Malaysia welcomes RCEP signing, a game changer to investment flow — PM Muhyiddin

Malaysia welcomes RCEP signing, a game changer to investment flow — PM Muhyiddin

12 Nov 2020

Malaysia welcomes the signing of the Regional Comprehensive Strategic Partnership (RCEP) which is scheduled to be held on the last day of the 37th ASEAN Summit that kicked off today.

In his intervention during the 23rd ASEAN-China Summit today, Prime Minister Tan Sri Muhyiddin Yassin said the signing of RCEP will reflect Malaysia’s unwavering support for the multilateral trading system and regional integration.

“Malaysia trusts that RCEP will be a game-changer in our efforts to increase the flow of investments and to encourage intra-trade within the region.

The Covid-19 pandemic has reshaped consumer banking behaviour in Malaysia and highlighted a greater need for connectivity and technology to ease the lives of those struggling to cope with the new normal.

“As the global growth rate is expected to slow at roughly 3.5% between 2021 and 2025, we should double our efforts to ensure the sustainability of economic activities,” he said.

Muhyiddin also stressed that focus should be given to promoting trade and investment and maintaining the regional and global supply chains by tapping into the digital economy.

“As part of our efforts to build a stronger economic region post-COVID-19, Malaysia believes that ASEAN and China must fully tap the potential of the digital economy.

“We have learned a lot during this pandemic period from the increased use of online transactions in our daily lives,” he explained.

Further in his speech, Muhyiddin acknowledged the vital role of the digital economy in reviving the region’s economies as it will contribute to more job opportunities and encourage growth and business sustainability, especially for Micro, Small and Medium Enterprises (MSMEs) sector.

The Prime Minister is leading the Malaysian delegation at the biannual summit virtually from here (Kuala Lumpur) which runs till Sunday.

The summit is chaired by Vietnam Prime Minister Nguyen Xuan Phuc in his capacity as ASEAN Chair 2020 under the theme “Cohesive and Responsive ASEAN.”

Also part of the Malaysian delegation is Foreign Minister Datuk Seri Hishammuddin Tun Hussein as well as Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

ASEAN, established in 1967, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Source: Bernama Posted on : 12 November 2020