Latest news with #ASEAN-GCCSummit
Fibre2Fashion
a day ago
- Business
- Fibre2Fashion
Raise Vietnam-Oman Investment Fund scale to $1 bn: PM Pham Minh Chinh
Vietnamese Prime Minister Pham Minh Chinh recently proposed to the Oman Investment Authority (OIA) that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund (VOI) to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Vietnamese PM Pham Minh Chinh recently proposed to the Oman Investment Authority that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Though Oman is one of Vietnam's top potential partners in the Middle East, there is still significant room to expand bilateral collaboration, noted the said prime minister. He said that during his meetings with the Gulf Cooperation Council (GCC) secretary general and leaders from the Gulf region at the second ASEAN-GCC Summit in Kuala Lumpur, both sides vowed to promptly initiate negotiations on a Vietnam-GCC free trade agreement, while also exploring investment protection agreements and fostering stronger ties in areas like digital transformation, renewable energy, financial and green economy centres and high-tech agriculture, according to a domestic media report. VOI has been operating for more than 17 years in Vietnam. OIA has collaborated with the State Capital Investment Corporation (SCIC) to establish the Vietnam New Era Growth Fund, with a minimum capital of $200 million. The OIA deputy president affirmed that the fund will prioritise investments in potential sectors like technology, telecommunications, finance, agriculture and digital transformation in Vietnam. Fibre2Fashion News Desk (DS)
Borneo Post
2 days ago
- Business
- Borneo Post
ASEAN-GCC-China: A Brave New World?
Malaysia could stand proud not merely for arranging such a smoothly run Summit, but also for the bridging of minds that have arguably emerged as key voices of the newly resurgent Global South. – Bernama photo Posterity, I dare say, will regard the recently concluded ASEAN-Gulf Cooperation Council (GCC)-China Summit in Kuala Lumpur in May as a historic turning point. While the ASEAN Summit and its related meetings like the ASEAN-GCC Summit were equally historic for their role in progressing ASEAN's agenda, current trade wars and geopolitical fragmentation have somehow made many quarters perceive the inaugural ASEAN-GCC-China Summit as the gamechanger during the recent ASEAN gathering. A potential 'reconciler to the fragmented world' Malaysia could stand proud not merely for arranging such a smoothly run Summit, but also for the bridging of minds that have arguably emerged as key voices of the newly resurgent Global South, particularly through the successful issuance of a Joint Statement – usually the most difficult feat in any multilateral meeting. As part of their Joint Statement, the ASEAN-GCC-China leaders condemned the continued atrocities on the people of Gaza and called for a ceasefire, echoing the sentiments of all right-minded peoples across the world. Beyond politics, a deeper trilateral economic integration makes perfect sense. For context, the combined numbers for ASEAN, GCC and China speak for themselves: over a quarter of the world's population, and a collective GDP of almost USD trillion. Figures for foreign direct investment (FDI) inflows, too, stack up nicely: ASEAN attracted USD billion in FDI inflows, representing about a significant portion of global FDI. China received USD billion, while the GCC secured USD billion. Collectively, these figures accounted for roughly a substantial share of global FDI inflows. From such data alone, the significance of this combined economic might was clear to the leaders from China and the two economic blocs. ASEAN can be a strategic gateway to the East Asian markets. Malaysia, in particular, with our well-established trade and industrial ecosystem, rule of law and ease of investor journey is also well-poised to facilitate such investments into the broader ASEAN and East Asian markets. The GCC's economic dynamism, strategic location connecting Europe, Asia and Africa, and its shared religious and cultural values with Malaysia as well as ASEAN make it an ideal partner for deeper economic integration. Indeed, ASEAN's trade with the GCC stood at USD billion and FDI inflows were USD million. On a wider scale, China, as we know, was ASEAN's largest trading partner with USD billion in trade and USD billion in foreign direct investment. China and the GCC are hence crucial economic partners for ASEAN and for Malaysia. It therefore is totally appropriate for us to want to engage with them, both on a bilateral and trilateral format. That is also why Malaysia will soon start negotiations for a free trade agreement (FTA) with the GCC, because there is so much potential to increase the current total trade between Malaysia and the GCC. How ASEAN deals benefit its people But I want to go a bit more granular and show how engaging on an ASEAN-GCC-China scale can benefit ordinary Malaysians, including the youth, women and MSMEs. Through the Priority Economic Deliverables (PEDs) under the Economic Pillar of Malaysia's ASEAN Chairmanship, the Ministry of Investment, Trade and Industry (MITI) and other related Ministries are working diligently to ensure substantial progress for these PEDs by year-end. Some of these are of course directly linked to the GCC and China. For instance, we have completed negotiations to not only upgrade the ASEAN Trade in Goods Agreement (ATIGA) but also the ASEAN-China Free Trade Area (ACFTA). Both of these will be signed in October, boosting both intra-ASEAN and ASEAN's trade with China which as we know will be key to tide our region over during this period of geopolitical instability. Separately, another of our PEDs, namely the Joint Declaration on Economic Cooperation Between the ASEAN-Gulf Cooperation Council (GCC) was also completed in full. Through this, our two regions will explore new avenues of cooperation like market integration, sustainability, decarbonisation, digital transformation and inclusion, including for MSMEs. Sectorally, ASEAN's PED on the Development of Policy Recommendations and Guidelines to Support ASEAN EV Implementation Roadmap will benefit from China's global leadership in electrical vehicles (EVs). Accounting for more than a large majority of global electric car production, China also produced more than a dominant share of all EV batteries ever manufactured. Consider also the Endorsement of the ASEAN Plan of Action for Energy Cooperation, which is clearly in alignment with the GCC's ramping up of its efforts to diversify its economies and energy mix away from oil and gas in pursuit of renewable energy (RE). They have pledged a massive investment in RE by the end of the decade to transition to clean energy and reduce carbon emissions. There are, indeed, many synergies for economic integration. Development of ASEAN Tourism Outlook? China and GCC are key tourist markets for ASEAN. An ASEAN Framework for Integrated Semiconductor Supply-Chain (AFISS)? China is both a major chip buyer and maker. In conclusion, when Malaysia proposed the PEDs for its Chairmanship year, we were clear on how we could boost ASEAN's socio-economic dynamism and ergo, the ASEAN-GCC-China trilateral relationship can likewise contribute to this. Furthermore, global demand for halal products is currently valued at over USD trillion and will grow significantly by the end of the decade. This is a market ASEAN, GCC and China can collaborate to tap on and even corner together. Also, as previously highlighted, as a combined market of more than two billion people, ASEAN, GCC and China should be regions where young Malaysian men and women, including those in small business, look for job or business opportunities. We are paving the way for all our Malaysian jaguhs to enter wider markets for their goods and services, while ensuring that their interests will always be safeguarded through well negotiated FTAs. Deeper economic integration supports regional security But one would argue that even spreading one's wings to ASEAN really is just a waypoint for the truly ambitious. While other regions may draw inwards, our three are seeking even greater connectivity for our people and businesses. The coming together of ASEAN-GCC-China's leaders signals that we refuse for our horizons to be limited—by ourselves or others—to our own borders or backyards. Indeed, deeper economic integration would do well to better support regional security, which feeds into ASEAN's Political-Security deliverables. This is also why ASEAN – with its principles of centrality, neutrality, non-alignment – must matter to not only its Member States, but also to partners like the GCC, China and indeed, other Dialogue Partners like Australia, Canada, the European Union, India, Japan, New Zealand, the Republic of Korea, Japan and New Zealand. Truth be told, what we can achieve together through this nascent ASEAN-GCC-China trilateral configuration is only limited by our imaginations.
Barnama
4 days ago
- Business
- Barnama
Maritime Chain Crucial To ASEAN-GCC-China Economic Ties
By Harizah Hanim Mohamed KUALA LUMPUR, May 25 (Bernama) – A maritime value chain that facilitates shipping connectivity and secures sea lanes, along with the ability to counter disruptions, is vital for ASEAN, the Gulf Cooperation Council (GCC) countries and China in their quest to consolidate tripartite economic cooperation and integration. 'Comprehensive maritime connectivity is crucial in ASEAN, Asia and the Gulf where 90 per cent of regional trade relies on shipping,' said Ang Chip Hup, former national consultant for the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Besides this, over 60 per cent of global maritime trade passes through ASEAN waters including the Strait of Malacca and the South China Sea, making shipping and port infrastructure vital for economic growth. He cited how there were better opportunities for maritime connectivity by expanding into these regions through an enhanced ASEAN Single Shipping Network. 'Such a move was possible by increasing feeder ports from China to the Gulf via ASEAN, thereby reducing congestion at major hubs,' he told Bernama ahead of the 46th ASEAN Summit, ASEAN-GCC Summit and the ASEAN-GCC-China Summit here on May 26 to May 27, 2025. Malaysia, as this year's rotating Chair of ASEAN, is hosting the inaugural trilateral summit with the GCC, China, and Southeast Asian nations under the Chairmanship theme of 'Inclusivity and Sustainability.' Amid disruptions to trade precipitated by debilitating tariffs imposed by US President Donald Trump on 168 countries, including some of the highest tariffs on some ASEAN countries and China, countries are looking to deepen integration to be self-reliant trade-wise. Ang said that economies should also look into expanding Port Community Systems (PCS) for real-time cargo tracking and emphasise on green and efficient shipping.
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
Efficiency, teamwork factors contributing to Malaysia's success in hosting 46th ASEAN Summit
PUTRAJAYA — The outstanding efficiency, unwavering dedication, and seamless teamwork demonstrated by all parties involved were the main factors in Malaysia's success as the host of the 46th ASEAN Summit recently, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said everything went smoothly as a result of the extraordinary commitment from the government machinery, including the people who understood Malaysia's needs in organising the summit. 'I saw at all levels, our children, civil servants, all of them were great. From the airport, the parade, the police, immigration, MAHB (Malaysia Airports Holdings Bhd), the management at the hotel, the Foreign Ministry, which coordinated, to the Prime Minister's Department, which managed the protocol. 'I am also clueless about protocol, but I respect what the officers instructed the prime minister to do. I did as told (protocol), why? Because we are a country that has rules and works as a team,' he said in his address at the Prime Minister's Department monthly assembly here today. It was attended by both Deputy Prime Ministers, Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof. The 46th ASEAN Summit concluded on May 27 after a series of high-level meetings aimed at strengthening regional cooperation and strategic partnerships. During the two-day summit, ASEAN leaders participated in several important meetings, including the 2nd ASEAN-GCC Summit, the first ASEAN-GCC-China Summit, and the 16th Indonesia-Malaysia-Thailand (IMT-GT) Growth Triangle Summit. Anwar also touched on cooperation between ASEAN leaders in making collective decisions without compromising the interests of their respective countries. '… then we have to decide on an understanding in dealing with President Trump's (US President Donald Trump's) tariffs. Each country has its own strategy, which will involve bilateral relations. But we also want to protect the interests of the more than 650 million population of ASEAN countries. '… there is not a decision by Malaysia that is detrimental to another country, or by Vietnam (for example) that is detrimental to another country. We work as a team,' he said. Malaysia, as the ASEAN Chairmanship 2025 with the theme 'Inclusivity and Sustainability', hosted the 46th ASEAN Summit, marking the fifth time the country has held the chairmanship after 1977, 1997, 2005 and 2015. — BERNAMA
The Sun
4 days ago
- Business
- The Sun
Efficiency, teamwork factors contributing to Malaysia's success in hosting 46th ASEAN Summit
PUTRAJAYA: The outstanding efficiency, unwavering dedication, and seamless teamwork demonstrated by all parties involved were the main factors in Malaysia's success as the host of the 46th ASEAN Summit recently, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said everything went smoothly as a result of the extraordinary commitment from the government machinery, including the people who understood Malaysia's needs in organising the summit. 'I saw at all levels, our children, civil servants, all of them were great. From the airport, the parade, the police, immigration, MAHB (Malaysia Airports Holdings Bhd), the management at the hotel, the Foreign Ministry, which coordinated, to the Prime Minister's Department, which managed the protocol. 'I am also clueless about protocol, but I respect what the officers instructed the prime minister to do. I did as told (protocol), why? Because we are a country that has rules and works as a team,' he said in his address at the Prime Minister's Department monthly assembly here today. It was attended by both Deputy Prime Ministers, Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof. The 46th ASEAN Summit concluded on May 27 after a series of high-level meetings aimed at strengthening regional cooperation and strategic partnerships. During the two-day summit, ASEAN leaders participated in several important meetings, including the 2nd ASEAN-GCC Summit, the first ASEAN-GCC-China Summit, and the 16th Indonesia-Malaysia-Thailand (IMT-GT) Growth Triangle Summit. Anwar also touched on cooperation between ASEAN leaders in making collective decisions without compromising the interests of their respective countries. '... then we have to decide on an understanding in dealing with President Trump's (US President Donald Trump's) tariffs. Each country has its own strategy, which will involve bilateral relations. But we also want to protect the interests of the more than 650 million population of ASEAN countries. '... there is not a decision by Malaysia that is detrimental to another country, or by Vietnam (for example) that is detrimental to another country. We work as a team,' he said. Malaysia, as the ASEAN Chairmanship 2025 with the theme 'Inclusivity and Sustainability', hosted the 46th ASEAN Summit, marking the fifth time the country has held the chairmanship after 1977, 1997, 2005 and 2015.
