ASEAN summit to help biz survive slow market growth

06 November 2015
The Brunei Times

THE upcoming 12th ASEAN Business and Investment Summit 2015 in Malaysia will focus on helping businesses explore new opportunities upon the implementation of the ASEAN Economic Community at the end of the year.

This year’s summit also aims to help businesses survive the sluggish market growth and other problems surrounding the region

The year 2015 has been a “challenging year” for ASEAN with investors pulling out from emerging markets such as Indonesia and Malaysia, according to Tan Sri Dr Munir Majid, chairman of the ASEAN Business Advisory Council (ASEAN BAC)

“This growing concern needs to be examined in depth, especially with regard to the process by which the public and private sector usually interact,” he said in a statement issued yesterday.

He said, traditionally, the public sector has been mainly involved in policy making, with the private sector required to conform to the policies.

“There is a need to address this structural issue as it does not benefit the region as a whole. Both parties need to be ASEAN-conscious and committed, as well as share and address challenges in partnership, in order to drive the ASEAN agenda forward,” Tan Sri Dr Munir added.

He said both public and private sector need to be “open to new things” to move to the next level.

This, he said, includes being receptive to new talent, research, development, technologies and discoveries.

“It is only through this that we can have better economic integration and more seamless business across the region,” said Tan Sri Dr Munir.

This is the 12th instalment of ABIS and considered as the most important one due to the impending implementation of AEC at the end of the year.

He said ABIS will be the perfect forum to serve this purpose, accelerate growth and make more businesses resilient.

“ABIS also provides access and exposure to quality insights that will help propel businesses to greater heights,” he said.

The ASEAN BAC said this year represents the most important installation for ABIS with Malaysia as the chair of ASEAN 2015.

The conference, organised by the ASEAN BAC, will feature more than 1,000 companies across the region, providing attendees with the ability to plug into ASEAN’s extensive network of partnerships.

The ASEAN BAC was created following a decision made by ASEAN Leaders at the 7th ASEAN Summit in April 2003 with the mandate to provide private sector feedback and guidance to boost ASEAN’s efforts towards economic integration.

The council submits its annual recommendations for the consideration of the ASEAN Leaders.

ASEAN BAC’s members are appointed by the Ministers in charge, and comprise of high-level CEOs of companies from each member country.

The ABIS is ASEAN’s premier annual Business and Investment event which serves as a platform for the business community to engage with the region’s leading business and government leaders who are shaping and influencing ASEAN’s economy. –Fitri Shahminan