The ASEAN economy is expected to grow at 7 per cent per annum, with GDP reaching US$4.7 trillion (S$1.9 trillion) in 2020 and the possibility of becoming the fourth largest economy in the world by 2030, the Lao Prime Minister Thongloun Sisoulith said. ASEAN is a single market and production base with a combined GDP of US$2.43 trillion (S$3.3 trillion )in 2015, ranking as the sixth largest economy in the world, Lao Prime Minister Thongloun Sisoulith said at the opening ceremony of the 13th ASEAN Business and Investment Summit (ASEAN-BIS 2016). The ASEAN-BIS 2016 is being held on the sidelines of the 28th and 29th ASEAN Summits in Vientiane. The ASEAN community is a community of opportunities not only for the over 620 million people in ASEAN but also for the people outside the region. The role of the private sector remains a key element for further progress in the ASEAN Economic Community (AEC) Blueprint 2025 implementation and regional economic integration.