Deputy Prime Minister Gan Kim Yong highlighted ASEAN’s increasing global economic relevance at the ASEAN Conference 2024, emphasizing its potential to benefit Singapore significantly. Despite global challenges like US-China trade tensions, conflicts in Ukraine and the Middle East, and rising protectionism, ASEAN stands out as a resilient and vital economic bloc.
Asean as bright spot
With a current nominal GDP of approximately US$3.6 trillion, projected to reach US$4.5 trillion by 2030, ASEAN aims to become the world’s fourth-largest economy driven by domestic consumption, export-oriented manufacturing, and a young workforce.
To achieve this, ASEAN plans to enhance economic integration, promote sustainability and digitalization, and expand trade and investment with non-ASEAN partners.
Key initiatives:
- Johor-Singapore Special Economic Zone (SEZ) to improve cross-border connectivity and
- The ASEAN Power Grid project for regional electricity trading, illustrating ASEAN’s commitment to deeper economic collaboration.