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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