In the highly anticipated ASEAN-US Summit for this year, which also drew just as much controversy in the news, the leaders in attendance have reaffirmed their commitment to provide as much support as they can towards small- and medium-sized enterprises (SMEs).
This is one of the primary goals that US Vice President, Kamala Harris, intends to achieve during her trip to the US-ASEAN Summit and East Asia Summit at Jakarta, Indonesia.
The ASEAN-US summit, which started on September 5 2023, are now running and play host to the US, Canada, the entire Southeast Asia region, and major players from East Asia.
This includes a 2024 budget request of US$1.2 billion (~RM6 billion) in economic, development, and security assistance from the Biden-Harris Administration. That, along with the US$90 million (~RM420 million) that is dedicated solely to ASEAN institutions and the ASEAN Outlook, will be used to support Southeast Asia economic growth and sustainability efforts.
On the broader scope, it will be to strengthen ongoing US-ASEAN cooperation and reinforce relations between the two and the broader Indo-Pacific.
Malaysia Prime Minister Anwar Ibrahim, who led the Malaysian contingent at the summits in Jakarta, applaud the efforts of the US and welcomed the expansion of the ASEAN-US Comprehensive Strategic Partnership.
“Such developments are critical for countries (that are) committed to the practice of democratic accountability. We (referring to Malaysia) would also like to suggest additional cooperation for deeper economic ties in trade, investment framework agreements, and expanded economic engagements,” he said.
For him, such arrangements are necessary as it will internationalise micros and SMEs (MSMEs) in Malaysia and around the region.
“(The region) needs support with foreign direct investments to (empower) ongoing green growth efforts to ensure climate sustainability and food security,” Anwar added.
On the sustainable economic front, he shared how partnering with the US will ensure the region’s digital transformation can be accelerated as investments from American companies have already helped boost the development of digital infrastructure; accelerate renewable eneregy efforts; and enhance data policy and regulation for the region.
Other leaders share similar thoughts and firmly believe working closely with the US can ensure they achieve their economic growth goals.
All engagements with the US with ASEAN — economic and cross-border trade across multiple industries; research and development; sustainable economic planning and renewable energy efforts for the region; and catalysing private sector investment into Southeast Asia — are the primary focuses of the ASEAN-USsummit.
The end-goal is to facilitate capacity-building initiatives that advance the shared objectives and vision of the US and ASEAN.