OECD and Southeast Asia: Collaborative Efforts to Cultivate Sustainable Investments

Sat, 04 Nov 2023 22:33:00  |  Print  |  Email   Share:

The OECD-Southeast Asia Business Network Business Roundtable and Policy Dialogue, co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the Organization for Economic Cooperation and Development (OECD), took place in Hanoi on October 26, as part of the OECD-Southeast Asia Regional Program Ministerial Forum 2023.

ASEAN BAC and BIAC sign an MoU to improve the connectivity and performance of the OECD-Southeast Asia Business Network

The event brought together over 100 experts, scholars and business leaders from OECD and Southeast Asian countries to explore sustainable investment and cooperation opportunities between the two regions. The meeting examined new trends in sustainable investing and discussed the opportunities and challenges that Southeast Asia faces in advancing this agenda. Key topics included climate change adaptation and mitigation, employment creation in environmental protection and green economic development.

VCCI President Pham Tan Cong highlighted the importance and relevance of sustainable investing for the development of each country, especially in Southeast Asia. He also stressed that the event was not only a meeting but also a valuable platform for policymakers and entrepreneurs from both regions to exchange views, identify important trends and develop joint strategies.

Mr. Phil O'Reilly, former President of Business and Industry Advisory Committee to the OECD (BIAC), welcomed the positive development of OECD-Southeast Asia relations. He commended the continuous organization of the Ministerial Forum in Hanoi for two consecutive years under the co-chairmanship of Vietnam and Australia for the OECD Southeast Asia Program for the 2022-2025 term, creating opportunities to enhance sustainable investment and cooperation.

Through two business roundtable and dialogue meetings, OECD and Southeast Asian speakers, governmental officials and business representatives agreed on a set of recommendations to leverage potential and foster mutual investment cooperation, such as strengthening the capacity of businesses to adapt to climate change, especially for small and medium-sized enterprises; investing in green research and development, skills training and employment creation in environmental protection sectors; developing incentive policies for the growth of green economy and circular economy; focusing on developing and applying science and technology in production to attract resources for sustainable development.

A highlight of the event was the signing of a memorandum of understanding on cooperation between the ASEAN Business Advisory Council (ASEAN BAC) and Business and Industry Advisory Committee to the OECD (BIAC), which aimed to establish a specific framework to improve connectivity and performance of the OECD-Southeast Asia Business Network. This demonstrated the strong commitment of both sides to addressing challenges related to climate change and the environment.

This important meeting provided a solid foundation to ensure that sustainable investment contributes to economic development while minimizing negative impacts on the environment. This was a significant step to boosting sustainable investment cooperation between OECD countries and Southeast Asia and importantly contributed to building a sustainable future for both regions.

By: Giang Tu, Vietnam Business Forum

Source: https://vccinews.com/news/51035/oecd-and-southeast-asia-collaborative-efforts-to-cultivate-sustainable-investments.html


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