ASEAN - Italy Cooperation: An Action Platform

2:20:19 PM | 4/6/2019

The "High-level Dialogue on Italy-ASEAN Economic Relations 2019" is scheduled for 5-6 June, at the Meliá Hotel, Hanoi. Prime Minister Nguyen Xuan Phuc and Italian Prime Minister Giuseppe Conte have confirmed their attendance.

ASEAN has become an economic powerhouse

ASEAN has now become the 3rd largest economy in Asia, the 6th largest in the world, and is expected to climb to the 4th position in the world by 2030.

ASEAN has the third biggest workforce in the world, only to China and India. 60% of total growth has come from increased productivity since 1990.

The ASEAN region plays an important role in trade in the world economy with the 4th position in terms of import and export. ASEAN community has been actively negotiating and has signed free trade agreements with many countries around the world.

The population of ASEAN region is expected to increase sharply to become the third largest population in the world by 2050 with 795 billion people. ASEAN countries, at least, will double the level of private investment to reach US$8.6 trillion by 2020.

ASEAN countries have doubled their share to global FDI, from 3.4% in 2000 to 7% in 2016. At the same time, the ASEAN region ASEAN region is the 4th largest country/region recipient of FDI globally. Speaking at the High-Level Dialogue on ASEAN-Italy Economic Relations 2018, Mr. Paolo Borzatta - Managing Director of Ambrosetti Group Limited, said “The ASEAN journey towards regional integration started over 50 years ago and has marked its peak in the plan to build the ASEAN Economic Community 2025. The ASEAN Economic Community Blueprint 2025 consists of 5 interrelated and mutually reinforcing characteristics, namely: A highly integrated and cohesive economy; a competitive, innovative and dynamic ASEAN; enhanced connectivity and sectoral cooperation; a resilient, inclusive, people-oriented and people-centered ASEAN and a global ASEAN. ASEAN countries have an important opportunity to promote growth, including: Digital economy; renewable energy and infrastructure”.

Ripple-effect relations

ASEAN and Italy have worked together to improve trade and investment trade ties. Italy ranks 22 out of 25 trade partners of ASEAN with a total turnover of US$18.4 billion and ranks 17 out of 20 countries investing in ASEAN with US$0.12 billion of FDI in 2016.

Italy can be "European Ambassador" of ASEAN economic and trade partners in such areas as high-tech sector; renewable energy; business ecosystem with morphological relationships between large enterprises and small and medium enterprises; education and research.

Italian-ASEAN economic relations is expected to create positive mutual diffusion. This is because Italy is the No. 1 country in Europe in terms of the number of small and medium enterprises; the world's leading country in research productivity with the strength of research on competitiveness; one of five countries in the world that has surplus production of more than US$100 billion; ranking 4th in the EU in terms of production value in high-tech fields, 2nd in the EU for financial support for innovation. Italy-ASEAN cooperation will have a pervasive impact on ASEAN countries, especially those that are promoting a startup programs like Vietnam.

“High-level Dialogue on Italy-ASEAN Economic Relations 2019" features the following topics of discussion: Macro-economic outlooks of ASEAN area; smart infrastructure, logistics and connectivity; digitalization, network security and technology for sustainability and resilience; advanced production, automation 4.0 and capital goods; creativity, design and business innovation; financial, PPP and trade agreement. This dialogue will create the foundation for continuing the already very good cooperation between ASEAN and Italy.

Nguyen Thanh