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Youth, digital economy important foundation for ASEAN as epicentrum of growth

Indonesia’s Minister of Foreign Affairs Retno Marsudi delivered a speech at the ASEAN Youth Dialogue on Development for Sustainable Development Goals in Jakarta, Monday (March 11, 2023). (The Indonesian Ministry of Foreign Affairs)

The digital economy in ASEAN has enormous potential. By 2030, the value of ASEAN’s digital economy is projected to reach two trillion U.S. dollars and will contribute around 28 percent to ASEAN’s gross domestic product (GDP).

 

Jakarta (Indonesia Window) – Youth and the digital economy are important drivers to ensure that the regional area becomes the epicentrum of growth, Indonesia’s Minister of Foreign Affairs Retno Marsudi said at the ASEAN Youth Dialogue on Development for Sustainable Development Goals here, Monday.

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The potential for the digital economy in ASEAN (the Association of Southeast Asian Nations) is enormous, the foreign minister said, adding that by 2030, the ASEAN digital economy is projected to reach two trillion US dollars and contribute around 28 percent to ASEAN’s gross domestic product (GDP).

This potential is even more promising with the existence of a demographic dividend in which a third of ASEAN’s population is youth, Retno explained.

The foreign minister underlined three things to optimize this potential. The first is to encourage innovation.

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According to Retno, there are more than 52 unicorns in ASEAN, while Indonesia has two decacorns and nine unicorns.

“In times of crisis, innovation by youth has played an important role to overcome challenges in various sectors,” she noted.

The second is to promote the entrepreneurial spirit and with which, the youth have a great opportunity to make a beneficial impact on the people of the region.

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“The entrepreneurial spirit is important for empowering people and creating opportunities, including new jobs,” the foreign minister said.

The third is to encourage social responsibility, and as agents of change, young people must have a spirit of social responsibility.

“Great empathy is needed to ensure that no one is left behind, especially marginalized communities,” the foreign minister added.

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The ASEAN Youth Dialogue on Development for Sustainable Development Goals (AYD 2023) is taking place on April 11-13, 2023 at Hotel Borobudur in Indonesia’s capital Jakarta.

The event is also attended by Indonesian Minister of Youth and Sports Dito Ariotedjo as well as around 60 youths from ASEAN and Timor Leste.

The AYD 2023 is an event to exchange ideas and formulate a recommendation regarding digital development in Southeast Asia.

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The recommendation will be presented to ASEAN Leaders at the 42nd ASEAN Summit in Labuan Bajo, East Nusa Tenggara province, on May 10, 2023.

As part of the event, participants also have the opportunity to visit Traveloka and Schneider Electric Indonesia. At the end of the program, there will be an ASEAN Halal Food Festival and an ASEAN Youth Cultural Performance.

The AYD 2023 is held in collaboration among the Indonesian Ministry of Foreign Affairs, the Indonesian Ministry of Youth and Sports, the ASEAN Secretariat and the Provincial Administration of Jakarta.

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Reporting by Indonesia Window

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