Transcription
Every corruption in the country, from the local level to the federal level, all the Nepalese citizens are fed up of corruption. Every youth are going outside the country. So we want to protect our youth and make the country's economy better. For that, we need a new youth, new power, and new politicians who are well-educated to move the country forward, to hold the enemies of democracy accountable. People like Duterte, who don't care about human rights, and um, or also involved in corruption. People like Marcos, who um, who destroyed or spread so much misinformation and also turned a blind eye to corruption.
[Applause] [Music] A snapshot there of what's driving discontent, uh, in some Asian nations recently. Economic inequality, political elitism amongst their major gripes. Back again, Dr. Shashi Jakuma and Miss Angela Manchini. Thanks so much for staying with us. Uh, before we went to break, we pointed out two areas in which young people might want to change themselves, either leadership or wanting leadership that gives them a chance for an improved life. Even assuming either can that realistically be granted, given by any who actually does want to engage and to meet the needs of young people?
I, I think a lot of this issue is predicated on, on trust. The degree to which the, the youth, the rising demographic in Gen Z, have a trust in it might be the, the ruling government or the political process. And it seems to me, I don't, not saying the situation is irrecoverable, but unfortunately, trust has been seriously damaged or dented in, in some of these countries. May be recoverable. From my personal experience in youth for engagements, I tend to, to, to be in, in Singapore. I wouldn't say Singapore is immune from all of it, but I think there are ways to either co-opt the youth, their various NGOs, or grassroots, and many of them are, are youth-led themselves. And they, they come forward with their own views, and they engage universities, and they engage political office holders as well. And they talk about, and this is important, very contentious topics. It could be Gaza, it could be Palestine. And quite frankly, from someone who's not a youth, from someone who's a bit older, talking about contentious topics that I think we wouldn't have ventured to, to dare to talk about 20, 25 years ago. So I'm not trying to sugarcoat this. You may leave these for us still disagreeing with the prevailing view or the establishment orthodoxy, but you at least give a chance to, to ventilate your view, your, your grievance. At least a process has started where you're coming potentially to a meeting of minds. I think that's very important.
For young people to feel they are being listened to and possibly their grievances acted on, or for example, existing, uh, institutions such as, uh, elections, uh, judicial bodies, media organizations. Those are other ways in which you can let people know their unhappiness is being heard and possibly being addressed. So this is not, have or the suggestion that these have failed in countries that have seen mass protest and the toppling of governments. Would you agree with that?
Yeah, I think what you're saying is right. And I'd also add there's another avenue, which is bringing youth into, in up through the political parties, which some countries have done better than others. But what I'd add to it is, even if you are in a situation where you have youth either coming up through those political parties, which you see in places like the States and elsewhere, or if you have a situation where the youth, you mentioned some caretaker governments where they are playing a bigger role, it's not easy to lead nations that also include, you know, from the youth up to pensioners. And if you have a situation on the back of protests like we've seen in Nepal and elsewhere, you have caretaker governments coming in, having to ensure order and stability, rebuild the infrastructure that was damaged, address the Gen Z concerns, but also again, you've got what's the role of the traditional opposition parties? What's the role, you know, what do you have to do to, to do right by the military, to do right by the pensioners? So, these are not easy topics. And I also don't think many of these countries want a situation where you're only governing for Gen Z, right? Because you need to be a leader for all people. So, not easy.
Uh, in fact, Dr. Jakuma, this is an issue I have sometimes, and I hear when I have to speak to, for example, local organizations. I look and we need to find out how we appeal to young people. And I think, why are you not thinking of appealing to me? Why do I not also matter? Surely, if you grow the economy and real genuine, authentic, organic growth that gives chances to everyone, would meet all the needs of young people as well? When you, you talk about middle-class contract acting in Indonesia, that's not a young person thing, is it?
No, no, it's not. I think there are concerns all across the board. If you look at recent news reporting here in Singapore regarding the prospects and possibilities for those who have just left universities and and polytechnics as well, it's clearly it might partly have to do with AI's advent, might have to do with structural issues such as cautiousness on the part of hirers and employers, but clearly they're finding it difficult getting their first foot up the the employment ladder. But I guess my point is, and this speaks to the issue of trust. Government manpower ministry, workforce Singapore have taken on board quite early and in a proactive way the sense that something is not quite right in the wider employment market and are making appreciable moves when it comes to apprenticeships, training ships, and so on and so forth. So I think I'm not saying the Singapore system is perfect by any means, but the way in which they react quickly to structural issues and take on board these issues with whether it's employment or or whatever is is actually very important.
All right. So, uh, we've seen flash points in, uh, uh, different governments or different parts of Asia. So there's immediate acting, and there's while you tackle the immediate fire, acting so that longer-term issues are also addressed. Is that hard to do? Is that not hard to do?
I do think it's hard to do because one can do it, but you need to also go right down to the root of the education system. Right. So there's conversations been happening in countries around Asia and also globally around what are those jobs in the future, particularly as AI and other technologies come, you know, come to the fore. Are we giving the right education to youth? Are we giving the right apprenticeships? Maybe it's not four-year universities, maybe you need more apprenticeships and vocational positions, etc. But, you know, really making sure that you're having people skilled in what it is they need to be skilled in, right at the same time that you're again, authentically trying to grow that economy and have those opportunities.
So I completely agree. So the sense of giving people hope for, for the future, and not just for themselves, but their, their kids. The sense of trust is going to be very, very important in time to come.
But I do want to add, for some of the countries that we, and your correspondents have surveyed, they're not necessarily gone cases by any. I mean, there's so much optimism in some of our nearest neighbors, Thailand and Indonesia as well. Some of the economic fundamentals for some of our near new near neighbors, despite the protest, despite the unrest that we are seeing on our screen, actually the long-term positives. Commercial clients I speak to, perhaps Angela speaks to, actually are actually rather bullish. And I don't think we should forget that.
All right, uh, and I would like to add, and I'm afraid time has run out on all of us. So, uh, both of you, let's start with you first, Manini. Uh, I would like to end with what you said. So news we necessarily go with protest pictures and sometimes the worst-case scenarios, but you were telling me earlier that in terms of investment outlook, it's fairly stable for Indonesia. So what young people may feel is not a good thing, or Thailand, uh, in fact, investment corporates think it's a good thing because nothing, in fact, has changed. So 30 seconds each, your balanced picture, very difficult, what's happening right now. First.
Well, I do, yeah, I do, in brief, I would say I do think, of course, corporates are recognizing the political change and, you know, rightly so, that there is political change happening. I think what's key is seeing how the leadership in these countries adapts to it and is being nimble and actually addressing voter concerns. In the case of Indonesia, we actually saw some change, a cabinet shakeup and what have you. But I think we are, my company, Control Risks, works for 80% of the Fortune 500. Big, big interest in new market entry around Southeast Asia, including some of the countries that we're discussing. It is a, a good time to be investing and working in around Asia, regardless of some of the political changes that are happening.
I would not call the disturbances that have happened in Asia, and especially our nearest neighbors, uh, mere blip by any means. That will be to, to underrate it. But I would also agree with Angela's point that the macro fundamentals for some of the, the countries which actually Singapore relies on for opportunity, for, for investment, are actually there over the longer term. I also agree that the PBO government in particular has been fairly agile in the way it's tried to deal with and diffuse. They may well be over the words. It's still a little bit early to, to say. I, I would simply end by saying we, in Singapore, investors, private sector, also the younger generation should not forget, in my view, from all that I see, given the stable, the, the good fundamentals, that there are prospects and possibilities in some of our, our nearest neighbors, even to the extent of seeking our futures there. And that's important. Thanks so much for coming in to join us this evening. Dr. Shashi Jakuma, Executive Director at SJK Geostrategic Advisory, and Angela Manchini, Partner and Head of the Global Risk Analysis Practice for Asia-Pacific at Control.