Advent of the Era of the AEC and Its Impact on Singapore and Indonesia(31)

Comparative Study on the Perception and Response of Singapore and Indonesia

Consequently, there is lack of familiarity or limited knowledge of the workings and details of the agreements and their impact on business. Going forward, Singapore will focus on capacity building and human resource development in the ASEAN countries to help them prepare for the 2015 deadline. 

In this respect, Singapore has spent more than US$120 million cumulatively in various initiatives and training programs to help narrow the gaps among ASEAN economies.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(31)

Comparative Study on the Perception and Response of Singapore and Indonesia

Going forward, Singapore will focus on capacity building and human resource development in the ASEAN countries to help them prepare for the 2015 deadline. 

In this respect, Singapore has spent more than US$120 million cumulatively in various initiatives and training programs to help narrow the gaps among ASEAN economies. Results of SWOT analysis on the Singapore's perception of and response to the formation of the AEC can be diagramed as below.

 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(30)

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

A more basic reaction from businesses is tied to the process itself of drawing up the ASEAN economic agreements. An underlying concern is that the agreements are concluded without the involvement of or consultation with the private sector. 

Consequently, there is lack of familiarity or limited knowledge of the workings and details of the agreements and their impact on business. Going forward, Singapore will focus on capacity building and human resource development in the ASEAN countries to help them prepare for the 2015 deadline.