Internet link-up for ASEAN states

Internet link-up for ASEAN states

MANILA (AP): Doing business in Southeast Asia, the world's most economically vibrant region, will be speeded up through an Internet link-up connecting 10 countries in the region, officials said yesterday.

Part of a 23-year program outlined by investment planners of the Association of Southeast Asian Nations, or ASEAN, it is aimed at encouraging the flow of capital and portfolio funds in the region.

Staporn Kavitanon, secretary-general of Thailand's Board of Investment, said the prototype program developed in Thailand now has information on 3,000 companies in Malaysia, the Philippines, Singapore and Thailand, with data on those in Brunei, Indonesia and Vietnam in the works.

Those seven countries comprise the ASEAN.

Salazar said that the group also has offered to develop home pages for Myanmar, Cambodia and Laos. The three countries will become members of the regional economic bloc later this month.

"This is one tangible sign that ASEAN is already beginning to turn its vision into reality," said Melito Salazar, undersecretary of the Philippines' Department of Trade and Investment.

The Internet database will provide information on the names of company officials, products, addresses, telephone numbers and production capacity.

By forming the investment area, the heads of AIA believe it would be easier to convince non-ASEAN foreign fund managers to invest in specific ASEAN countries or in a sub-region.

The investment area is expected to offer incentives to investors in specific industries and capital markets. A plan defining the scope of the investment area is expected to be completed by next year.

Lim Pin, deputy chairman of Singapore's Economic Development Board, said the plan is expected to be substantially operational by the year 2010 and fully functioning by 2020.