US investors have positive outlook on Southeast Asia, Asean ministers told
US INVESTORS plan to expand their footprints in Southeast Asia after taking a positive outlook on the region’s growth, while Asean and Japan have agreed to expand cooperation in services and investment.
After the Asean Economic Ministers (AEM) meeting in Laos last week, Thai Commerce Minister Apiradi Tantraporn said Asean and partner countries including the United States, Japan and China had strengthened cooperation on many issues.
At a separate meeting on the sidelines of the AEM meet, officials from the US Trade Representative reported that the Asean Business Outlook Survey for 2017 showed that American investors had a positive outlook on this region’s economic growth and planned to focus on three key cities: Singapore, Jakarta and Bangkok.
The US-Asean Business Council said it would open “Asean Connect Centres” in those three cities next month to help tighten cooperation between US and Southeast Asian enterprises as well as assist US businesses operating in this region.
The centres will also provide information about Asean for American investors.
During the meeting, the US and Asean also agreed to increase transparency in issuing policies and regulations for facilitating investment growth.
4th largest trading partner
According to the Commerce Ministry, the US is Asean’s fourth-largest trading partner.
Bilateral trade was worth US$212.8 billion last year. The US is Asean’s biggest foreign investor, with |accumulated initial capital investment worth $273.4 billion.
In addition, during the AEM meeting, Asean and Japan agreed on service and investment liberalisation under the Asean-Japan Comprehensive Economic Partnership Agreement.
The two sides agreed on liberation of the finance and telecommunications sectors and labour movement, while also agreeing on investment protection and investment-facilitation issues.
Asean and Japan also approved a 10-year economic cooperation plan, which will be implemented from 2016 to 2025. They will cooperate on promotion of small and medium-sized enterprises, intellectual-property rights, and other standards.
Asean also held bilateral talks with other partner economies, including mainland China, Hong Kong and India, on cooperation on many issues, such as revisions of trade-in-goods measures, rules of origin, customs procedures, and other trade issues.
