Malaysia to champion ASEAN's resilience and inclusivity during chairmanship

KUALA LUMPUR: Economic integration, sustainability, and regional resilience take centre stage during the ASEAN Economic Opinion Leaders Conference.

Investment, Trade, and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz stressed the critical role of ASEAN’s unity in addressing global and regional challenges during a speech at Dewan Perdana, MITI.

“Malaysia’s Chairmanship comes at a pivotal moment,” he said, noting that ASEAN’s neutrality amid US-China tensions positions the bloc as a stabilising force in global supply chains.

The minister emphasised Malaysia's commitment to revitalising ASEAN's economic policies, focusing on strengthening regional supply chains and driving technological advancements, particularly in sectors like electric vehicles (EVs) and semiconductors.

"We aim to position ASEAN as a hub for regional growth by enhancing trade agreements like the Regional Comprehensive Economic Partnership (RCEP) and advancing the ASEAN Digital Economy Framework," Tengku Zafrul stated.

Highlighting Malaysia's strong domestic economic performance, the minister pointed out that the country’s GDP grew by 5.3% in 2024, with inflation kept under control and unemployment at 3%.

This economic stability, he noted, would enable Malaysia to focus on driving the regional agenda forward, leveraging investments and partnerships to solidify ASEAN’s role in global markets.

As part of its efforts, Malaysia will also champion initiatives that support inclusivity, particularly by empowering women and youth entrepreneurs across the region.Notable programs include the Women Entrepreneurs Network (AWEN) and the ASEAN Young Entrepreneurs Council (AYEC).

Addressing ASEAN’s geopolitical challenges, Tengku Zafrul called for a collective approach to issues like Myanmar and the South China Sea.

He also highlighted the bloc’s growing engagement with BRICS, suggesting closer ties could bolster ASEAN’s economic resilience.

“ASEAN’s diversity is its strength,” he said, drawing parallels between ASEAN’s success and the potential of BRICS partnerships.

As Chair of ASEAN, Malaysia plans to propose a joint declaration on ASEAN-GCC economic cooperation during the 46th ASEAN Summit in May.