Asean Needs Bolder Reforms to Attract Investments in More Fragmented World: PM Wong

Bloc Must Strengthen Cooperation to Form a Seamless, Competitive Single Market, He Says

- Ng Wei Kai

Asean must become a more seamless and competitive single market, one that attracts businesses and investments looking for alternatives in a more fragmented global economy.

To get there, bolder reforms are needed, Prime Minister Lawrence Wong said in a video message posted on YouTube on July 5, adding that the association's 10 nations may be limited in scale individually but together have considerable weight.

Asean today has 700 million people, and it forms the fifth-largest economy in the world and is projected to be the fourth largest by 2030.

The next decade will be critical to unlocking its full potential, said PM Wong, who has just finished his introductory visits to Asean capitals with the exception of Myanmar, which he said he hopes to visit "when the situation is more conducive".

He said: "Continued peace, stability and growth in Asean will transform our entire region — and this will translate to better jobs, opportunities and living standards for all our peoples."

The key to achieving this lies in closer integration among Asean economies.

PM Wong noted that supply chains across the bloc already span multiple countries, leveraging their complementary strengths.

He gave the example of cotton from the Philippines. This could be spun in Thai factories, dyed and sewn in Vietnam, and exported to the world.

"This is the kind of cooperation we must strengthen."