China Ranks Third in Investment value among ASEAN countries

23/09/2024 10:01
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KPL China ranks third in investment value among ASEAN countries, according to Lao Minister of Industry and Commerce, Malaythong Kommasith.

(KPL) China ranks third in investment value among ASEAN countries, according to Lao Minister of Industry and Commerce, Malaythong Kommasith. 

Speaking at the 23rd ASEAN Economic Ministers' Meeting on September 22, co-chaired by China's Deputy Minister of Commerce, Li Fei, Mr. Malaythong emphasized the strong economic ties between ASEAN and China.

In 2023, trade between ASEAN and China totaled $702 billion, accounting for 19.7% of ASEAN's overall trade, making China the region's largest trading partner. Chinese FDI in ASEAN reached $17.3 billion, or 7.5% of total FDI in the region, securing China’s position as the third-largest foreign investor.

Mr. Malaythong expressed optimism about future collaboration following negotiations to upgrade the ASEAN-China Free Trade Agreement (FTA) to version 3.0. The meeting also reviewed progress on economic cooperation, focusing on FTA upgrades, e-commerce, and preparations for the ASEAN-China Summit in October 2024.

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