Italian cement manufacturer Italcementi is confident about the integration of markets in the Association of Southeast Asian Nations (ASEAN) region, which will result in an increase in industry competition. The company’s regional production will be based in Thailand when the ASEAN Economic Community (AEC) becomes effective.
The AEC will be in force by 2015, following an agreement signed by all the heads of states. The goal of the AEC is to transform ten Southeast Asian nations, including Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Laos, Myanmar and Cambodia, into a single market and production base. The ASEAN region will be fully integrated into the global economy, economically competitive and possess equitable economic development. Within the AEC there will be a free flow of goods, services, investments, skilled labour and capital.
In an interview with The Nation, Italcementi’s Group Chief Executive Officer, Carlo Pesenti, said that the ASEAN region had major growth potential. The company is additionally looking at expansion into Myanmar over the next few years, as cement demand from the country increases. Italcementi is currently negotiating with a local partner in Myanmar and examining the country's Foreign Investment Law.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/asia-pacific-rim/11032014/italcementi_looks_to_expand_in_the_asean_region_882/