Potential for circular economy to drive ASEAN economic growth

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  • 25 May 2021
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Potential for circular economy to drive ASEAN economic growth

The circular economy concept has the potential to spur economic growth in the Asean region, said Economic Research Institute for Asean and East Asia chief operating officer Hachiyama Koji. A circular economy is an economic concept that prioritises material recovery at the end of a product lifecycle to channel resources back into production and eliminate waste, such as smart city and recycling. Koji said in order to build a circular economy, there should be a large private investment and new technologies would potentially be established to change the social system. Citing legal frameworks for circular economy from several countries, he said Malaysia has a Guideline on Procurement, Thailand has the National Master Plan for Waste Management, and Indonesia has a Policy and Strategy for the Management of Household Waste.

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