The EU-Asean Business Council (EU-ABC) has re-elected Mr Donald Kanak as its chairman for a second two-year term, the council said in a press statement yesterday.

Mr Kanak is the chairman of Prudential's Eastspring Investments.

At the council's gala dinner this week, Singapore's Minister for Finance Heng Swee Keat in his keynote address touched on the ongoing work which could benefit both the EU and Asean, such as in the areas of trade facilitation, disaster risk finance and e-commerce. He called for support from Europe in areas like infrastructure financing and the Asean Smart Cities Network.

"There is tremendous potential for both Asean and the EU to collaborate, and to keep our economies relevant and forward-looking. We appreciate the European businesses' commitment and support to Asean," Mr Heng said.

"As Asean chair this year, Singapore is keen to facilitate greater interaction between the EU and Asean, particularly in the areas of innovation, digital economy and infrastructure financing through platforms such as the Asean Smart Cities Network."

Europe is the top source of foreign direct investments for Asean and the region's second-largest trading partner. The 2017 EU-Asean Business Sentiment Survey meanwhile has shown that an overwhelming majority of European firms had expected to increase trade and investment in the region.