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China’s January-September direct investment in the region increased 76.6 percent to $ 10.72 billion
Companies from China and the Association of Southeast Asian Nations are ready to explore more investment opportunities in a variety of areas following the recent signing of the Regional Comprehensive Economic Association, officials and business leaders said Friday.
While both sides look forward to the early implementation of the agreement, they said that many opportunities also come from the tangible development of regional economic integration with the Belt and Road Initiative, the complementary industrial structure of China and ASEAN and its growing bilateral trade value. in goods and services.
The remarks were made during the 17th China-ASEAN Expo underway in Nanning, the Guangxi Zhuang Autonomous Region.
Ning Jizhe, vice minister of the National Development and Reform Commission, said that since China and ASEAN jointly released a statement on cooperation in production capacity in 2016, their improved value and industrial chains have helped companies on both sides to better cope with the uncertainties caused by COVID. -19 pandemic, protectionism and global recession.
Aside from the rapid development of large infrastructure projects and industrial parks, such as the China-Laos railway, the Indonesian Jakarta-Bandung high-speed railway and the Suzhou China-Singapore industrial park, Ning said the two sides should give full play to their comparative advantages and enrich regional industrial chains in key sectors such as infrastructure, manufacturing, agriculture and health in the next stage of association.
Despite the global trade slowdown, economic recession, and severe travel disruptions, China’s direct investment in ASEAN markets increased 76.6 percent annually to $ 10.72 billion in the first three quarters. The top three destination countries for investment were Singapore, Indonesia and Laos, the Commerce Ministry said.
Khamchan Vongseneboun, Laos’ vice minister for planning and investment, said that trade ties between China and ASEAN are expected to become more comprehensive and pragmatic after the signing of RCEP, the world’s largest trade agreement. His country encourages companies from both China and other ASEAN members to invest in its transport, services and agriculture sectors, and the government in turn will offer preferential tax policies.
Due to the huge gaps in the levels of economic development between ASEAN economies, Xu Zhiyu, chairman of global government affairs in Shenzhen, Huawei Technologies Co Ltd, based in Guangdong province, said the Chinese company will deploy more resources to help certain ASEAN countries like Laos to build more telecommunications infrastructure facilities to accelerate modernization, as well as provide related training and educational opportunities for local talent.
Raja Dato ‘Nushirwan Zainal Abidin, Malaysian Ambassador to China, said he hopes that a cooperation plan in production capacity will further enhance teamwork in the area of advanced technologies, especially 5G, artificial intelligence, robotics, aerospace and pharmaceuticals. between Malaysia and China.
Gao Yan, chair of the Beijing-based Council of China for the Promotion of International Trade, said China will continue to promote economic development through industrial modernization to complement the production and consumption needs of the ASEAN and Chinese economies to achieve sustainable development and shared prosperity.
Despite the global economic downturn, Lim Ming Yan, chairman of the Singapore Business Federation, said Singapore companies continue to show unwavering interest in the Chinese market. As Singapore is one of the most important infrastructure, financial, legal and logistics centers in the world, its companies are well positioned, Lim said.
