ASEAN Vows to Remain Open for Foreign Investors as Bloc Turns 57
Jakarta. ASEAN vows to remain welcoming to investors as part of its 57th anniversary promises.
Since its inception in 1967, countless foreign institutions have put their money into the ASEAN region. Data has shown foreign direct investment (FDI) inflows in ASEAN have been on the rise over the past years. The 10-member group is currently pursuing a stronger regional economic integration as the group turns a year older. ASEAN, however, has no intention of closing its doors to investment partners outside the region.
“ASEAN stands proudly as the world’s fifth largest economy and a major international hub for investment and trade. We are certainly indispensable to the global supply chain,” ASEAN’s Secretary-General Kao Kim Hourn said at the 57th-anniversary celebrations in Jakarta on Thursday.
“ASEAN must continuously uphold its principle of open regionalism, ensuring that ASEAN centrality and the unity in the evolving regional and global architectures, and in keeping our market open for trade and investments,” Kao Kim Hourn said.
According to the recently launched ASEAN Economic Integration Brief, the group’s FDI inflows rose from $207.7 billion in 2021 to $229.2 billion the following year. ASEAN recorded $229.8 billion in investments in 2023, marking a slight 0.3 percent increase.
The US was ASEAN’s largest FDI source in 2023 with American investments totaling $74.4 billion, followed by the European Union (EU) at $24.9 billion. ASEAN members are also investing in one another, as intra-group investments totaled $21.9 billion in 2023, making it the third-largest FDI source.
Most of the FDI that entered the region was related to the service industry, reaching $169.2 billion. Manufacturing was the most popular sector among ASEAN’s foreign investors as the industry amassed $50.5 billion in investment.
Indonesia wants to post Rp 1,650 trillion (around $103 billion) in combined investments throughout 2024. Investments that went to Indonesia totaled Rp 829.9 trillion as of the first half, meaning that the country has passed the halfway mark of its target. About Rp 421.7 trillion came from foreign investors.
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