Singapore - S'pore extends S$50m contribution to ASEAN to narrow development gap

BALI: Singapore announced an extension of its contributions to the Initiative for ASEAN Integration (IAI) for another four years from 2012 to 2015.

Revealing this during the plenary session of the ASEAN Summit in Bali, Prime Minister Lee Hsien Loong said this will be the country's fourth pledge to the IAI, totalling S$50 million.

The IAI aims to help member states like Cambodia, Laos, Myanmar and Vietnam narrow the development gap to achieve the vision of an ASEAN Community by 2015.

Giving an overview, Mr Lee noted that the global economy remained vulnerable with problems in the European Union and the US economy still weak with low growth and stubborn unemployment.

He said ASEAN must cooperate to weather the storm.

He said this can be done in three ways - achieving the vision of an ASEAN Community by 2015, enhancing ASEAN connectivity and strengthening links with the rest of the world.

Mr Lee stressed that ASEAN is at a critical juncture in its community-building efforts with slightly over three years left to achieve the 2015 vision.

He said ASEAN's credibility and success are at stake and he called on the group to focus on achieving existing targets.

Mr Lee also said that connectivity is key to the group's integration and community-building efforts at it is important for ASEAN to draw the region closer, narrow development gaps and explore opportunities to involve the private sector in its programmes.

And as ASEAN expands external links, Mr Lee said there's a need for ASEAN to "entrench its centrality in the regional architecture".

One way is to move towards the concept of an ASEAN++ Free Trade Agreement (FTA) framework.

Mr Lee believes this will synergise the benefits from the web of ASEAN+1 FTAs it has with partners.

He urged economic officials to quickly finalise the template for an ASEAN++ FTA.

Mr Lee also said he is confident that Cambodia as the next Chair of ASEAN will sustain the momentum of strengthening and integrating the grouping.

- CNA/fa


Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.