Dr Koh Poh Koon, Senior Minister of State, Ministry of Trade and Industry. Council Members of ASEAN Business Advisory Council.
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1 Welcome Remarks by Dr Robert Yap, Chairman ASEAN Business Advisory Council Singapore ASEAN Outlook Conference th January 2018, 2:40 pm Supply Chain City, Ballroom Dr Koh Poh Koon, Senior Minister of State, Ministry of Trade and Industry. Council Members of ASEAN Business Advisory Council. Council Members of East ASEAN Business Council. Distinguished Speakers, Ladies and Gentlemen. Good Afternoon. 1. On behalf of the Singapore Business Federation and ASEAN Business Advisory Council or ASEAN BAC, I would like to extend our sincere gratitude to Minister Dr Koh for gracing today s event as our Guest of Honour.
2 2. It is also my pleasure to warmly welcome our overseas guests from Southeast Asia, China, Japan and South Korea, as well as our distinguished speakers, who have taken time off their busy schedule to be with us today to share their insights and business experience in ASEAN. Importance of ASEAN (Economic Growth and Market Size) 3. ASEAN is an important economic region, with a combined GDP of US$2.6 trillion and more than 630 million population. 4. Over the last few decades, ASEAN s growth has been astonishing. For instance, between 1975 and 2016, the ASEAN economy multiplied 30 times, from US$87.2 billion to US$2.6 trillion. If ASEAN is a single country, it will be the seventh-largest economy in the world, and projected to be ranked as the fourth-largest economy amounting to over US$9.2 trillion by ASEAN is therefore a region where global businesses would want to be in. For example in Singapore, according to SBF s very recent National Business Survey 2017/18 (released last week), Singapore companies have voted, in order of priority: Myanmar, Vietnam, Indonesia, Thailand,
3 Philippines and Cambodia as the top six countries where Singapore companies would want to venture into. 6. Based on the same survey, the most immediate assistance required by Singapore companies for their internationalisation are in areas of compliance and regulatory improvement on the ground. This is an area which ASEAN BAC could look into and enable better economic integration within ASEAN. Technology impacting business landscape in ASEAN 7. Technology is fast disrupting the business landscape globally. ASEAN is not spared from the impact of new technology and new business models which have been disrupting many traditional businesses, as well as creating new ones. Within a short span of time, we have seen the titanic rise of ASEAN companies such as SEA, Grab, GoJek and Tokopedia. These companies have successfully embraced technology and brought about changes to the traditional business model. They have shown us the challenges and opportunities facing ASEAN businesses today are different compared to its early days. They are excellent examples to prove that digitalisation wave is already in ASEAN and businesses would have to look at how to adopt, adapt and advance.
4 ASEAN BAC 8. This year, Singapore assumes the Chairmanship for ASEAN. It is also the same year where Singapore assumes Chairmanship for ASEAN BAC is the second time ASEAN BAC Chairmanship landed in Singapore s hands. 9. For the benefit of those who do not know about ASEAN BAC, ASEAN BAC was formed following decision of the ASEAN Leaders at the 7th ASEAN Summit and launched in April 2003, with the mandate to provide private sector feedback and guidance to boost ASEAN's efforts towards economic integration. 10. To kickstart the ASEAN 2018 series of business activities, SBF and ASEAN BAC present to you today, The ASEAN Outlook Conference, which aims to look at the macro trends in ASEAN and what companies should look out for when doing business in this region. We have invited prominent business leaders from companies with ASEAN footprints and deep ASEAN experience to share their knowledge with us.
5 11. Once again, on behalf ASEAN BAC and the Singapore Business Federation, I sincerely welcome all of you to this event and I hope you have an enjoyable and fruitful afternoon. 12. Thank you.
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