ASEAN adopts the principle of Investment Facilitation Framework

At the conference, the delegates adopted (in principle) the ASEAN Investment Facilitation Framework (AIFF), which includes principles and actions to facilitate investment flows into ASEAN when the region towards economic recovery after the pandemic, and towards the implementation of AIFF in the near future.

AIFF is designed to improve the accessibility and transparency of investment measures, streamline and accelerate administrative procedures and requirements, and facilitate investment to increase investment. strengthen regional economic integration and enable ASEAN to seize the opportunities presented by shifts in global supply chains.

The country representatives also recognized the importance of the AIFF in bringing concrete benefits to the stakeholders and looked forward to the implementation of the AIFF in relation to these issues.

The Conference noted progress in discussions on transforming the Reservations List of the ASEAN Comprehensive Investment Agreement (ACIA) into two “Pick-off” Lists, noting that this would provide certainty and transparency. more for investors.

The Conference welcomed the launch of the ASEAN Investment Report (AIR) 2020-2021. In addition to highlighting the latest developments in the investment climate in ASEAN, this year’s Report also contributes to ASEAN’s current work in Industry 4.0. The report highlights the role of foreign direct investment (FDI) and multinational enterprises/groups (MNEs) in the region’s Industry 4.0 development. The conference thanked the United Nations Forum for Trade and Development (UNCTAD) for its contribution in the development of this annual publication, with the support of the Australian Government through the ASEAN-Australia Cooperation Programme. Phase II (AADCP II).

The Conference also welcomed other initiatives to deal with the challenges posed by the pandemic under the ASEAN Comprehensive Recovery Framework, such as the brochure “Investment Opportunities in ASEAN 2021” with the theme “Investing in ASEAN: Toward Sustainable Growth in the New Normal” introduced in November 2020; Organize the Forum and Report on Sustainable Investment in ASEAN scheduled for November 2021.

Deputy Minister Nguyen Thi Bich Ngoc said that the impact of the Covid-19 epidemic brought many unprecedented challenges and opportunities for ASEAN countries (Photo: Duc Trung)

Speaking at the conference, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc assessed that the changes of the world economy under the impact of the Covid-19 epidemic brought many challenges as well as unprecedented opportunities. for ASEAN countries to participate in the restructuring of the global supply chain and welcome a new wave of investment.

Therefore, Deputy Minister Nguyen Thi Bich Ngoc emphasized, it is necessary to further strengthen investment facilitation measures, including: promoting and facilitating investment through the ASEAN Investment Facilitation Framework or adjusting strategies and policies. investment facilitation method in each country according to the Global Action Directory on Investment Facilitation proposed by UNCTAD; strengthen investment facilitation tools, policies and procedures, ensuring transparency, predictability, efficiency and inclusive sustainability of the investment environment of each country in particular and the region as a whole. ASEAN region in general.