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tv   Sino Tv Early Evening News  PBS  January 31, 2011 6:00pm-7:00pm PST

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captioned by the national captioning institute >> this is the journal. welcome to business news. protesters in egypt calling for a general strike in a million strong march as the president swears in a new cabinet. the foreign minister is accused of dithering. and the israel prime minister fears that egypt [unintelligible] he did pass a new government. the man at the top remains.
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the president swore in the new cabinet amid mass protests. they are promising a general strike and a million strong march. egypt's powerful army said that the threats were legitimate and it will need force to stop the protests. >> our revolution is in the egyptian revolution. as night fell, thousands of egyptians refused to budge. >> we want real change. >> the crowds seem angry, but they have one clear message.
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but president's move to appoint a deputy, fire his cabinet, and name new ministers. >> their r and tennis and injustice. -- there is unfairness and injustice. >> for egyptian youth. >> it could become even more dramatic. it could be one of the largest protests of the country has ever seen. >> of the government is
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concerned over the situation in the country. travelers try to get to the airport say that massive traffic jams and terminals have been filled with anxious people hoping for a flight out. many nations are organizing charter flights. thousands of tourists are in the country. the european union foreign minister has responded to the date's events to ensure an orderly government transition. it comes as a response to the events in north africa calling for a stronger stance on the government cracked down. >> europe has sent a message of support to the people of egypt. they are not alone. the democratic egypt is the goal of many foreign ministers.
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they are fearful of the implications. >> we want to create stability 3 process of democratic reform. those standing up for their freedom is a sign of encouragement. at the same time, it is a firm commitment to democracy. >> foreign ministers have otherwise taken a clear stance. >> no official position.
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>> no way are they going to mention him by name, they just think they cannot do that. if we call for change, it will be a case of out of the frying pan and into the fire. they are saying, we are talking about orderly transition to democracy. that means a new democratic regime at the top dozen as possible. >> and what about the arab nations? >> it doesn't change a lot. 27 foreign ministers and 27 nations have to come to some kind of consensus about what should be done in the middle east or elsewhere.
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it doesn't alter the fact that ministers take hours to reach agreement handed always has to tread softly. europe doesn't want to be trying to impose political, social, or otherwise. >> will be taking an in-depth look later on. egypt could go the way of iran. events in neighboring egypt were at the top of the agenda. >> angela merkel brought half of her cabinet to the bilateral talks. the agenda had been dominated by business and research centers. she came with her own
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instructions for israel to halt settlement. given the events in egypt, being open through dialogue was essential. goshawk -- >> here we would have the same message. freedom of speech is necessary. that is what we have to demand and that is what we will continue to demand. >> and they voiced concern. hong >> egypt is not a major
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producer, but monday, they could either spread to middle eastern oil producers or canal flows. the organization of petroleum exporting countries says it is concerned about will not boost output now. as was being a major transit country, it also attracts a lot of foreign investment. foreign businesses are starting to take precautions. >> the economy is feeling the brunt of the unrest with many banks remain closed on monday. along with energy suppliers,
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many german carmakers have production facilities in egypt. bmw suspended operations at the plant. many of the workers are going to be flown out of the country. others have been advised to stay at home. with one person injured, the energy giant has evacuated around 90 staff and dependents. so far, the waterway has continued to operate as usual. tourism is one of the major revenue earners. there are reports of some cancellations, but it is not yet possible to assess the potential damage.
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>> the trouble in egypt is also causing ripples on international stock markets have given them something of a hammer in on friday. i ask the the wall street correspondent tal monday is going. >> of the mood has stabilized a bit here after we saw the decline in the friday session since mid november. the volume is incredibly low. there are probably mass protests planned for tuesday. the mood remains cautious, but we see a bit of change after on friday. >> the instability in egypt caused some instability on european markets on monday.
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>> you have to look at the dax to see it wasn't a simple day here at the frankfurt exchange. people are unsure what will transpire, what will the situation developed into, and what will that mean for the world economy and the oil price that is so important. in the end, there was relaxation. while street to get a little bit more easily. -- wall street took it a little more easily. >> let's take a closer look at market indices. the eurozone blue chips closed downwards at 2953.
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dow jones at [unintelligible] women in top management positions are few and far between in germany. the labor minister is wanted women on the supervisory boards of major corporations. >> he's the senior executive for one of the largest advertising agencies. she is still an exception. in germany's -- 29 are occupied by women. if that is about 3%.
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the law requires businesses to put women and at least 30% of top executive posts. the family affairs minister prefers a more flexible approach that will let companies determine the numbers themselves by 2013. most german companies oppose the idea of setting quotas. >> they cast their votes in the rigid security is tight. for the first time in the country's history, a woman was on the ballot. it seems unlikely that they will achieve an absolute majority. here in germany, it is being investigated for negligent
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homicide. the man is currently being treated as for injuries sustained in the crash and has not made a statement yet. >> almost all vestiges of the train wreck are now gone. experts are analyzing the driver of the freight train. the implication supports the initial suspicion. it might have possibly ignored a stop signal. passenger advocacy groups say that more controls are needed to improve rail safety.
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>> it could have prevented human error. it works. it has been proven to be reliable. >> the operator says it is not at fault. automatic safety systems are only required when they exceed 100 kilometers an hour. >> imagine a crawl through the mud and a scramble under barbwire. 40000 people have done that this year in england. >> it was preceded by fitting battle cry. the tough guys were of honor race designed to put them
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through their paces. -- who were off in a race designed to put them through their paces. the endurance was tested by an assault force involving barbwire, ice cold water and mud. there were women among the tough guys, too. german too -- this german took one hour to conquer the course. it is the first non-british person to win. >> [unintelligible] >> it was a testing race for all of the participants. some of them enjoy the experience more than others. >> i would rather have tiny people poke needles into my
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eyeballs. >> stick around. >> quick access to your programs and your region. tailored to your needs. the full program.
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>> welcome back. first tunisia and now egypt. it has drawn sharp criticism now that the old regime in tunisia is history. eu foreign ministers decided to freeze the assets of the former president. more can't be said for the broader european mind on how to respond to the change. >> with criticism leveled at
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the eu, there was no coherent message from brussels. egypt needs and democratic reforms. >> we stand on the side of those fighting for democracy and freedom of speech. >> this sentiment represents a significant change. europe looked at the egyptian regime as a look of stability in the middle east. it earned them respect and the west, which turned a blind eye to oppression in egypt and tunisia. >> the interests are more converging with the government than with the people.
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era of autocrats are allowed to live box -- buy blocks of luxury real estate in paris. it has to support those that stand for democratic structures and the rule of law. it appears that the european union is content to stand on the sidelines. the >> have called for free and fair elections, -- they have called for free and fair elections, but isn't that too little too late? hong >> they are trying to find a new policy, and it is not easy to find common ground among more than 25 member states. there is a time of
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that we can observe in brussels. europe has supported all of these dictators and the seemed to be going. it is a very difficult issue. i believe that most european politicians believe they can solve the problems themselves. hong >> do they make a difference? >> we have to be realistic. not because people does like democracy, but because they are disappointed by european politicians preaching democracy and in reality, trying to find their way out with any dictator as long as he is pro-western. this attitude led to a
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disillusionment. most arabs say we like to be supported by europe. but we don't want a direct interference. we will decide who will govern us. >> israel seems to be concerned that egypt could turn into another iran. is that justified? >> i don't think so. the egyptians are very much disappointed by this dictator and they don't want to see it replaced by another one. don't forget that arabs have observed very closely what has happened in that area over the past few years. they know the reality of saudi arabia, a very staunch,
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reactionary state. most egyptians detest the system there. i don't think an islamist government will get support from egyptians. >> harvey's cases similar? >--are these cases similar? >> said there is a big difference because he did is the most important arab country besides saudi arabia. it makes a difference with what happens in egypt and tunisia. >> much of the change that has taken place was unable to buy the internet.
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a blogger is now in gover nment, and 2 months ago would have been jailed. >> national pride and protests go hand in hand. she was reporting on social reform and a new political system. the revolution is still not over. >> [unintelligible] >> she writes about media restrictions. she has written about police brutality. a few hours before, she was
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helping organize the demonstration. they called for the government. egypt wants to return to normal -- >> we will have 10 million jobless. >> some bloggers have been offline for hours. she wants to demonstrate solidarity. >> [unintelligible] >> there have been constant
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clashes between demonstrators, the police, and security forces. after today's actions, she has documented the events in the interior minister is promising an inquiry. >> they sent some militia to break everything. and say that the demonstrators are breaking everything. but it is not true. it is the police and the militia who are doing this. they can't stop the revolution. we will do everything to preserve this revolution. >> it will soon be restored.
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>> please stay tuned.
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>>this week on world business... a special show from the world economic forum at sunny davos. >>emerging markets are once again in the limelight in this alpine village. we look at the changing dynamics of global trade. >>now the focus is very much on what i call new trade corridors. intra asian trade asia africa, asiathe middle east, asia latin america. >>how the economic powerhouses of india and china are driving growth from the middle east to the fareast. >>asia is of course more than china, japan and india when you think of asia, also think indonesia and asean >>and with unrest spreading in the arab world... we look at possible solutions to the current crisis. >>it is very important to recognise that the growing potential unemployment in the region is something
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that is going to come home to roost. >>hello and welcome. i'm eckart sager and this is world business, your weekly insight into the global business trends shaping our lives. this week we are coming to you from the world economic forum atdavos where despite a back drop of economic uncertainty - felt especially by european participants - the overall feeling was upbeat. >>reporter: with developments in tunisia and egypt casting a long shadow... 2,500 leaders arrived at this year'sworld economic forum in davos facing
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the realities of a global power shift. emerging markets are driving global growth, while the eurozone is struggling. >>roubini: specifically the eurozone it's not just sovereign risk, it's also risk of further trouble. you have public debts are high, private debts are high, we have low competitiveness, we have low economic growth, actually outright contractions still in spain, in ireland, in greece and barely positive economic growth in portugal and italy. >>bergsten: i think europe has to come fundamentally to grips with some of the problems that have not yet been addressed // restructuring of the greek debt, a bailout for portugal and probably a bigger rescue fund >>reporter: the theme of this year's event is "responding to a new reality" and that reality is of a world divided. >>lyons: i think there is a shift in the balance of economic and financial power from the west to the east and that's reflected
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in the fact that last year emerging economies which account for one third of the global economy driving two thirds of the global growth. that's quite impressive and that's why say when one looks at the glass it's neither half full or half empty, it's two thirds full >>reporter: as a result of this growth, the global economy is healthier than it was pre-recession, at over 62 trillion dollars and predicted to double in real terms in twenty years... ...spurred on by emerging economies increasingly shunning the stagnating markets of the west and setting up new corridors of trade. >>abraham: over the last five to six years you've seen an incredible growth in trade. so for instance if you just look indo-chinese trade, it's basically grown from being a couple of billion dollars to about 60 billion dollars in less than 10 years. and that's set to grow to 100 billion dollars by 2014. >>jiafu: because of the rapid development of countries like china and india, they have huge demand for shipping. in the 18th century, europe was the centre of the world shipping industry. and nowadays ships' tonnage
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in europe has diminished gradually and in asia has increased exponentially. that means the centre of shipping has shifted to asia. >>reporter: it's not just trade ties being built, but physical infrastructure, connecting landlocked but resource rich countries to their markets, especially those from central asia. >>massimov: we are building up a new number of huge infrastructure projects such as a highway between western china and russia, three point five thousand kilometres it's a huge project. we are building up two railways - one connection with china, and one connection with turkmenistan. >>reporter: delegates here talked about a "three-speed recovery"... led by the emerging markets, with the u.s. and beleaguered eurozone way behind. the rules have changed. new realities have set in.
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>>sager: joining us is every year is our executive editor alan friedman, a davos veteran. alan thank you very much for joining us. >>friedman: good to be here eckart. >>sager: it is certainly a difference from last year. it was very grim last year. it was really mostly about surviving the economic recession. it was about bankers hiding. it was about a double dip recessionperhaps. and the greek tragedy, it was brushed off as a one of euro zone crisis. certainly much better weather than last year. but how is it kind of downstairs in the hall way? >>friedman: eckart it is better and i would say if i had to summarise the 3 main developments that are occurringhere this year. number 1 we are feeling asia rising. we're feeling not just china and india, but countries also like indonesia. the 3rd biggest growing economy after
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china and india in asia. and we're seeing the asians are out in enormous force. the biggest ever chinese delegation, a 130 indians. a huge indonesian delegation. and the western business men are going for contracts and no longer fearing asian they are now going for business. 2nd the euro zone crisis is dominating talk. they got it wrong last year everybody. it isn't just greece it's ireland. it's on watch now for portugal, spain, belgium. so the euro zone crisis and what to do about that is unclear. and 3rdly the post tunisian revolt, egyptian situation is casting a long shadow over this otherwise nice weather. and people are nervous about what is going in the arab world. >>sager: let's stick with the emerging economies; alright this is a key theme here. as you heard in our previous report 2/3 of world growth is coming from the developing world. do you see a shift from the atlantic to the indian pacific region, from the north to the south? >>friedman: absolutely eckart, i've said in the past we are looking
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at the asian century. i think this is the year where that is now becoming a reality 2 or 3 statistics. by the end of this decade 1/3 of globaltrade will be inside asia. number 2 asean the 10 nation grouping of 600,000,000 people together with india and china means a total of 3 billion consumers are now in that asian market. 3rdly these are the rich countries now. they have the capital it isn't just 2.8 trillion dollars of reserve in china. it's all the hundreds of billions that the others have. and finally i think what we are seeing here is a recognition that asia can push back. and also say hang on a minute to the west. you have dictated terms for a long time. now it's time for you to perhaps respect us but do business in apartnership mode. >>sager: hmmm so the asians are in bold so to say. what's left for the euro zone? >>friedman: it's pretty sad, i mean i wouldn't go so far as to say that europe will become a disneyland of cheese, wine and monuments for rich asians tourists. but i would say that the europeans are worried.
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they've got germany growing at 3% and the periphery growing at an anaemic 1 and 1/2 %. they're got these several sovereign debt countries. there will be 1 or 2 more if not the false big recues. and the interest rate policy in europe is impossible to do. because you need lower interest rates for the poor weaker countries. you need higher interest rates to stem inflation in germany. that gonna be a big dilemma. i don't go as far as george soros who said this will tear europe apart. but i do think when you're looking at that kind of dynamic, europe is going to have more problems. >>sager: alan the development in tunisia, and the ripple effect across the region are overshadowing the forumhere. is there concern in the corridors that this contagious will spread to the rich oil producing countries in the gulf? >>friedman: in a word no. the concern is more about egypt. we have seen violence and unrest in egypt this week.we've seen definitely that the post tunisian situation is emboldening north african nations. there's a whole
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another story playing out in lebanon where hezbola is now calling the shots. but i would say the saudi arabian situation in the gulf emirates are not at risk from this kind of uprising. for a variety of reasons that are about security, bout the way they run their systems. and about the fact that when you have more money and you actually give it to more of your citizens, as they doin the abu dhabi, dubai, qatar , bahrain areas., there's less incentive to revolt. whereas in the poorer countries, where there is grinding poverty, that is the risk. >>at the world economic forum 5 years ago, the general view was that the fast-growing economies of china and india would overshadow the smaller emerging markets of south east asia. instead asean has been boosted by the expansion of the two asian giants... with intra regional trade growing substantially. >>reporter: at davos this year the chinese delegation was the largest in the forum's history,
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with india not farbehind, but there was also a growing recognition that it is asia as a whole that is the engine of the world's growth. >>gurria: if you look at what countries such as indonesia, malaysia, thailand, etcetera are doing and then addthat to the story of india and china well you have to recognise that they are doing much better butalso that we owe them a lot because they have been helping to fight this downward trend of the world economy in the last few years. >>reporter: indeed when the world economy went into freefall, china barely stumbled, last year returning to staggering growth of more than 10%. india too is expanding at 9%. and as these two powerhouses grow, their focus is turning to regional relationships. >>panitchpakdi: this is still very much driven by dynamic trade expansion, but it is not only concentrated on china alone, but it is a multi-polar thing, it is partly japan, korea, china, india, asean itself.
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>>lyons: 2 or 3 years ago, it was about exporting to the west. and they still do export to the west, now the focus is very much on what i call new trade corridors. intra asian trade asia africa, asia the middle east, asia latin america. >>reporter: while emerging economies across the world stand to benefit, it is the countries in india and china'simmediate periphery that should prosper most, especially for 10 asean countries. >>jiafu: since china and asean have signed the "10+3" agreement, asean became china's biggest free trade zone. since the agreement took effect, china and asean's trade increased rapidly. as a shipping company,we have seized this opportunity and increased our shipping volume to asean. >>reporter: it's an understandable association. china may be asia's biggest star but asean represents a huge market right on the doorstep, with a larger population than the eu and at 1.7 trillion dollars
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larger economically than india >>bergsten: quite naturally the strong growth poles china and india in particular are sucking in the countries in their neighbourhoods by pure gravitational force. lots of market development in china both on the import and export sides. >>reporter: of all the asean countries, perhaps the most prominent is indonesia... growing strongly, home to 240million people and awash with reserves of copper, tin and coal. its rising strength highlighted at a key note address by the president. >>yudhoyono: asia is of course more than china, japan and india when you think of asia, also think indonesia and asean. indonesia is the world's third largest democracy, the largest economy in south east asia, a key growth area in the world economy and soon we will have one of the largest productive
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workforces in asia. indonesia will feature prominently in asia's renaissance. >>reporter: there are even regional benefits from china and india's weaknesses... as their economies rise, so does wage inflation -- making them less competitive. this will be to the benefit of cheaper neighbours in asean where wages are lower. >>parera: china's competitiveness is not what it was a few years ago because you know wage inflation on that. i think the market forces are going to evolve around that. but it is also going to mean that you know how economies worked five years ago is not how they will have to work five years from now, becauseif they did what they did five years ago they are going to fall by the wayside. >>reporter: that now seems unlikely, asean countries are adapting well to change and boasting impressive growth numbers predominantly in the range of 5 to 7%. and as the wider region strengthens it cements its role as the new economic centre of the world. >>abraham: perhaps during my lifetime we have been used to the atlantic ocean being the centre of gravity
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and that's moving away. the centre of gravity is basically going to move to the indian ocean and the pacific ocean. and the indian ocean is traditionally where the centre of gravity of the world has alwaysbeen. and that is something we've forgotten over the last 200 years of western dominance. >>reporter: there are challenges to overcome, most notably inflation, but the region is in an enviable position. >>still to come on world business... >>we speak to the prime minister of malaysia, najib razak, about how to stay ahead of the competition... and his vision for a more moderate world. >>plus... arab leaders are under pressure as protests spread through the region. >> a need for urgent action... and the rest in just a moment on world business...
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>>at the heart of asean - a market of 600 million people - is malaysia. poised to grow at 6% a year over the next decade. it aims to achieve fully-developed nation status by 2020. but the country faces stiff competition from its neighbours. i sat down with the prime minister of malaysia and asked him about the plans to stay ahead. >>sager: you are in a very competitive regional environment. in a nut how canyou best lure investors >>razak: if we can create opportunities for productive investment, then the private sector will do the investment because there's enough liquidity in a system. all we need to do is create the opportunities andif we can do the same the foreign investors will also come in and participate
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in our economic transformation plans. >>sager: in fact you seem to have gotten off to a good start because the abu dhabi state investment arm mubadala has already agreed to co develop the international financial district in kuala lumpur they're involved in iskandar and plan to invest in sarawak. do you see that as a vote of confidence and how strong are your ties with the middle east specifically? >>razak: i was in the state of malacca and i officiated this solar cell plan, a super duper high tech solar plan. it's the first phase of a 600 million dollar investment. the second phase is another 600 dollar investment. and that's a very strong endorsement, a ring of confidence. and of course when you mention the middle east we have very good ties with the middle east. but it's something that requires us to work at it. just because of our historical and religious links it doesn't mean it will happen by itself. it means you will have to develop both a formal and personal relationship
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with these people. and once you have develop these relationships then you will have confidence and they will look to us malaysia. >>sager: malaysia is a very unique country geographically, ethnically, culturally and in fact us secretary ofstate hilary clinton, when she was recently here she said that malaysia can be a global thought leader praising the initiatives to avoid religious tension here. what can malaysia's role be in bridging the divide between the muslim world and the west? >>razak: i think for a variety of reasons. first of all, malaysia has a very sound track record in terms of how we practice islam in this country. we've practised islam in a way to show that there is a very positive face of islam, very friendly face of islam
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to the world. islam is never associated with violence, with extremism and terrorism in malaysia so the west can relate to islam and using malaysia as a model. so on top of that, being a very, very multi-racial, multi-religious society, we understand what it needs to manage a plural society and we've shown that being a muslim country, it's also consistent with how we treat non-muslims, the minorities in this country and that islam is a religion that is inherently fair to the non-muslims. and at the same time, it is fundamentally a moderate religion. >>sager: now one of the initiatives which is very dear to your heart is the movement of the moderates. could you explain the concept and the reception you have received so far. >>razak: it is all about being moderate which is not the same as being a wimp. being moderate is
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actually to be - to do the right thing and that is what islam is all about and i stressed that the divide between us is not between whether you're muslim, christian or whether you're a jew, or whether you're hindu or buddhist or whatever it is. the divide is whether you're a moderate or an extremist. so if you're a moderate, inherent moderate. in other words you believe in basically the universal values then the world will be a lot safer, more peaceful place. >>sager: but how can moderates achieve and seize the high ground in this very cynical world that we are living in? >>razak: i think more of us should speak up, more of us should relate this in every way, not just by leaders but take it as part and parcel as being dear to us, as part and parcel
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of being a value system and the more we talk about it, the more we preach about it, it becomes the mainstream. it's important forus to make sure that moderates become the mainstream of the thought process in the world. >>the peaceful swiss alps are a far cry from the tension currently spreading in the maghreb and the middle east -- while the arab street flexes its muscles, arab leaders are - stressing the need for stability and economic integration in the face of investor jitters. >>reporter: first tunisia and now egypt - street protests are spreading
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in the arab world -- with people demanding more political and economic opportunities - a sentiment echoing all the way to davos: >>lyons: and against the backdrop where inflationary pressures are building, food prices are rising, jobs arenot being created - it's no surprise that people take their frustration out, either through the ballot box or where they can't do that through the ballot box then on the street. so we should not be surprised. >>reporter: leaders across the middle east are now under increasing pressure to react. worried about their young, frustrated populations and their need for change. >>naqvi: it is very important to recognise that the growing potential unemployment in the region is somethingthat is going to come home to roost. so the more focus there is done on integration the more arab countries and governments start thinking with each other, as opposed to solely thinking in a micro-perspective, the more the region will develop and it is a very critical part of the world in the future. >>reporter: certainly economic integration across the pan-arab space is
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seen by many as a way of stabilising theregion and promoting growth. >>rachid: what we need to do is to of course to increase the level of confidence and mindset of not being afraid or concerned of integrating into the world economy that fear of trying to put a fence around us historically and not being integrated is one of our biggest obstacles today. >>mohieldin: there are opportunities, there are aspects of good development opportunities if the arab countries manage to get together, mobilise their resources, get their infrastructure established to connect themarkets and to connect these markets with the world economy at large. >>easen: one vehicle is gafta - the greater arab free trade area - 17 countries are now
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members. in its 13th year it's still trying to match other regional trading blocs from southeast asia to north america. >>mallawany: in my opinion what we are looking for is ultimately to become an economic bloc like nafta or like european union. this is the ultimate goal. is it going to happen quickly? that is a very ambitious goal. so it will take time but we have to start. >>rachid: today i think we have a serious chance. most of the arab countries have adopted a market economy. wehave ten of them in the wto. another six are applying more important than that we have companies wehave regional companies, operators and players and who can actually move this idea of a common market and joint market. >>reporter: pan-arab integration is already the mantra for some firms -- take rotana hotels preparing for the recent arab economic summit in egypt's sharm el sheikh.
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>>nahas: during the conference we also seek the assistance of our colleagues from the rotana group in the middle east, in the uae, in lebanon and syria. so i think this diversity this is what makes us unique. >>reporter: the company employs over ten thousand people across 41 hotels from all the arab countries - nearly 30 more properties will open in the next few years. >>nowais: the challenge of today is to get the right people and to train them and to give them all the incentive. there is so much things in the arab world with the money they have and the human resources they have they can really you know utilise all these unemployed people in this part of the world.
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>>reporter: it's not just about jobs, but developing infrastructure - roads, rail, electricity and telecoms thatwill then facilitate better trade within the arab world. >>mallawany: bilateral investment between the arab countries and each other does not exceed 7 percent of the funds flowing to the international markets from the arab world. and at the same time the bilateral tradeis only 12 percent, it's meagre as compared to the potential that those arab countries can do. >>reporter: new flows of wealth and investment within gafta could usher in a new era of stability in the middle east. >>rachid: one of the biggest obstacles of course is some of the massive differences of the level of economy between the economies, between the arab countries. you have some very rich countries and you have somevery poor countries and i don't think there is enough mechanism to handle that. >>reporter: that's why the arab world is in a race against time. mindsets need to change backed up by action - both on the economic and political front.
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>>that's it for this week's world business from davos. thanks for watching. we'll see you again atthe same time next week.
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