Presenting the Geneva Business Declaration at the end of the first ICC Geneva Business Dialogue, Mr Maucher told journalists: "World business is confident that the financial crisis that has engulfed much of the world economy will be overcome without causing lasting or irreparable damage."

He was "moderately optimistic" that South-east Asia would recover from its current difficulties in two or three years. The Russian Federation was suffering terrible financial collapse but it represented only a relatively small economy in terms of gross national product. Production for internal consumption could continue.

The open questions were what happened in Japan and China, because of the potentially severe repercussions from grave problems in each of these major countries. China, however, had practised a step-by-step opening to world markets, in contrast to Russia, while Japan might need help to change public attitudes and to support needed transformations.

Asked how he could approve of restrictive measures (as imposed in Indonesia) since he is a firm supporter of gradual economic liberalisation, Mr Maucher pointed out that such measures hardly affected international industry of the type he favoured.

Nestl's factories continued to produce in Russia, to serve local demand, Mr Maucher said. Restrictive measures "will not hurt international industry," he suggested. "It invests in plant and equipment" rather than speculating with hot money. "Industry can now make a contribution by not getting nervous and making short-term decisions."

Mr Maucher urged business ventures in the problem-hit countries: "Investment has never been so cheap as now. " He cautioned: "At the same time, the returns are long-term. I encourage everybody to go on with investment."