China Daily Asia: Forum looks ahead to closer integration within ASEAN

Panelists share insights on prospect of AEC, infrastructure and investment
At a China Daily Asia Leadership Roundtable on Tuesday, panelists shared their insights on the economic development of the Association of Southeast Asian Nations (ASEAN), the prospect of ASEAN Economic Community (AEC), infrastructure construction and mutual investment between ASEAN and China.
Zhou Li, publisher and editor-in-chief of China Daily Asia-Pacific, in his welcome speech at the roundtable, said ASEAN, which groups 600 million people, is one of the most powerful bodies in Asia.
“It is no exaggeration to say that the much-awaited emergence of the ASEAN Economic Community will further strengthen this unique body, pulling together the economic threads of all 10 members while setting still loftier goals that will soon be within its grasp,” he said.
At the 12th ASEAN Summit, held in Cebu, the Philippines on Jan 13, 2007, some countries suggested the creation of the AEC and set 2015 as the target for its establishment. The 10 members of AEC are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
“Today, ASEAN has the AEC blueprint that aims to narrow the development gap using collective commitment to transform ASEAN into a single market and production base, a highly competitive economic region of equitable economic development, and a region fully integrated into the global economy,” Zhou told the roundtable.
“But sadly not all of ASEAN’s member countries were, shall I say, ‘born equal with one another’. Some suffer from disparities in such fields as socio-economic matters; some are still overcoming problems like under-privileged communities living in remote areas,” he said.
To counter these deficiencies, Zhou said, what should be done is to achieve an eventual economic convergence, which means creating a level playing field for all member countries — although it might take patience to achieve the goal.
Ngurah Swajaya, ambassador and permanent representative of Indonesia to ASEAN, said: “The AEC will be introduced into a world pillar (by end of 2015), but it faces three main delays.
“They include slow ratification of some protocols, lack of alignment of regional initiatives, and, a lack of political commitment,” the ambassador said.
However, “last year, ASEAN members agreed to re-double efforts to achieve the AEC target,” he said, adding that members would continue to work together beyond 2015.
Another speaker Anthony Wu, director of the Bauhinia Foundation Research Center in Hong Kong, noted that there was a big mismatch between the people — labor and talent — and the AEC.
But Wu said he hoped there could be better use of talented people to tackle the ASEAN market instead of just focusing on the US and European markets.
“If they (AEC and ASEAN) could work together, as the market is seeing an increase in the middle class, this could give rise to one market, and even one Asian currency,” he said.
Other speakers at the Roundtable were Roy Kuan, managing partner of Asia, CVC Capital Partners; Li Yao, CEO of China-ASEAN Investment Cooperation Fund; Sinthya Roesly, president director of Indonesia Infrastructure Guarantee Fund; Xiao Geng, vice-president of research, Fung Global Institute; and Michael Yeoh, co-founder and CEO of Asian Strategy and Leadership Institute.
joonsan@chinadailyhk.com