ASEAN economic ministers highlight need for foreign investment

The 56th ASEAN Economic Ministers’ Meeting taking place in Vientiane has engaged in discussions around ways to make ASEAN more attractive to foreign investors.

The 56th ASEAN Economic Ministers’ Meeting convenes in Vientiane.

The meeting is chaired by Laos’ Minister of Industry and Commerce, Mr Malaythong Kommasith, and attended by the ASEAN Secretary-General, the Minister of Trade and Industry from Timor-Leste, and heads of delegations from ASEAN member countries.
“The regional and international economic and financial situation continues to face instability affected by the spread of Covid-19, climate change, and political conflicts in the region and internationally. This requires us to strengthen unity and cooperate closely to find appropriate measures to solve those challenges and simultaneously implement the ASEAN slogan for 2024 ‘ASEAN Enhancing Connectivity and Resilience’,” Mr Malaythong said.
The region’s economic growth was recorded at 4.1 percent in 2023 and this is expected to increase to 4.6 percent in 2024, while investment in ASEAN increased by 0.3 percent from US$229 billion in 2022 to US$230 billion in 2023, Mr Malaythong said.
The value of trade in ASEAN products decreased by 1.2 percent from US$3,846 billion in 2022 to US$3,525 billion in 2023, but is expected to increase to US$3,617 billion this year, he added.
The meeting saw ASEAN members pledge to jointly fulfil the vision of the ASEAN Economic Community to 2025 and determine the vision for the Community to 2045.
Mr Malaythong said constructive discussions would help to strengthen the ASEAN Economic Community and benefit the people of the region by bolstering the role of ASEAN in efforts to enhance cooperation with the outside world.
With Laos assuming the chairmanship of ASEAN and also introducing the Visit Laos Year programme this year, Mr Malaythong invited ASEAN ministers and delegations attending the meeting to visit some of Laos’ popular tourist attractions.
He promised they would receive a warm welcome from the people of Vientiane and the country as a whole as everyone shares in efforts to make Visit Laos Year a success.

By Times Reporters
 (Latest Update September 18, 2024)