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Prudent Measures Needed to Harness ASEAN's Economic Potential

Economics editor Wahyu Dwi Anggoro
21/08/2023 10:56 WIB
The ASEAN Business Advisory Council (ASEAN-BAC) emphasized the necessity of cautious steps and careful planning.
Prudent Measures Needed to Harness ASEAN's Economic Potential. (Foto: MNC Media)
Prudent Measures Needed to Harness ASEAN's Economic Potential. (Foto: MNC Media)

It was noted that under Indonesia's leadership, ASEAN-BAC has conducted roadshows to ASEAN member countries and external partners, including: The United Kingdom, Japan, South Korea, Australia, Canada, and China.

"We assured leaders and entrepreneurs that ASEAN must be taken into account due to its robust economic fundamentals, positioning ASEAN as a global investment haven," stressed Bernardino Vega, Alternate Chairman of ASEAN-BAC.

Southeast Asia holds significant potential and promising business opportunities in several sectors, including but not limited to:agriculture and food, digital economy, private-public healthcare, driving the growth of the ASEAN electric vehicle trading ecosystem, electric vehicle ecosystems, carbon market mobilization, and regional QR payment systems.

In 2010, Foreign Direct Investment (FDI) in Southeast Asia was approximately USD23 billion. This figure surged to USD47 billion in 2021. 

Moreover, Southeast Asia possesses a notable advantage in the form of abundant natural energy resources to meet global energy demands. Furthermore, ASEAN's digital economy is projected to experience significant growth, expanding from USD194 billion in 2022 to USD USD330 billion in 2025.

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