JakartaGlobe-Dec 28, 2023
A recent report showed that ASEAN posted a record foreign direct investment (FDI) of $224 billion in 2022, with the electric vehicle (EV) sector being popular among investors. The ASEAN Secretariat recently launched the 2023 ASEAN Investment Report. The publication was prepared by the bloc’s secretariat in partnership with the UN Conference on Trade and Development (UNCTAD). The report shows that ASEAN hit an all-time high with $224 billion in foreign investment last year amidst declining global FDI flows. ASEAN’s share of the global FDI rose from 14.4 percent in 2021 to 17.3 percent the following year. The US retained its title as ASEAN’s largest investor last year. ASEAN members booked $37 billion in combined American investments in 2022. Followed by intra-ASEAN FDI ($28 billion). China became ASEAN’s fourth-largest investor ($15 billion), just behind Japan ($27 billion). Both Hong Kong and South Korea invested approximately $13 billion respectively in the region, the report stated. “ASEAN member countries need to strengthen cooperation to maintain the growth of foreign investment inflows to the ASEAN region and promote equal distribution of foreign investment across ASEAN member countries,” Investment Minister Bahlil Lahadalia wrote in the report’s foreword. The 2023 ASEAN Investment Report revealed that Singapore’s FDI inflows were the highest in the region in 2022, reaching $141.2 billion. Followed by Indonesia ($22 billion) and Vietnam (17.9 billion). Manufacturing drew over half of Indonesia’s FDI inflows. ASEAN is also witnessing skyrocketing foreign investment in the electric vehicle sector. Read more at:
https://jakartaglobe.id/business/asean-fdi-hits-alltime-high-as-ev-investment-skyrockets
