Indochina states drive Asean investor appeal
Although they are the poorest countries in the regional bloc, investors are drawn to their advantageous geographical locations and relatively stable governments.
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THE Indochina quartet of Cambodia, Laos, Myanmar and Vietnam (the CLMV countries) are predicted to remain the fastest-growing sub-region within Asean - at least until 2022 - and are seen by many foreign investors as the key magnets drawing attention to Asean. The four, however, need to catch up with their more prosperous partner states.
The CLMV countries are forecast to maintain high rates of economic growth ranging from 6.8 per cent to 7.5 per cent between 2016 and 2022. Their combined GDP is more than 12 per cent of Asean's GDP, and a total population of 170 million which is more than 26 per cent of Asean's, according to the Asian Development Bank and the World Bank.
The Asean foreign ministers recognised the potential of the CLMV in a statement issued at the end of their recent meeting in Bangkok on July 31. They "acknowledged the important role and contribution of sub-regional cooperation frameworks such as the CLMV cooperation", and they encouraged closer coordination to reach the goal of narrowing the development gap among and within Asean countries.
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