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.