ASEAN officials say their countries not threatened by credit concerns |
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Thu, 23 Aug 2007 09:23
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MANILA (Thomson Financial) - The fallout from the problems in the US subprime mortgage market, which caused stocks to tumble worldwide, remains manageable, officials of the Association of Southeast Asian Nations said Thursday.ASEAN Secretary-General Ong Keng Yong said this is the consensus of ASEAN trade officials meeting in Manila before an economic ministers' summit due to begin Friday.'Many of us feel that what you see in the stock market can be managed by ASEAN economies,' Ong said.'Our ASEAN economies are not as exposed as other economies,' he said.Ong said despite the fears spawned by the subprime mortgage problem, ASEAN would remain an attractive investment destination. He cited the rise of 28 percent rise in foreign direct investment flows into ASEAN in 2006, which amounted to 52.4 billion dollars.'The overall picture is one of optimism,' he said.ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The organisation is seeking to create a single economic community by 2015.afpjm/jmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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ASEAN urged to make progress on trade deals with China, SKorea, Japan 