Jakarta, February 18, 2025 - The Association of Southeast Asian Nations (ASEAN) member states have the agility and experience to adapt to the changing international dynamics as the world sees rising geopolitical tension, and protectionist sentiments, Marty Natalegawa, the former Indonesian Minister for Foreign Affairs, said during the fourth plenary session titled ‘A Stronger Partnership for Regional Growth’ during the first day of the Indonesia Economic Summit.

“ASEAN has faced changing international dynamics in the past and come out stronger due to the quality to identify the collective interests and not being reactive to the changing dynamics,” said Marty.

Satvinder Singh, Deputy Secretary-General of ASEAN for ASEAN Economic Community, said ASEAN becomes more relevant in its pursuit for a global multilateral system as the rest of the world is retreating. “We are showing the world that we are relevant, that we are willing to integrate and transform,” said Satvinder.

Since its inception in 1967, ASEAN has become more integrated, and as a result the region is now the second largest recipient of foreign direct investment flows in the world excluding the US, while trade among ASEAN countries continues to grow, according to Satvinder Singh.

Trade among ASEAN countries was valued at $3.601,1 billion in 2023, an increase of more than fourfold from $871.8 billion in 2003, accounting for 22% of the total ASEAN trade. ASEAN countries attracted $230 billion in Foreign Direct Investment (FDI) in 2023, an increase by 0.3% from $229 billion in 2022, at the same time global FDI flows dropped 1.8% to $1,332 billion in 2023, according to the ASEAN Investment Report 2024. ASEAN accounts for 17% of global FDI inflow in 2023.

Tan Sri Nazir Razak, Chair of ASEAN Business Advisory Council 2025, said ASEAN is poised to take the next steps in its history as some leaders of its member states such Indonesian President Prabowo Subianto, Singapore Prime Minister Lawrence Wong and Malaysian Prime Minister Anwar Ibrahim display strong internationalist perspectives.

On the pipeline for Malaysia’s ASEAN Chairmanship this year is to launch ‘ASEA Business Entity’, which will provide more flexibility for ASEAN-based companies to promote free movement of people, goods and capital, thus ensuring stronger integration for ASEAN future, according to Tan Sri Nazir Razak.

While Tetsuya Watanabe, President of Economic Research Institute for ASEAN and East Asia (ERIA) considered the challenge for ASEAN to take its next steps is to incorporate new issues such as sustainability and circularity in its roadmap for the future.

About the Indonesia Economic Summit (IES): The Indonesia Economic Summit (IES) is an annual initiative of the Indonesia Business Council (IBC). Initiated as a high-level forum for collaboration and innovation, IES seeks to promote competitiveness, inclusive growth, and sustainable prosperity for Indonesia. This forum reflects IBC’s commitment to advancing Indonesia’s role in the global economic arena.

About the Indonesian Business Council (IBC): The Indonesian Business Council (IBC) is an association of CEOs and business/industry leaders of leading companies in Indonesia, established in February 2023. IBC seeks to promote and strengthen Indonesia’s competitiveness, encourage collaboration, and enhance the contribution of the Indonesian private sector to economic growth and prosperity, through advocacy. For media inquiries, please contact:
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