Maximum length of land lease (including extension) in ASEAN countries (years) COVID-19 is posing enormous challenges to the ASEAN region. In addition to the health and economic crisis, foreign direct investment (FDI) inflows into developing Asian countries are predicted to decrease by 30-40 per cent and tax revenues are collapsing. The workshop “Towards sustainable FDI attraction in ASEAN: Business environment is the key driver” in Hanoi on November 11 shared findings from a recent research by Oxfam and partners, emphasising the importance of coordinated efforts by ASEAN governments to stop redundant incentive packages and prioritise enhancing the business environment for investment promotion. Before the pandemic, countries in the ASEAN region were competing with one another in a race to the bottom by offering excessive tax and non-tax incentives to attract FDI without real value generation. Instead of building a business environment that could be the key determinant in FDI location decisions, governments in the region have adopted wasteful and aggressive tax policies that have only benefited large foreign companies, according to recent research by Oxfam and partners. In response to the pandemic and to promote sustainable development, ASEAN needs to avoid falling into the trap of needless competition. Over the last 10 years, countries in… Read full this story
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