Singapore, October 22:

Chinese entrepreneurs from Asia were urged today to maintain their ‘economic prowess’ with investment projects in India and China.

Globalisation in the region has given impetus to the two huge economies of China and India, which has in turn spearheaded the growth of the regional economies, deputy prime minister Wong Kan Seng told the Asian Chinese Entrepreneurs Summit in Singapore. Wong called on enterprises in Singapore to cooperate with their counterparts in the Association of South-East Asian Nations (ASEAN) and other regions in Asia, to enter into joint investment projects in China and India.

“The lineup of the 500 most powerful Chinese enterprises in 2006 includes very well-established and experienced business pioneers as well as resourceful young start-ups,” Wong said.

The value of the 500 enterprises has reached $898 billion, with the majority originating from Asia, Wong noted. “This is an economic prowess that cannot be overlooked. In this new era, the young generation of Chinese entrepreneurs are now highly educated, tech savvy, and have expanded into the global marketplace through a diversity of businesses,” Wong said.

The Chinese business pioneers accumulated their fortunes through sheer hard work, he said.

“Both the pioneers and the younger generation of Chinese business leaders have made remarkable contributions to global economic development.” Participants included leading business professionals, founders of new start-up companies and others.