1st LD Writethru: ASEAN summit kicks off in Malaysia with eye on integration, resilience
KUALA LUMPUR, May 26 (Xinhua) -- The 46th Association of Southeast Asian Nations (ASEAN) Summit kicked off here on Monday in the capital of Malaysia, with greater regional integration and resilience against trade and economic disruptions high on the agenda.
Speaking at the opening ceremony of the plenary session, Malaysian Prime Minister Anwar Ibrahim urged ASEAN members to work together to face the challenges brought about by a changing world order to ensure the agenda of sustainable and equitable development is not sidelined.
"For ASEAN, our peace, stability and prosperity have often depended on an open, inclusive, rules-based international order, anchored in the free flow of trade, capital and people. These foundations are now being dismantled under the force of arbitrary action," he said.
"Indeed, a transition in the geopolitical order is underway and the global trading system is under further strain, with the recent imposition of U.S. unilateral tariffs. Protectionism is resurging as we bear witness to multilateralism breaking apart at the seams," he added.
Anwar also stressed the importance of strengthening cooperation with friendly partners of the grouping, noting the significance of the first ever ASEAN-China-GCC summit, which brings together the grouping along with China -- the region's biggest economic partner, and the Gulf Cooperation Council (GCC).
Malaysia is the chair of ASEAN for 2025, and is hosting the ASEAN Summit and related summits under the theme "Inclusivity and Sustainability."
Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Star
2 hours ago
- The Star
Italy's PM, French president hold talks in Rome
ROME, June 3 (Xinhua) -- Italy's Prime Minister Giorgia Meloni on Tuesday welcomed French President Emmanuel Macron and the two leaders held bilateral talks on various issues, including trade, and relationships with the United States, according to Italian media. The French president was greeted with the guard of honour at Palazzo Chigi, and Meloni and Macron were seen shaking hands and smiling for cameras before entering the government palace. The bilateral talks were expected to help dispel recent tensions between the two countries, Ansa news agency reported. France and Italy are traditional allies, and the second and third-largest economies in the European Union (EU), respectively, but the two governments have been at odds over a number of issues, and are politically distant: Meloni leads a right-wing, nationalist cabinet, while Macron is centrist and strongly pro-European. According to Ansa, the two leaders also differ from each other in their approach to the United States, with Meloni seeking to build close ties with President Donald Trump -- and play a negotiating role between the United States and the EU on tariffs -- and Macron advocating a more independent EU's stance. On the conflict between Russia and Ukraine, both countries have vowed strong support to Kiev, but the Italian prime minister has shown skepticism toward a French-British plan to send peacekeeping troops in case of a peace deal. Meloni's office did not release any statement after the bilateral meeting with the French president on Tuesday, nor held a press conference. On Saturday, however, Foreign Minister Antonio Tajani declared Macron's visit would be "an absolutely positive event between two countries that are allies and neighbours."


The Star
2 hours ago
- The Star
Enproserve, KAF Investment sign IPO deal
From left: Mohd Nizam Yaakub, CEO, Enproserve Group; Azman Yusof, group managing director; Datuk Hashim Majid, independent non-executive chairman; Rohaizad Ismail, CEO, KAF Investment Bank; and Azmi Hariss Ibrahim, corporate finance director. KUALA LUMPUR: Enproserve Group Bhd has signed an underwriting agreement with KAF Investment Bank Bhd for its proposed initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia Securities Bhd. In a statement yesterday, the mechanical and civil engineering service provider for the oil and gas (O&G) and petrochemical industries said the IPO comprises a public issue of 210 million new ordinary shares and an offer for sale of 105 million existing shares. 'Of the public issue shares, 139.18 million shares will be offered to selected investors via private placement, while 52.5 million shares will be made available to the Malaysian public by way of balloting. '(Another) 18.32 million shares will be reserved for eligible directors, employees, and persons who have contributed to the company's success,' it said. Under the deal, the investment bank will underwrite a total of 70.82 million public issue shares, comprising those offered to the Malaysian public via balloting and those reserved for eligible directors, employees, and individuals who have contributed to the group's success. Enproserve group managing director Azman Yusof said the IPO is part of the company's plan to strengthen its operations in the O&G and petrochemical sectors. He said the IPO is the next step in its expansion plan, providing capital to enhance its capacity and capabilities, thereby seizing growth opportunities. 'Our business model provides fundamental resilience and is robustly insulated from crude oil price volatility and the direct impact of United States tariffs. 'The funds raised will be mostly used for procuring new machinery, equipment, and vehicles, which will fortify our capabilities to take on larger jobs amid increasing market demand,' he said. KAF Investment Bank chief executive officer Rohaizad Ismail praised Enproserve's management, noting its experience in delivering engineering services to clients in the O&G and petrochemical sectors. 'We are honoured to play an instrumental role in Enproserve's efforts to tap into the capital market to energise its future and reach greater heights,' he said. Furthermore, Enproserve said that, barring unforeseen circumstances, the group is targeting a listing in the third quarter of 2025. KAF Investment Bank is the principal adviser, sponsor, underwriter, and placement agent for the IPO exercise. — Bernama

The Star
2 hours ago
- The Star
Deleum expands ops in Indonesia
PETALING JAYA: Deleum Bhd has completed its acquisition of a 70% equity interest in PT OSA Industries Indonesia (PT OSA) for US$7mil. PT OSA is an established Indonesian company specialising in the supply, servicing, and maintenance of valves for the oil and gas (O&G) sector. In a filing with Bursa Malaysia yesterday, Deleum said the acquisition, executed via its wholly-owned subsidiary, Deleum Services Sdn Bhd, was a strategic move aligned with the group's regional expansion plan. 'The acquisition strengthens Deleum's presence in the South-East Asian O&G sector, boosting its technical capabilities in valve maintenance and extending its operational footprint in Indonesia,' it said. Deleum said that with the completion of the acquisition, it would focus on integrating PT OSA's operations and enhancing cooperation between its Malaysian and Indonesian teams to improve service efficiency, accelerate deliveries, and facilitate the exchange of technical expertise.