Growing Consumer Markets To Be ASEAN's Driving Force

KUALA LUMPUR, May 26 (Bernama) -- Growing consumer markets and an expansion of production networks in Asia will continue to be a major driving force in promoting increased intra-regional trade within ASEAN. Deputy Prime Minister Muhyiddin Mohd Yassin said measures taken by ASEAN governments to boost investments, as well as infrastructure development, would uphold the trend. "The next step in the evolution of ASEAN as an economic bloc beyond free trade is the further integration of the member states' economies, represented by the concept of the ASEAN Economic Community (AEC)," he added. Muhyiddin said this in his speech at the opening of the ASEAN SME Showcase and Conference 2015 here Tuesday. He added that now is the time for the small and medium enterprises (SMEs) in ASEAN to assume a bigger role, as they would benefit the most in terms of trade and investment. Muhyiddin said the AEC would transform ASEAN into a single market and production base, highly competitive economic region, a fair economic region and one that is fully integrated into the global economy. He noted that SMEs in the region would also benefit from the Regional Comprehensive Economic Partnership (RCEP) Agreement, which is expected to be signed between ASEAN and its current free trade partners including China, Japan and Australia. The RCEP negotiation is expected to be concluded by year-end. Muhyiddin said the development of the AEC Blueprint has guided Malaysia to achieve the country's intended target. "The blueprint has a dedicated strategic approach on Equitable Economic Development of SMEs. "Moving forward, from 2016 to 2025, new strategic goals are being planned. These goals will focus more on innovation, technology and productivity. They will promote the development of entrepreneurs and SMEs that provide higher value in the global supply chain," he added. The ASSC 2015, a three-day event from May 26- 28, is jointly organised by the International Trade and Industry Ministry and SME Corp. Themed, "One Business, One Community", the ASSC 2015 has sought the participation of over 100 ASEAN SMEs and 200 Malaysian SMEs, to facilitate the exchange of trade information and establish synergies for more than 450 business matching meetings. -- BERNAMA