ASEAN-BAC to Strengthen Private Sector, to Boost Region’s Economic Growth

President Jokowi walks alongside participants of the ASEAN Business Investment Summit 2023, at the State Palace, Jakarta, Friday (09/01). (Photo by: BPMI of the Presidential Secretariat)

The ASEAN Business Advisory Council (ASEAN-BAC) activities can reinforce the private sector and the Government in promoting economic growth in ASEAN, said Arsjad Rasjid, Chairperson of the ASEAN-BAC and Chairperson of the Indonesian Chamber of Commerce and Industry (Kadin).

“The first potential to be explored is the ASEAN market. Along with the journey towards progress, it is very important for us to understand that the journey towards development must begin within our own region or the ASEAN market,” Arsjad said, in a press statement, at the Presidential Office, Jakarta, Friday (09/01) after attending the Opening of the ASEAN Business Investment Summit 2023.

Arsjad said that this was supported by ASEAN’s economic growth which skyrocketed in 2022. In addition, the flow of foreign direct investment (FDI) to the ASEAN region reached US$224 billion.

“The resilient growth of the ASEAN economy which skyrocketed by 5.7 percent in 2022 with a positive outlook for the recovery of the service sector, it is estimated that the total trade in goods will also achieve strong growth of 14.9 percent or reach a total value of US$3.8 billion,” he said.

Arsjad said that ASEAN’s ability to deal with external market pressures lies in the relationship between its member states through inclusive and harmonious collaboration.

“By nurturing these relationships, ASEAN strengthens its competitiveness and establishes itself as an influential player on the global stage,” Arsjad said.

Furthermore, Arsjad explained that over the past year, ASEAN-BAC has designed a roadmap that aims to accelerate ASEAN’s growth through five pillars.

“In the preparation of this roadmap, we have carefully selected five main pillars, namely digital transformation, sustainable development, food security, health resilience, and trade and investment facilitation,” he said.

Furthermore, Arsjad also said that he has prepared eight important programs for the ASEAN Business and Investment Summit 2023 agenda that have great potential to accelerate ASEAN’s growth.

“The potential of this legacy project is enormous in supporting the digital economy, food security, health resilience, inclusive green economy transition, and intra-regional trade in ASEAN,” said Arsjad. (KS/UN) (FI/MMB)