2015 ASEAN Conference on regional economy

Hundreds of economic experts and leading enterprises attended the event. Economic competition and the commitments of the ASEAN Economic Community (AEC) were prominent among the discussed topics.

At the conference, Singaporean Minister for Finance Heng Swee Keat emphasised the potential of ASEAN regional economic development. ASEAN enterprises are guaranteed economic cooperation with regional and international business partners in a competitive environment.

"The international economic environment is much more challenging than 10 to 15 years ago. In such conditions, the Asean Economic Community (AEC) is an effective mechanism to maintain and attract more investments to ASEAN regions. And I also hope for further ASEAN inner bloc economic cooperation", Madendra Siregar, Commissioner, Board of Directors in Semen Indonesia, said.

AEC commitments for the next 10 years are vital to the development of the economic community. These include the reduction of taxation to 0 percent and more open policies for the service sector. ASEAN members should also be ready for inner bloc competition.

"Economic competition is positive. Win or lose, you will gain invaluable experience. The ASEAN Economic Community (AEC) is one of the most effective measures to create jobs and to improve the lives of ASEAN citizens. I have faith in the potential of the ASEAN market for enterprises from Japan, China, the EU, and the US", Tan Khee Giap, Chairman ofSingapore National Committee for Pacific Economic Cooperation, said.

The ASEAN Economic Community is expected to take effect from Jan 1 2016. Incompelete preparations, especially in the economic sector, will be resolved in accordance with the 2025 ASEAN Community Vision presented in Kuala Lumpur.