Malaysia advocates for shared prosperity as Asean's economic foundation
KUALA LUMPUR: Malaysia is calling for the concept of shared prosperity into Asean's economic DNA.
Speaking at the 'Shared Prosperity: The New Imperative for Asean's Economic Growth' PowerTalk luncheon, Deputy Prime Minister Datuk Seri Fadillah Yusof said the regional bloc must evolve into a resilient and competitive single market.
'Stronger states must assist those still developing their capabilities. That is how we grow as one unit, as one community,' he said during the talk held here on Sunday (May 25).
Fadillah said that under the Asean Power Grid initiative, Laos sells electricity to Singapore via transmission lines in Thailand and Malaysia—a shared arrangement that facilitates resource optimisation and mutual benefit.
'There are times when Laos cannot generate hydroelectric power, such as during winter when rivers freeze.
'In such cases, Singapore gets its supply from Malaysia and Thailand instead. This is shared prosperity in action,' he explained.
He added that this year, the roadmap for fully realising the regional power grid could be finalised.
The Deputy Prime Minister emphasised that Asean's diversity in resources, capabilities, and development stages ought to be regarded as an asset.
Fadillah said shared prosperity also requires greater participation of women in the economy.
He pledged to present proposals to the Cabinet aimed at expanding women's roles in business, employment, and leadership, in collaboration with the Finance Ministry; the Women, Family and Community Development Ministry; the Investment, Trade and Industry Ministry (Miti) and others.
'We must close the gaps for women, for rural communities, for those left behind. That is how we build a model of shared prosperity that Asean can adopt,' he said.
Responding to a question from the audience on Sabah and Sarawak's digital disconnect, Fadillah acknowledged that infrastructure alone does not guarantee connectivity.
'MCMC (Malaysian Communications and Multimedia Commission) has a fund supported by telcos to expand infrastructure, but the challenge is that telcos won't serve areas that aren't commercially viable.
'That's why many rural areas remain underserved,' he said.
He said true prosperity involves more than gross domestic product (GDP).
'It's about sharing, creating the right values, protecting the environment and being people-centric,' Fadillah added.
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