Southeast Asia prepared to be the new world economic power

LABUAN BAJO, Indonesia — The Association of Southeast Asian Nations is demonstrating its confidence in becoming a new global economic powerhouse, reflected at a summit held May 10-11 in the Indonesian city of Labuan Bajo.

This year’s 42nd ASEAN Summit was held under the Indonesian ASEAN Chairmanship.

“We have a strong asset as the epicenter of growth, an economy growing well above average global economic growth, demographic bonuses and sustained regional stability,” Indonesian President Joko Widodo said May 10 at the opening session of the summit.

In his remarks at the summit, Vietnamese Prime Minister Pham Minh Chinh, quoted by the Vietnam News Agency, highlighted three core factors of ASEAN’s characteristics – values, vitality and reputation – that have helped the regional bloc maintain independence and strategic self-sufficiency, become the epicenter of growth, and better adapt to external shocks.

In an April report, the Asian Development Bank projected that the economies of the Asia-Pacific region will grow 4.8% this year and next, up from 4.2% in 2022, adding that growth in the region remains resilient.

Leaders and senior officials are participating in productive bilateral and multilateral meetings. For example, Widodo met with Pham Minh Chinh on May 9 and they discussed joint efforts towards a bilateral trade target of $15 billion by 2028.

On the same day, the leaders of Indonesia and Timor-Leste agreed to form a joint working group for economic development in their border areas. Indonesia proposed immediate talks on a bilateral investment treaty.

“When we talk about ASEAN being the epicenter of growth, it is related to opportunities,” Indonesian Minister of Tourism and Creative Economy Sandiaga Uno said at a press conference on May 10, emphasizing opportunities in the sector. of electric vehicles.

Indonesia has been on its way to promote the use of electric vehicles in the archipelago and the region in the midst of an energy transition to reduce emissions.

An agreement on the development of a regional electric vehicle ecosystem was ratified during the summit to make ASEAN a global production center for the electric vehicle industry.

ASEAN has set itself a goal of increasing the share of renewable energy in its energy mix to 23 percent by 2025 for a low-carbon future.