The OECD Review of Investment Policies in ASEAN takes a regional perspective to assess the current investment landscape across ASEAN Member States (AMS), identifying key opportunities, challenges and policy responses needed to unlock investment and address existing bottlenecks. It focuses in particular on how foreign direct investment (FDI) can be more effectively leveraged to support sustainable development, with an emphasis on the green and digital transitions. The review combines an updated analysis of recent FDI trends and their development impacts with an assessment of policy frameworks in core areas, including investment promotion and tax incentives, legal and regulatory regimes, investment security, and responsible business conduct.
The review was prepared by the OECD in collaboration with the Services and Investment Division of the ASEAN Secretariat and the ASEAN Coordinating Committee on Investment (CCI). It draws on the OECD Policy Framework for Investment, the OECD FDI Qualities Policy Toolkit, and the OECD Guidelines for Multinational Enterprises. The Review was financially supported by the Government of Japan in the context the OECD programme to support attracting “more, better, and safe” investment in emerging markets and developing economies (EMDEs). It was discussed at meetings of the ASEAN CCI on 15 December 2025, 4 March 2026 and 12 August 2026, and benefited from inputs and feedback from ASEAN CCI delegates and ASEAN government officials.
The review comprises six chapters. Chapter 1 sets out the context and summarises the key findings and policy recommendations. Chapter 2 examines trends in FDI and their impacts. Chapter 3 focuses on investment promotion and tax incentives, while Chapter 4 assesses the legal framework for FDI. Chapter 5 analyses investment policies aimed at balancing openness with security considerations, and Chapter 6 examines frameworks for responsible business conduct. The Review was prepared by a team led by Letizia Montinari, including Adam Elsheikhi, Juan Felipe Rodrigo, Katharina Böhm, Alessandra Mistura, Clemente Rojas Giacobbe, Bianca Nalbandian, and Nicolas Rosselot from the OECD Investment Division, as well as Mónica Garay, Anita Gholami and Kate Wilson from the OECD Centre for Responsible Business Conduct. Alexandre de Crombrugghe, Fernando Mistura, Hélène François, Stratos Kamenis, Fares Al‑Hussami, and Joachim Pohl of the OECD Investment Division; Tihana Bule from the OECD Centre for Responsible Business Conduct; and Tan Tai Hiong and Sovyana Putranti from the Services and Investment Division of the ASEAN Secretariat provided valuable feedback. Additional inputs were received from the Finance Integration Division (FID) of the ASEAN Secretariat. Overall guidance was provided by Ana Novik and Martin Wermelinger, respectively Head and Deputy Head of the OECD Investment Division. Lucinda Pearson and Liv Gudmundson prepared the document for publication.