ASEAN-BAC 2023: Opening up New Spaces for Economic Integration in ASEAN

Sat, 16 Sep 2023 09:07:00  |  Print  |  Email   Share:

The ASEAN Investment and Business Week, under the leadership of Indonesia, has just begun, promising to create new economic cooperation opportunities in line with contemporary trends.

 

The ASEAN-BAC Week officially began in the presence of the President of Indonesia.

On September 1, 2023, Arsjad Rasjid, the Chairman of the ASEAN Business Advisory Council (ASEAN-BAC), announced the opening of the ASEAN Business and Investment Summit Week 2023 in Jakarta, Indonesia.

The event was attended by the President of Indonesia, Joko Widodo (Jokowi), along with 150 delegates representing business communities from Indonesia, ASEAN member countries, and international participants. Vietnam's ASEAN-BAC Chairman and Vice Chairman of VCCI, Nguyen Quang Vinh, represented the Vietnamese business community at the event.

According to Arsjad Rasjid, serving as the ASEAN-BAC Chairman in 2023, Indonesia has laid a significant and robust foundation to facilitate active contributions from businesses towards economic development in the region.

"We have established a solid foundation to make it easier for business entities to develop, create a stable and peaceful region, uphold international law, and human values within ASEAN," Arsjad stated during the opening ceremony.

President Jokowi emphasized that ASEAN has proven itself as a peaceful, stable, and increasingly prosperous region. ASEAN's economic growth in 2024 is expected to be the highest in the world, reaching 4.5% compared to the previous year (YoY). ASEAN also attracted the highest foreign direct investment (FDI) in 2022, accounting for 17% of FDI inflows into ASEAN.

 

Vietnam's ASEAN-BAC Chairman and Vice Chairman of VCCI, Nguyen Quang Vinh (left), represented the Vietnamese business community at this event.

On the other hand, Indonesian leadership also declared the need for ASEAN to have a breakthrough strategy with stronger cooperation.

"We cannot do this alone, among countries, among entrepreneurs, and among communities. Therefore, I hope ASEAN-BAC plays a bigger role in developing and implementing strategic cooperation among relevant parties," President Jokowi stated.

Arsjad, who is also the Chairman of the Indonesian Chamber of Commerce and Industry (KADIN), emphasized that under the theme "The Centrality of ASEAN: Greater Renewal Towards Comprehensive Centrality," ASEAN-BAC is determined to transform ASEAN into the most attractive investment destination and global trade hub.

"We have conducted in-depth research and roadshows to garner support from partner countries such as China, Canada, Australia, Japan, and South Korea. ASEAN-BAC is highly focused on centrality, innovation, and comprehensiveness, stemming from the fundamental values of 5P, namely People, Planet, Prosperity, Peace, and Partnership," Arsjad explained.

During the discussion, five priority issues were developed into seven successor projects. These projects include the ASEAN QR Code, ASEAN P2P Peer-to-Peer lending platform, Wiki Entrepreneur entrepreneurship encyclopedia, ASEAN Center for Zero Emissions Goals, Carbon Excellence Center, ASEAN Vaccine Program, and a comprehensive closed-loop model for agricultural products.

 

Business community leaders from ASEAN countries took a commemorative photo.

Arsjad stated, "I am optimistic that these seven successor projects will have a significant impact in ushering in a new era for business activities in the region. This will also be one of the topics of discussion among business entities and government leaders."

A series of programs will run from September 1st to September 9th, including the ASEAN Weekend Market, business forums such as the ASEAN Women CEOs Forum, ASEAN Climate Forum, ASEAN Next Generation Business Forum, and ASEAN Investment Forum. In addition, the ASEAN Business and Investment Summit and the ASEAN Business Awards will be held during this period.

Arsjad believes that ASEAN's intrinsic strength lies in the mutually reinforcing relationships among its member countries. This comprehensive and harmonious cooperation sets the foundation for progress, helping the region withstand external market pressures.

"By nurturing these relationships, ASEAN enhances its competitiveness and asserts itself as an influential player on the global stage," KADIN Chairman stated.

According to Truong Dang (Business Forum Magazine).

 

By: Translator: LeAnh-Bizic

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