Singaporean PM urges ASEAN members to continue pursuing economic integration

Singaporean Prime Minister Lee Hsien Loong on Monday urged members of the Association of Southeast Asian Nations (ASEAN) to "work resolutely" toward the goal of economic integration in a world "where multilateralism is fraying under political pressures."

The prime minister made the call in his speech at the ASEAN Business and Investment Summit, held in the country during the 33rd ASEAN summit and related meetings.

"ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures," Lee said.

ASEAN member states have grown and prospered because their governments have pursued economic cooperation, he said, adding the ASEAN Economic Community has become the sixth largest economy in the world, and is projected to become the fourth largest by 2030.

Last year, ASEAN attracted almost 140 billion U.S. dollars of foreign direct investments, he said.

Technological change is also creating new business opportunities, and the ASEAN digital economy is projected to grow to 200 billion U.S. dollars by 2025, the prime minister noted.

"We took progressive steps towards deeper economic integration and openness, believing this was the best way forward. The results are visible today, and yet there is so much more that ASEAN can do," he said.

The prime minister meanwhile urged businesses to also do their part.

"Our companies hope to invest more in each other's countries, and do business across all ASEAN markets. The more integrated and open our markets are, the more conducive our rules and business environments to foreign investment, the larger the pie will grow, and the more we will all benefit," he said.

Lee noted that the ASEAN Economic Community 2025 Blueprint will help guide ASEAN to deepen economic integration, open up new growth frontiers and create fresh business opportunities, calling on respective ASEAN member governments and business leaders to pursue this vision to ensure that ASEAN continues to be a dynamic region of growth.

Heads of state and government of ASEAN member states and dialogue partners are gathering here on Nov. 11-15 for the 33rd ASEAN summit and related meetings to discuss security, cooperation and regional integration.

On Monday afternoon, ASEAN trade ministers signed an agreement on e-commerce, encouraging paperless trading between businesses and governments of the bloc to generate rapid and efficient transactions.

ASEAN was established in August 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. The group later expanded to include Brunei, Cambodia, Laos, Myanmar and Vietnam.