Asean region and it’s member needs to step up and further enhance the connectivity and trade and investments to survive the Covid-19 pandemic crisis and prevents future one have the similar faith.
Economic Research Institute for Asean and East Asia (ERIA) said that improving these important policies can increase the attractiveness of the region’s potential as a investment destination.
“Therefore, Asean needs to embark on policy actions to mitigate such concerns, by further opening up investment regimes and by encouraging MNEs to balance their investment portfolios (in the post-pandemic era),”
The ERIA policy brief citing the Global Trade Alert report, also addressed concerns regarding the shortages of medical supplies as some ASEAN members have imposed export restrictions on essential goods.
As the region are slowly adapting to the ‘new normal’, manufacturers operating in various sectors may need to implement new strategies as they learn how to deal with the pandemic.
“The adoption of the technology of the Fourth Industrial Revolution [IR 4.0]—such as artificial intelligence, IoT [Internet of Things], automation, and robotics—gives manufacturing firms a better chance of rapidly increasing production when the economy recovers,” it said. The paper said that ASEAN need to have sustained connectivity within the region to maintain the competitiveness of regional production networks.