European businessmen in Southeast Asia have established a business council aimed at promoting trade and investments.

The European chambers of commerce of the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam established the EU-Asean Business Council during this week's 1st EU Asean Business Summit in Jakarta.

"Both the newly formed council and the summit are very important initiatives to create closer ties between Asean and EU, which will benefit businesses from both sides.  We are determined to make full use of these new instruments," Hubert d' Aboville European Chamber of Commerce of the Philippines president said in a statement on Friday.

"The European business organizations based in Asean are now acknowledging the importance of Asean as a market for European companies to expand abroad as well as a base for production and trading with the rest of the world," d' Aboville said.

D' Aboville said the EU-Asean Business Council would support the growth and the integration of the Asean region as well as strengthen partnerships with the EU. 

The EU Asean Business Council would create a pan Asean framework to share knowledge resources and services, d' Aboville added.

The council would also establish a senior-level peer network of business representatives through which members could advocate business interests.

Also the EU-Asean Business Council would facilitate dialogues between Asean and EU businessmen and institutions.

The EU-Asean Business Council would also organize future EU-Asean Business Summits. 

The EU was the largest trading partner of the Asean last year with two way trade amounting to $218.13 billion.

European investors infused $14.54 billion worth of investments into the region last year.

Source: Manila Times; Business; 07 May 2011