ASEAN AIMS TO BOOST FOREIGN INVESTMENT

VIENTIANE, Sept 18 (Bernama-Xinhua) -- Representatives from ASEAN member states gathered at the 56th ASEAN Economic Ministers' Meeting to address key issues with the goal of making ASEAN a more attractive destination for foreign investment, reported Xinhua citing a local news report.

The meeting was held in Lao capital Vientiane on Tuesday and chaired by Lao Minister of Industry and Commerce Malaythong Kommasith, the local Pasaxon newspaper reported on Wednesday.

The meeting discussed the progress of the ASEAN Economic Community (AEC) and reaffirmed ASEAN's steadfast commitment to regional economic integration amidst the increasing challenges posed by global economic fragmentation, geopolitical tensions, and climate changes.

The meeting emphasised ASEAN's strategic focus on promoting transformative sectors, such as the digital and green economy, to reinforce ASEAN's position as an epicentre for growth.

Speaking at the meeting, Malaythong said, "The regional and international economic and financial situation continues to face instability affected by the spread of COVID-19, climate change, and political conflicts in the region and internationally. This requires us to strengthen unity and cooperate closely to find appropriate measures to solve those challenges."

The region's economic growth was recorded at 4.1 per cent in 2023 and this is expected to increase to 4.6 per cent in 2024, while investment in ASEAN increased by 0.3 per cent from US$229 billion in 2022 to US$230 billion in 2023, said Malaythong.

The value of trade in ASEAN products decreased by 1.2 per cent from US$3,846 billion in 2022 to US$3,525 billion in 2023 but is expected to increase to US$3,617 billion in 2024, he added.

The meeting engaged in deep discussions on implementing critical priority work plans for 2024, the progress of building the ASEAN Economic Community by 2025, and the vision for the community to 2045. 

--BERNAMA-XINHUA