Companies must accept more competition in domestic markets in exchange for the benefits of ASEAN integration: PM Lee

SINGAPORE: Having benefited from the integration of ASEAN and open and connected economies, companies must also be ready to adapt and accept more competition in their markets. Originally, Prime Minister Lee Hsien Loong said on Monday.

Speaking at the ASEAN Business and Investment Summit in front of more than a thousand participants from across the region, Lee pointed out that companies were not always supportive of the region. opening domestic markets to foreign competition and could put pressure on governments to impose regulations or maintain industries. closed to protect themselves.

But he stressed that companies should do their part while the governments of the ten member countries of the regional bloc continue their economic cooperation.

"The more integrated and open our markets, the better our rules and business environments are for foreign investment, the bigger the cake and the more we will all benefit," he said.

NEED MORE INTEGRATION TO TOTALLY ACHIEVE THE POTENTIAL OF ASEAN

In his speech, Lee said that ASEAN member states had grown and prospered as their economies grew and their members became more confident about deepening integration. economic.

He pointed out that the results are visible today, citing examples such as the ASEAN Single Window, which went live in January for five Member States and aims to help economic operators to reduce costs by speeding up cargo clearance and cutting red tape Commerce, which will be signed on Monday.

Although ASEAN has "great potential," its realization depends on whether or not members choose to further integrate in a world where multilateralism "is crumbling under political pressure," did he declare.

Lee added that the 2025 Action Plan of the ASEAN Economic Community (ECA) will help member countries deepen their economic integration, open new frontiers for growth and create new markets. commercial.

"We must play our respective roles as government and business leaders to pursue this vision," he said. "It is only then that ASEAN will continue to be a dynamic and growing region and thus secure a prosperous future for all".