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ASEAN representatives convene in Laos to enhance foreign investment
(MENAFN) Representatives from the Association of Southeast Asian Nations (ASEAN) convened in Vientiane, Laos, for the 56th ASEAN Economic Ministers' Meeting to discuss strategies for enhancing the region's appeal as a hub for foreign investment. The meeting, chaired by Lao Minister of Industry and Commerce Malaythong Kommasith, focused on the progress of the ASEAN Economic Community (AEC) and the bloc's commitment to regional economic integration in the face of global economic challenges, geopolitical tensions, and climate change.
The ministers underscored ASEAN's strategic priority on transformative sectors like the digital and green economy, aiming to strengthen the region's status as a key growth center. Addressing the meeting, Malaythong highlighted the ongoing instability in the regional and global economic landscape, influenced by factors such as the COVID-19 pandemic, climate change, and political conflicts. He called for greater unity and close cooperation among ASEAN members to develop appropriate measures to tackle these challenges effectively.
Despite the global economic headwinds, the region's economic growth in 2023 was recorded at 4.1 percent and is projected to rise to 4.6 percent in 2024. Investment in ASEAN has shown resilience, increasing by 0.3 percent, from USD229 billion in 2022 to USD230 billion in 2023. This growth demonstrates the region's continued attractiveness to investors, even amidst challenging global conditions.
However, trade in ASEAN products experienced a slight decline, with the value dropping by 1.2 percent from USD3,846 billion in 2022 to USD3,525 billion in 2023. Despite this decrease, trade is expected to rebound, with projections estimating an increase to USD3,617 billion in 2024. The meeting underscored the importance of strategic focus and cooperative efforts to navigate these economic challenges and capitalize on opportunities for sustained growth and development within ASEAN.
The ministers underscored ASEAN's strategic priority on transformative sectors like the digital and green economy, aiming to strengthen the region's status as a key growth center. Addressing the meeting, Malaythong highlighted the ongoing instability in the regional and global economic landscape, influenced by factors such as the COVID-19 pandemic, climate change, and political conflicts. He called for greater unity and close cooperation among ASEAN members to develop appropriate measures to tackle these challenges effectively.
Despite the global economic headwinds, the region's economic growth in 2023 was recorded at 4.1 percent and is projected to rise to 4.6 percent in 2024. Investment in ASEAN has shown resilience, increasing by 0.3 percent, from USD229 billion in 2022 to USD230 billion in 2023. This growth demonstrates the region's continued attractiveness to investors, even amidst challenging global conditions.
However, trade in ASEAN products experienced a slight decline, with the value dropping by 1.2 percent from USD3,846 billion in 2022 to USD3,525 billion in 2023. Despite this decrease, trade is expected to rebound, with projections estimating an increase to USD3,617 billion in 2024. The meeting underscored the importance of strategic focus and cooperative efforts to navigate these economic challenges and capitalize on opportunities for sustained growth and development within ASEAN.
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