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Forum spotlights ASEAN as unified investment destination

The ASEAN Investment Forum (AIF) 2024 themed “Investments for Enhancing Connectivity and Resilience” held in Vientiane on October 7 highlighted the role played by ASEAN in achieving investment attraction goals for implementing priority plans for sustainable development in the region.

Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith speaks at the forum. (Photo: https://kpl.gov.la/)
Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith speaks at the forum. (Photo: https://kpl.gov.la/)

Vientiane (VNA) - The ASEAN Investment Forum (AIF) 2024 themed “Investments for Enhancing Connectivity and Resilience” held in Vientiane on October 7 highlighted the role played by ASEAN in achieving investment attraction goals for implementing priority plans for sustainable development in the region.

Jointly hosted by the Lao Ministry of Planning and Investment, the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) and the ASEAN Business Advisory Council (ASEAN-BAC), the event gathered representatives from both the public and private sectors, as well as international organisations in ASEAN countries and the bloc’s development partner countries.

In his speech, Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith underlined ASEAN's adaptability in responding to global challenges, stating that the ASEAN Regional Investment Action Plan is a landmark initiative to position ASEAN as an investment destination.

He spotlighted the importance of foreign direct investment (FDI) in driving his country’s development, especially in areas of alternative energy, infrastructure, and digital transformation. He stated that the Lao government places great emphasis on the private area, so it has worked hard to improve the investment environment and simplify business licensing procedures.

A key highlight of AIF 2024 was the launch of the ASEAN Regional Investment Action Plan for the 2025-2030 period, which designs a strategic blueprint to guide ASEAN member states in attracting investment, promoting sustainable development, and positioning ASEAN as a unified investment destination in alignment with under the ASEAN Comprehensive Investment Agreement and the ASEAN Economic Community Blueprint 2025.

The forum also launched a forum in the format of group discussions aimed at highlighting trends, opportunities, and challenges in investment across ASEAN countries; responsible investment, infrastructure development, digital transformation, environmentally friendly investment, and international cooperation, with the goal of positioning ASEAN as a global investment destination./.

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