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Title page 1

Contents 5

Foreword 4

Abbreviations and acronyms 8

Executive summary 11

1. Overview 13

1.1. Context and focus of this review 14

1.2. Evolving global and economic environment 14

1.3. FDI trends in ASEAN 16

1.3.1. ASEAN has consolidated its position as a major FDI destination 16

1.3.2. FDI is driving economic transformation and advancing the green and digital transitions 17

1.3.3. FDI is creating fewer but higher quality jobs 18

1.4. Key findings and policy recommendations 19

1.4.1. Strengthening investment promotion and tax incentives frameworks 19

1.4.2. Enhancing the legal and policy framework for sustainable investment 21

1.4.3. Building investment security frameworks: strengthening openness and security 23

1.4.4. Strengthening responsible business conduct frameworks and practices 25

References 27

2. FDI trends and impacts in ASEAN 28

2.1. Summary of key findings 29

2.2. FDI trends and composition 30

2.2.1. ASEAN has strengthened its position as destination for FDI 30

2.2.2. FDI has played a growing important role across most AMS economies 33

2.2.3. The bulk of FDI inflows is directed to services 36

2.2.4. Greenfield FDI and cross-border M&A deals are prevalent in high value-added and technology-intensive activities 38

2.3. The role of FDI in structural transformation and the digital and green transition 40

2.3.1. Greenfield FDI is supporting productivity improvements across AMS 40

2.3.2. Foreign firms tend to be more productive, innovative and integrated in GVCs 42

2.3.3. Greenfield FDI in digital sectors is expanding rapidly 45

2.3.4. Greenfield FDI in renewable energy is gaining prominence 47

2.3.5. Foreign firms are more likely to adopt environmentally sustainable practices and to use digital solutions 49

2.4. The contribution of FDI to job creation and quality 51

2.4.1. Greenfield FDI job creation has been driven by electronics and ICT services 51

2.4.2. Greenfield investment projects are creating fewer jobs per dollar invested due to their more technology intensive nature 53

2.4.3. Employment in sectors attracting greenfield investment is more skill intensive 56

2.4.4. Foreign firms tend to offer better quality jobs 57

References 60

3. Towards more effective investment promotion and tax incentives 62

3.1. Summary and policy recommendations 63

3.2. Investment promotion in ASEAN: Institutional design and strategic priorities 65

3.2.1. AMS IPAs are generally mature with broad mandates frequently extending beyond just FDI attraction 65

3.2.2. AMS IPA strategies frequently promote investment in green and digital sectors 67

3.2.3. AMS IPA facilitation measures are complementing prioritisation strategies 69

3.3. Objectives and overview use of investment incentives 71

3.3.1. Investment incentives, particularly corporate income tax relief, are a key tool in AMS investment promotion efforts 71

3.3.2. Incentives target a broad range of objectives but are not always aligned with investment promotion strategies 72

3.4. Design features of investment incentives 75

3.4.1. CIT benefits are the principal investment incentives in AMS, yet their effectiveness depends on smart design 75

3.4.2. Income-based tax incentives are prevalent and offered in all AMS 77

3.4.3. Eligibility criteria of CIT incentives in ASEAN follow similar patterns to those in other regions 80

3.4.4. Broad sector targeting of incentives is not always aligned with other development strategies 82

3.5. Generosity of tax incentives: Average effective tax rates in ASEAN 85

3.5.1. AMS tax revenues remain relatively low 85

3.5.2. Incentives substantially reduce effective taxation in selected sectors 86

3.6. Governance, transparency and the role of IPAs in administering incentives 90

3.6.1. Incentive schemes in ASEAN are administered under a mix of legal frameworks 90

3.6.2. AMS IPAs are actively involved in incentive governance, with greater engagement in tax rather than non-tax incentives 91

3.6.3. AMS generally rely on formal co-ordination mechanisms between national institutions, which can support policy alignment and accountability 94

3.7. Monitoring and evaluation of investment incentives 95

3.7.1. All AMS conduct monitoring activities, with strong support from IPAs in most countries 95

3.7.2. Evaluation of investment incentives remains limited and uneven across ASEAN, with government institutions more involved than IPAs 96

Annex 3.A. Additional information on classifications 98

Annex 3.B. Additional details on ETR modelling 100

References 103

Notes 109

4. Enhancing domestic and international legal frameworks for FDI 111

4.1. Summary and policy recommendations 112

4.2. The policy and legal framework for sustainable investment 114

4.3. Openness to FDI has evolved in ASEAN economies 115

4.4. National legal frameworks regulate investments in a consistent way across AMS and aligned with regional and international standards 118

4.4.1. Investment protection standards in ASEAN investment laws are overall aligned with the ACIA, although country differences remain 119

4.4.2. Compared to the ACIA, AMS investment laws vary in how they address protections against direct and indirect expropriation 120

4.4.3. Standards of treatment in AMS investment law vary considerably, making the identification of comparable trends difficult 122

4.4.4. AMS investment laws are consistent in how they address the resolution of investment disputes 123

4.4.5. AMS investment laws rely on a variety of tools and approaches to pursue sustainable development objectives 124

4.5. Sustainable development concerns still receive limited consideration under ASEAN's international investment treaties,... 126

4.5.1. ASEAN-level IIAs contain limited references to sustainable development concerns, although policy directions in this area... 127

4.5.2. AMS investment treaties are more receptive to sustainable development concerns, but significant country-level differences exist 127

4.5.3. ASEAN countries are pursuing new international policy tools to address issues at the intersection of investment and... 130

References 132

Notes 133

5. Strengthening openness and security through investment frameworks 134

5.1. Summary and key policy recommendations 135

5.2. What drives attention on investment security? 136

5.2.1. Evolving risk scenarios shape investment security measures 137

5.2.2. Growing importance of investment security policies 139

5.3. Evolving coverage of investment security policies 140

5.3.1. Expanding scope of investment security policies 140

5.3.2. Progressive inclusion of the digital economy sectors 141

5.3.3. Reinforcing the control over the supply of critical inputs 143

5.4. Developments in instruments to ensure investment security 145

5.4.1. Different types of investment security instruments are used in AMS 145

5.4.2. Recent focus on investment screening mechanisms 149

5.4.3. Procedural disparities among investment security policies 150

5.5. The benefits of regional and international co-operation on investment security issues 152

5.5.1. Interest of regional and international dialogue on investment security issues 152

5.5.2. Regional and international work on good practices 152

References 154

Notes 155

6. Promoting and enabling responsible business conduct 156

6.1. Summary and policy recommendations 157

6.2. Scope and importance of responsible business conduct 159

6.3. Challenges and opportunities for responsible business conduct in ASEAN 161

6.4. Overarching frameworks supporting responsible business conduct in ASEAN 163

6.4.1. General frameworks and guidelines promoting responsible business conduct in ASEAN 163

6.4.2. Recent policy developments in ASEAN Member States supporting RBC 166

6.5. Enabling responsible business conduct through regulation, implementation and enforcement in relevant policy areas 167

6.5.1. Human and labour rights 169

6.5.2. Environment 171

6.5.3. Anti-corruption 173

6.6. Encouraging RBC across other relevant policy areas 174

6.6.1. Investment promotion and facilitation 174

6.6.2. Sustainable finance and non-financial disclosure 176

6.6.3. Digitalisation and artificial intelligence 177

6.7. Leading by example on RBC 179

References 181

Notes 193

Tables 7

Table 3.1. ASEAN IPAs and their establishing laws 66

Table 3.2. ASEAN IPAs often prioritise digital and green sectors for FDI attraction 68

Table 3.3. Corporate income tax incentives are most commonly used in AMS 71

Table 3.4. AMS consider CIT incentives relatively more important compared to other measures of their promotion strategies 74

Table 3.5. Despite sector conditions, almost any sector can benefit from CIT incentives 83

Table 3.6. AMS IPAs play a more direct role in governing tax incentives than OECD counterparts, mainly by providing information and... 92

Table 3.7. In AMS, co-ordination between IPAs and national institutions commonly occurs through formal mechanisms 94

Table 3.8. AMS IPAs are generally involved in monitoring activities, mainly focusing on compliance tracking and incentive uptake registration 95

Table 4.1. Standards of protection in selected AMS investment laws 120

Table 4.2. Sustainable development-related provisions in selected AMS investment laws 125

Table 5.1. Selected investment security policies from some AMS 147

Table 6.1. Adherence to key international RBC-related frameworks and status of National Human Rights Institutions (NHRIs) 168

Figures 6

Figure 1.1. Economic growth in ASEAN has slowed since the pandemic 15

Figure 1.2. Renewable energy accounts for a small share of total investment in energy 16

Figure 1.3. Inward FDI stock-to-GDP ratio has increased in almost all AMS 17

Figure 1.4. Foreign investment in digital and green sectors has accelerated since 2020 18

Figure 1.5. ASEAN's FDI restrictions have declined, but remain higher than OECD and non-OECD averages 22

Figure 2.1. ASEAN's share of global FDI inflows has grown considerably since 2010 31

Figure 2.2. ASEAN's inward FDI stock has risen both in value and in its share of the global total 33

Figure 2.3. Singapore accounts for about 62% of all regional FDI inflows 34

Figure 2.4. Over the past decade, the FDI stock-to-GDP ratio has increased in most ASEAN economies 35

Figure 2.5. The United States is the largest investor in ASEAN 36

Figure 2.6. The financial and insurance sector is the main receiver of FDI inflows 37

Figure 2.7. FDI inflows by sector across ASEAN economies, 2020-2024 38

Figure 2.8. Greenfield FDI expanded significantly in manufacturing and ICT services 39

Figure 2.9. Services account for the largest share of deal value, although the sectoral composition varies significantly across AMS 40

Figure 2.10. FDI aligns with more productive sectors, but not the most productive 41

Figure 2.11. Foreign firms tend to exhibit stronger performance than domestic firms across several measures of productivity and innovation 43

Figure 2.12. Foreign firms export a larger share of their sales and rely more heavily on foreign inputs compared to domestic firms 45

Figure 2.13. Digital greenfield investment in ASEAN has accelerated after 2020 46

Figure 2.14. Digital greenfield FDI varies significantly in scale and composition across AMS 47

Figure 2.15. Shift from fossil fuel to renewable energy FDI in ASEAN 48

Figure 2.16. The scale and composition of energy-related greenfield FDI differ sharply across AMS 49

Figure 2.17. Foreign firms are more likely to monitor emissions and to use energy management practices 50

Figure 2.18. In most AMS, foreign firms are more likely than domestic firms to use a website and electronic payments 51

Figure 2.19. During 2021-2025, greenfield FDI created over 1.4 million jobs in manufacturing 52

Figure 2.20. Greenfield FDI has generated a rising number of jobs in both digital sectors and renewable energy 53

Figure 2.21. In ASEAN, social services generate the highest number of jobs per dollar invested 54

Figure 2.22. Electric components are the most job-intensive segment of digital greenfield investment 55

Figure 2.23. AMS with a higher share of digital greenfield FDI generate fewer jobs per unit of capital invested 55

Figure 2.24. FDI-related jobs are more skill intensive than national employment in most AMS 56

Figure 2.25. Foreign firms tend to pay higher wages, have higher shares of skills and are more likely to offer training to their workers 59

Figure 3.1. The scope of IPA mandates varies widely across the region 67

Figure 3.2. AMS and OECD IPAs converge on prioritising renewables but diverge on digital sectors 69

Figure 3.3. While most incentives pursue economic goals, some design features promote reducing environmental impact of FDI and... 74

Figure 3.4. CIT exemptions are more commonly used in AMS than other tax instruments 77

Figure 3.5. ASEAN IPAs anticipate strengthening investment promotion and facilitation measures beyond tax incentives under GMT 80

Figure 3.6. AMS's CIT targeting strategies broadly align with peer regions 81

Figure 3.7. CIT rates in AMS have decreased, while tax revenues remain low 86

Figure 3.8. CIT exemptions significantly reduce EATRs across sectors and in SEZs 89

Figure 3.9. The legal framework governing investment incentives in AMS is diverse and often fragmented 91

Figure 4.1. ASEAN under the OECD FDI Regulatory Restrictiveness Index 117

Figure 4.2. Functions of AMS investment laws 119

Figure 5.1. Introduction and reform of investment security policies (1990-2026) 139

Figure 5.2. Spread of investment security policies (1990-2026) 140

Figure 5.3. Sector coverage of policies to manage security implications of foreign investment (selected sectors, 1990-2024) 141

Figure 5.4. Critical and emerging technologies: Coverage under policies to manage security implications of foreign investment (1990-2024) 142

Figure 5.5. Critical inputs: Coverage under policies to manage security implications of foreign investment (1990-2024) 144

Figure 5.6. Relative frequency of different mechanisms to manage security implications of foreign investment (1990-2025) 147

Figure 5.7. Investment screening dissemination in OECD countries (1990-2026) 150

Figure 5.8. A growing number of economies have "modern" investment security policies (1990-2025) 151

Figure 5.9. Since the adoption of the 2009 Guidelines, OECD only adopted "modern" investment security policies (1990-2026) 153

Figure 6.1. The risk-based due diligence framework under the OECD Due Diligence Guidance 160

Figure 6.2. Areas of the OECD Recommendation on the Role of Government in Promoting Responsible Business Conduct 161

Boxes 31

Box 2.1. Understanding FDI data: Definitions and coverage 31

Box 2.2. OECD FDI Qualities Indicators: Measuring the sustainable development impact of investment 44

Box 2.3. Method for imputing the skill intensity of FDI jobs 57

Box 3.1. Digitalisation of ASEAN IPAs investment facilitation 70

Box 3.2. Malaysia Digital Investment Office 72

Box 3.3. Common tax incentive instruments 76

Box 3.4. Tax incentives and the global minimum tax for MNEs 78

Box 3.5. Adapting ASEAN investment promotion to the GMT 79

Box 3.6. ASEAN Regional Investment Promotion Action Plan 2025-2030 84

Box 3.7. Effective average tax rates: modelling assumptions used in this chapter 87

Box 3.8. IPA centralised process for the granting of investment incentives: The example of Poland 93

Box 3.9. Philippines tax incentives management and transparency act 96

Box 4.1. Calculating the OECD FDI Regulatory Restrictiveness Index 115

Box 4.2. Supporting the implementation of treaty provisions on sustainable investment 129

Box 5.1. Selected types of investment security instruments 145

Box 6.1. Responsible business conduct (RBC), Corporate Social Responsibility (CSR), Business and Human Rights (BHR), Environment,... 159

Box 6.2. The OECD Guidelines for Multinational Enterprises on Responsible Business Conduct and related instruments 160

Box 6.3. The OECD Recommendation on the Role of Government in Promoting Responsible Business Conduct 161

Box 6.4. The ASEAN Sustainable Investment Guidelines 164

Box 6.5. ASEAN framework on AI governance 178

Annex Tables 7

Annex Table 3.1. Targeting sustainable development through eligibility conditions and design dimensions of investment tax incentives 98

Annex Table 3.2. Representative CIT incentives selected for EATR calculations 101

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