Organised by the ABC and the CIMB ASEAN Research Institute, a public organisation committed to realising the AEC, the NAF was premised on three goals: to identify bottlenecks and barriers to free trade, to construct solutions to industry-specific obstacles, and to bring together regional business leaders to shape ASEAN economic integration.
Singapore's Deputy Prime Minister & Minister For Finance, Tharman Shanmugaratnam:
Boost efforts to deliver commitments on time
ASEAN member countries have to intensify efforts to deliver their Asean Economic Community (AEC) commitments on schedule and to start working on future regional economic initiatives post-2015, says Singapore's Deputy Prime Minister & Minister For Finance, Tharman Shanmugaratnam.
In his address at the inaugural Network Asean Forum (NAF) yesterday, Shanmugaratnam underlined four key priorities, each of which offered real prospects for improvement in the region's growth. "First, we have to open up further, and create conducive conditions for private investment to grow."
Tharman said unlike China, which was shifting from investment to consumer-driven growth, ASEAN'S challenge was opposite to rebuild investment levels.
The deputy prime minister said the second priority was to invest in raising productivity. "This is in fact a real opportunity in ASEAN. Productivity levels in ASEAN economies (excluding Singapore) range from five per cent to 35 per cent of the level in the US," he said.
Shanmugaratnam said the third priority in ASEAN was to ensure that it could take advantage of opportunities in China's evolving economy. He said China's wages were rising rapidly, and will alter the Asian manufacturing supply chain. "Some ASEAN economies with relatively low labour costs will benefit by taking over some segments of this supply chain," he said.
At the same time, he said, there will be growing demand for higher value, more sophisticated products to cater to the rising middle class in China, even as Chinese producers themselves move up the same value curve.
Shanmugaratnam said the fourth priority was to accelerate regional integration in ASEAN.
Central to the forum was the sector-based “Lifting the Barriers’ roundtable sessions.
These roundtable sessions saw participants discussing issues specific to six key sectors, namely, aviation, connectivity, infrastructure, power and utilities (IPU), capital markets, financial services and healthcare.
The research partners for the sessions were National University of Singapore, Bain & Company, McKinsey & Co, Oliver Wyman, Boston Consulting Group and Accenture respectively.
The outcome of the six roundtable discussions will be reflected in policy recommendations which will be published and presented to the policymakers.
Morning sessions : roundtables of aviation, connectivity and IPU
The aviation roundtable session of the inaugural Network Asean Forum (NAF) was held in Singapore which saw captains of industry from the region gather to thrash out issues that continue to stand in the way of the formation of an integrated Asean Economic Community (AEC) by 2015.
Universal themes that emerged from the three morning sessions roundtables of aviation, connectivity and IPU included the need for Asean-wide regulations, better communication and cooperation between key industry players and the abolishment of protectionist policies.
AirAsia Group CEO and Network Asean Forum 2013 (NAF) convener Tan Sri Tony Fernandes says the regional secretariat needs more “meat and muscle.”
Speaking at the aviation round-table session of the inaugural NAF yesterday, he said: “I would like to see the Asean secretary-general having greater power and influence on the economic direction. This is so that we can channel our regional proposals to one body, which would then disseminate them to the different Asean governments.”
His comments were reflective of the current state of the Asean market, which remains a largely fragmented region comprising a hodge-podge of local regulations and standards. Participants were unanimous in noting the near limitless potential of Asean as a key global trade and production base, while agreeing that much work remained to be done in ensuring seamless integration.
The lack of a single Asean regulator in any industry and the proliferation of non-binding agreements has also played a role in preventing greater collaboration.
“We have identified a number of barriers to integration which includes the lack of transparency, issues of nationalism in investment, and of changing goalposts,” said the CEO of Ayala Corporation and IPU roundtable chair,Jaime Augusto Zobel de Ayala.
Meanwhile, the CEO of Indosat and the chair for the connectivity roundtable, Alexander Rusli, said there was a need to view Asean as a “single unit of business”.
“We need to build an ecosystem through the Asean spirit with one set of standards defined across the board.
“The end game has to be that (in the case of connectivity), wherever we bring our devices, charges have to be transparent and the user experience must be seamless. Otherwise, people will find other modes of communication,” he added.
Afternoon sessions : roundtables of capital markets, financial services and healthcare.
NAF convenor Nazir Razak, group chief executive of CIMB Group, added that there was insufficient critical-mass support for ASEAN economic integration and although there had been improvement, much more needed to be done in these areas.
"Individually, each of the countries within ASEAN - with the exception of Indonesia - represents a relatively small market. We want to compete with the likes of China and India, and with the US and Europe, which must recover at some point. To do so, we must build scale but not for scale's sake alone. We must scale up in a sustainable and inclusive manner, and that means creating a collaborative regional bloc," he said.
(新加坡23日讯)新加坡副总理兼财政部长尚达曼指出,东协国家不应再仰赖过去靠外围国家的增长模式,而应进行基本面结构改革、提高私人界投资和生产力、顺应中国经济改革方向,并积极推动东协经济一体化。