ASEAN Economy to Overtake Europe, Malaysian Minister Says

TEMPO.CO, Jakarta - Mustapa Mohamed, the Malaysian International Trade and Industrial Ministry, said that the ASEAN Economic Community will be able to compete with European countries in the near future. Mustapa expressed his optimism during the World Economic Forum Event held in Jakarta starting from April 19 until April 21, 2015.

"ASEAN economy grow by five percent each year, while European economy only grows by two percent. We will certainly catch up one day," Mustapa said. Mustapa also encourage ASEAN member states to continue to accelerate economic growth.

One of the factors that will drive ASEAN economy growth is the number of young population. In addition, the upcoming establishment of ASEAN Economic Community (AEC) will also create a single market and production base that can accommodate the distribution of goods and services in one of the rapidly-growing economic region in the world.

Concurring with Mustapa's statement, Executive Director of AirAsia Anthony Fernandes, said that the establishment of AEC is important to accelerate economic growth. Anthony said that lifting restrictions on regional tariffs and applying identical standard operation procedure in the region will bring positive development for the economy.

Mustapa added that in the tourism sector, there have been ongoing talks on applying a single visa for ASEAN, which will allow better movement of people and labor forces in the region.

URSULA FLORENE SONIA