DUBAI, Despite the fallout of COVID-19 that cast a shadow on the global economy, ASEAN countries attracted US$2.9 trillion of total FDI inflows in 2020, a growth of 8.4 percent compared to 2019, which constitutes seven percent of the total volume of foreign investment inflows in the world, and 34 percent in Asia.
A new Dubai Chamber study entitled “Why ASEAN” has revealed that Southeast Asia offers tremendous investment potential as economies in the region remain resilient and competitive in the face of COVID-related challenges, while the outlook for the region’s economic recovery looks bright, The study was released ahead of the Global Business Forum ASEAN (GBF ASEAN), organised by Dubai Chamber in partnership with Expo 2020 Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. The inaugural forum, held under the theme “The New Frontiers”, takes place at Expo 2020 Dubai, on 8th and 9th December, 2021.
Based on data from the International Monetary Fund and the United Nations Conference on Trade and Development (UNCTAD), the findings indicate that ASEAN countries have strong economies that have succeeded in overcoming the repercussions of COVID-19, with a GDP of US$3.1 trillion in 2020. This represents 9.13 percent of the GDP of the Asian continent. Economic indicators suggest an expected increase of 4.64 percent by 2025, highlighting the potential of the ASEAN economies and their ability to play a pivotal role in the global economic map.
In addition, ASEAN countries achieved the highest growth rate in Asia in the volume of foreign investment inflows, with a total annual growth of 9.8 percent.
The study expects that ASEAN countries will become one of the most prominent and rapidly growing global centres for data storage and management over the next five years, overtaking North America and Asia Pacific countries.
Hamad Buamim, President & CEO of Dubai Chamber, said the study supports Dubai Chamber’s efforts to provide market intelligence that member companies and UAE businesses can benefit from as they examine trade and investment opportunities emerging across the ASEAN region.
In addition, Buamim said the findings would be a key focus of discussions between government and business leaders at the upcoming GBF ASEAN, which Dubai Chamber established as an ideal platform to explore new avenues of UAE-ASEAN economic cooperation.
GBF ASEAN is part of Dubai Chamber’s flagship Global Business Forum series, which brings together traders and investors with economic decision-makers to identify promising economic growth opportunities and explore investment opportunities between the UAE and the fastest-growing markets in the world based on accurate economic studies. The ASEAN region includes ten countries: Indonesia, Vietnam, Myanmar, Cambodia, Laos, the Philippines, Malaysia, Thailand, Singapore, and Brunei.
Source: Emirates News Agency