ASEM member countries to enhance connectivity for inclusive growth

PANO – The 15^th Asean-Europe Business Forum (AEBF) titled “Connectivity for inclusive growth” was officially held on the afternoon of July 14^th in the State Palace, Ulaanbaatar, Mongolia. The forum drew the participation of some 600 representatives of leading companies of the two continents.

At the forum, representatives of businesses had dialogues with delegates the 11^th ASEM Summit. Vietnamese Prime Minister Nguyen Xuan Phuc, President of the European Commission Jean-Claude Juncker and Mongolian President Tsakhiagiin Elbegdorj attended and delivered remarks at the closing session.

Prime Minister Nguyen Xuan Phuc addressing the forum

Speaking at the event, the Vietnamese Prime Minister (PM) highly appreciated the role of ASEM in promoting cooperation between Asian and European businesses and improving the business environment over the past two decades; at the same time, he highly valued businesses’ important contributions to the development of the two continents in all areas, and the increased Asia-Europe’ status.

PM Nguyen Xuan Phuc emphasized that, while small- and middle- scale enterprises (SMEs) make a large contribution to job creation and investment in Asian and European economies, they are vulnerable to socio-political and economic changes. Therefore, governments should render more support for SMEs in the international integration process and provide more opportunities for them to participate in global value-added chains.  

The Vietnamese PM also pointed out the need to establish mechanisms for trade cooperation and sustainable economic growth in the two continents so as to successfully respond to such challenges as poverty due to unfair trade and development gap, climate change and other natural disasters.

He also proposed regional countries to continue expanding partnership and free trade agreements between ASEM members as well as between groupings, like EU-ASEAN, the Regional Comprehensive Economic Partnership (RCEP), India-ASEAN and so on.

Highly appropriating the role of ASEM, the Vietnamese PM said that ASEM is a very important partner of Vietnam in its reform, development and international integration. Facts show that 19 out of the 25 ASEM member countries are Vietnam’s strategic or comprehensive partners. ASEM member countries represent 70% of the total investment in Vietnam, some 70% of the total foreign trade with the country and 80% of the total tourists to the country. Vietnam has signed or is negotiating on free trade agreements with 16 countries, of which 14 are ASEM member countries.

The Vietnamese PM also stated that Vietnam is doing its utmost to bring the Vietnam-EU free trade agreement into reality and together with other ASEAN nations is pushing for negotiations on a free trade agreement between ASEAN and EU. Vietnam always opens its door and welcomes investors from ASEM member countries to Vietnam, he stressed.

He also affirmed that Vietnam will continue contributing to strengthening comprehensive relations and cooperation for sustainable development of ASEM.

During the forum, other leaders of ASEM members also underscored the need to enhance connectivity between Asian and European businesses, and proposed governments of ASEM member countries to continue facilitating businesses in expanding their trade and investment activities, to focus on green development, actively apply green technologies, prioritize environmental-friendly production and facilitate trade, investment and economic cooperation by establishing favorable mechanisms, striving for inclusive growth.

Written by Van Yen from Ulaanbaatar, Mongolia