China's Growth Benefits Southeast Asia: Official

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Last updated at: (Beijing Time) Wednesday, January 29, 2003

China's Growth Benefits Southeast Asia: Official

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Singaporean Minister for Trade and Industry George Yeo Wednesday pointed out that "while China isa fierce competitor in some sectors, China's growth and prosperity will benefit us in Southeast Asia, as has always been the case in history."

Yeo made the remarks at a ceremony at Bintan Industrial Estate, Riau Province of Indonesia, to mark the opening of two new factories and completion of two expansion projects at the estate.

"The ASEAN-China FTA (free trade agreement) will give products manufactured in Bintan and elsewhere in ASEAN (Association of Southeast Asian Nations) easier access into Chinese markets," he added.

Yeo also pointed out that ASEAN has reasons to be confident that Southeast Asia will remain competitive in manufacturing, evenas China continues to grow.

This is because Southeast Asia has a longer history in advancedmanufacturing and has built up strong competencies over the years,he said.

For many years, leading companies in the world have partnered ASEAN to develop and produce goods and services for the global market, he added.

On the same occasion, in response to a question by a Japanese reporter about ASEAN-China FTA, Indonesian Minister of Trade and Industry Rini Soewandi said the two sides will negotiate details of the FTA and she believes that both ASEAN and China will benefitfrom the ASEAN-China FTA.

The ASEAN-China FTA will be a win-win pact, she underlined.

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