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Bangkok Bank is confident ASEAN is ready to welcome investments from around the world, organizing AEC Business Forum 2023 to bring together world-class leaders to share their perspectives on “ASEAN Rising: Capture New Growth” while supporting Thai entrepreneurs to seize opportunities for regional growth
November 02, 2023
Bangkok Bankis confident ASEAN is ready to welcome investments from around the world. The Bank believes the ASEAN economy will grow 4.6% next year and become the world’s fourth-largest economy by 2030, thus advising entrepreneurs to expand their businesses regionally. Recently, the Bank organized the AEC Business Forum 2023 to invite leading business gurus to share their perspectives and visions about the future of ASEAN under the topic of “ASEAN Rising: Capture New Growth” with a focus on “Rising Sectors” and “Rising Countries”. The Bank is confident in the potential of Thai entrepreneurs and supports them to penetrate regional markets for sustainable growth.
Bangkok Bank President Chartsiri Sophonpanich said that the Bank is confident that the high-potential ASEAN region will be able to grow continuously to become the world's fourth largest economy by 2030. According to the IMF, ASEAN economies are expected to grow 4.2% this year and 4.6% next year, well above the global average. It has the potential to be one of the most attractive investment destinations in the world with its rich natural resources and population of more than 650 million with a relatively high percentage of working age people.
Bangkok Bank, as a leading regional bank, organized its annual seminar, AEC Business Forum 2023, for the fifth year and the first time since the Covid-19 outbreak. This year, the event was held under the topic of “ASEAN Rising: Capture New Growth” to support Thai entrepreneurs to seize existing opportunities in the region and identify new opportunities from growing industrial businesses. The Bank was honored by experts and leading businessmen across ASEAN who came together to discuss and share their perspectives.
“We believe that ASEAN remains one of the most attractive investment destinations in the world. In addition to basic factors in terms of natural resources and population structure, the ASEAN economy is also expanding following many positive developments, such as regional free trade agreements, infrastructure investment projects, logistics connectivity and the development of innovation, an important driving force. At the same time, entrepreneurs should also pay attention to challenging factors such as the slowdown in the export situation, high interest rates and inflation, geopolitical issues and the internal limitations of each country. Therefore, it is a good opportunity to hear perspectives and experiences from executives of leading businesses in ASEAN from AEC Business Forum 2023.”
The event began with a keynote speech by Mr. Liu Xueliang, General Manager, Asia-Pacific Auto Sales Division, BYD Auto Industry Co., Ltd., one of the world’s leading manufacturers of electric vehicles from China growing rapidly in Thailand and many other countries. Mr. Liu shared his vision on the growing potential of the ASEAN market, and the growth directions and opportunities of the electric vehicle industry in the region, expected to become a strategic industry that will see more investment from China. Ms. Meliza Rusli, President Director of PermataBank, also delivered a speech titled “Indonesia Rising” in the afternoon.
Another highlight of the event was the panel discussion titled “Rising Sectors” featuring leading speakers hailing from fast-growing industries in the region, comprising Mr. David Li, Chief Executive Officer, Huawei Technologies (Thailand), representing the technology industry growing at an exponential rate; Dr. Songpon Deechongkit, Chairman of the Executive Committee, Siam Bioscience, representing the biotechnology industry, for which ASEAN is becoming a hub; and Dr. Robert Yap, Executive Chairman, YCH Group, representing the logistics industry, one of the key industries attracting investment into Asia as it rapidly expands.
The second panel discussion featured the topic “Rising Countries”, delving into discussions on rising ASEAN countries such as Indonesia – the major driving force of the ASEAN economy with a GDP value of over 1 trillion US dollars and one of a few countries experiencing strong recovery from Covid-19 with economic expansion of 3.7% and 5.3% in the past two years. The second country is Vietnam which serves as an important investment destination for businesses wishing to minimize geopolitical risk between China and the US. Last year, Vietnam had the highest foreign direct investment value in a decade. Large companies such as Dell, Google, Microsoft and Apple moved parts of their supply chain to Vietnam, with more of such moves predicted in the future with the benefits of the “China Plus One” strategy. In addition to Indonesia and Vietnam, AEC Business Forum participants also gained insights into trade and investment opportunities of other countries in ASEAN, highlighting the enormous business opportunities in the region.
The panel discussion on “Rising Countries” shared perspectives and economic highlights by three leading businessmen, namely Mr. John Riady, Chief Executive Officer, PT. Lippo Karawaci Tbk, Mr. Johan Nyvene, Chairman, Ho Chi Minh City Securities Corporation and Mr. Kuok Meng Wei, Chief Executive Officer and Managing Director, K2 Strategic Pte. Ltd., a subsidiary of the Kuok Group.
Bangkok Bank is ready to fully support our customers with our extensive network in nine of ASEAN’s ten markets and a solid financial business base in ASEAN’s two largest economies, Indonesia through PermataBank and Thailand where we have operated for nearly 80 years. Apart from offering a full range of financial services, we’ve continuously provided up to date information and knowledge to customers such as organizing the 5th AEC Business Forum 2023. The seminar served as a source of important information to provide businesses with new perspectives while supporting Thai entrepreneurs to transition to seize new opportunities across the region for sustainable growth in the long run,” said Mr. Chartsiri
The AEC Business Forum 2023 under the topic of “ASEAN Rising: Capture New Growth” was held on Thursday, November 2, 2023 from 10:00 a.m. - 03:00 p.m. at Centara Grand & Bangkok Convention Centre at CentralWorld.