KUALA LUMPUR, March 21 — The member countries of the Association of
Southeast Asian Nations (ASEAN) should further boost investment to weather
uncertainties of the current global economic climate, said its deputy
secretary- general Lim Hong Hin on Thursday.
One of the important lessons of
the Asian financial crisis in 1997 is that recovery may not be sustainable
without growth in private investment, Lim said.
The ongoing global economic
uncertainties offer ASEAN the same lesson that the 10-nation bloc needs a
domestically generated growth to sustain its medium-term growth prospect, he
added.
The deputy secretary-general for
ASEAN economic community was speaking at the forum on the ASEAN Comprehensive
Investment Agreement (ACIA), which came into effect in 2012 to boost investment
in the region.
Strong domestic demand,
especially domestic investment, has helped the economy of ASEAN countries
remain dynamic despite the global uncertainties.
According to Mustapa Mohamed,
minister of International Trade and Industry of Malaysia, Gross Domestic
Product (GDP) of ASEAN grew by 5.2 percent in 2012, outpacing the global
economy.
The International Monetary Fund
(IMF) has predicted a 5 to 6 percent annual growth for the period of 2013 to
2017 in ASEAN.
However, Lim said the ASEAN
countries should do more to boost investment. “The dependence of most ASEAN
countries on external demand has been an Achilles’ heel that made us vulnerable
to the crisis,” he said.
He urged the ASEAN countries to
make the ACIA work in order to face the challenge posed by global uncertainties
and realize the goal of achieving ASEAN Economic Community by 2015. “We have to
make sure that it is not just another agreement, but something that will create
a difference in transforming our different investment regimes into one
integrated regime that can create opportunities for our economies, and more
importantly, for the market,”he said.
ASEAN groups Indonesia, Brunei,
Malaysia, Singapore, the Philippines, Thailand, Laos, Cambodia, Myanmar and
Vietnam.
Business & Investment Opportunities
Saigon Business Corporation Pte Ltd (SBC) is incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Health care and Life Science with expertise in ASEAN 's area. We are currently changing the platform of www.yourvietnamexpert.com, if any request, please, contact directly Dr Christian SIODMAK, business strategist, owner and CEO of SBC at christian.siodmak@gmail.com. Many thanks.
No comments:
Post a Comment