ASEAN-BAC 2023: Development for Southeast Asia

ASEAN-BAC 2023

The ASEAN-BAC (Business Advisory Council) is a non-governmental organization or NGO  made up of business leaders in ASEAN. It aims to strengthen business relations among ASEAN countries and promote economic growth through investment promotion, exchange of business policies, pursuit of business interests both regionally and globally, and collaboration between business and government sectors throughout the ASEAN region.

ASEAN-BAC (held under the theme ASEAN Centrality: Innovating Toward Greater Inclusivity) carries 8 pillars of awards, consisting of 5 pillars for larger companies and SMEs (Small and Medium Enterprises) and 3 pillars for individuals. Each company, whether larger, SMEs, or start-up, can participate in all 10 award categories.

The 8 pillars are:

1. Digital Transformation
2. Trade and Investment Facilitation
3. Food Security
4. Healthy Resilience
5. Sustainable Development
6. Women
7. Youth
8. Friends of ASEAN

Then the pillars will be filled with 13 categories, namely:

1. The Bionic Company
2. The Best CX
3. Net-Zero Leader
4. Plastic Waste Circularity
5. Sustainable Crop Production
6. Tech for Sustainable Agriculture
7. Health Innovation
8. Corporate Health Achievement
9. Export Growth
10. Innovative Investment
11. ASEAN Women Leader
12. ASEAN under 40
13. Friends of ASEAN

These issues were developed from various legacy projects, such as ASEAN QR Code, Marketplace Lending Platform, Wiki Entrepreneur, ASEAN Net Zero Hub, Carbon Center of Excellence, ASEAN One Shot Campaign, Inclusive Close-Loop Model for Agricultural Product, and ASEAN Business Entity.

Technology and Digital Era in ASEAN-BAC

Companies can use AI (Artificial Intelligence) such as ChatGPT in creating business, finding ideas, and lowering human working hours to gain optimal working time as technology and digital era advance. Furthermore, the strategic location of ASEAN countries facilitates the quick development of agriculture from all angles, allowing crops to develop ideally. For these reasons, ASEAN leaders resolved to hold a meeting to discuss challenges concerning the ASEAN economy as a whole.

In 2022, investment realization in Thailand reached 20 billion USD, driven by foreign direct investment in the electronics sector, electric vehicle supply chain, and data centers. Arsjad Rasjid, chairman of ASEAN-BAC, explained that Thailand has even become a production hub for international automakers, such as Mercedes, Toyota, and GWM, as well as other foreign investors who have ventured into electric vehicles within the ASEAN region.

Rasjid even said that the nation can set an example for other ASEAN countries in utilizing the potential of Foreign Direct Investment (FDI) to bolster their economic structure, industry, and trade. Notably, Thailand stands out for its business regulatory reforms, streamlining the regulatory processes.

This is what increases the enthusiasm of economic officials in ASEAN countries, especially business activists. Rasjid further elaborated on Indonesia’s shared interests with Thailand. Bernardino Vega, Vice Chairman of ASEAN-BAC, highlighted the establishment of the QRIS system integration between the two nations. This move aims to enhance payment efficiency, ensure secure access, and expand consumer reach, offering significant opportunities for SMEs and tourism businesses across the region.

The use of QRIS signifies our stride into digital transformation, envisioning the 4.0 industrial revolution, driven by digital technology and automation, to propel ASEAN’s industries forward and keep pace with global superpowers. Indonesia, aiming to lead in AI adoption, recognizes its immense potential in the rapidly growing ASEAN region, currently boasting the world’s fastest economic growth.

The World Economic Forum (WEF) emphasized that digital transformation not only enhances business efficiency and profitability but also enables businesses to adapt swiftly to evolving consumer needs and market conditions.

Efforts and Actions of ASEAN-BAC

Therefore, the aspiration is for business enthusiasts to embrace and grasp digital transformation fully. Recognizing and awarding companies and SMEs that have successfully undergone a digital transformation and achieved remarkable success in their respective fields can inspire others to follow suit. 

For those who haven’t fully grasped digital transformation, a collaborative effort among all societal elements is envisioned, providing guidance and support through counseling. The aim is to ensure that no one is left behind or neglected and that economic progress benefits all, not just the leaders. Such endeavors aim to furnish regional leaders with valuable insights and directions, empowering all business actors in their respective areas. By fostering effectiveness and efficiency through AI adoption, economic growth in the region will be propelled forward.

It is hoped that ASEAN-BAC will be able to attract many participants to showcase ASEAN’s economic integrity and potential to the world. Entrepreneurs can leverage this platform to enhance brand awareness, while companies, SMEs, and individuals across ASEAN can seize the opportunity to elevate their value and drive positive impact for their businesses. Embracing and harnessing technological advancements will further enhance the effectiveness of their businesses in ASEAN countries.