About 1,000 participants attended the ASEAN My Market event held at the MATRADE Exhibition and Convention Centre (MECC) on 12 November 2015. The event comprised a Showcase by Malaysian exporters exhibiting their products, and a Forum and dialogue on ‘ASEAN Economic Ministers (AEM) & ASEAN Economic Community (AEC).

Organised by the Ministry of International Trade and Industry (MITI) and its agencies, the event  provided an effective and valuable platform for participants to share experiences and information on penetrating the ASEAN market. It also presents networking opportunities for the participants.

Successful business leaders and entrepreneurs have been invited to share their experiences in doing business in the region as well as highlight what SMEs can do to tap into the expanded trade opportunities that will be created by the AEC. The AEC  will be formally announced at the 27th ASEAN Summit to be held in Kuala Lumpur later this month. 

The AEC seeks to create a single market and production base in the region. When fully implemented it is expected to establish a seamless, cross-border trade and investment regime involving ASEAN's 10 Member States. Already, ASEAN collectively is the world's seventh largest economy with a GDP estimated at USD 2.5 trillion. With the implementation of the AEC, the region's GDP is expected to nearly double to USD 4.7 trillion by 2020.

ASEAN's 620-million strong population, with a growing middle class and rising disposable income, offers massive potential for Small and Medium Enterprises (SMEs), which constitute more than 95 percent of registered business establishments in the region. In order to reap the benefits from the AEC, businesses in Malaysia, particularly the SMEs, need to familiarise themselves thoroughly with the economic integration of the region. This SMEs that transform themselves will be able to achieve better economies of scale and higher productivity gains, leading to exponential growth in their revenues.

The ASEAN MYMARKET exhibition and forum is yet another of the outreach activities undertaken by MITI and its agencies to ensure Malaysian companies, especially SMEs, are kept abreast of developments in ASEAN.

The full programme of activities for the AEC Open Day is in Attachment A

KUALA LUMPUR
12 November, 2015