UKABC’s Director - ASEAN & Corporate Affairs attended the ASEAN Business Advisory Council (BAC) Joint Business Council meeting in Manila
ASEAN must be inclusive - not only working with big business, but especially for MSMEs and micro enterprises. This was the key message from Joey Concepcion III, ASEAN BAC Chair 2026, at the first Joint Business Council meeting for the year.
The Philippines’ ASEAN-BAC Chairmanship theme is Advancing Prosperity for All, with priorities structured around four pillars:
People: MSMEs, youth, women, human capital
Planet: sustainability, food security, circular economy
Platform: digitalisation, AI, connectivity, finance
Productivity: creative economy, sector competitiveness, regional integration
As part of the first Joint Business Council meeting, Allen Lai, UKABC Director - ASEAN & Corporate Affairs, was also briefed by Jonathan Wong, Chief of Innovation of United Nations ESCAP, on FDI and supply chains. While Greenfield FDI announcements have declined 17% in ASEAN, the region has still captured 29% of Asia-Pacific Greenfield FDI in 2025. UKABC was pleased to support UNESCAP’s 2025 ASEAN Investment Forum and looks forward to future collaboration in 2026.
Opportunities that will continue to drive ASEAN FDI include harmonising standards/rules of origin, digitising supply chains, and strengthening linkages with other blocs. Sustainability will also become an even more important driver of FDI through the ASEAN Regional Investment Promotion Action Plan 2025–2030, green SME initiatives, and rising demand for Sustainable Aviation Fuel.
Arifah Sharifuddin, Institute Director from Tech for Good Institute, shared that Southeast Asia is moving from broad policy to more structured governance while building institutions and regional coordination to govern AI safely and consistently. She also highlighted that trusted cross-border data flows are fundamental for inclusive AI innovation.
Allen Lai presented the UK-ASEAN Business Council (UKABC) plans for the year, which involve developing and deepening our collaboration in ASEAN and the UK through a programme built around:
Energy transition and the ASEAN Power Grid
Financial and Professional Services, including ESG Standards, Artificial Intelligence (AI) Governance, and Risk Management in Finance
Digital including DEFA
Creative Economies and more
In 2026, UKABC’s programme will include:
Our Flagship UK-ASEAN Business Forum in London in March
Leading, alongside TheCityUK, the UK’s first business consultation at the Deputy Finance Ministers and Deputy Central Bank Governors’ meeting in Manila in April
Leading the UK business consultation at the ASEAN Economic Ministers meeting in Manila in September
Engagement during the ASEAN Energy and Business Forum in Manila in October
Lord Vaizey-led business delegation to the ASEAN Business and Investment Summit in Manila in November
Bilateral programmes in Cambodia, Vietnam, and Thailand