Asean Summit should inspire inclusive growth – Concepcion

Unlocking Inclusive Growth Insights from Asean Summit

As the Association of Southeast Asian Nations (Asean) Summit comes to a close, it is essential to reflect on the opportunities and challenges that lie ahead. With the Philippines at the helm, this year's summit has brought together leaders from across the region to discuss ways to drive inclusive growth. In this blog post, we will delve into the key takeaways and explore how businesses can play a vital role in creating a more prosperous future for all Asean citizens.

The Imperative of Inclusive Growth

As Jose Ma. Concepcion III, chairman of the Asean Business Advisory Council (Asean-BAC), aptly put it, The bottom line is to make growth inclusive; to inspire every Asean citizen that they, too, can move up the chain of prosperity. Inclusive growth requires a deliberate effort to create opportunities for all members of society, regardless of their background or socioeconomic status.

Breaking Down Barriers Job Creation and Entrepreneurship

To achieve inclusive growth, businesses must prioritize job creation and entrepreneurship. According to Concepcion, Job generation and the development of micro, small and medium enterprises (MSMEs) are interdependent, since MSMEs generate more than half of the country's jobs. By empowering entrepreneurs and creating jobs, businesses can help reduce income inequality and create a more vibrant economy.

Public-Private Partnerships The Key to Success

Public-private partnerships are critical to achieving sustainable and inclusive growth. Concepcion emphasized the importance of collaboration between the private sector, government, and civil society to drive meaningful change. By working together, we can ensure that economic growth benefits all members of society, rather than just a select few.

Asean's 2026 Chairmanship A New Era for Inclusive Growth

The Philippines' chairmanship of the Asean-BAC will champion pro-people initiatives by empowering entrepreneurs, creating jobs, and ensuring that economic growth is equitable. Concepcion outlined four strategic pillars to achieve this vision People, Planet, Platform, and Productivity. By focusing on MSME empowerment, women and youth development, food security, green growth, digital integration, and stronger trade connectivity, we can drive competitiveness while securing inclusive and sustainable growth across the region.

Data-Driven Insights

To better understand the challenges and opportunities in driving inclusive growth, let's look at some data. According to the World Bank, income inequality in Asean countries has increased over the past decade. However, there are also positive trends the same report found that MSMEs accounted for 99% of all businesses in the region.

Conclusion

As we look to the future, it is clear that inclusive growth is not just a desirable outcome, but a necessary one. By prioritizing job creation, entrepreneurship, and public-private partnerships, businesses can play a vital role in creating a more prosperous future for all Asean citizens. As Concepcion so aptly put it, Asean-BAC's 2026 chairship will be built on four strategic pillars... highlighting initiatives on MSME empowerment, women and youth development, food security and green growth, digital and AI integration, and stronger trade and supply chain connectivity. By working together, we can create a brighter future for all.

Key Takeaways

1. Inclusive growth requires a deliberate effort to create opportunities for all members of society.
2. Job creation and entrepreneurship are critical components of inclusive growth.
3. Public-private partnerships are essential to driving sustainable and inclusive growth.
4. Asean's 2026 chairmanship will prioritize pro-people initiatives, including MSME empowerment, women and youth development, food security, green growth, digital integration, and stronger trade connectivity.

References

World Bank Asean Economic Outlook 2022
Asean-BAC Philippines' Chairmanship of the Asean-BAC

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.