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Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

Thus, while Singapore acknowledges that some problems are faced by the ASEAN countries in implementing the AEC Blueprint, there is an urgent need to persevere in order for the region to remain competitive and relevant to the global economy.

While it fully supports efforts taken to accelerate internal integration towards AEC 2015, the ASEAN needs to deepen its engagement with key trading partners in parallel.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(27)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

Singapore remains committed and continues to work closely with the other ASEAN countries to achieve the goals of the AEC as set out in the AEC blueprint. According to the latest AEC Scorecard, Singapore has registered more than 93 percent implementation of the requirements in the AEC Blueprint for the period 2008 to 2009.

Singapore believes that a strong and competitive ASEAN is important in the face of growing challenges posed, not just to the Southeast Asian economy, but the global economy.

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Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

This is to verify internal strengths and weaknesses, as well as external opportunities and threats of Singapore and Indonesia in the time of the AEC. Originating from a strategic planning tool in the business area, SWOT analysis will prove itself handy to demonstrate where Singapore and Indonesia are placed. 

According to the papers by Juliana Giam (p. 280-281.) and Ong Keng Yong (p. 132-133.), Singapore's major perception of and response to the formation of the AEC can be summarized as below.

 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(25)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

The 4 papers are 'Deadline 2015: Assessing Indonesia's Progress towards the AEC' by Hadi Soesastro and Raymond Atje, 'Role of the Singapore Private Sector in ASEAN Economic Integration' by Juliana Giam, ASEAN Economic Integration: Perspectives from Singapore' by Ong Keng Yong and 'Perspective of the Indonesian Business Sector on the Regional Integration Process' by Widdi Mugijayani and Pratiwi Kartika. 

Relied upon the findings from the papers, SWOT analysis can be further applied for both countries.

 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(24)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

Against this background, 4 papers of the book may seem fairly useful in offering comprehensive view of how well Singapore and Indonesia are prepared in accomplishing the goals of the AEC. 

In other words, the perception of and response to the formation of the AEC in Singapore and Indonesia are intensively discovered in the papers. Accordingly, perspectives of Singapore and Indonesia can be drawn out respectively.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(23)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

The book basically looks over the prospects for achieving an ASEAN Economic Community by 2015 and the obstacles in the way of its achievement from the aspects of each of the member states of ASEAN. 

Though probably considered somewhat outdated, this rare publication still delivers meaningful messages by providing country-specific insights with special highlights on crucial economic roadmaps of the individual members toward the era of AEC. This is no exception to Singapore and Indonesia as well. 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(22)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

WIKA has expanded into Sarawak in Malaysia and East Timor. As a state owned company, WIKA is a keen supporter of the AEC. As shortly mentioned at the introductory part, the ASEAN Studies Centre of the Institute of Southeast Asian Studies in Singapore came up with a book titled 'Achieving the ASEAN Economic Community 2015: Challenges for Member Countries & Businesses' in 2012.

According to the foreword of the book, papers compiled in the volume were presented during the ASEAN Roundtable on 29 April 2010 and a brainstorming session on 23 September 2010.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(21)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

Founded as an electrical supplies and water pipe fitter in 1960, WIKA in Indonesia has been transformed into a holding company in construction, engineering procurement construction and investment, with 10 subsidiaries. 

WIKA has moved into distinct sectors, among them industry, infrastructure and building, energy and industrial plant construction, realty and property, as well as investment. After successfully participating in the development of infrastructure and construction projects in Indonesia, WIKA is expecting to expand in ASEAN and beyond.