The42nd Summitof theAssociation of Southeast Asian Nations (ASEAN)has kicked off in Indonesia with a theme ofASEAN Affairs: Epicenter of Growth. The summit aims to demonstrate the blocs hopes and efforts to become the center and driving force behind global development.
President Joko Widodo, who holds the presidency of the bloc, emphasized the enormous potential of the ASEAN region, which has a total Population of around 650 million inhabitants and consistently outperforms the world Average in terms of economic growth. He called on member countries to unite in terms of production power to make Southeast Asia the center of global growth.
Enhancing ASEANs attractiveness to foreign will likely also be discussed. The bloc is keen to attract firms currently looking to divest their manufacturing base away from China. ASEAN offers cheaper labor costs, but red tape and underdeveloped high-tech industries remain an obstacle.