Tengku Datuk Seri Zafrul Abdul Aziz, ASEAN, says that in order to encourage foreign investments in the region, it may keep its independence despite international political conflicts.
The Investment, Trade, and Industry Minister emphasised that the bloc’s diversity and accessibility may serve as key sights to draw in assets, while furthermore underscoring the importance of conservation.
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” We trade and maintain connections with all Western countries, the West, and BRICS countries such as China and Russia.
He made the comment during a meeting with the Malaysian media on Monday ( October 7 ) that “at the same time, the global economy is facing challenges, with global gross domestic product growth appearing slower than anticipated.
Tengku Zafrul and his team traveled to Laos on October 6 to take part in the Asean Summits 44 and 45, as well as other related discussions, which are scheduled for October 8 through October 11.
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He also took part in the previous day’s 24th Asean Economic Community ( AEC ) Council Meeting.
Despite global economic and geopolitical risks, Tengku Zafrul noted that Asean continues to bring important assets, contrasting with a decline in global foreign direct opportunities.
” We are bucking the pattern, which is a good sign. However, there is a possibility that taxes will be imposed to guard particular markets. This is why Asean needs to keep in touch with various organizations, mainly through international forums like the World Trade Organization, “he added.
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However, Tengku Zafrul mentioned that the AEC’s Strategic Plan for 2026-2030, currently being developed, is expected to get presented in May 2025 when Malaysia assumes the Asean Chairmanship.
He highlighted the plan’s importance in ensuring ASEAN’s market continues to grow by 4.0 %- 5.0 % by 2030, positioning it as the country’s fourth-largest monetary union.
” Right then, we are the fifth-largest economic union, with a population of 680 million, almost half of whom are under 30 years old.
” So, we need to focus on the post-2025 plan, strengthening Asean and showcasing our exclusive statement as a bloc”, he said.
During the AEC Council Meeting, Tengku Zafrul emphasised the importance of increasing intra-Asean industry, which now stands at only 23%-24 %.
He also urged Asean to prioritise micro, small, and medium businesses, which make up around 89 % to 99 % of the region’s total companies.
Datuk Sari Anwar Ibrahim, the country’s prime minister, is also anticipated to enter the conference.
On October 11, Laos, the latest Asean Chair, will formally transfer the chair to Malaysia. – Bernama