ASEAN seen facing lower growth<\/p>\n
HONOLULU, Hawaii (AFP): Southeast Asian nations face the
\nprospect of lower growth because of heightened competition for
\ninvestment from China and India, a senior Indonesian official
\nwarned here Tuesday.<\/p>\n
\"China and India are presenting themselves as very serious
\ncompetitors for ASEAN (the Association of Southeast Asian
\nNations),\" Lakasmana Sukardi, Indonesian State minister of
\ninvestment and state enterprises development, told a meeting of
\nPacific basin business executives.<\/p>\n
\"Both countries have huge and cheap labor pools and large
\npotential markets. In short, the easy days for Southeast Asia are
\ngone and won't be coming back soon.\"<\/p>\n
As a result, he told members of the Pacific Basin Economic
\nCouncil (PBEC), \"we are going to have to adjust to slightly lower
\ngrowth rates than those enjoyed in the last three decades.\"<\/p>\n
\"We have no choice but to get leaner and meaner than we were
\nin the past. The pressure is greater than ever for us to create
\nan excellent climate for investment, production and trade.\"<\/p>\n
The minister said ASEAN nonetheless had time to establish the
\ncritical legal structures needed to lure foreign investors
\nbecause of uncertainties clouding the future economic direction
\nof China and India.<\/p>\n
He said there were no assurances that China's transition to a
\nmarket economy would go smoothly while in India there remained an
\nunderlying resistance to economic liberalization.<\/p>\n
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia,
\nMyanmar, the Philippines, Singapore, Thailand and Vietnam.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asean-seen-facing-lower-growth-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}