The ASEAN Business and Investment Summit 2020, with the theme “Digital ASEAN: Sustainable and Inclusive”, was held in Hanoi on November 13 as part of the 37th ASEAN Summit and related meetings.

The summit focused on the importance of Industry 4.0 in stimulating growth, trade, and investment, as well as settling the consequences of COVID-19 and other challenges.

The agenda covered ASEAN’s economic outlook, ESG (environmental, social and governance) investment, technology and the future of jobs in ASEAN, and a resilient ASEAN with sustainable and inclusive growth.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the pandemic, climate change, trade tensions, digital transformation, Industry 4.0, and integration are exposing humankind to unprecedented challenges but also opportunities.

The coronavirus drove most economies in the region and around the world into recession, he noted, adding that it is a global healthcare and economic crisis to which solutions should not be limited to the boundaries of a single country.

The twin target of combating the pandemic and recovering growth requires coordination among countries as well as joint efforts from the business community, people, and government agencies, Loc went on.

Cooperation between governments and enterprises has never been as necessary as now, and public-private partnerships are key to all countries in overcoming the crisis, he added.

Speaking via videoconference, Malaysian Prime Minister Tan Sri Muhyiddin Yassin said COVID-19 generated unprecedented challenges, and policymaking has changed to adapt to its effects.

Suitable policies should be issued and mechanisms must be sustainable and inclusive to ensure that all segments of the economy are highly resilient, he said.VNA