Singapore
Even as ASEAN’s strong growth momentum is expected to be sustained into 2018, the region must remain vigilant against risks, according to the joint statement.
(Left to right) Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Philippine Finance Secretary Carlos G Dominguez III, Managing director of Monetary Authority of Singapore Ravi Menon, Singapore’s Finance Minister Heng Swee Keat, Bank of Thailand Governor Veerathai Santiprabhob, Thailand’s Finance Minister Apisak Tantivorawong, and Asean Secretary-General Lim Jock Hoi. (Photo: Tang See Kit)
SINGAPORE: Finance ministers and central bank governors of ASEAN on Friday (Apr 6) reaffirmed their commitment to international trade and investment as they remain “vigilant against risks”, according to a joint statement released after the 4th Finance Ministers’ and Central Bank Governors’ Meeting.
Singapore, which is ASEAN chair this year, is hosting the meeting.
The finance ministers and central bank governors said they are encouraged by ASEAN’s strong economic growth last year and expect the growth momentum to be sustained into 2018. This is due to broad-based global economic recovery, expansion in global trade, sustained private consumption and growing infrastructure investment.
Still, they remain “vigilant against risks” and have reaffirmed their commitment to international trade and investment, which are “important engines of growth and development”, said the joint statement.
The group also reaffirmed their commitment to the ASEAN Economic Community (AEC) Blueprint 2025, including its strategic objectives of financial integration, financial stability and financial inclusion.
Southeast Asia’s finance ministers and central bank governors are gathered in Singapore this week for the 4th ASEAN Finance Ministers’ and Central Bank Governors’ meetings. Singapore is the ASEAN chair this year.
Under Singapore’s chairmanship, the overarching theme for the ASEAN meetings this year is a “Resilient and Innovative ASEAN”. For the finance track, the focus will be on sustaining growth, boosting resilience and fostering innovation, while building on the key themes from Philippines’ chairmanship last year.
Under the three areas of focus, key topics include efforts to better mobile private capital to plug the gap between ASEAN’s infrastructure development and financing needs, enhancing the region’s disaster resilience and cyber resilience capabilities, as well as support for digital innovations like financial technology (fintech).
On infrastructure, the finance ministers and central bank governors said they are committed to “accelerating infrastructure development and financing in ASEAN through mobilising private capital” – an “important” area of discussion during the meetings, said Finance Minister Heng Swee Keat during the media conference.
Singapore Finance Minister Heng Swee Keat (right) and MAS managing director Ravi Menon. (Photo: Tang See Kit)
Among other things, this will be done by showcasing ASEAN’s pipeline of investable projects and raising investors’ understanding of investment opportunities in the region.
When it comes to boosting resiliency, there is commitment to implement appropriate monetary, macro-prudential and supervisory policies to maintain macroeconomic and financial stability.
The ministers and central bankers also recognise the importance of strengthening resiliency against natural disasters. When it comes to cyber resiliency, they will facilitate the sharing of information on cyber threat and incidents within ASEAN to enhance the region’s awareness and strengthen cyber resilience in the financial sectors.
