MANILA, Philippines - Countries in Southeast Asia (SEA) will have to work on having consistent laws, assuring repatriation of dividends, fighting corruption and putting in place infrastructure in order to attract investments as the region is heading toward economic integration.
Speaking at the Management Association of the Philippines (MAP) General Membership Meeting held yesterday, Ambassador Rodolfo Severino, head of the ASEAN (Association of Southeast Asian Nations) Studies Centre in Singapore said that one purpose of economic integration is to attract investments.
As the ASEAN is heading toward economic integration, countries in the region will have to take note of what conditions need to be present to attract investments.
Investments, he said, will go to countries where there is consistency in implementation of policies, repatriation of dividends is guaranteed and anti-corruption efforts are in place.
Infrastructure is likewise needed to attract investments.
“Without these characteristics, investments will go elsewhere and countries will not be competitive,†Severino said.
To prepare and be competitive for the ASEAN Economic Community (AEC), Severino said it is up to both the government and business sector to decide what industries it would want to have a leading edge by 2015 when the region’s economic integration becomes a reality.