JEC COMPOSITES MAGAZINE - Issue #70 - January/February 2012 - 69

Brunei has a small well-to-do economy that encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures and village traditions. Crude oil and natural gas production account for just over half of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia, and substantial income from overseas investments supplements income from domestic production. The government provides for all medical services and free education through the university level and subsidizes rice and housing. A new monetary authority was established in January 2011 with responsibilities that include monetary policy, monitoring of financial institutions and currency trading activities.

spirit of the Bangkok Declaration. Over the years, ASEAN has progressively entered into several formal and legallybinding instruments, such as the 1976 Treaty of Amity and Cooperation in Southeast Asia and the 1995 Treaty on the Southeast Asia Nuclear Weapon-Free Zone. Against the backdrop of conflict in the then Indochina, the Founding Fathers had the foresight of building a community of and for all Southeast Asian states. Thus the Bangkok Declaration promulgated that “the Association is open for participation to all states in the Southeast Asian region subscribing to the aforementioned aims, principles and purposes.” ASEAN’s inclusive outlook has paved the way for community-building not only in Southeast Asia, but also in the broader Asia Pacific region where several other inter-governmental organizations now co-exist. The original ASEAN logo presented five brown sheaves of rice stalks, one for each founding member. Beneath the sheaves is the legend “ASEAN” in blue. These are set on a field of yellow

encircled by a blue border. Brown stands for strength and stability, yellow for prosperity and blue for the spirit of cordiality in which ASEAN affairs are conducted. When ASEAN celebrated its 30th anniversary in 1997, the sheaves on the logo had increased to ten – representing all ten countries of Southeast Asia and reflecting the colours of the flags of all of them. In a very real sense, ASEAN and Southeast Asia would then be one and the same, just as the Founding Fathers had envisioned.

Cambodia, from 2004 to 2007, the economy grew about 10% per year, driven largely by an expansion in the garment, construction, agriculture and tourism sectors. GDP contracted slightly in 2009 as a result of the global economic slowdown, but climbed more than 4% in 2010, driven by renewed exports. With the January 2005 expiration of the WTO Agreement on Textiles and Clothing, Cambodian textile producers were forced to compete directly with lower-priced countries such as China, India, Vietnam and Bangladesh. The garment industry currently employs more than 280,000 people – about 5% of the work force – and contributes more than 70% of Cambodia’s exports. In 2005, exploitable oil deposits were found beneath Cambodia’s territorial waters, representing a new revenue stream for the government if commercial extraction begins.

Mining also is attracting significant investor interest, particularly in the northern parts of the country. The government has said opportunities exist for mining bauxite, gold, iron and gems. In 2006, a US-Cambodia bilateral Trade and Investment Framework Agreement (TIFA) was signed, and several rounds of discussions have been held since 2007. Rubber exports increased about 25% in 2009 due to rising global demand. The tourism industry has continued to grow rapidly, with foreign arrivals exceeding 2 million per year in 2007-08; however, economic troubles abroad dampened growth in 2009. The global financial crisis is weakening demand for Cambodian exports, and construction is declining due to a shortage of credit. The long-term development of the economy remains a daunting challenge. The Cambodian government is working with bilateral and multilateral

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No70 January - February 2012 /

jec composites magazine 69

JEC COMPOSITES MAGAZINE - Issue #70 - January/February 2012

Table of Contents for the Digital Edition of JEC COMPOSITES MAGAZINE - Issue #70 - January/February 2012