Key Takeaway from the ASEAN Business Forum at Osaka
- ASEAN Rising: Projected to become the world’s fourth-largest economy by 2030, with a GDP surpassing Japan’s by 2027.
- Digital Growth: ASEAN’s digital economy, valued at US$263 billion in 2024, is set to reach US$1 trillion by 2030, and potentially US$2 trillion by 2035 under DEFA.
- Green Commitment: ASEAN aims for carbon neutrality by 2050-2065, with initiatives like the ASEAN Power Grid expected to attract trillions in green investment.
- Japan’s Engagement: Japanese companies urged to move beyond manufacturing to embrace ASEAN as a consumer market and innovation hub, with FJCCIA leading regional cooperation.
- Partnership Platforms: OCCI’s ASEAN-Japan Business (AJB) Platform fosters co-creation by linking SMEs, startups, and chambers across ASEAN and Osaka.
- Full House, High Satisfaction: The ASEAN-Japan Business Forum attracted around 100 participants, filling the venue to capacity, and achieved a 90% satisfaction rate with its content, demonstrating the strong interest in the ASEAN region.
On 7 August, the ASEAN-Japan Centre (AJC), in collaboration with the Osaka Chamber of Commerce and Industry (OCCI), convened the ASEAN Business Forum in Osaka to mark the visit of H.E. Mr. Satvinder Singh, Deputy Secretary-General of ASEAN for the ASEAN Economic Community.
The Forum carried special significance, following the adoption of the ASEAN Community Vision 2045 in May 2025, which sets ASEAN’s long-term path toward resilience, inclusiveness, and sustainability. It was also linked to ASEAN’s Special Day at EXPO 2025 Osaka Kansai on 8 August, celebrating the 58th anniversary of ASEAN’s establishment.
In her opening remarks, Ms. Hirose Kyoko, Vice Chairperson of OCCI, stressed the importance of strengthening ASEAN-Japan ties amid growing global uncertainties and geopolitical risks.
ASEAN’s Growth, Digital Transformation, and Green Future
H.E. Mr. Satvinder Singh underscored ASEAN’s rising role in the global economy, and he mentioned. “ ASEAN is on track to become the world’s fourth-largest economy by 2030.”
He noted that ASEAN’s GDP is expected to surpass Japan’s by 2027, driven by a young and dynamic middle class of over 245 million people.
Mr. Singh highlighted ASEAN’s achievements in integration, with “nearly 99% of tariffs already removed” and ongoing updates to the ASEAN Trade in Goods Agreement (ATIGA) to include sustainability. The Regional Comprehensive Economic Partnership (RCEP) further deepens ASEAN’s global connectivity.
On digital transformation, he emphasized that ASEAN’s digital economy is valued at US$263 billion in 2024 and projected to grow to US$1 trillion by 2030, with the ASEAN Digital Economy Framework Agreement (DEFA) potentially doubling this to US$2 trillion by 2035. Startups, he noted, are “delivering practical innovations in healthcare, transport, and finance that make ASEAN a true hub of digital innovation.”
On sustainability, Mr. Singh reaffirmed ASEAN’s commitment to carbon neutrality by 2050–2065, supported by initiatives such as the ASEAN Power Grid and the ASEAN Strategy for Carbon Neutrality, which could attract trillions in green investment. He said, “Green growth is not an option but a necessity, and ASEAN is determined to lead this transformation.”
ASEAN growth, innovation, Japan’s shifting role, need for agility, regional strategy, ASEAN’s Shifting Role and Japan’s Engagement.
Mr. Fujie Hideki, Director of JETRO, stressed that even amid global fragmentation, ASEAN continues to grow as a center of trade, investment, and innovation. While Japanese firms have long viewed ASEAN as a cost-effective production base, the region is now also seen as a dynamic consumer market and a hub for innovation, creating opportunities to address social challenges.
He noted that rapid economic development, generational change, and shifting lifestyles are transforming ASEAN’s business environment. Japan’s relative presence, once dominant, is becoming more normalized amid rising global competition. To remain competitive, Japanese companies must move with greater agility — exploring markets quickly, testing ideas, and forging innovation-driven partnerships with both local conglomerates and startups.
Mr. Fujie also emphasized the pivotal role of the Federation of Japanese Chambers of Commerce and Industry in ASEAN (FJCCIA) in advancing sustainability, digital governance, and supply chain resilience, ensuring Japan and ASEAN together strengthen their position in global value chains.
Panel Perspective: “ASEAN as a hub for innovation, creativity, and new opportunities.”
A lively panel, moderated by Mr. Yasushi Ishida of the AJC, featured insights from:
- Mr. Gulam Muszairi (Malaysian Investment Development Authority, Osaka)
- Mr. Michael Alfred V. Ignacio (Philippine Trade and Investment Center, Osaka)
- Ms. Siripon Narkjure (Thai Board of Investment, Osaka)
- Mr. Takayoshi Negoro (OCCI)
Speakers highlighted ASEAN’s diversity and attractiveness:
- Malaysia: A strategic hub for green technology, electric vehicles (EV), and the digital economy, Malaysia boasts competitive incentives and robust connectivity and infrastructure within ASEAN. The country is actively promoting investment attraction.
- Philippines: With its young and dynamic workforce and investment-friendly reforms such as the “CREATE Act” the Philippines anticipates an economic growth rate of 5.5-6.5% in 2025. A key strength is the high English proficiency of its workers, with abundant new opportunities for Japanese companies in sectors such as infrastructure, renewable energy, and IT services
- Thailand: Supported by a strong supply chain, Thailand’s five strategic growth sectors include the bio-circular economy, EV, electronics, smart electronics, and digital/creative industries. Key incentive areas include biotechnology, sustainable agricultural products, and smart farming – all areas where Japan has specialized expertise.
OCCI: Introduced the ASEAN-Japan Business (AJB) Platform, established in 2023, and in collaboration with economic organizations from ASEAN countries. This platform supports collaboration among Japanese and ASEAN startups and SMEs, focusing on strengthening supply chains, addressing environmental challenges, and fostering cooperation on common issues. Notable initiatives include seminars, business matching events partnering with major retailors operating in ASEAN countries, online inspection missions, one-on-one consultations, and specialized missions to actively promote cross-border business cooperation.
Closing: Osaka’s “Three O’s”
In his closing remarks, Dr. Kunihiko Hirabayashi, Secretary General of AJC, highlighted Osaka’s spirit of “Openness, Opportunity, and Oneness” — values closely aligned with ASEAN’s vision. He underscored the importance of empathy, collaboration, and value creation in advancing a shared vision of co-creation between ASEAN and Japan.
The Forum concluded with a networking session, giving participants the opportunity to build connections and explore new avenues for cooperation.
