Finance Minister Vuong Dinh Hue joined ASEAN counterparts at the 8thASEAN Finance Ministers Investor Seminar (AFMIS) in Jakarta, Indonesia,on Nov. 8.
The seminar, themed "Growth and Resilience - the ASEAN Story" focused oninvestment opportunities, financial markets and ASEAN’s economicadvantages over other developing regions.
Opening the seminar,ASEAN Secretary General Surin Pitsuwan affirmed ASEAN’s increasing rolein the region and the world as the bloc’s economies are maintainingrapid growth, which he said has made Asia a significant driver of theglobal economy.
ASEAN needs to enhance trade and investmentcooperation, especially in infrastructure construction and development,to ensure stable growth towards the target of building the ASEANEconomic Community and the ASEAN Community by 2015, he said.
FinanceMinisters from Malaysia, the Philippines, Singapore, Vietnam and thehost country spoke about their countries’ macroeconomic situations,policies, challenges and measures to ensure stable economic growth.
Theynoted that the 1997-1999 crisis served as a valuable lesson for ASEANmembers to apply tight fiscal and monetary policies amidst strongcapital inflows.
Vietnamese Finance Minister Vuong Dinh Huepointed out the necessary steps to turn ASEAN into an attractiveinvestment destination.
ASEAN has advantages in foreigninvestment attraction as it is an active economic region with high andstable growth, a huge potential market and abundant low-cost workforcealong with many preferential policies for foreign investors, said Hue.
Heproposed ASEAN members conduct policies in a synchronous manner,stabilise the macro-economic environment; ensure intellectual propertyrights, develop strong legal systems; create an equal and competitiveenvironment; engage in administrative reform; increase investment ininfrastructure; develop the knowledge-based economy; and expand economicand trade relations with domestic and foreign partners.
The seminar concluded the same day with a joint press release.
Onthe sidelines of the seminar, ASEAN Finance Ministers held privatetalks with foreign investors to promote the investment environment andopportunities in their respective countries./.