Asean Poised To Attract Foreign Investment Amid Global Volatility - InvestKL

KUALA LUMPUR, Sept 14 (Bernama) -- ASEAN is poised to benefit from the global economic uncertainty as foreign investors are shifting their attention to the region where there is ample room for growth, InvestKL Chief Executive Officer Zainal Amanshah said. Being the world's seventh largest economy which is expected to grow between 4.5 to 4.6 per cent this year, he said ASEAN is an attractive market for foreign investment. He said the ASEAN economic market attracts foreign invesment as it is gradually moving towards globalisation and increasingly open. "So, from investment point of view, I think investors will see that ASEAN has plenty of room for growth and they will continue to invest in the region. "In Malaysia, especially in Kuala Lumpur, we want to see investment in high technology and services," he told reporters at the ASEAN Economic Integration Forum 2016 here Wednesday. Zainal said each ASEAN member state has its own investment attraction, for examples, Indonesia offers a huge market, while Vietnam capitalises on low cost of doing business. In the quest to attract more investments, the ongoing liberalisation efforts should be strengthened, he said, adding that, "We have to go to the next level in terms of elimination of non-tariff barriers and transparency in doing business." "If you look at the logistics and financial framework, for example, I think the opening of the economy has to be intensified and the views of the private sector should be taken into account," he said. Although the economy will be increasingly open, Zainal said the domestic needs of each ASEAN member state must be fine-tuned, including the involvement of small and medium enterprises and the public. InvestKL is a state agency created to lure foreign investment. --BERNAMA