ASEAN Chief Says Region is World's Shelter From Market Meltdown

The secretary general of the 10-member Association of Southeast Asian Nations says the region is safe from a market meltdown, making it an attractive alternative for investors and companies, reports the Wall Street Journal.

 

"If they are looking for a safer haven, this is it," Surin Pitsuwan told the newspaper. "The Chinese and the Japanese that are worried will want to look around for better prospects for their investments and  this is one of the hopeful regions."

 

Pitsuwan told the Journal that foreign direct investment into the region jumped 38% to $75.8 billion last year.

 

Of course, Asean would also be hurt if the global uncertainty slows exports and investment in the region, Pitsuwan adds. "This underscores the need for regional integration to cushion ourselves against the vacillations of economic waves abroad," he says.

 

On average, only around 25% of Asean's exports and imports are within the bloc.

 

 

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