TEMPO.CO, Jakarta - Top Indonesian leaders and academics from Jakarta and Australia warned corporate leaders to develop new capabilities and much more to guarantee success in present day 'Asian century'. The statement was delivered during a book launching event hosted by Melbourne Business School, University of Melbourne.

Melbourne Business School professors Ian Williamson and Peter Verhezen, together with co-editors and contributors to the new book, 'Doing Business in ASEAN Emerging Markets', also noted that leaders can prepare themselves for certain risks in the ASEAN market.

"Due to the rapid growth in Asian markets, along with mergers and acquisitions, leading global firms, once integral to Western-dominated technological prowess, now may have Asian or Middle East owners. This change in the global economy is putting pressure on leaders to become more in tune to this new powerful Asian economy," said Professor Verhezen at the book launch event on Wednesday, October 19, 2016, in Jakarta.

Verhezen also identified key risks or challenges leaders should look out for.

"Weak legal institutions and bureaucratic red tape often results in institutional voids can make legal and judicial certainty a far-fetched dream for many global firms, and ethical leadership is sometimes challenged by outright coercive corruption that can arise when attempting to obtain legal licenses or to finalize deals in these growth markets," said Professor Verhezen.

Verhezen added that countries will have to intensify efforts in building strong governance institution and cultures. In addition, Verhezen said that to build qualified, experienced and professional cadres, board members and managers.

The book's co-editor Professor Ian Williamson said, despite the risks, enormous opportunities exist across a wide range of industries in Indonesia and other ASEAN markets, including Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

"It is estimated that by 2050 almost half of the world's biggest companies in terms of assets and revenues will be headquartered in other 'emerging' markets, compared to 2000, when 95 per cent of Fortune 500 companies were headquartered in the developed world. This represents unprecedented opportunity," said Professor Williamson.

MAHINDA ARKYASA