In a recent United Nations report on the World Economic Situation Prospect 2018, it was highlighted that global economic growth in 2017 was estimated to have reached 3.0 per cent, a significant acceleration compared to growth of just 2.4 per cent in 2016. Policy changes, subsiding financial crisis and rise in the labour market are amongst the strong contributors in the improvement of the global economic landscape.
As the global economic situation recovers from challenges over the last decade, economic growth is expected to remain steady in 2018 – further regaining its strength as lingering fragilities related to the global financial crisis continue to progressively subside.
The report also showcases a favourable growth outlook for the ASEAN economy. “Underpinned by robust domestic demand conditions, I am excited to witness ASEAN’s continued growth in the global economic landscape,” says Selangor State Government Senior Executive Councillor, Y.B. Dato’ Teng Chang Khim.
ASEAN’s integrated market to form an economic powerhouse
ASEAN, as we know it, is an integration of 10 Southeast Asian countries, of which its members collectively form the sixth-largest economy in the world and predicted to grow to become the fourth largest market by 2050.
With a total population of approximately 626 million people, targeting ASEAN seems to be a logical and practical move for businesses. Even in the wake of global economic recovery, the region still remains resilient, with a projected Gross Domestic Product (GDP) growth of 5.1% this year – and expected to remain stable at a 5.1% rise in 2019.
The promising GDP stand estimates were derived from a cumulation of individual countries within ASEAN from heavy lifters like Indonesia, Malaysia, the Philippines, Singapore and Thailand; to stimulating economies like Vietnam, Cambodia and Laos. With the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) deal in March 2018, trade flows across the region continues to positively stir, thus inducing stronger economic growth within the ASEAN Economic Community (AEC).
The question that pegs now is, with the CPTPP deal in place, coupled with the opportune economic prospects of ASEAN as a single market, how can the AEC further strengthen its place in the global arena?
Selangor, the Gateway to ASEAN and an aspiring Global Trading Hub
With a solid vision of an integrated market, the AEC is unstoppable. However, what is absent now is a sweet spot that is able to propel this single market into greater heights. In other words, it needs a centre-point that connects ASEAN countries together, a place where businesses and nations can come together for a common purpose.
“Whilst recognising the arsenals that each ASEAN country has to offer, we are honoured to be able to position Selangor as the gateway of facilitating trade and growth regionally. With a track record of contributing to 22.7% of Malaysia’s GDP in 2016, Selangor has prevailed not only for its economic prosperity and diversity, but also for its resilience as a state,” says Dato’ Teng Chang Khim.
Subsequently, Selangor’s strategic geographical location, sound logistics and technological infrastructure, and its economic stability allows the state to take precedence as a significant hub for domestic and international businesses that would like to build or strengthen its presence in ASEAN.
“Our goal is now to double our efforts to enhance the state’s role as a Global Trading Hub to conveniently connect businesses operating in nations from all over the world all from one place, Selangor. With the Selangor International Business Summit series, I am confident that we can achieve just that.” – Dato’ Teng Chang Khim.
Back for its second edition this year, Selangor International Business Summit 2018 (SIBS 2018) is positioned as a solid platform for local and foreign multinational corporations, small and medium enterprises as well as entrepreneurs to showcase their products and services.
Consequently, it is also a strategic avenue for marketing, collaborations and partnerships, and providing exposure as well as information on the latest technological developments globally. Through this summit, Dato’ Teng Chang Khim aims to spearhead business opportunities and potential areas of collaboration, not only for Selangor or Malaysia as a country, but for the united community of ASEAN.
“In view of this, I am pleased to announce that SIBS 2018 will run from 6 to 16 September 2018. This time around, it will be held at Malaysia International Trade and Exhibition Centre (MITEC),” he says.
Diversity and resilience, these are Selangor’s strong traits as a state. However, what will make this state great is the ability for Selangor to stand together with other ASEAN countries as one.
“This summit can do just that by hosting a rich network of trade industry players – allowing us to connect nations globally and bring businesses, both domestic and international, into ASEAN,” contends Dato’ Teng Chang Khim.