ASEAN States Agree to Enhance Dialogue, Cooperation

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Last updated at: (Beijing Time) Monday, September 01, 2003

ASEAN States Agree to Enhance Dialogue, Cooperation

The sixth ASEAN Investment Area(AIA) ministerial Council Meeting on Monday agreed to enhance the dialogue and cooperation with its partners and non-ASEAN business representatives.

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The sixth ASEAN Investment Area(AIA) ministerial Council Meeting on Monday agreed to enhance the dialogue and cooperation with its partners and non-ASEAN business representatives.

Ministers and senior officials from 10 ASEAN (Association of South East Asia Nations) member countries attended the meeting, which opened in Phnom Penh on Monday and chaired by Cambodia's Secretary of State of Economy and Finance Kong Vibol.

The meeting focused on the process and achievements of the AIA,measures to attract more foreign investment and strengthen the dialogue with some of the ASEAN dialogue partners.

The ministers also exchanged views on international economic issues such as the global economic situation, especially the impact of the severe acute respiratory syndrome (SARS).

In a joint press statement, the ministerial council agreed to publish an update Compendium of Investment Policy Measures and the2003 FDI data set later this year, in order to enhance transparency and to promote greater awareness of the regions's investment environment.

The ministerial council also agreed to have regular dialogue with some of the ASEAN dialogue partners under an appropriate mechanism, to spearhead investment cooperation and facilitate exchange of experiences on investment matter.

It decided to have more active dialogue with ASEAN and non-ASEAN business representatives in 2004.

The ministerial council welcomed the decision of the leaders toestablish an ASEAN-China Free Trade Area within 10 years, saying it will augur well for ASEAN given the production and resources complementation between ASEAN and China, and that China is increasingly a source of foregin direct investment (FDI) to the region.

During the meeting, ministers expressed their satisfaction withthe progress made in advancing the AIA process, and are upbeat on the outlook of FDI flows to the region in 2003 and 2004 because ofa better global economic situation and a stronger regional economic development.

Preliminary statistics indicated that the outbreak of the SARS earlier this year have limited impact on investment in the region.Approved foreign investment in the manufacturing sector increased by 54 percent in the first half of 2003 as compared to the same period last year.

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