Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”), in collaboration with Maybank Kim Eng, held the first ASEAN Capital Market CEO Summit 2015 or ASEAN CAP10 CEO Summit – to provide ASEAN CEOs with actionable paths to prosperity as ASEAN moves towards becoming a single marketplace.
Prime Minister Dato’ Seri Abdul Najib Razak delivered the Keynote Address at the ASEAN CAP10 CEO Summit, which was also held in support of Malaysia's Chairmanship of ASEAN. The event drew more than 1,000 economic and trade policy makers as well as leading drivers of the 10 capital markets, CEOs from over 280 Malaysian and ASEAN-based private and public listed companies, Small and Medium Enterprises (“SMEs”), and more than 60 institutional fund managers and Brokers.
At the summit, Dato’ Tajuddin Atan, Chief Executive Officer, Bursa Malaysia, stressed on a mindset shift to “#BE ASEAN” amid a new dynamic change that is shaping the ASEAN marketplace - home to more than 600 million people and a region that is fast becoming a single market for doing business. Dato’ Tajuddin said, “The purpose of this event is to bring focus to the opportunities in ASEAN and to create visibility as well as actionable ideas for both corporate as well as millennials to tap on. When we view the region through the single lens of ASEAN, everything is amplified, the size and scale of the opportunities as well as intensity and urgency for CEOs to identify their paths forward, especially how to capitalise on the ASEAN opportunity.
“Not only is ASEAN the world’s seventh largest economy, it is also home to more than 3,300 listed companies and Malaysia is the leading marketplace for Shariah investments. All these factors put together offer immense opportunities for the growth of ASEAN multinationals as well as opportunities to create more innovative ASEAN centric products and create a more exciting and vibrant marketplace”, continued Dato’ Tajuddin.
Datuk Abdul Farid Alias, President and Chief Executive Officer of Maybank Group, elaborated that for a company to capitalize on the ASEAN opportunities and grow in this market, it needs to select the right financial partner that has the infrastructure and regional knowledge to support its ambition. “Maybank is present in all ten ASEAN countries and we continue to invest and deepen our presence in the region. The experience of operating across different countries and sectors gives us unique insight into the economies and financial services sector of ASEAN which allows us to cater to the needs of clientele from different sector and different country. This makes Maybank an ideal financial partner for companies who are seeking to grow in ASEAN.
According to the McKinsey report: ASEAN at the Crossroads, Three Paths to Prosperity, ASEAN cities currently account for 65% of ASEAN’s gross domestic product (GDP), yet more than 90 million are expected to move to cities by 2030, which could double the consumer class to 163 million.
Keeping pace with this growth and creating cities with a high quality of life will demand some USD7 trillion in investment in infrastructure, housing, and commercial space. By 2030, the continued growth of cities could add some $520 billion to $930 billion to the region’s annual GDP.
Modernising through disruptive technologies will drive world-class productivity improvements that can produce an estimated USD220 billion to USD625 billion in annual economic impact for ASEAN by 2030, according to the report.
“As our roots are in ASEAN, being able to contribute to the region’s development is especially meaningful to us. Bringing positive changes to ASEAN is one more way that we go about Humanising Financial Services,” Datuk Farid said.
The CAP10 ASEAN CEO Summit brought together economic and trade policy makers, leading drivers of the 10 capital markets, ASEAN’s leading thinkers, and capital market drivers to spark conversations on the ASEAN opportunity from the ‘Rise of the ASEAN Consumer’, and the dynamics of the unique competitive cooperation emerging in ASEAN.