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China's Economic Growth Will Have Positive Impact on ASEAN Region
"China's economic growth will have a positive impact on trade in the ASEAN (Association of Southeast Asian Nations) region, particularly with their entry into the World Trade Organization expected later this year," Ernest Bower, president of the US ASEAN Business Council, told ASEAN economic ministers Thursday in Beijing.
On concern that China will draw investment away from ASEAN, Bower said, "currently, U.S. investment in ASEAN is far greater than in China -- 51 billion U.S. dollars compared with 9.5 billion at the close of year 2000."
American companies are the top investors in the ASEAN countries and the United States continues to be the region's number one market, he noted.
However, he urged ASEAN countries to sharpen their competitive edge. In the face of growing economic competition, ASEAN can attract more foreign direct investment by accelerating national treatment under the ASEAN Investment Area and implementing the ASEAN Customs Agreement, he said.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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