The three day World Economic
Forum (WEF) on East Asia 2014 commenced in Manila yesterday, receiving over 600
leaders, entrepreneurs and thinkers together.
Issues will be discussed,
including the optimal way to compose the 10 member Association of South East
Asian Nations for the ASEAN Economic Community planned for next year, which is
to allow freer flows of capital and lower trade barriers.
Collectively, the ASEAN member
states structure one of the largest economies of Asia, with gross domestic
product (GDP) at approximately $2trillion and a population of over 600million
people.
Indonesia, the largest economy
of South East Asia, may benefit from freer trade under the AEC. Its automotive
sector rival’s Thailand’s, as it assembles and ships vehicles locally and
internationally. Japanese vehicle producers have recently been raising their
investments in Indonesia, acknowledging the demand for cars, motorcycles and
trucks remains strong. The nation’s youth population, alongside low labour
costs makes it an appealing investment location for overseas companies including
the Foxconn Technology Group, who produce the iPhones and iPads for Apple.
