SE Asia prepared to be world's new economic powerhouse

LABUAN BAJO, Indonesia — The Association of Southeast Asian Nations is demonstrating its confidence in becoming a new global economic powerhouse, which was reflected at a summit held from May 10-11 in the Indonesian town of Labuan Bajo.

This year's 42nd ASEAN Summit was held under Indonesia's ASEAN chairmanship.

"We have a strong asset as the epicenter of growth, an economy that grows far above average global economic growth, demographic bonuses and sustained regional stability," Indonesian President Joko Widodo said on May 10 at the summit's opening session.