ASEAN remains one of the regions with the most attractive investment destinations for Japanese businesses, said the Japan Bank for International Cooperation (JBIC) in its annual survey released on December 2.

The survey, which was taken by nearly 500 Japanese firms operating overseas, showed that nine members of the Association of Southeast Asian Nations (ASEAN) were in the top 20 destinations.

Indonesia topped the list, up from third place last year, India maintained its second place and Thailand came third.

Meanwhile, China dropped to fourth after 21 years as the most promising destination for overseas expansion.

JBIC expert Shinji Ayuha said that Japanese companies have utilised ASEAN countries as production bases for a very long time. They now recognise these countries as very promising markets.

Others in the top 20 included Brazil , Mexico , Turkey and Russia.-VNA