By Vijian Paramasivam
PHNOM PENH, March 6 (Bernama) -- Corporate leaders are urging ASEAN to establish itself as a strong trade and investment hub amid escalating global economic tensions, fuelled by conflicts and trade barriers.
US President Donald Trump’s policies to impose high tariffs on selected countries and the uncertain direction of the Ukraine-Russia war could have a ripple effect on international economies, say observers.
Themed “Accelerating ASEAN’s Connectivity: People, Infrastructure, and Trade,” the Cambodia-ASEAN Business Summit 2025 in Phnom Penh on Thursday attracted some 500 local and foreign delegates amid looming pessimism over global trade as Trump continues to push his “America First” agenda.
“When we think of the emerging world order of economic fragmentation of disintegration of the US rules-based system into one where might is right — we have to conclude that for small nations regional collaboration is crucial, if not existential, and that ASEAN is more important than ever,” ASEAN Business Advisory Council (ASEAN-BAC) Chairman 2025, Tan Sri Nazir Razak, said at the summit.
He added that strengthening ASEAN requires deeper collaboration, with economic integration being the most crucial factor.
“Of course, more intra-ASEAN trade and investments will also help us mitigate the expected decline in trade with some of our traditional counterparts.
“It is a pivotal time for ASEAN, so we must this year, go beyond rhetoric and make meaningful changes, we must make the regional economy more of a reality and less of 10 fragmented markets, the perception often levelled at us,” said Nazir.
In his keynote address, Cambodian Prime Minister Hun Manet said ASEAN, which has evolved into a symbol of stability and prosperity, offers immense potential for investors.
“We believe in the power of collaboration by leveraging the established ASEAN framework to create regional prosperity and cohesion.
“Our dedication is evidenced in our active participation in strengthening regional security and economic growth to ensure seamless connectivity with ASEAN member states and beyond,” said the prime minister.
He said ASEAN has established itself as a beacon of stability and prosperity, highlighted by its status as the world's fifth largest economy.
“ASEAN presents a compelling investment landscape marked by robust economic dynamism and a steadfast commitment to economic partnership and regional integrations,” said the prime minister.
Cambodia Chamber of Commerce President Kith Meng said this event is held in “the midst of the day-to-day noise, confusion and disruptions that are unfolding on the world stage”.
“We are here today to send a strong message to every one of our shared spirit and strong commitment to build and nurture the ASEAN Economic Community.
“We are here today – both our government and the private business sector – to work together to find win-win solutions and opportunities in a calm, constructive and brotherly atmosphere”, said Kith Meng, who is also the Chair of ASEAN-BAC Cambodia.
—BERNAMA
