DTI urges businesses to seize opportunities in AEC 2015

ABS-CBN News

Posted at Feb 03 2014 02:18 PM | Updated as of Feb 03 2014 10:18 PM

MANILA, Philippines – The Department of Trade and Industry (DTI) has urged the business community to seize opportunities through the ASEAN Economic Community (AEC) 2015.

Trade Undersecretary and Board of Investments (BOI) Managing Head Adrian Cristobal Jr. said investors and businesses should take advantage of the free flow of investments in the region as it is the “key to the transformation of ASEAN into a single market and production base.”

“To seize the opportunities and challenges that the ASEAN Comprehensive Investment Agreement (ACIA) presents, the Philippine business community should understand the spirit and essence of the Agreement, be made aware of its benefits, and how to take advantage of its expansive possibilities,” Cristobal said.

The ACIA, which combined and improved on the features of previous agreements, includes the facilitation, promotion, liberalization and protection of investments in the region.

These are seen as tools to encourage and attract more foreign direct investments (FDIs) and intra-ASEAN investments.

The agreement is considered an important part of the ASEAN Economic Community (AEC), which will be implemented in 2015.

AEC aims to realize economic integration in the ASEAN region characterized by its transformation into a single market and production base, a highly competitive economic region, a regional equitable economic development, and a region fully integrated into the global economy.