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HSBC supports ASEAN countries commitment to joint economic recovery plan

HSBC supports the ASEAN member states’ joint agreement to increase reform cooperation and integration in order to stem the immediate health and longer term economic impacts to Southeast Asia as a result of the COVID-19 Pandemic. The agreement followed ASEAN leaders’ annual summit which concluded on 26 June. HSBC particularly advocates a specific focus on trade and digital openness and linking the region’s immediate fiscal stimulus efforts to global sustainable development goals.

Stuart Milne, Chief Executive Officer, HSBC Malaysia said: “We support ASEAN member states’ desire to double down on further integration efforts in order to combat the economic effects from COVID-19. As Southeast Asia begins to re-open, member countries should not approach economic recovery in isolation. The reason is simple: Southeast Asia is always stronger when it acts in a tightly coordinated manner.”

The region’s deeply interwoven supply chains – spanning electronics, automobiles, textiles and garments – have developed because of ASEAN’s ability to reduce trade and investment tariffs between the association’s 10 member states. The result has put many of its more than 650 million citizens on a path to prosperity.

To build economic recovery and install supply chain resilience, HSBC advocates three reform planks: trade and investment flows; digital connectivity; and linking nation development projects to globally agreed sustainable development goals and climate commitments.

Stuart Milne continued: “We all know that Southeast Asia needs to improve its infrastructure to meet its economic potential, we also know that it needs to be carried out in a way that is sustainable. The immediate imperative to stimulate economies through nation-building programmes can and should be consistent with the medium-term objectives of sustainable development.”