ASEAN Leaders and CEOs Push for Inclusive Business

14 November 2017 MANILA – The ASEAN Business Advisory Council (ASEAN BAC), composed of three CEOs/Presidents of private companies per ASEAN Member State, met with ASEAN Leaders led by President Rodrigo Roa Duterte on 13 November 2017 at the Philippine International Convention Center. Mr. Jose Ma. A. Concepcion III from the Philippines, the 2017 Chair of ASEAN-BAC and Presidential Adviser for Entrepreneurship, led the private sector.

ASEAN BAC delivered a report to the ASEAN Leaders on the importance of economic integration. Under the recurrent theme of Prosperity for All, ASEAN BAC emphasized the empowerment of micro, small, and medium enterprises (MSMEs), the promotion of women and youth entrepreneurship, agriculture, and business mentoring. Acknowledging that 95% of total businesses across the region are composed of ordinary entrepreneurs, MSMEs can join the global and economic landscape through ASEAN economic integration. The initiative to create the Prosperity for All Council will bring together various chambers of commerce, local conglomerates, and business organizations to pool resources and share strategies to benefit the MSMEs.

President Duterte expressed support for ABAC saying “We in government are eager to work and partner with you to prepare our MSMEs as a bridge to access money and other financial mechanisms, market integration and opening pathways towards global value chains.” During the interface, business leaders shared their views with the ASEAN Leaders in achieving prosperity in the region, affirmed the importance of public-private sector partnership in achieving shared prosperity, and promoted digital economy as a game changer. Shared prosperity was also emphasized as the end goal of the ASEAN Economic Community through the 3Ms: Mentorship, Money and Market. Mentorship is achieved through the ASEAN Mentorship Entrepreneurs Network; Money is achieved through inclusive financing; and Market by bringing in MSMEs in the supply chain and working towards a digital market.

The interface recognized the special role of the private sector in helping push forward the ASEAN Economic Community (AEC) agenda for freer trade relations and more intra-ASEAN investments and the viability of making MSMEs the main engine of growth in AEC. President Duterte reaffirmed support for this endeavor stating that the leaders stand in close partnership with the private sector” in “re-energizing” AEC.

The event was also attended by delegates from the World Economic Forum and guest CEOs from the Philippines and the region. END