Asia seen ready to take stronger leadership role

SEOUL: Asia's power is likely to grow in the wake of the global financial crisis and it has the chance to take a position of leadership in the world economy, business and economic leaders said yesterday.

The comments came at the annual World Economic Forum on East Asia, a gathering of business and government leaders taking place this year in Seoul.

"There is no doubt that the crisis has accelerated the shift in economic power from the West towards Asia," Peter Sands, group CEO of Standard Chartered Bank, told a symposium. "And Asia in a sense needs to step up now and play the role that such power brings."