Apr 26, 2013 | Comments 0
Although discussions at the 22nd summit once again turned to the South China Sea dispute, a flashpoint issue that dominated last year's meetings, there remained a rather hefty elephant in the room.
The ASEAN Economic Community (AEC), slated to come in 2015, is already holding on by the skin of its pearly whites to the goal of launching next year after the official launch date was pushed back from January 1 to December 31.
Further doubts were raised this week when it emerged that the final summit communiqué contained no mention of a specific commitment to 2015 launch, members preferring instead to brand it a "milestone". The viability of the community is also being questioned as the economic margin between the region's wealthier nation's such as Malaysia and Indonesia, and emerging countries continues to widen.
Delays to progress could signal bad news for property sectors in certain countries, notably Thailand. It's a fair assessment to say the country has hardly jumped through hoops to ensure it meets AEC expectations, even though the Kingdom's real estate industry would be significantly boosted by the formation of the community.
The property sector in Thailand has experienced a labour shortage over last couple of years as migrant workers have started to return home to Cambodia and Myanmar, at a time when demand for real estate and infrastructure projects is rising. The opening of borders would potentially relieve this shortage, while also allowing for an increase in regional foreign investment.
The property industry in other countries, particularly the emerging nations, would also benefit from the full implementation of the AEC as multinational companies look for alternatives to the instability of the West, driving demand for commercial and residential real estate.
Perhaps if ASEAN members could pull their collective finger out, stop squabbling and resolve petty territorial issues in order focus on the bigger picture, not only would the real estate sectors bourgeon, but the nations involved would also be able to collectively welcome an influx of investment.
Filed Under: Editor's view
Article source: http://www.thethailandlinks.com/2013/04/27/one-vision-one-identity-one-community/
0 comments:
Post a Comment