Asean seeks increased investments from China

The Association of Southeast Asian Nations (Asean) expects to further enhance its trade and investment relations with China, where a high level Asean delegation recently concluded a roadshow.

The recent roadshow is expected to help Asean and China realize their targets of achieving two-way trade of $500 billion by 2015 and $1 trillion by 2020, while the two-way investment target was set at $150 billion in the next eight years, Asean said in a statement.

These targets were agreed upon during the 16th Asean-China Summit held in Brunei Darussalam early this month.

“The Ministers were pleased with the roadshow, which will pave the way for the realization of trade and investment targets set. The Ministers also reiterated their commitment for timely realization of an Asean Economic Community by 2015, which will create a single market and production base for the private sector to expand existing or establish new operations in the region,” said Lim Hong Hin, deputy secretary general of Asean for Asean Economic Community.

The high level delegation from Asean, which conducted the roadshow in China last week, was led by Pehin Dato Lim Jock Seng, second minister, Ministry of Foreign Affairs and Trade of Brunei Darussalam. Participants—who visited Hong Kong, Chengdu, Shanghai and Beijing—comprised of economic ministers from the Philippines, Cambodia, Lao PDR, Malaysia, Burma (Myanmar), Singapore, Thailand and Vietnam and senior officials from Asean member-states.

The delegation called on Li Keqiang, the Premier of People’s Republic of China.

The delegation also met Gao HuCheng, Minister of Commerce; Gan Lin, Vice Governor of Sichuan Province Government; Yang Xiong, Mayor of Shanghai; and Leung Chun Ying, chief executive of Hong Kong Special Administrative Region.

The group also participated in a number of trade and investment symposia, as well as visited the Tak Cruise Terminal in Hong Kong, China; Chengdu Tianfu Software Park; Shanghai Stock Exchange; Shanghai General Motors Corp. and Shanghai Pilot Free Trade Zone.

Consultations with the private sector were also held.

Total trade between Asean and China reached $319 billion in 2012, representing an average annual growth rate of 20 percent since 2002, Asean said.

China is Asean’s largest trading partner, while Asean has been China’s third largest trading partner since 2010.