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ASEAN head urges expansion of cross-border investment

ASEAN Secretary General Surin Pitsuwan urged regional businesses to take advantage of the grouping's trade and investment privileges to expand business in the region.
ASEAN Secretary General Surin Pitsuwanon Nov. 28 urged regional businesses to take advantage of thegrouping's trade and investment privileges to expand business in theregion.

ASEAN has offered many special incentives for investment,however, very few businesses in Thailand and other ASEAN countries haveinvested in other countries of the bloc, Surin said at the Thai Chamberof Commerce’s annual convention.

Foreign direct investment in ASEAN was 60 billion USD in 2008, of whichonly 11 billion USD was from regional investors, mostly those fromSingapore and Malaysia , he said.

The General Secretary also suggested Thai businesses should do theirown production and marketing in a bid to maximise the dividends fromregional integration under the ASEAN Economic Community (AEC), amidstthe pressure from foreign companies on the Thai market.

ASEAN aims to achieve a single market in 2015. Next year, six members -Brunei, Indonesia, Malaysia, the Philippines, Singapore andThailand - will cut their import duties to zero and the remainingcountries are expected to follow by 2015.

It has also committed to allowing a free flow of skilled workers in five years under the AEC./.
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