ASEAN to play significant role in global economy, says Najib

ASEAN, with a combined gross domestic product (GDP) set to reach US$4 trillion dollar by 2020, will play an increasingly significant role in the global economy, says Prime Minister Datuk Seri Najib Tun Razak.

He said cooperation and integration of ASEAN would see the economy at US$2.5 trillion annually, with a further US$7 trillion spending on infrastructure, as predicted at the ASEAN Cap 10 CEO Summit last February.

"These are astonishing figures and they underline just how much more can be achieved in our region," the prime minister said in his keynote address at the Invest Malaysia 2015 institutional investor conference here today.

Najib said 2015 is an historic year for ASEAN, as all member countries declare the establishment of the Economic Community, the next stop in ASEAN's progress together as a region.

"Malaysia is the right country to lead and we have already demonstrated our leadership," he added.

He pointed out that there are more home-grown ASEAN multinationals in Malaysia than in any other country in the region, saying, three of ASEAN's top ten investment banks call Malaysia, home.

He said Bursa Malaysia was also a key driver and founding signatory of the ASEAN Exchanges, a collaboration between seven stock exchanges which is driving cross-border harmonisation, promoting the region and increasing capital inflow into the region.

On trade and tariff barriers, Najib said it will be ASEAN's goal to ensure that non-tariff areas of cooperation remain competitive and that markets see ever-greater increases in their exports.

Back home, he said the government is committed to ensuring that Malaysia remains one of the most open and transparent marketplace for both ASEAN and global investors.