ASEAN promotes telecoms

ASEAN promotes telecoms

BANGKOK (AFP): Six countries of Southeast Asia have agreed to pool their efforts -- and money -- to better compete in the world telecommunications market, a Thai official said yesterday.

The Association of Southeast Asian Nations (ASEAN) will invest US$1.4 million this year to set up two companies to handle financing and seek new contracts for state-run firms, the Communications Authority of Thailand official said.

The companies, ASEAN Telecom Holding Co. and ASEANNet Co., will take a three percent fee for contracts and then pay out dividends to the governments, technically the shareholders, the official said.

The members had not chosen a start-up date for the companies, the official added.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

Thai officials declined to provide further details.