ASEAN wants Japan funding

ASEAN wants Japan funding

BANGKOK (AFP): The Association of South East Asian Nations (ASEAN) is to ask Japan to finance its social development fund after South Korea refused to do so, The Nation newspaper reported yesterday.

An informal request will be made at a forum next week in Bangkok attended by representatives from Japan and ASEAN member states Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, the paper said.

ASEAN's Social Development Committee aims to provide youth programs, family planning and aid after natural disasters, and the issue of funding was at the center of its 19th session held in Bangkok from Jan. 10-13.

Chairman Thamarak Karnpisit said that financing had previously been provided by developed countries but this had lapsed in view of ASEAN members' dramatic economic strides, the paper quoted him as saying.

ASEAN, whose members have recorded annual growth of around eight percent on average, are now considered capable of providing their own financing.

South Korea had been approached for funds, but declined citing budgetary constraints, said the paper.

Trade between ASEAN and Japan totaled US$72.3 billion in 1993.