ASEAN Investment Area Council meets in Cambodia with focus on FDI
(The Philippine Star) | Updated August 28, 2012 - 12:00am
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SIEM REAP (Xinhua) - The 15th ASEAN Investment Area (AIA) Council meeting was held here on Monday afternoon to review developments in the AIA and to discuss ways in attracting more foreign direct investment into the ASEAN region, said a senior ASEAN official.
The AIA Council comprises of ASEAN ministers responsible for investment. The meeting was chaired by Kong Vibol, secretary of state of the Economy and Finance Ministry and vice chairman of the Council for the Development of Cambodia, and was also attended by Dr. Surin Pitsuwan, ASEAN secretary-general.
The meeting had agreed to do more in terms of rules and regulations in order to present ASEAN as 'one investment area', Surin told Xinhua after the meeting.
"We need to do more to increase the confidence of external potential investment coming into ASEAN," he said, adding that last year, the bloc attracted a large amount of investment - about 90 billion U.S. dollars.
"We also agreed to work closely with dialogue partners and wanted their participation within the ASEAN investment area," he said.
On the same day, the 26th ASEAN Free Trade Area Council meeting was also held to further discuss trade facilitation within the region.
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The topics of discussion include elimination of non-tariff barriers that impede trade, simplification of rules and procedures of doing business and enhancing the use of information and communication technologies in customs clearance of goods within the region.
The two meetings are among a series of the week-long 44th ASEAN Economic Ministers Meeting.
The ASEAN (Association of Southeast Asian Nations) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.