ASEAN sets up database

ASEAN sets up database

BANGKOK (AFP): Investment officials from the Association of Southeast Asian Nations (ASEAN) agreed yesterday to establish a mutual database and to work together to promote investment in the region.

The heads of the investment agencies from ASEAN's seven member nations agreed to exchange information and data, simplify investment procedures and participate in joint investment promotion campaigns.

They also supported a proposal by Thailand to create a database of ASEAN industries.

"The first step is to let investors know who does what, which will be beneficial to all parties as it is cheaper to buy from ASEAN sourcing rather than outside," said Staporn Kavitanon, head of Thailand's Board of Investment.

By establishing the database "we can let foreign investors know they can source their products within ASEAN ... at low tariffs," Staporn told reporters.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The association's leaders are due to meet in Bangkok from Dec. 14 to Dec. 15.