Companies will only develop and prosper if they are exposed to the Darwinian challenges that competition brings. Competition is one of the best ways to strengthen domestic companies by forcing them to adopt best practices, adhere to global quality standards, and build up capable management teams. The fact that these companies work in a competitive commercial environment also helps to build confidence among investors. If they are protected, it is almost inevitable that the country offering that protection to their companies will fall behind. May I close by saying that the regulatory environment in the telecoms sector has implications that spread beyond this sector alone.
Telecoms is the infrastructure that powers the other components of the infocomm industry.
Hence, deregulation and competition in the infrastructure layer will form the foundation for the growth and development of strong companies along the entire value chain from applications and services development to content creation. I have the challenging, but I also believe, a fortunate, role as both regulator and developer of this larger vibrant ecosystem. I have been very excited by the dramatic growth in Asia which rapid deregulation and privatisation have contributed to. I look forward to the exchange of views with you on how we can create a stable and expanding market in Asia.