Following the first successful edition of ASEAN Day in Luxembourg in 2017, the Luxembourg Ministry for Foreign and European Affairs, in partnership with the Chamber of Commerce, the Ministry of the Economy, the Ministry of Finance and the ASEAN Brussels Committee will organise a second edition of ASEAN Day on 3 March 2020. The event will bring together stakeholders from governments, finance institutions and the private sector to discuss how to strengthen relations between Luxembourg, the EU and ASEAN. It is is free of charge and open to all companies based in Luxembourg interested in doing business in South East Asia. The working language will be in English.
The EU and ASEAN, key trading partners
The latest figures show that ASEAN is the world’s sixth largest market. The EU is ASEAN’s second largest trading partner and the largest provider of Foreign Direct Investment (€337 billion). Although a more recent phenomenon, ASEAN investment in Europe has also been growing steadily to a total stock of over €141 billion in 2017. The EU and its Member States therefore have a strategic interest in deepening their relations with ASEAN countries and trade relations are a main pillar of the EU’s relations with ASEAN. The conclusion of bilateral free trade agreements (FTA) and eventually of an EU-ASEAN FTA will create new business opportunities for both regions.
As a founding member of the EU, Luxembourg continues to support ASEAN’s community building efforts and is further committed today to deepen its relations with the 10 ASEAN countries. Trade volumes between Luxembourg and ASEAN countries have more than doubled between 2012 and 2018, rising from €2.9 billion to €6.2 billion in goods and services during this period.
Why is it interesting to participate in ASEAN day?
The ASEAN Day will provide a unique platform for ASEAN countries and companies from Luxembourg to exchange information and to explore business opportunities in the areas of
- Digital transformation
- Industry 4.0
- Sustainable finance
- ASEAN Embassies, Trade offices, Representatives from capitals;
- European Union (EU), European Investment Bank (EIB), Luxembourg for Finance (LFF), Luxembourg Green Exchange (LGX), Luxembourg House of Financial Technology (LHoFT), Amundi/IFC (Green bond fund), Global Green Globe Institute (GGGI) representatives;
- The Luxembourg Ministry of Foreign and European Affairs and the Ministry of the Economy;
- The Luxembourg Ministry for Digitalisation;
- The Luxembourg Ministry of Finance;
- The Luxembourg Chamber of Commerce;
- Luxembourg companies operating in South East Asia or interested in doing business in ASEAN;
- University of Luxembourg, EURAXESS, Luxembourg Institute of Science and Technology (LIST).
Some background about the different sessions:
Luxembourg’s data-driven landscape and rising opportunities
The opening session will feature a keynote address by H.E. M. Marc HANSEN, Minister Delegate for Digitalisation, with a focus on how digitalisation, artificial intelligence, automation, data analytics and other forms of innovative technology are disrupting and transforming traditional trade environments and how Luxembourg is addressing the underlying challenges and the rising opportunities.
Business Opportunities in ASEAN countries
After the family picture, a first panel discussion will focus on business opportunities in ASEAN countries. Every ASEAN country will showcase its latest business and investment opportunities while also sharing updates on ASEAN’s regional economic integration. This discussion will be followed by an introduction to the “Business Partnership Facility”, a financing facility aimed at supporting Luxembourg businesses to engage with partners in selected countries to kick-start innovative and sustainable business projects.
Business meets diplomacy
The panel discussion will be followed by a “business meets diplomacy” session, allowing for direct exchanges between representatives from the private sector and ASEAN embassies.
EU-ASEAN Free Trade Agreements (FTA)
The afternoon session will start with a state of play on EU-ASEAN Free Trade Agreements (FTA) with a special focus on the FTA between EU-Singapore, which entered into force on 21 November 2019 and the EU-Vietnam FTA signed on 30 June 2019. European Commision DG Trade will explain the expected benefits of these ambitious agreements and the way ahead to further strengthen comprehensive relations between the EU and ASEAN.
Sustainable and Green Finance
Subsequently, we will focus on the role that sustainable and green finance can play in shaping the relations between Europe and South East Asia, in the fight against climate change. This panel discussion will focus on how we can further develop the sustainable finance ecosystems and build synergies between Luxembourg and ASEAN countries. The momentum around sustainable finance has the benefits of putting on the table the opportunities offered by the management of long-term social, environmental, and economic criteria.
Research and higher education
To round up the day, the Ministry of Higher Education and Research will provide a short presentation on the research and higher education landscape in Luxembourg and opportunities for collaboration with South East Asia.