The Eastern Economic Forum – Vladivostok 2024: Eyes on the 4 Knights of Southeast Asia
By: Contribution for Syrializm
As part of the coverage of the annual event hosted by the Russian city of Vladivostok, the most important economic city in East Asia, which continues to host the Eastern Economic Forum in its territory, the ninth edition of the forum will be held from September 3 to 6, which is organized annually by the prestigious “Roscongress Foundation” in organizing forums.
As mentioned, the forum is held annually in the city of Vladivostok, located in the Russian Far East, where the event is a platform for attracting investments to the Russian Far East region, and is a platform where participants discuss the challenges facing the Russian and global economy.
The forum prioritizes the issues it is interested in, promoting economic and cultural exchanges between regions in Asia and the Pacific.
With the continued success of the forum sessions in the past years, this year’s session comes to continue achieving success and building on what was achieved in last year’s session, which witnessed the signing of agreements and contracts worth about $42 billion.
This article will discuss the prospects for developing economic relations in the East Asian region, by shedding light on four of the most important and oldest countries in Southeast Asia, whose participation and presence in the forum, not to mention the need to enhance their regional and international cooperation, is a step towards building a balanced international economic community, far from the tools of Western hegemony, in addition to the cultural value and historical legacy represented by these four Asian countries, which were an important nucleus in the economy of the Southeast Asian region, and the world as a whole, given their size, geographical area and large population, not to mention the economic value enjoyed by these countries.
When mentioning Southeast Asia, four of the most important countries in this region cannot be overlooked?
Indonesia, Thailand, Malaysia and Vietnam constitute an important axis, a basic nucleus of the economy and the social and historical structure of this region, thanks to the wonderful cultural diversity embodied by these countries, which combines ethnic and religious diversity, which are the pillars of the human heritage of any people or nation.
Over the past decades, these four countries have enjoyed distinguished relations with Russia, as relations date back to the era of the former Soviet Union.
We’re speaking about Indonesia and Malaysia, two countries that have great cultural, humanitarian and economic weight and value, as Indonesia represents the largest Muslim population country, and Malaysia, with its history and stages of development, also embodies a true model for developing countries that have moved in a few decades into an advanced country, which is a renaissance experience that has become one of the inspiring stories, and role model of nations renaissance.
Thailand is also distinguished by its ancient royal heritage, and its religious heritage for the Buddhist community in the world is of great value and status, in addition to being one of the most important tourist destinations in the world.
And last but not least, comes Vietnam, the country whose communist system withstood the US imperialist hegemony, until it became a model of steadfastness and resistance to imperialism.
In addition to that, Vietnam with its rich of various resources and capabilities that made her a country on the path to advanced countries, and the same is true for the other three countries.
At this point, a closer look on the economic advantages of the four countries, each one separately, so that we can have a clear image of the value and size of these countries, and their ability to influence the course of the global economy, and in East Asia, which is the crux of the matter in the existence of a large annual economic forum the size of the Vladivostok Forum, which aims to provide a more practical environment for all the countries of the region that it supervises.
Indonesia
Indonesia, is considered the largest economy in Southeast Asia, with a diverse and rapidly growing economy.
A country that has a large area, 1,919,440 Km², with a population of 283.500 million, according to latest estimation.
The Indonesian economy is characterized by its diversity, growth potential, and growth aspects, with continued reforms and investment, poised for further development in the coming years.
The GDP of Indonesia as of 2023, stood at $1.2 trillion, which placed it the 16th largest economy in the world.
Nevertheless, its GDP is estimated to reach $1.47 Trillion, by the end of 2024.
The country has experienced a robust economic growth rate of around 5% annually in recent years, with major industries, such as agriculture, as Indonesia is a significant producer of palm oil, rice, tea, and coffee.
In manufacturing sector, Indonesia has textiles, automotive, electronics, and food processing productions, plus with its richness with several natural resources, including coal, natural gas, and minerals such as nickel and copper.
The tourism also is considered among the top provider sector to the country’s growth economy, taking a region such as Bali which is a prominent tourist destination.
In the field of services, Indonesia also enjoys the quality of its service sector, which is essential in serving the country’s production, agriculture and tourism sectors.
In line with the development of the country’s services sector and the development of its systems, Indonesia is focusing on growing its digital economy, with significant investments in technology and startups.
To be objective, we must mention a number of challenges and problems facing Indonesia, as infrastructure development represent a top priority, with the need for improvement and more work and infrastructure development transportation, energy, with logistics remains a critical issue.
The income inequality, also among the biggest challenges, as despite growth, income disparity persists among regions and social groups.
Meanwhile, there are growing trends of the Indonesian government that continues its efforts in enhance the investment in climate by simplifying regulations and offering incentives for foreign investors, as deforestation and pollution from industrial activities are Indonesia’s biggest environmental challenge.
Malaysia
Malaysia’s economy is one of the most developed in Southeast Asia, with diverse sectors and taking the advantage of the country’s strategic geographical location, with are of 330,803 km2, located in the center of southeast Asia, and a rich diverse population of 35.558 million.
Malaysia’s economy is characterized by its diversified sectors, stable growth, and ongoing challenges, with continued efforts towards diversification and sustainability.
Through the past three decades, Malaysia has witnessed remarkable economic and reform leaps thanks to the efforts of a group of its distinguished men, most notably its former Prime Minister, who is truly considered the spiritual father of the country’s modern renaissance, Mahathir Mohamad, as Malaysia become well-positioned for future economic development.
Malaysia’s GDP reached $400 billion as of 2023, which made the country a one of the top economies in the region.
The Estimations of GDP by the end of 2024, to reach the $500 billion.
In this regard, Malaysia’s growth rate shows a positive number, with an economy that showed resilience, with a projected growth rate of around 4-5% in the upcoming years.
By taking a fast look on the economic fields in the country we find several major industries:
Agriculture: with key products include palm oil, rubber, and cocoa, with Malaysia being one of the largest producers of palm oil globally.
Manufacturing: with significant contributor, particularly in electronics, automotive, and palm oil production.
Mining: a rich natural resource, including tin, decent oil reserves, and natural gas.
Also, the services sector, including finance, tourism, and healthcare, plays a crucial role Malaysia’s GDP.
The direction on more digital transformation, with offering more support to all initiatives aimed at enhancing the digital economy to boost innovation and productivity.
As for the challenges that faces the Malaysian economy, it’s fair to mention that the country is facing an issue with the dependency on commodities, as Malaysia is reliant on commodity exports, making it vulnerable to price fluctuations, and with that being said, the Malaysian government is focusing on more diverse economy in order to reduce reliance on commodities.
Besides that, as all the countries in east Asia, the income inequality, with disparities in income distribution and regional development as this topic represent a challenge for a sustainable growth.
Finally, the environmental issues, as Malaysia is almost like Indonesia, is facing challenges at the environmental sustainability, with issues of deforestation and environmental degradation create a major concern.
Thailand
When the world mentions Thailand, its unanimously agreed that it’s one of the most prominent tourist destinations in the world.
Thailand is known for its vibrant culture and tourism, with mixed economy that made the country an important player in Southeast Asia.
Thailand’s economy has several arms, a robust tourism sector, diverse industries.
Thailand has an area of 513,120 Km2, and a population of 71.900 million, according to the latest statistics,
Its GDP in 2023, reached $500 billion, making it the second-largest economy in Southeast Asia, with expectations to reach $530 Billion by the end of 2024.
The Thai economy has witnessed somewhat stable in the years since the Covid pandemic, as the economy has shown a recovery trajectory, with a growth rate of around 4% expected in the coming years.
The tourism represents the vital sector of the economy, with millions of tourists visiting the country annually.
In the Agriculture domain, the key products include rice, rubber, seafood, and fruits, with Thailand being one of the world’s largest rice exporters.
In manufacturing, and industrial sector, Thailand has strong automotive, electronics, and food processing sectors, Thailand is often referred to as the “Detroit of Asia” hinting on its automotive industrial sector.
Since we are talking about Thailand, a country that excels in the field of tourism, the service sector in it constitutes a great value in the country’s economy with growing in finance, healthcare, and education sectors.
Speaking of Digital Economy, there are initiatives to boost the digital economy in focusing on technology and innovation to enhance productivity.
Speaking about challenges, Thailand has several challenges that require consistent focus, naming: political stability, with political unrest and instability which has a major impact on investors’ confidence on Thailand’s economic performance.
Therefore, the Thai government is actively promoting foreign investment through incentives and infrastructure development.
Also, the aging population, as Thailand faces demographic challenges with an aging population, which may affect labor supply and economic growth in the upcoming future.
Finally, in the environmental field, pollution and deforestation represent the top concerns in the country.
Vietnam
Vietnam, the country that humiliated Uncle Sam, one of the last strongholds of communism in the world, the country has emerged as one of the fastest-growing economies in Southeast Asia, marked by significant reforms and a youthful workforce, with an economy rich with diversities that contribute to its rapid growth.
With an area of 298 Km2, and population of nearly 101 million, Vietnam with its diverse economy, the continued economic development, and the state’s leadership strategic reforms are paving the way to integrate Vietnam into the global economy.
Vietnam’s GDP reached approximately $400 billion in 2023, with a strong trajectory of growth, as its expected to grow at around 6-7%, fueled by industrialization and export growth, with projections of GDP growth to reach $466 Billion by the end of 2024.
Vietnam is considered a powerhouse in textiles, electronics, and consumer goods, with many multinational companies establishing production facilities.
In agriculture, the key products are: rice, coffee, seafood, and rubber, with Vietnam is one of the largest exporters of several agricultural products worldwide.
The services sector, particularly focus on tourism and finance, also the tech industry is growing, with a focus on software development and digital services.
Despite all this development, a paradox occurred, as the rapid growth has outpaced infrastructure development, and that led to congestion and logistical challenges, and there are significant regional economic disparities that require more focusing.
Although Vietnam has maintained its communist system, it has managed to create a balance between socialist rules and capitalist tendencies, which can be described as a distinct experience in developing the communist system, as China did before.
The Vietnamese government continues to implement reforms to enhance the business environment and attract foreign investment, and the country is participating in free trade agreements that aimed to boost exports and economic growth.
Finally, the environment… Vietnam’s rapid move toward more industrialization, resulted in more pollution levels, plus there are concerns over natural resources degradation.
A compass that never goes wrong!
After this extensive discussion of 4 of the most important knights of the Southeast Asian region, we find ourselves facing a set of questions and challenges, especially since we are talking here about what could happen with the importance of the Eastern Economic Forum in Vladivostok, specifically for these countries, which enhances their presence on the international scene, and supports and develops their historical relations with Russia.
It’s fair to say that such these countries that occupies a prestigious position in the region, and logically needs balanced international relations to serve development and progress in it, while taking into account maintaining the independence of national decision-making and the sound direction towards achieving the desired goals and preserving interests.
For a great country in terms of the vast area that Russia is characterized by (17,098,246 Km2), with a population of nearly 143 Million, of people from ancient and beautiful backgrounds, ethnic diversity coupled with religious, cultural and historical diversity, which, by a beautiful coincidence, intersects in these four countries in an amazing way.
What is happening today, in Russia’s confrontation with the Western powers, which are the same ones practicing policies of dictation and blackmail that are, to say the least, cheap, by turning the countries of East Asia into pawns to confront China, and perhaps they seek to harm the historical relations of these countries with Russia.
Russia still faces the same enemies to this day, and despite all the policies of exclusion and sanctions, the numbers, specifically the Western numbers, have shown that the Russian bear, despite the intensification of aggression against it, all the Western practices directed against it were nothing but stings from wasps trying to penetrate the thick fur of this bear (The thick fur of this Russian bear, in the economic field despite all this hostility and Western targeting, is holding out and will touch the ground by the end of this year 3.2%, reaching $2 trillion).
The Eastern Economic Forum may be a gateway to further strengthening relations with Southeast Asian countries, and perhaps Russia can play the role of an honest mediator to improve Chinese relations with these countries, as we cannot ignore the tensions between China and a number of Southeast Asian countries, in light of the ongoing economic war between it and the United States, which is trying to use a number of these countries as tools of blackmail and confrontation against China, while the United States is exploiting the urgent need of these countries for more economic growth, but on the other hand, how can we and they even forget the dark past of the West, specifically the United States, with most of these countries.
Should we remind you of the large number of crimes committed by the West against these countries?
Should we remind you of the incident of targeting the renaissance of the ASEAN countries in the late nineties, when one of the most dangerous economic terrorists in the world, George Soros, caused collapses in the currencies of these local countries by practicing the dirtiest methods of economic terrorism, which some like to call speculative investments and hot money investments in the economies of developing countries, in order to make quick profits without real development and projects on reality.
There are a number of ambitious ideas currently being discussed, namely joint cooperation between a number of East Asian countries to develop logistical routes for transporting goods, which, thanks to its location, the city of Vladivostok represents one of the most important starting points, through joint work to develop the logistical scope in the East and link it through a series of express roads and railways, which deliver the goods of Southeast Asian countries from the port of Vladivostok to the West of the globe, not to mention encouraging more joint investment opportunities between these countries and the Russian government.
Also, talking about these countries joining the BRICS group will represent a step in the right direction towards an East Asian economic bloc that brings together a group of Southeast Asian countries, with these four countries at the forefront of them with the BRICS group.
With the increasing crises and challenges in the international arena, the crisis of maintaining supply chains remains one of the biggest challenges facing the global economy.
This issue has been and continues to be at the forefront of research, work and development priorities at the Eastern Economic Forum, given that Vladivostok is the largest Russian commercial port in the Far East, and its presence in this sensitive region, which is also not isolated from international tensions, represents an important transit point for exports and products moving from the East of the world to the West, with Russia’s growing keenness to benefit from the vast area and geographical location it provides, which makes it one of the most important transit points for products and supply chain movement points in the world.
We are not exaggerating in saying that this advantage is one of the advantages that has placed Russia in confrontation with a number of Western parties, which apparently are bothered by Russia having a leading position on the international scene.
It was wise to hold an international economic forum in this important region of the world, and in a city like Vladivostok, which is considered one of the logistical ways for the arrival of goods from those countries to the other side of the world.
Thus, linking the needs of time with the advantage of place, therefore any cooperation and increase in coordination and strengthening of ties of all kinds between the countries of East Asia as a whole and specifically the countries of Indonesia, Malaysia, Thailand and Vietnam, will have greater weight and value, and they will be tools of power in the face of those who try to continue the policies of a unipolar world, a world that links the needs of people to their own interests… We know who they are, but do they know who we mean, and do they know that we know?
Let’s ask Vietnam who they are?
