ASEAN to be a safe, attractive and profitable investment destination (26/08/2020-10:20:00 AM)

(MPI) - Speaking at the 23rd Meeting of ASEAN Economic Ministers - ASEAN Investment Area Council (AEM - AIA23) held online on August 25th, 2020, Minister of Planning and Investment Nguyen Chi Dzung affirmed that ASEAN would be a safe, attractive and profitable investment destination for investors with its best efforts to reform.

The conference took place in the context of the growing trade conflict among the major economies and the complicated Covid-19 pandemic which affected the economies of the world and in the region.

Speaking at the opening ceremony, Minister Nguyen Chi Dzung stated that the Conference would jointly discuss and complete relevant legal documents within the framework of the ASEAN Comprehensive Investment Agreement (ACIA) to facilitate internal investment activities, reviewing and removing barriers and obstacles to strategic cooperation in investment promotion.

'The lessons from the Covid-19 pandemic affirm the importance of strengthening solidarity, promoting the strong development of the ASEAN Community, joining hands in establishing an overall and comprehensive feedback mechanism to cope with global challenges, taking advantage of opportunities and providing timely and effective response solutions for mutual sustainable development,' emphasized Minister Nguyen Chi Dzung.

Minister Nguyen Chi Dzung said that promoting investment would contribute to revitalizing ASEAN's economy, creating jobs and enhancing cohesion and strength of the business community in ASEAN. The challenges in the past time will be the driving force for ASEAN to actively improve and increase the attractiveness of the investment environment through the formulation of clear and transparent policies, development of synchronous and modern infrastructure, raising of the quality of human resources, and improvement of labor productivity and competitiveness of the economy.

At the Meeting, Ministers welcomed the entry into force of the Second and Third Protocol amendments to ACIA effected on June 18th, 2020 after the ASEAN Secretariat received the final ratification documents.

Accordingly, the Second Protocol amends the definition of an investor as a 'natural person' in ACIA to refer to the treatment of permanent residents under ACIA, while the revised Third Protocol has removed the 8th paragraph in ACIA's guidance on the application of the reservation list. This facilitates equal treatment for all investors of ASEAN member countries.

The Ministers also welcomed the completion of the signing of the ACIA's Fourth Amendment Protocol on July 15th, 2020. This Protocol additionally provides for the obligation of TRIMs-Plus to prohibit placing operational requirements on investments in ACIA.

The Ministers also highly appreciated the efforts of ASEAN member countries to take necessary measures and initiatives for ASEAN to maintain a rapid recovery, openness and investment attraction, and to provide support to investors and create favorable conditions to overcome unprecedented difficult times caused by the Covid-19 pandemic. At the same time, they assigned tasks to all levels to propose regional initiatives to facilitate investment in ASEAN and prepare for a new normal post-Covid-19 state./.

Ministry of Planning and Investment