The BBR brought together stakeholders from the three ASEAN member states with territorial areas located on the island of Borneo: Indonesia, Malaysia and Brunei Darussalam. The primary agenda of the meeting was to discuss concrete measures to enhance intra-Bornean trade, attract foreign direct investment (FDI) and plan for the upcoming Borneo Business Summit scheduled for November in Pontianak, West Kalimantan.

"It is an honor for me to stand before you today as we gather to discuss significant opportunities for our region, the evolving landscape of Kalimantan trade, and strengthening economic relations through collaboration," Arsjad Rasjid, Chair of ASEAN-BAC 2023, said in his opening remarks at the Borneo Business Roundtable.

At the Jakarta meeting, which marked the second iteration of the BBR this year following the highly successful first meeting on April 28 in Bandar Seri Begawan, Brunei Darussalam, representatives from ASEAN’s three Bornean states issued a Statement of Cooperation on establishing the Borneo Economic Community (BEC). The BEC initiative is designed to promote joint strategies on stimulating economic development across Borneo and encouraging cross-border connections.

Haslina Taib, Chair of ASEAN-BAC Brunei Darussalam, stated: “The BEC aims to function as an inclusive and sustainability-driven business association for enterprises in Borneo and professionals in emerging fields, such as those involved in the gig economy, content creation and remote work.

“This goal will be realized through various initiatives, including but not restricted to marketplaces and programs designed to reduce entry barriers for micro, small and medium enterprises [MSMEs], rural and social enterprises, as well as digital nomads and skilled individuals.”

As an enterprise-driven initiative, the BEC provides inclusive opportunities for businesses on the island.

"We remain committed to promoting regional sustainability within ASEAN, addressing business challenges on the island of Borneo and enhancing collaboration, both within and beyond the borders of Borneo," she added.

Enhancing Collaboration

Arsjad elaborated that a task force consisting of representatives from BEC partners would be formed to enhance collaboration through coherent and aligned objectives in shaping the island into a dynamic epicenter of ASEAN’s green economy, built on shared sustainable development goals for ensuring the well-being of communities, preserving the environment and achieving prosperity.

"Today's discussions will delve into critical topics, providing insights into Nusantara, Indonesia's visionary new capital city to be inaugurated in 2024, envisioning the possibilities this capital city holds for our neighboring countries and business communities," added Arsjad.

Nusantara is to be inaugurated as the Indonesian capital on Aug. 17, 2024, to coincide with the country’s 79th Independence Day anniversary. The new capital has been designed as an inclusive, green and sustainable urban center, with over 75 percent of the administrative zone designated as green spaces.

"For this reason, this meeting of the Borneo Business Roundtable will explore the opportunities for neighboring countries and the business community arising from the relocation of Indonesia's capital to the capital city of Nusantara, leading toward the establishment of a Green Economic Hub in ASEAN," Arsjad stated.

Significant Potential

Arsjad added that Borneo, the largest island in Asia and the third-largest in the world, which had a combined population of around 24 million across three countries, presented substantial trade growth opportunities for Brunei Darussalam, Indonesia’s five Kalimantan provinces and Malaysia’s Labuan, Sabah and Sarawak regions.

The BEC's main objective is to advance the ASEAN centrality concept and continue the priorities and legacy projects of Indonesia’s 2023 ASEAN chairmanship at the subregional level, including digital transformation, sustainable development, trade and investment facilitation and leveraging digital technology.

The 2nd BBR also opened the registration of interest for the BEC’s flagship trade initiative, Dagang Borneo (Bornean Trade), a cooperative digital platform for businesses, investors, digital professionals and administrative bodies based on Borneo. Dagang Borneo aims to promote the facilitation and digitalization of intraregional trade, improve the compatibility and connectivity of regional systems, boost intra-ASEAN trade and strengthen the standing of the 10-nation bloc in global trade.

"As leaders, CEOs and stakeholders, we must create an environment of inclusive growth and borderless cooperation. I appreciate your commitment to the BEC at this second Borneo Business Roundtable,” said Arsjad.

“Today's discussions transcend economic aspirations. Borneo is becoming central to our lives and the legacy we pass on," he said.