Philippines urges Asean to be global investment safe haven as Middle East war rages

Asean should position itself as a safe haven for investment amid worsening global volatility, the host country said as the region’s economic ministers kicked off their meeting in Manila on Friday.“Let us ensure that Asean remains a region where investment is met with certainty and where cooperation creates genuine opportunity for our people,” Philippine Trade Secretary Cristina Roque said in her opening speech.Energy and financial markets worldwide have been upended with the Iran war in its second week. Southeast Asian nations, which are mostly reliant on imports for oil, are at risk of shortages, an inflation shock and currency volatility.“Geopolitical tensions are no longer distant headlines. They are immediate economic shocks, they manifest in volatile energy markets, disrupted shipping lanes and shifting investor confidence,” Roque said. “Asean resilience is no longer aspiration, it is our primary shield.”The Philippines, this year’s Asean chair, is hosting the summit and related meetings this year. The Association of Southeast Asian Nations is a bloc of 11 nations, among them the fastest growing in Asia-Pacific, with a combined population of more than 600 million.A motorist refuels his motorcycle at a petrol station in Vientiane, Laos, on Tuesday. Photo: AFPThe widening conflict in the Middle East is expected to dominate Friday’s discussions as officials weigh impacts and responses to surging oil prices as well as disruptions to shipping, logistics and trade flows across the region’s export-reliant economies.