The Association of Southeast Asian Nations (ASEAN) Regional Business Council (RBC), which was supported by 55 major companies, was launched by the World Economic Forum (WEF) on Tuesday.

The council's mandate is to promote public-private cooperation on the most pressing issues in the ASEAN, in the context of the fourth industrial revolution and its implication on the region, said a press release by WEF.

The council will focus on building infrastructure, promoting cross-border trade and investment in ASEAN, developing a digital economy, examining the future of jobs and industry in the region and championing the principles of inclusive growth.

In the year ahead, the RBC is expected to launch a number of other initiatives including a strategic infrastructure programme that promotes blended finance.

ASEAN has a large infrastructure deficit that cannot be addressed through public investment alone. Private capital is needed, but many projects fail to secure funding because investors see them as too risky. Blended finance harnesses flows of official development assistance to alleviate these risks while also allowing private capital to be raised, the WEF said.

RBC members will contribute to highlighting ASEAN's accomplishments on the global stage at the WEF Annual Meeting in Davos in 2017, the year when the ASEAN will celebrate its 50th anniversary of establishment, said the press release.

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