VIENTIANE, Sept 23 (Bernama-KPL) -- China ranks third in investment value among ASEAN countries, according to Laos Minister of Industry and Commerce, Malaythong Kommasith, Laos News Agency (KPL) reported.
Speaking at the 23rd ASEAN Economic Ministers' Meeting on Sunday (Sept 22), co-chaired by China's Deputy Minister of Commerce, Li Fei, Malaythong emphasised the strong economic ties between ASEAN and China.
In 2023, trade between ASEAN and China totalled US$702 billion, accounting for 19.7 per cent of ASEAN's overall trade, making China the region's largest trading partner. Chinese Foreign Direct Investment (FDI) in ASEAN reached US$17.3 billion, or 7.5 per cent of total FDI in the region, securing China’s position as the third-largest foreign investor.
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.
-- BERNAMA-KPL
