S'pore, Thailand to lead ASEAN road shows

S'pore, Thailand to lead ASEAN road shows

SINGAPORE (Agencies): Singapore will lead a delegation of
officials from the Association of Southeast Asian Nations (ASEAN)
in an investment mission to the United States, the government
said on Thursday.

Minister for Trade and Industry George Yeo will head the ASEAN
ministerial investment mission from May 15 to 20, which will meet
with U.S. businessmen in New York, Minneapolis and San Francisco,
the Ministry of Trade and Industry said.

The U.S. business community will be updated on the region's
economic recovery from the financial crisis that erupted in 1997
and on investment-related issues, it said.

The visit is the second of its kind this year, following a
similar visit to Japan led by Malaysian Minister for
International Trade and Industry Rafidah Aziz in February, AFP
reported.

Meanwhile, DPA reported, Thailand will lead a road show to
Britain, France and Germany later this month to raise investment
interest in the recovering markets of Southeast Asia, a senior
official said on Thursday.

Thailand's Minister to the Prime Minister's Office Abhisit
Vejjajiva will lead the delegation of officials and businessmen
from the Association of Southeast Asian Nations (ASEAN) to
London, Paris and Munich on May 22-26.

"ASEAN has to go to tell people that their market is a large
consumer population, with a gross domestic product equivalent to
China's, although the population is about one third China's at
500 million," said Board of Investment (BOI) Secretary General
Staporn Kavitanom.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar (Burma), the Philippines, Singapore, Thailand and
Vietnam.

The road shows have been timed to draw attention to the
regional recovery and to highlight progress made in establishing
an ASEAN Free Trade Area (AFTA), said Staporn.

As of Jan. 1, this year, the six most developed countries of
ASEAN had slashed tariffs to less than 5 percent on 85 percent of
all import items sourced from the region.

"We have to admit that ASEAN has to become one market to
become competitive, or else we don't offer a sizable market to
investors," said Staporn, who will lead Thailand's delegation to
Europe.

He acknowledged that Malaysia's recent refusal to slash
tariffs on automobiles and parts and components was a set back
for AFTA, not to mention Thailand

Staporn claimed Thailand stood to gain within ASEAN as the
main regional production hub for automobiles and "white goods,"
or electrical appliances such as washing machines, air
conditioners and microwave ovens.

Staporn said that many of Thailand's industries, such as
petrochemicals, had recovered from the crisis years of 1997-98,
and the country was beginning to attract foreign investments
again.