EU to Invest 10 Billion Euros in ASEAN by 2027
The European Union (EU) has promised to raise 10 billion euros ($10.6 billion) by 2027 to speed up infrastructure investments in the Association of Southeast Asian Nations (ASEAN).
At the EU-ASEAN Commemorative Summit, which was held here on Wednesday, the EU and its member states offered financial support for the green transition and sustainable connectivity in South-East Asia. According to reports, this support is based on the Sustainable Connectivity Initiative and the Green Team Europe Initiative.
In a statement, the European Commission said that the investments would focus on energy, transportation, digitalisation, education, and promoting trade and sustainable value chains. The money will help Southeast Asia move toward a green economy and give people better access to basic services. It will also help create economic opportunities and jobs.
After the meeting, the leaders made a joint statement in which they praised the signing of the EU-ASEAN Comprehensive Air Transport Agreement, which was the first aviation deal between the two regions.
ASEAN leaders promised to keep working closely with the EU, which is ASEAN's third-largest trading partner and second-largest investor. They are committed to promoting sustainable and inclusive trade and investment.
"While we are each other's third-largest trading partner (...) it accounts for only 5 per cent our trade. There is so much untapped potential," said European Commission President Ursula von der Leyen.
During the summit, the leaders also talked about the conflict between Russia and Ukraine and reaffirmed their positions on the matter, including their opposition to the threat of using nuclear weapons and the pain that the conflict has caused in many places around the world.
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Source: Business Standard