‘Private sector support is crucial’
KUALA LUMPUR: The support from the private sector is crucial to Malaysia’s success in assuming the Asean chairmanship next year, says Tengku Datuk Seri Zafrul Abdul Aziz.

The Investment, Trade and Industry Minister said consistent engagements with the business community are essential towards that end, and a collaborative approach is welcomed to ensure the ongoing effort within the Asean framework is aligned with business needs and global standards.

“In the lead-up to 2025, I am encouraged by the active contributions of the Asean-Business Advisory Council (Asean-BAC).

“Several Asean-BAC Legacy Projects focusing on digital transformation, sustainable development, health resilience, food security, trade and investment facilitation, and supply chains demonstrate the business community’s recognition of Asean’s positive impact,” he said in his keynote address at the Expectations of Malaysia’s Upcoming Chairmanship of Asean forum held here yesterday.

Tengku Zafrul gave the assurance that the Investment, Trade and Industry Ministry (Miti) will ensure that national economic interests align with Asean goals while delivering clear benefits to the region’s industries.

As such, he said that Malaysia, as an emerging leader in the global race to net-zero, has facilitated new policies in these areas.

“While individual countries are at varying stages of progress towards carbon neutrality and a circular economy, Malaysia is emerging as a leader in these areas with policies such as the New Industrial Master Plan 2030 (NIMP 2030), the National Energy Transition Roadmap (NETR) and the National Industry ESG Framework (i-ESG).

“To accelerate decarbonisation and achieve a carbon-neutral economy, Asean has developed the Asean Strategy for Carbon Neutrality, while the Asean Framework for Circular Economy aims to improve resource efficiency, economic resilience and sustainable growth.

“Compliance with these frameworks by businesses will directly increase market opportunities and the green competitiveness of Asean products and services worldwide,” he said.

Tengku Zafrul said individual countries within Asean are positioning themselves to capitalise on the shifting global supply chain.

“Asean has the potential to become the epicentre of the next phase of growth in the Global South. Many Asean Dialogue partners, including India, China, the European Union and the United States, are revising their outlook and commitment to strengthen or expand trade and investment ties with Asean, particularly in emerging areas of growth.

“Countries such as Canada, the Gulf Cooperation Council and Switzerland are also seeking to fortify their economic ties with Asean,” he said.

Tengku Zafrul, however, emphasised that Asean and Malaysia must be firm on their neutrality and independence, referring to deglobalisation caused by geopolitical tensions.

“We must remain a non-aligned, open trading region for all,” he added.

The minister also said that with the Asean digital economy expected to grow up to three times, reaching US$1 trillion (RM4.71 trillion) by 2030, digital transformation and innovation are central to Asean’s reindustrialisation efforts.

“Countries like Malaysia, Singapore, Thailand and Vietnam are investing in automation, AI and IoT (internet of things) to boost industrial capabilities.

“While Asean nations are investing in digital infrastructure to enhance connectivity and drive economic growth, a forward-looking Asean Digital Economy Framework (Defa) – currently being negotiated – is key to regional digital integration,” he added.

Meanwhile, Asean Business Club president Tan Sri Dr Mohd Munir Abdul Majid said that although expectations regarding Malaysia’s assumption of the Asean chairmanship are high, it has to remain realistic in performing its role.

“The challenge is to ensure continuity at least in some priority areas and not expect ourselves to be reformed just because Malaysia is holding the chair,” he said.
Asean chairmanship,Malaysia,private sector,Miti,Zafrul Abdul Aziz,Asean-Business Advisory Council,Asean-BAC
KUALA LUMPUR: The support from the private sector is crucial to Malaysia’s success in assuming the Asean chairmanship next year, says Tengku Datuk Seri Zafrul Abdul Aziz.