Asean marks 50th anniversary with record participation at WEF

KUALA LUMPUR: The 10 Asean countries marked the region’s 50th anniversary by setting record participation at the World Economic Forum Annual Meeting 2017 (WEF) in Davos-Klosters, Switzerland, held from Jan 17-20.

More than 100 participants from the region attended the meeting including the Prime Ministers of Vietnam and Cambodia, 22 government ministers and leaders of 36 regional companies.

Head of Asia-Pacific at the WEF, Justin Wood, said the annual meeting was an occasion not only to reflect its achievements but to visualise the future and consider the priorities for the region. “Asean’s record participation in Davos this year was the hallmark of the region’s historic 50th anniversary and its rising importance,” he said in a statement.

He said with 630 million people, comprising mostly the younger generation, Asean had tremendous economic strength.

“In 2016, the 10 economies of Asean were collectively the seventh-largest economy in the world. At the start of 2017, that rank has improved to sixth and by 2020 it will be fifth,” Wood said.

Meanwhile, Datuk Seri Nazir Razak, who is the chair of the forum’s Asean Regional Strategy Group, said the Asean organisation had achieved more than anyone could have imagined over 50 years.

“Most importantly, it has helped to promote regional peace and harmony so that our nations could develop in an environment of stability and good relations.

“It has joined together 10 highly diverse countries into a more integrated community with deepening economic linkages that are helping to underpin regional prosperity,” said Nazir, who is also CIMB Group chairman.

He said for Asean to continue its journey, it must consider how it could address the many remaining barriers that stood in the way of creating a truly competitive regional market.

“We have to build much-needed infrastructure and educate the youth in the region so that they will have the skills for the jobs of tomorrow.

“We also have to encourage entrepreneurship and the development of small and medium enterprises,” he added. — Bernama