Economic Development. The presence of ASEAN has contributed directly and indirectly to the rapid economic growth enjoyed by most ASEAN countries till the onset of the economic crisis last year. ASEAN’s contribution to economic development has been due to a number of reasons, inter alia: freed from concerns about immediate external threats, member countries were able to devote time, energy and scarce resources to internal development; existence of regional stability and ASEAN countries’ market friendly outlooks attracted foreign investment; ASEAN economic relations with dialogue partners help to bring in more financial and technical assistance; ASEAN has helped to boost intra-regional trade and other areas of economic cooperation.