The Association of Southeast Asian Nations (ASEAN) has tabled an action plan to attract foreign direct investment (FDI) that focuses on sustainable development as a unified and integrated destination, as economies of the region recover from the pandemic towards green transition.
The action plan was revealed at the ASEAN Investment Forum 2024 held on Monday in Vientiane, Lao PDR, bringing together over 300 high-level participants from ASEAN Member States, international organisations, and private business sectors, according to a press release.
ASEAN continues to be a hotspot for global investment, attracting a record US$ 226 billion in FDI in 2023 despite global economic uncertainties.
Developed in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), the plan aims to accelerate sustainable development by presenting ASEAN as a unified investment destination across key sector value chains, capitalising on investors’ growing interest in the regional ecosystem, rather than the individual national markets.
Armida Salsiah Alisjahbana, Under-Secretary-General of the UN and Executive Secretary of ESCAP, highlighted the plan’s significance, “This action plan sets a clear framework for attracting investments aligned with the UN sustainable development goals. It provides a roadmap for creating high-quality jobs, fostering innovation, and building more resilient economies. The plan’s strength lies in its actionable nature, tailored to each member state’s unique capabilities and needs.”
ESCAP is UN’s intergovernmental platform in the Asia-Pacific region that promotes cooperation among regional countries to achieve inclusive and sustainable development.
Echoing ESCAP’s mission statement, the forum’s action plan emphasises cross-border collaboration to enhance the ASEAN’s competitiveness in the global and regional value chains, potentially opening new avenues for inclusive growth and shared prosperity.
