Privatise Asia's poorly-run public utilities
Francis Yeoh says it's time to open up Asia's poorly managed public utilities to private competition, to allow millions access to decent services that will improve their quality of life
If key public utilities are to meet a common quality standard throughout the world, then those nations that have so far resisted opening up these services to private competition will need to think again.
It is no coincidence that the countries still crying out for clean, running water or state-of-the-art electricity services are those where legal and regulatory frameworks have not been put in place.
It is no longer acceptable for governments to control public utilities unchecked by independent regulators, or without being held accountable to some supervising body. It is this system of regulation - like the one developed by Britain during privatisation in the 1980s - that opens up key services to foreign investment and allows utilities to flourish.
Every year, more and more people move into a higher income bracket and they want public services to match their new quality of life. If millions are denied access to quality services in large parts of Asia, year after year, resentment may build up. We saw this happen during the Arab spring, where ordinary people demonstrated on the streets.
While this may not happen in Asia, it should serve as a cautionary tale to governments. People will only put up with so much before they feel they have nothing to lose by taking to the streets. Running water and electricity should be a fundamental human right in any culture.
We must end the regulatory and economic nationalism that exists in [China and Japan]
The internet and social media have opened up the world in new ways and it is easier than ever for consumers to see the vast discrepancies which exist between nations. How will people in China and India who have no access to clean water feel when they look at services in Britain, Australia or Canada?