KUALA LUMPUR. July 6 Southeast Asian countries agreed here yesterday to woo loreign funds by liberalising investment uiles and working closely together, a Malaysian official said reports AFP.

The head ol state-owned investment agencies within the Association ol Southeast Aslan Nations (ASEAN) agreed to set up a meeting of senior officials to draw up an action plan, he said.

"The senior officials will assist the heads on developing meaningful and practical measures in the areas of investment cooperation and promotion." Zainal Abidin, Chairman of the Malaysian Industrial Development Authority, told a media conference.

After two days of talks in Glenmarles. Suburban Kuala Lumpur, the ASEAN investment chiefs said the senior officials would draw up a report to be presented for approval by ASEAN finance ministers in Jakarta in September.

ASEAN officials have voiced concern over the drop in the

regional groupings share of total foreign direct investment to Asia from 62 per cent for 31 per cent between 1991 and 1994.

Finance ministers of ASEAN, which group Brunei. Indonesia. Malaysia, the Philippines. Singapore. Thailand and Vietnam, in April drew up a regional initiative on investment called the ASEAN investment area.

The investment chiefs said they would investigate ways of improving regional Investment cooperation, promotion and intra-ASEAN investment to boost the ASEAN investment area scheme.

Zainal told media the senior ASEAN officials would also look into hi-technology Industries.

Other areas would include greater transparency of the regional grouping's investment rules, joint training programmes for ASEAN investment officials and-greater cooperation on the exchange of Investment data.

The investment chiefs supported revisions to a 1987

ASEAN pact on promotion and investment protection, saying these changes would be adopted in the form of a protocol by the economic ministers in September.

The more developed ASEAN members could relocate labour-Intensive industries such as textile and footwear to less-developed member countries such as Vietnam. one head of an investment agency said.

The more developed partners could then concentrate on attracting Investors to set up more hi-technology industries. said the agency chief, who declined to be named.

However, he said it would be easier to promote and cooperate in investment programmes than to liberalise investment rules.

"There is a lost to be worked out." the official said, including whether all industries in ASEAN countries would be accorded Similar privileges to those accorded to domestic companies.