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Singaporean PM urges ASEAN members to continue pursuing economic integration

Staff Writer |
Singaporean Prime Minister Lee Hsien Loong on Monday urged members of the Association of Southeast Asian Nations (ASEAN) to "work resolutely" toward the goal of economic integration in a world "where multilateralism is fraying under political pressures."

e prime minister made the call in his speech at the ASEAN Business and Investment Summit, held in the country during the 33rd ASEAN summit and related meetings.

"ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures," Lee said.

ASEAN member states have grown and prospered because their governments have pursued economic cooperation, he said, adding the ASEAN Economic Community has become the sixth largest economy in the world, and is projected to become the fourth largest by 2030.

Last year, ASEAN attracted almost 140 billion U.S. dollars of foreign direct investments, he said.

Technological change is also creating new business opportunities, and the ASEAN digital economy is projected to grow to 200 billion U.S. dollars by 2025, the prime minister noted.

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