Metro Manila (CNN Philippines, April 7) — The best time to invest is now.
This was the clear message expressed to investors by Finance Secretary Carlos Dominguez III during Thursday’s ASEAN Finance Ministers and Central Bankers Summit held in Cebu.
Dominguez also foresees ASEAN member-nations collectively becoming a strong driver of global growth in the next decade.
“The regional economy we envision is a truly ambitious undertaking that will require massive investments,” he said. “But we have momentum and opportunity on our side. The support of the investor community will be indispensable for this undertaking to succeed.”
Dominguez noted that massive investments will be required to achieve the regional bloc’s vision of a single market and production base under the ASEAN Economic Community (AEC).
He also cited the need for a detailed AEC blueprint and a Masterplan on ASEAN Connectivity for 2025 already developed by the member-economies.
He said the AEC presents several benefits and advantages to investors, including a market of 600 million people and a 300-million-strong labor force that is young, talented and dynamic.
“Our governments are convinced that globalization is the way to progress,” he said. “Our economies have much headroom for rapid expansion, beginning from a massive infrastructure build-up that will bring our region increased efficiency.”
The Philippines is this year’s ASEAN chair and will host summits on April 28 to 29 and November 13 to 14.
Dominguez further noted that member-nations are syncing efforts and resources to promote e-commerce, develop infrastructure, facilitate trade and support each other’s expanding consumer markets.
“The ASEAN Free Trade Area provided us a framework for dramatically increasing intra-regional trade and investments,” he said. “This allowed us to negotiate as a bloc with the larger trading economies around us through the Regional Comprehensive Economic Partnership.”
“Over the longer term, we envision an ASEAN Economic Community that will provide a strong driver for growth among ourselves and global growth,” he added.
