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16th AAF: Capitalise on new opportunities to spur ASEAN’s growth

30 Jul 16th AAF: Capitalise on new opportunities to spur ASEAN’s growth

16th AAF: Capitalise on new opportunities to spur ASEAN’s growth

Rebooting ASEAN’s connectivity integral to meet region’s post-pandemic challenges 

Singapore, 30 July 2024: In the face of a fragmenting global economy, ASEAN needs to urgently forge a more connected future. This includes leveraging opportunities to develop robust supply chains and cutting-edge infrastructure, both physical and digital. This key message was discussed at the 16th ASEAN and Asia Forum, a conference organised by the Singapore Institute of International Affairs (SIIA) at the JW Marriott today. 

“While we are in a time of great uncertainty as global supply chains shift, new opportunities for Singapore and ASEAN have also emerged. We will be able to capitalise on these opportunities to spur further growth if we work together to enhance infrastructure and connectivity in the region, and build on our value propositions,” said Mr. Chee Hong Tat, Minister for Transport and Second Minister for Finance, Singapore. 

To fully realise this potential, ASEAN must accelerate its transition towards net-zero.  

Mr. Jin Liqun, President and Chair of the Board of Directors,Asian Infrastructure Investment Bank, said, “The transition towards net-zero industries represents not only a challenge but an opportunity. In particular, Asia has the opportunity to be a leader in innovation, economic diversification, and sustainable growth.” 

Mr. Suahasil Nazara, Vice Minister of Finance, Indonesia, echoes that green development is key for ASEAN integration and connectivity.  

He said, “ASEAN is unique because we have land and seas. Countries like Indonesia and Philippines are connected by seas and land, with other countries well-connected by land. They will require different infrastructure connectivity logic but sustainable development will be important to tackle the climate change issue.” 

With more than 260 participants from a wide range of backgrounds and sectors, this year’s AAF brought together key regional corporate leaders, industry experts, policymakers, and decision-makers to discuss how ASEAN can move forward with stability and resilience under the theme “Integration and Connectivity Amid Global Shifts”. 

“The global rules-based order as we know it is undergoing seismic shifts, from technological advancements to environmental challenges. ASEAN must proactively spearhead new initiatives – even if only among two or three members – to attract and anchor global supply chains in the region,” said Associate Professor Simon Tay, Chairman of the SIIA. 

One notable example of cross-border collaboration is the Johor-Singapore Special Economic Zone (JS-SEZ). 

“The formation of JS-SEZ adjacent to the Singaporean border is to foster stronger business connections, and improve connectivity between the two countries, towards attracting investments into the region. To make it a success, we recognise that it must be a concerted effort,” Dato’ Onn Hafiz bin Ghazi, Menteri Besar of Johor, Malaysia. 

Discussions at the forum also delved into the digital landscape. Mr. Satvinder Singh, Deputy Secretary General of ASEAN for ASEAN Economic Community, emphasised on the importance of seamless digital cross-border payments as an important strategic means to further advance the ASEAN financial integration, financial inclusion and the development of the ASEAN digital economy. 

Focusing on the importance of the payments sector, the SIIA also launched a Special Report, “Driving Payments of Tomorrow: How Digital Economy Trends are Shaping the Future of Payments” at the forum. It provides a landscape view of the key digital economy trends in Singapore and the payments sector in the wider digital economy. The report, supported by Visa as a knowledge partner, is now available for download at: https://bit.ly/3Yw4x1U.  

“At Visa, we believe that we play a pivotal role in helping shape the future of payments in all the markets we operate in and across borders,” Ms. Adeline Kim, Visa Country Manager for Singapore & Brunei. She added, “Furthermore, with new technology impacting how businesses and consumers pay and be paid, we want to create a more seamless and efficient payment experience for all and support Singapore’s goal in becoming a digitally inclusive smart nation.”  

The 16th AAF was made possible by organisations interested in the ASEAN region, including: 

  • Key Donors: Huawei, Moody’s Ratings; Visa  
  • Donors: PSA, Temasek, UOB 

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For further enquiries, please contact the SIIA:
media@siiaonline.org

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About the Singapore Institute of International Affairs 

Insights ● Networks ● Access  

Established in 1962, the Singapore Institute of International Affairs (SIIA) is a non-profit and independent think tank committed to producing policy analysis, fostering in-depth dialogues and bridging gaps between policymakers, private sector decision-makers and experts to shape public policy and social responses. Centred around ASEAN focused themes, the institute aims to deliver policy analysis in international affairs and on issues driving environmental sustainability. The SIIA has been consistently ranked as one of the leading think tanks in Southeast Asia and the Pacific, in the Global Go To Think Tank Index by the University of Pennsylvania. Since 2017, the SIIA was ranked the No. 1 independent think tank in Asia. It was also recognised as one of the top 50 think tanks globally, excluding the United States of America. For two consecutive years since 2019, it was recognised as the No. 1 think tank in South Asia, Southeast Asia, and the Pacific (excluding India). In 2020, it was also recognised as one of the think tanks with the best policy and institutional response to the COVID-19 pandemic.  

About the ASEAN and Asia Forum (AAF) 

Into its 16th edition, the AAF is a platform for the private sector to better understand the region’s political, economic, and strategic challenges, as well as their implications for businesses. The annual Forum draws more than 250 high-level corporate leaders and policymakers each year, and encourages open dialogue and networking among regional stakeholders.