The Association of Southeast Asian Nations or ASEAN is putting on a high-level investment road show in Dubai on 8th October to lure international capital from Gulf countries into the economies of ASEAN.
The 5th ASEAN Finance Ministers’ Investor Seminar will bring together hundreds of business and financial executives with the Finance Ministers of the region. During the forum, there will be regional briefings, country presentations and panel discussions where the Ministers will engage with business leaders, fund managers and other investors in the Gulf region. Dr Surin Pitsuwan, Secretary-General of ASEAN is in Dubai as well to drum up investment into ASEAN. “The reason for coming here,” said Dr Surin, “is to bring the message that ASEAN is an attractive investment hub and is the gateway to Asia for the Gulf countries, and to showcase the opportunities that the ASEAN Community offers to private investors and sovereign wealth funds.”
Although investments among ASEAN and Gulf countries have been relatively small but growing over the years, Dr Surin said that “more needs to be done to collectively disseminate information about the dynamic growth of the ASEAN region and numerous investment opportunities and tourism potentials that the Gulf countries and businesses can take advantage of”.
As a ten-member bloc, ASEAN represents a market of 550 million people with a combined gross regional product and total trade of US$1 trillion. ASEAN is also home to countries with largest Muslim population in Asia such as Indonesia, Malaysia and Brunei Darussalam.
As ASEAN continues to integrate and liberalise its economies, the region would stand a better chance of attracting potential investments from Gulf countries, particularly in energy, finance, property, and agriculture. “We just have to push harder to take the necessary steps to woo those investments. Obviously, this Investor Seminar is one big step to enhance the potential of ASEAN as an investment hub,” Dr Surin added.
At the sidelines of the UN General Assembly held in New York on 25 September, the Foreign Ministers of the Gulf Cooperation Council (GCC) and ASEAN decided to enhance their relations and to cooperate in areas of finance, investment, tourism, health care, agriculture or food, energy, human resources and cultural exchange. On 13 September, the GCC Secretariat and ASEAN Secretariat also entered into an agreement to cooperate closely in economic, development, political, and security matters. “It is a new era of enhance partnership between the two regions with tremendous synergy and complementarities for mutual growth and prosperity,” said Dr Surin.
This is the first time that the ASEAN Finance Ministers have embarked on a road show in the Gulf region given its increasing importance as an international investment source. This year’s investment seminar is organised by the Ministry of Finance of Indonesia with Barclays Capital as private sector partner.
Since 2004, the ASEAN Finance Ministers have been organising investment roadshows to help attract investors to the region. Past roadshows were held in London, New York, Singapore and Hong Kong.
