Asean Summit seen as opportunity to attract more FDI

• Nov 13, 2017

MANILA, Philippines — Local business leaders said this week’s gathering of regional and world leaders for the 31st ASEAN Summit in the country should serve as a venue not only to address key economic and political issues in the region, but also to attract foreign direct investments (FDI) into the country.

“The ongoing ASEAN hosting signals to the world that the Philippines is truly open for global business. And this makes very relevant for Philippine business the ASEAN Business Advisory Council’s theme of prosperity for all,” Makati Business Club executive director Peter Perfecto said.

“By focusing energies on micro, small and medium enterprises (MSMEs) through mentorship, the ASEAN agenda can help the Philippines better maximize the benefits of globalization and technological innovations. Our MSME need to level up and ASEAN can help make this happen sooner rather than later. However, both Philippine government and business must become smarter and must focus on making Philippines globally competitive,” Perfecto said.

The Philippines has been regarded as among the laggards in the region in terms of FDI inflows, with Vietnam overtaking the country in recent years.

“While we are trying to form this brotherhood of 10 countries, definitely competition continues to exist and if there is no competition, then everybody will just fall apart. Competition brings the best in each one of us,” ABAC chair and presidential adviser on entrepreneurship Joey Concepcion said.

“Each country has to compete for their very own existence. FDIs enter a country where investors see that they can make money. Plain and simple. If they don’t believe they will make money in

the Philippines then why would they invest in the Philippines?” Concepcion said.

Concepcion said enhancing the country’s level of competitiveness, creating a business-friendly environment, and managing labor conditions are just some of the key factors that would ensure FDIs would continue to flow into the Philippines.

He said the biggest challenge not only for the country but even among all ASEAN economies at present is in making businessmen part of the region’s growing economy.

“It cannot be just the large corporations growing and the small guy’s staying where they are. You will not be able to achieve an equality and prosperity for all will definitely be challenged,” Concepcion said.

Source: http://www.philstar.com/business/2017/11/13/1758239/asean-summit-seen-opportunity-attract-more-fdi