Asean must remain neutral to boost regional investment – Tengku Zafrul
08 Oct 2024
Asean must maintain its neutrality in the face of global geopolitical tensions to stimulate foreign investments in the region, said Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
He emphasised that the bloc’s inclusivity and openness should serve as key selling points to attract investments, while also stressing the importance of sustainability.
“We trade and maintain friendships with all European countries, the West, and BRICS nations such as China and Russia.
“At the same time, the global economy is facing challenges, with global gross domestic product growth appearing to be slower than expected,” he said during a meeting with the Malaysian media here yesterday.
Tengku Zafrul and his delegation arrived in Laos on Oct 6 to attend the 44th and 45th ASEAN Summits, as well as related meetings, which run from today until Oct 11.
He also participated in the 24th ASEAN Economic Community (AEC) Council Meeting yesterday.
Despite global economic and geopolitical uncertainties, Tengku Zafrul noted that ASEAN continues to attract significant investments, even as global foreign direct investments decline.
“We are bucking the trend, which is a positive sign. However, another issue is the possibility of tariffs being imposed to protect certain markets.
“This is why ASEAN must continue dialogues with other blocs, particularly through multilateral platforms like the World Trade Organisation,” he added.
Meanwhile, Tengku Zafrul said the AEC’s Strategic Plan for 2026-2030, currently being developed, is expected to be presented in May 2025 when Malaysia assumes the ASEAN Chairmanship.
He highlighted the plan’s significance in ensuring ASEAN’s economy continues to grow by 4.0-5.0 per cent by 2030, positioning it as the world’s fourth-largest economic bloc.
“Right now, we are the fifth-largest economic bloc, with a population of 680 million, nearly half of whom are under 30 years old.
“Therefore, we need to focus on the post-2025 agenda, strengthening ASEAN and showcasing our unique proposition as a bloc,” he said.
During the AEC Council Meeting, Tengku Zafrul also stressed the importance of increasing intra-ASEAN trade, which currently stands at just 23-24 per cent.
He urged ASEAN to prioritise micro, small, and medium enterprises, which make up around 89 -99 per cent of the region’s total companies.
Prime Minister Datuk Seri Anwar Ibrahim is expected to arrive later tonight to attend the summit.
Laos, the current ASEAN Chair, will officially hand over the chairmanship to Malaysia on Oct 11.
Source: Bernama
