ASEAN told to restore investor confidence<\/p>\n
Dow Jones, Bandar Seri Begawan<\/p>\n
The Association of South East Asian Nations, or ASEAN, must
\nrestore investor confidence and reduce the cost of doing business
\nin the region, the group's economic ministers heard Thursday.<\/p>\n
Brunei Sultan Hassanal Bolkiah also told the ASEAN Economic
\nMinisters meeting that the group must press ahead with forging
\nwider links with its East Asian and Asia Pacific trading
\npartners.<\/p>\n
"Though economies in the region are already recovering from
\nthe aftershocks of the Asian financial crisis and the Sept. 11
\nterrorist attacks, we still face challenges in becoming a key
\nglobal player," he said at the opening ceremony of the meeting.<\/p>\n
"Among others, foreign direct investments have dwindled
\nsignificantly from the pre-crisis levels and even though the
\nASEAN free trade area has been realized for six ASEAN countries,
\ngrowth in intra-ASEAN trade has yet to increase significantly.<\/p>\n
"Consequently, investor confidence has to be restored, and the
\ncost of doing business in ASEAN has to be minimized."<\/p>\n
ASEAN comprises Indonesia, Cambodia, Thailand, Malaysia, Laos,
\nVietnam, Brunei, the Philippines, Singapore and Myanmar.<\/p>\n
The block has seen its share of regional investment fall in
\nrecent years as investors are drawn to the massive local market
\nand cheap labor costs offered by China.<\/p>\n
The discussions of the economic ministers meeting Thursday
\ninclude a proposed free trade agreement with China and progress
\ntoward cutting tariffs in the region.<\/p>\n
Later in the week, the group will hear a report on a possible
\nbroader economic partnership with Japan that could include a free
\ntrade area.<\/p>\n
The group is also expected to sign a closer economic
\npartnership accord with Australia and New Zealand.<\/p>\n
The sultan said ASEAN has progressed in the right direction by
\nmeans such as undertaking to reduce non-tariff barriers, bringing
\nin harmonized or mutually recognized standards and professional
\nqualifications, and simplifying customs procedures, but he is
\nconvinced that "we still need to do even more."<\/p>\n
"I look forward to seeing specific measures being drawn up
\nwith clear timeliness that focus on bridging the development gap,
\nenhancing further economic cooperation and achieving deeper
\nintegration," he said.<\/p>\n
He said that ASEAN is on the threshold of a new era in
\neconomic cooperation, and political will is needed as the group
\nstrives to consolidate its position as a region of dynamic
\neconomic growth.<\/p>\n
"Without it, we risk falling behind other regions in economic
\nprogress," he said.<\/p>\n
"It is therefore critical for ASEAN to unite with a renewed
\nsense of purpose by intensifying our momentum towards a freer
\nflow of trade and investment in the region and enhancing our
\ncompetitiveness in attracting foreign direct investment."<\/p>\n
This week's meetings are an "enormous opportunity" for ASEAN
\nto show that it can move rapidly to secure higher living
\nstandards for its people, he said.<\/p>\n
"ASEAN possesses immense potential in our abundant natural
\nresources and productive, skilled peoples," he said.<\/p>\n
"I hope that you will be able to step up cooperative efforts
\nto unleash this potential."<\/p>\n
He urged the ministers to come up with specific measures with
\ndefined timeframes to bridge the gap between ASEAN's less
\ndeveloped nations and their richer counterparts.<\/p>",
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