ASEAN leaders issued a declaration aimed at developing a regional EV ecosystem. The declaration called for the region to become a global hub for the production of electric vehicles in order to support sustainable economic growth in the region. ASEAN countries possess the essentials necessary to establish itself as a thriving hub for EV manufacturing. The most extensive nickel deposits in the world are found in Indonesia, the largest nation in the region. We are also a major producer of tin and copper which are essential for EV batteries. A collaborative effort between the public and private sectors is crucial for this initiative, as the private sector’s input is necessary to identify and cultivate the requisite skills and competencies demanded by the EV industry.

The declaration emphasizes the importance of regional EV standards alignment for seamless cross-border trade and interoperability and the development of human capital through training and certification programs. These initiatives aim to create an equitable and well-connected EV ecosystem in a market that is now dominated by South Korean and Chinese EV producers.

Furthermore, ASEAN countries have also agreed to optimize the production and utilization of sustainable materials and resources to achieve higher value creation in the EV supply chain in the region and promote the use of renewable energy in the region. In this rapidly expanding business, this will strengthen the region’s reputation and competitive advantage. Moreover, ASEAN is projected to have an estimated EV market value of USD 2.7 billion in 2027.