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ASEAN needs to ease investment rules, say economists
KUALA LUMPUR. Dec 10 : South East Asian Nations could lose out to China and other
countries in the race for foreign capital unless they liberalise and harmonise investment rules, economists said here, says Reuter.
"The opening of China ... and the formation of NAFTA (the North American Free Trade Agreement) and European single market will give rise to a possible division of investment capital of Japan and Asian NICs (Newly Industrialising Countries)," said Kamal Salih, head of the Malaysian Institute of Economic Research (MIER).
"The upshoot is that ASEAN countries will be the most likely victim of these investment diversions." he told an economic seminar.
The Association of South East Asian Nations (ASEAN) groups Bruei, Indonesia. Malaysia. the Philippines. Singapore and Thailand.
The group's leaders have
agreed to create an ASEAN Free Trade Area (AFTA). cutting tariffs on 15 major groups of products and raw materials to a maximum five per cent within 10 years. The first cuts are due to take effect next month.
Economists said AFTA must be backed by investment liberalisation.
"It will be naive to think the multinational corporations will rush intoASEAN as an offshore regional base for exports to the rest of the world, once AFTA is fully in place," said Mohamed Ariff, an economist at the University of Malaya.
ASEAN countries have enjoyed huge direct foreign investments flow since the mid-1980s especially from Japan and the Asian NICs — namely South Korea, Singapore and Taiwan.
Rapid growth has strained the region's Infrastructure and
labour supply while foreign capital is becoming scarce.
"The collapse in Japanese asset prices since 1990 has sfoweef Its flow of foreign direct investment abroad while the large wave of Taiwanese Investments into Malaysia and other South East Aslan countries have also dwindled," said Gan Wee Beng, a senior monetary authority of Singapore official.
"The opening of China will have significant implications on the capital flows of the Asia-Pacific region,” said MIER's Kamal. 'The Greater China Machine will become the world's most vibrant economy with Taiwan acting as its dynamo."
South Korea is expected to raise Chinese investments after the recent establishment of diplomatic Ues while Japan may become Vietnam's top foreign Investor by end of 1993, the said.