Latest news with #2ndAsean-GCCSummit
Observer
31-05-2025
- Business
- Observer
Vietnam proposes boosting Oman Investment Fund to $1 billion
MUSCAT: Vietnamese Prime Minister Pham Minh Chinh has proposed raising the capital of the Vietnam – Oman Investment Fund (VOI) to $1 billion. The proposal was made during a high-level meeting in Hanoi with Shaikh Nasser bin Sulaiman al Harthy, Deputy President for Operations at Oman Investment Authority (OIA), and his accompanying delegation. Reported by the official information channel of the Government of Vietnam, the Prime Minister's remarks reflect Vietnam's intent to enhance its strategic engagement with Oman, a growing economic partner in the Gulf region. The meeting took place against the backdrop of strengthening relations between the two nations, with cooperation expanding across trade, investment, infrastructure, and energy. Highlighting Oman's growing relevance as a key Middle Eastern partner, Prime Minister Chinh commended the longstanding presence and strategic investment role of VOI in Vietnam. Established 17 years ago as a joint initiative between the State Capital Investment Corporation (SCIC) of Vietnam and the OIA, VOI has spearheaded a number of high-impact investments aligned with Vietnam's development goals. The Prime Minister emphasised that an expanded VOI—with a target scale of $1 billion—would allow for greater investment in critical sectors including infrastructure, renewable energy, clean water, healthcare, education, consumer finance, and high-tech agriculture. He noted that beyond economic returns, these investments also contribute to social development and the improvement of public services and livelihoods across Vietnam. 'This fund has proven its long-term vision and commitment to Vietnam's sustainable growth,' said Prime Minister Chinh. 'Now is the time to scale it up to match the size of our economy and development ambitions.' The meeting also touched on Vietnam's broader engagement with the Gulf Cooperation Council (GCC), with Prime Minister Chinh highlighting discussions held during the recent 2nd Asean-GCC Summit. He noted a shared interest in launching negotiations for a Vietnam-GCC free trade agreement and expanding cooperation in areas such as digital transformation, green economy, Halal food production, and investment protection frameworks. In response, Shaikh Nasser bin Sulaiman al Harthy welcomed the Prime Minister's proposal and reaffirmed Oman's interest in intensifying its economic partnership with Vietnam. He described the VOI as a platform for deeper strategic engagement and said Oman could serve as a regional gateway for Vietnamese products and services entering the Middle East. Al Harthy also announced the launch of a new $200 million 'Vietnam New Era Growth Fund' in partnership with SCIC. This fund will focus on emerging and high-potential sectors including telecommunications, finance, technology, Halal agriculture, and digital infrastructure. 'We value the Prime Minister's vision and support the idea of expanding the Vietnam – Oman Investment Fund,' said Al Harthy. 'We are ready to promote Vietnam as a key investment destination for Omani and Gulf investors, while also inviting Vietnamese businesses to use Oman's logistics and seaport networks to reach broader markets in the region.' The OIA delegation's visit is seen as a pivotal moment in advancing Vietnam-Oman relations. Both sides expressed confidence in the long-term trajectory of the partnership, agreeing that expanded joint funds could not only drive economic growth but also strengthen diplomatic ties and regional integration. If realised, the $1 billion VOI would mark a substantial increase from its current capital base and signal deeper strategic alignment between Hanoi and Muscat. It would also reflect Vietnam's growing profile as a destination for Gulf capital and a gateway to Asean markets. As both countries eye a future shaped by green development, high-tech industry, and regional connectivity, the Vietnam-Oman investment axis is poised to become a vital channel for sustainable growth and mutual prosperity.
New Straits Times
29-05-2025
- Business
- New Straits Times
Anwar: Malaysia's Asean Summit success driven by efficiency, teamwork
PUTRAJAYA: Malaysia's successful hosting of the recent Asean Summit was driven by the efficiency, dedication and teamwork of all parties involved, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said the smooth running of the summit was the result of the extraordinary commitment shown by the government machinery, including the public, who understood Malaysia's responsibilities as host. "I saw excellence at all levels, our public servants were outstanding. From the airport, parades, police, immigration, Malaysia Airports Holdings Bhd (MAHB), hotel management, to the Foreign Ministry coordinating everything, and the Prime Minister's Department managing the protocol. "Even I was overwhelmed by the protocol, but I respected what the officers directed the prime minister to do. I followed everything. Why? Because we are a nation with rules, and we work as a team," he said. He was speaking at the Prime Minister's Department monthly assembly here today, which was also attended by both Deputy Prime Ministers Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof. Anwar also commended the cooperation among Asean leaders in making collective decisions while respecting the interests of their respective countries. "We had to decide on a shared understanding in facing President Trump's tariffs. Each country has its own strategy, which will involve bilateral relations. But we also want to safeguard the interests of more than 650 million people in Asean countries. "No decision made by Malaysia should harm other countries, nor should decisions by, for example, Vietnam, be detrimental to others. We work as a team," he added. The 46th Asean Summit concluded on May 27, following a series of high-level meetings focused on enhancing regional cooperation and strengthening strategic partnerships. Over the two-day event, Asean leaders participated in several key meetings, including the 2nd Asean-GCC Summit, the inaugural Asean-GCC-China Summit, and the 16th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Summit. As Asean Chair for 2025, Malaysia hosted the 46th Summit under the theme "Inclusion and Sustainability", marking the fifth time the country has held the chairmanship, having previously served in 1977, 1997, 2005 and 2015.
New Straits Times
27-05-2025
- Business
- New Straits Times
Bahrain reaffirms support for GCC-Malaysia trade pact in meeting with Malaysian King
KUALA LUMPUR: Bahrain has reaffirmed its support for joint efforts between the Gulf Cooperation Council (GCC) and Malaysia to establish a free trade agreement, describing it as a strategic milestone to boost economic ties and promote long-term growth. According to Bahrain News Agency (BNA), Crown Prince and Prime Minister of Bahrain, Prince Salman bin Hamad Al Khalifa conveyed the message during a meeting with His Majesty Sultan Ibrahim, the King of Malaysia, held on the sidelines of his official visit to Kuala Lumpur on Tuesday. Prince Salman said the proposed agreement would enhance trade relations and support sustainable economic development between the GCC bloc and Malaysia. He also highlighted the strong and longstanding ties between Bahrain and Malaysia, stressing the importance of further expanding bilateral cooperation in mutually beneficial areas. The Crown Prince said the growing partnership reflects the continued support of His Majesty King Hamad bin Isa Al Khalifa and His Majesty Sultan Ibrahim. During the meeting, Prince Salman conveyed greetings from King Hamad to Sultan Ibrahim, along with his wishes for Malaysia's continued progress and prosperity. Sultan Ibrahim, in turn, extended his greetings to King Hamad. Also present at the meeting were Bahrain's Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, and the Private Secretary to the Crown Prince, Shaikh Abdullah bin Isa Al Khalifa. Sultan Ibrahim hosted a Royal Luncheon at Istana Negara on Tuesday in honour of visiting dignitaries attending the 46th Asean Summit and Related Summits. Key highlights of the day include the 2nd Asean-GCC Summit and the inaugural Asean-GCC-China Summit, both held to deepen strategic dialogue and economic collaboration.
New Straits Times
27-05-2025
- Business
- New Straits Times
Anwar's Asean leadership a model of diplomacy in Myanmar crisis
KUALA LUMPUR: This year's ASEAN chairmanship under Prime Minister Datuk Seri Anwar Ibrahim has drawn strong praise from world-renowned economist Professor Dr Jeffrey D. Sachs. He described Anwar's efforts in addressing the Myanmar crisis as both constructive and aligned with the regional grouping's collective aspirations. Sachs, a Columbia University professor and President of the UN Sustainable Development Solutions Network, said Malaysia's proactive approach reflects responsible diplomacy, not interference, in promoting Asean peace and stability. "I think the leadership of Asean in trying to make sure that there is peace within the Asean region is extremely important and very constructive. "That's not interference in the way we should object to," he said in a press interview after attending the 2nd Asean-GCC Summit at the Kuala Lumpur Convention Centre (KLCC) today. He commended Anwar's role as Asean Chair in addressing the Myanmar situation, describing the Prime Minister as "a remarkable leader in his own right" who is leveraging his position to facilitate intra-Asean solutions. "This is not interference in the sense of one country butting into the internal affairs of another. It's about helping Asean succeed, thrive and be peaceful internally. "I strongly support what Prime Minister Anwar Ibrahim is trying to do," Sachs said. When asked whether Asean should consider reforming its long-standing principle of non-interference in light of the ongoing Myanmar crisis, Sachs did not offer a specific policy recommendation but instead highlighted a broader global trend towards stronger regional cooperation. "We're in a period where regional groups all over the world, not only Asean, are becoming stronger internally because they recognise that the success of each individual country depends on the success of the group," he said. He added that Asean's growing diplomatic role, both internally and globally, is vital at a time when countries face increasing uncertainty and pressure, including from global powers like the US. "In this context, a strong Asean is extremely important, and real leadership within Asean is essential. Prime Minister Anwar Ibrahim is providing exactly that this year. It's a very successful presidency," Sachs remarked. Referring to recent regional meetings, including the 46th Asean Summit, the Asean-GCC meeting, and the Asean-GCC-China dialogue, he said these high-level engagements reflect Malaysia's effective stewardship and Asean's commitment to unity and cooperation. "These meetings are very important and a very successful initiative of Malaysia's presidency," he said. Among the Asean leaders attending the events are the Sultan of Brunei, Sultan Hassanal Bolkiah; Indonesian President Prabowo Subianto; Cambodian Prime Minister Hun Manet; Lao Prime Minister Sonexay Siphandone; Vietnamese Prime Minister Pham Minh Chinh; Philippine President Ferdinand Marcos Jr.; Singaporean Prime Minister Lawrence Wong; and Thai Prime Minister Paetongtarn Shinawatra. Also present at the summit are Timor-Leste's Prime Minister, Kay Rala Xanana Gusmão, as an Observer, and Asean Secretary-General Dr Kao Kim Hourn. GCC delegates at the summit include the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, Bahrain's Crown Prince and Prime Minister, Salman Hamad Al Khalifa, and Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. Oman's Deputy Prime Minister Sayyid Asaad bin Tarik al Said, Saudi Arabia's Foreign Minister Prince Faisal Farhan Al Saud and UAE Supreme Council Member and Ruler of Ras Al Khaimah Sheikh Saud bin Saqr Al Qasimi are also in attendance.
The Star
27-05-2025
- Business
- The Star
GCC hopes to achieve RM759bil in trade with Asean by 2032, says Kuwait's Sheikh Sabah Khaled
KUALA LUMPUR: The Gulf Cooperation Council (GCC) is hoping to achieve US$180bil (RM759.6bil) in trade with Asean by 2032 and this can be done by having proactive economic policies, says Kuwait Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. Sheikh Sabah Khaled, who is the president of the current session of the GCC ministerial council, said trade with Asean and the six gulf countries stood at US$130.7bil (RM551.55bil) in 2023. 'GCC is Asean's seventh largest trading partner in 2023. We expect trade growth to reach US$180bil (RM759.6bil) by 2032. 'The increase in investment and market confidence shows a huge potential to improve these figures through proactive economic policies,' said Sheikh Sabah Khaled in his opening remarks of the 2nd Asean-GCC Summit in KL Convention Centre (KLCC) on Tuesday (May 27). He said the GCC and Asean represent the largest economy and population group in the world, with a combined gross domestic product (GDP) worth US$6 trillion (RM25.32tril)and a population of 740 million. ALSO READ: Asean and GCC can be anchors of stability and engines for growth, says PM 'This includes among the most important trading networks and sea routes in the world, which will have a direct effect on regional stability and global economic growth,' said Sheikh Sabah Khaled. 'We look forward to progress in free trade agreement negotiations, as well as strengthening cooperation in supply chains and investment,' said Sheikh Sabah Khaled. Meanwhile, the Kuwait Crown Prince also said the GCC is very concerned at the ongoing humanitarian crisis in Palestine. ALSO READ: Asean summits today to reinforce Malaysia's role in steering strategic cooperation 'The GCC reaffirms its support towards the formation of Palestine based on the 1967 borders, with West Jerusalem as the capital. 'We urge the international community to act quickly and sternly to end the violence and start peace talks based on international laws and the Arab Peace Initiative,' said Sheikh Sabah Khaled. Sheikh Sabah Khaled said the success of the Asean-GCC summit lies on the implementation of clear initiatives and objectives. ALSO READ: Asean–GCC–China summit reflects cooperation in a multipolar world, says Anwar 'Therefore, we suggest for a high-level monitoring mechanism to be set up under the GCC and Asean secretariat, with a periodical report to measure achievement,' he said. 'We also invite Asean to join the 2030 Riyadh Expo as an opportunity to promote a sustainable global cooperation model,' he added. The GCC consists of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Kuwait and Oman.
