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Asian Angle | Closer intra-Asean ties are vital to realise region’s growth potential, hedge against external risks
- With stronger cooperation, Asean can become a global economic heavyweight amid geopolitical and economic risks
- The grouping should aim to boost intra-Asean trade, embrace the digital age and improve market inclusivity to realise its growth potential
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Despite an increasingly fragmented global scenario, the recently concluded Asean summit in Indonesia offers a much-needed dose of optimism.
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Having spent a week in Jakarta for the Asean summit and related meetings, as well as a host of other business and investments-focused gatherings in early September, I am confident that stronger cooperation among our geographically linked economies is the way forward in hedging against heightened geopolitical, climate change and future pandemic risks.
I have always been a firm believer in the Association of Southeast Asian Nations, with its 680-million population, young demographics and the potential of the integrated Asean Economic Community. When I was in the private sector managing a regional banking group, I consistently pushed for a stronger Asean footprint for businesses.
In the last couple of years, while the attention of member states has been focused on dealing with the pandemic and its ensuing domestic challenges, Asean still gave due attention to difficult topics, such as addressing the complexities of Myanmar’s political situation.
However, with most of our countries firmly on the path of recovery, the time has come for us to refocus on a stronger Aseanisation, particularly in the face of a gloomy global economic environment with high interest rates in developed economies, weak currencies in emerging markets, and inflationary pressures due to the war in Ukraine.
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