in May 1998. 20 First bus service between India and Pakistan in 50 years arrives in Pakistan with Indian Prime Minister A.B. Vajpayee a passenger. 25 South Korea releases more than 1,500 prisoners to mark President Kim Dae-Jung’s first year in office. 26 Sultan of Selangor, Salahuddin Abdul Aziz Shah, elected king of Malaysia. MARCH 02 Former Malaysian chief of police admits assaulting former Malaysian Deputy Prime Minister Anwar Ibrahim after his arrest. 02 Philippine President, Joseph Estrada, ends peace talks with communist rebels, withdraws immunity from guerrilla negotiators after army officers and policeman kidnapped.
Page 1 and 2: asia pacific foundation of canada 1
Page 3 and 4: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 5 and 6: October 2000, we will hold the firs
Page 7 and 8: OVERVIEW 1 asia in convalescence 7
Page 9 and 10: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 11 and 12: GRADE ‘98 Inward Investment C- In
Page 13 and 14: THE CHALLENGE OF GLOBALIZATION Unde
Page 15 and 16: The largest pool of investable Cana
Page 17 and 18: enabled Canada to take a stronger r
Page 19 and 20: emoval. However, most of the change
Page 21: MAJOR EVENTS 2 a year in review 21
Page 25 and 26: six-fold in Thailand. With the exce
Page 27 and 28: the past played a very small role i
Page 29 and 30: it had allowed in recent years. A m
Page 31 and 32: SECURITY BACKTRACK While economic c
Page 33 and 34: Outbreaks of violence in other part
Page 35 and 36: ECONOMIC RELATIONS 3 looking for a
Page 37 and 38: TODAY’S DELAY IS TOMORROW’S LOS
Page 39 and 40: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 41 and 42: to achieve operating efficiencies t
Page 43 and 44: Finally, foreign investment by Cana
Page 45 and 46: NORTH AMERICAN INTEGRATION 4 too mu
Page 47 and 48: similar to that with the US with on
Page 49 and 50: British Columbia provides a recent
Page 51 and 52: part of US-assembled goods bound fo
Page 53 and 54: ASIAN EXPERTISE 5 hidden advantage
Page 55 and 56: cautioned that “not every Asian C
Page 57 and 58: usiness skills to enhance Canada-As
Page 59 and 60: 6 DEVELOPMENT ASSISTANCE ODA for a
Page 61 and 62: the term “development assistance
Page 63 and 64: The report emphasizes the need to
Page 65 and 66: ASIA PACIFIC FOUNDATION OF CANADA 7
Page 67 and 68: CANADIAN EDUCATION CENTRE NETWORK T
Page 69 and 70: NOTES CHAPTER 1 1. Based on markets
Page 71 and 72: NOTES 5. Research by Tamim Bayoumi
Page 73 and 74:
REFERENCES —. Statistics Canada.
Page 75 and 76:
REFERENCES United Nations Conferenc
Page 77 and 78:
STATISTICAL APPENDIX ASIAN MOTHER T
Page 79:
STATISTICAL APPENDIX CANADA’S TRA
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