“The Future of Asean – Time to Act” suggests policies that Association of Southeast Asian Nations (Asean) governments should consider to ensure the region continues to attract investment and strategies for future growth in the automotive, financial services, consumer goods, medical devices, refined fuels, telecommunications and transportation sectors.

David Wijeratne, head at the centre, said the private sector had a major role to play in strengthening the region’s growth prospects in coming years.

“This will require companies not only to provide new products and services to meet varying consumer preferences, but also to work more closely with governments to develop the right conditions for businesses to prosper,” he said.

“Going forward, we do see significant growth opportunities for the private sector across a number of industries. However, given the dynamics and challenges, along with the ever evolving and demanding needs of consumers, companies will need to adopt innovative strategies to succeed.”

Wijeratne said Asean could be proud of what it has achieved in the past 50 years, but the time of passive growth was over.

“Global growth needs Southeast Asia to fulfil its potential and grab hold of its future, now is the time to act.”