Reasons to Invest in ASEAN Countries
ASEAN, or the Association of Southeast Asian Nation, is an organization that consists of ten countries with a purpose of accelerating cultural development, social progress, and economic growth by joint endeavors. The following article will focus on ASEAN countries separately explaining the role teach fills in the organization.
ASEAN was formed in July 1961 and was initially called the Association of Southeast Asia (ASA). “ASEAN” as it is known today started operating on August 8, 1967. Its members have been motivated by the same thirst for economic development and fear of communism. ASEAN managed to stay strong for 5 decades celebrating its golden anniversary last year.
ASEAN Member States
Being a member since 1967, Thailand benefits from a flourishing consumer population given that the country is located at the crossroads of two huge markets – India and China. Thailand is actively involved in the ASEAN Free Trade Area (AFTA).
Indonesia has been active in the organization since 1967. Along with other ASEAN countries, it played a major role in mitigating regional conflicts and establishing economic cooperation.
As one of the founding members of ASEAN, the Philippines is currently considered the new tiger in Asia due to its robust economic development. Its high quality human resources make the nation an attractive place for investors.
Singapore has recently approved the ASEAN Framework Agreement on Visa Exemption (AFAVE), reaffirming its commitment to facilitate safe travel for ASEAN countries. The framework also allows member states to formulate separate bilateral protocols. Being in control of The Strait of Malacca, Singapore is a major maritime transportation center in the region.
Malaysia is a central investment hub in South East Asia. Investors benefit from the country’s more than 200 industrial parks. Malaysia offers special stimuli to foreign businesses.
Regardless of being a small country, Brunei offers its citizens high standards of living as its GDP per capita is $38,703 (as of 2011) – the second highest among ASEAN countries. It stable economy attracts investors from all across the globe.
Laos became An ASEAN member in 1997. The country takes great pride in its rich natural resources. It exports tons of gold, wood, and coal to all ASEAN countries.
Cambodia is a new member in ASEAN. Agriculture is its leading sector as it accounts for more than 32 percent of its economy as a whole.
Along with Laos, Myanmar joined the group on July 23, 1997. Due to the fast-economic development that characterizes Myanmar, investors have been discovering that country in recent years.