ASEAN expects foreign investment to keep growing
ASEAN expect foreign investment in Southeast Asia to keep growing after it surged 48 percent in 2005 to a new record, but the region must redouble efforts to catch up with China, officials said Monday.
Foreign direct investment into the 10-member Association of Southeast Asian Nations rose to US$38 billion (euro31.7 billion) last year, surpassing levels last seen before the 1997-98 Asian financial crisis, Malaysia's Trade Minister Rafidah Aziz said.
Foreign investment into ASEAN rose to US$34 billion (euro28 billion) in 1997, but declined sharply after the Asian financial crisis threw regional economies into disarray.
"We have been in the doldrums. There have been so many uncertainties and internal problems for some countries.
"Economically, there is global dislocation, hike in petroleum prices and the dollar has weakened,'' Rafidah told reporters after chairing an ASEAN investment council meeting.
"In spite of that, we were able to see a positive growth in our FDI and that is a good sign,'' she said.
"We expect it to increase.'' - AP
Foreign direct investment into the 10-member Association of Southeast Asian Nations rose to US$38 billion (euro31.7 billion) last year, surpassing levels last seen before the 1997-98 Asian financial crisis, Malaysia's Trade Minister Rafidah Aziz said.
Foreign investment into ASEAN rose to US$34 billion (euro28 billion) in 1997, but declined sharply after the Asian financial crisis threw regional economies into disarray.
"We have been in the doldrums. There have been so many uncertainties and internal problems for some countries.
"Economically, there is global dislocation, hike in petroleum prices and the dollar has weakened,'' Rafidah told reporters after chairing an ASEAN investment council meeting.
"In spite of that, we were able to see a positive growth in our FDI and that is a good sign,'' she said.
"We expect it to increase.'' - AP
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