Asean seen as economic growth force by 2015
The Southeast Asian region, with an estimated population of 600 million, is anticipated to join the ranks of China and India as a major economic growth force in Asia should its constituent countries succeed in integrating their economies by 2015.
If the integration of the Association of Southeast Asian Nations (Asean) is implemented as planned, trading of goods, inter-country investments and labour mobility within the region will become much easier, said Changyong Rhee, chief economist of the Asian Development Bank (ADB).
This will significantly reduce the cost of production for the businesses and economic growth of member-countries and of the entire region will accelerate, said the ADB’s top economist.
With this favourable scenario, Southeast Asia will become more attractive to investors and thus corner more direct investments from multinational companies from outside the region, he said.
“A new growth force is coming in Asia,” Rhee told a press conference on the sidelines of the 45th annual meeting of the ADB board of governors that is being hosted this year by the Philippines.
The 10 countries of Southeast Asia, which together make up the geopolitical and economic organisation called Asean, are Singapore, Indonesia, Vietnam, Malaysia, Tailandia, Cambodia, Laos, Brunei, Myanmar and the Philippines.
TPG Packaging Consultants Limited, now with an office in the Asean region, can offer their integrated services between the EU and the Asean block, one of the fastest growing economic areas in the world.