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ASEAN Summit Launched in Laos Sept. 6-8
7 September 2016
EIRNS—Immediately following the history-changing events in Vladivostok and Hangzhou over the past four days, the ten ASEAN nations began their three-day series of summits in Vientiane, Laos. The ASEAN Summit itself began today and will continue tomorrow along with ASEAN Summits with other nations — the "plus three" of China, Japan, and South Korea, and "plus one" meetings with China, the U.S., India, Russia, and others. A Master Plan on Connectivity 2025 was released, updating the plan from 2010. It reports that the infrastructure needs for the Southeast Asain nations amount to about $110 billion per year. While the new China-centered infrastructure banks and funds will dramatically increase such investments, the report notes there will still be a shortfall, and calls on the private sector to get far more involved. Much emphasis is placed on closing the gap between the more developed ASEAN nations and the very poor nations of Myanmar, Laos, and Cambodia. Vietnam was in the past included in the "very poor" category, but has improved markedly. An ASEAN Investment Report revealed that FDI (Foreign Direct Investment) actually declined in 2015 by 8%, to $120 billion, as a result of the global economic crisis. However, the authors note that the decline was primarily in services, intra-company loans, and cross-border mergers, while investmants in manufacturing actually increased by 61%. On Thursday, the East Asia Forum will be held, which includes the ASEAN plus three, together with Australia, New Zealand, India, Russia, and the US. Putin, Obama, Modi, and Li Keqiang will be among the participants, where more historic developments are likely, as well as a further humiliation and isolation of Obama. |