Latest news with #AUFAMARDHIAH
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Anwar: ASEAN achieves key goals with stronger GCC and China ties
By AUFA MARDHIAH PRIME Minister Datuk Seri Anwar Ibrahim has declared that the 46th ASEAN Summit had successfully met its goals, with leaders reaching a broad consensus on several major regional concerns. Among the issues agreed upon were the Myanmar crisis, regional tariff frameworks, and joint project cooperation. 'All has been agreed upon,' he said at a press conference, signalling the end of the 46th ASEAN Summit on May 27. Anwar attributed the summit's outcome to the shared commitment and unity among ASEAN member states, as well as deeper engagement with external partners like the Gulf Cooperation Council (GCC) and China. 'We achieved our objective and this is due to the support and the spirit of togetherness of ASEAN leaders,' he said. He described the engagement with the GCC as the first substantial collaboration. 'The inaugural meeting in Riyadh was more a formality than the previous programme, but this time there were a series of sessions and discussions and a very detailed, elaborate joint statement,' he added. Anwar also pointed to Chinese Premier Li Qiang's participation in the summit, noting that talks with China went through some specific areas of collaboration. Apart from that, he extended his appreciation to the Foreign, Economy, and Finance Ministries and enforcement agencies for their coordination and preparations, which contributed to the summit's smooth execution. The event reflected ASEAN's ongoing pivot towards more robust external partnerships, while reinforcing the bloc's dedication to regional peace and economic cohesion. Malaysia is set to host the 47th ASEAN Summit from Oct 26 to 28, 2025. The upcoming meeting is expected to address key priorities such as Timor-Leste's full membership, further progress on economic integration, responses to US tariff actions, and enhanced cooperation with dialogue partners, including through the ASEAN-China-GCC Summit.
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Anwar eyes greater economic synergy between ASEAN, GCC and China
by AUFA MARDHIAH ASEAN is calling for deeper cross-regional trade and investment with the Gulf Cooperation Council (GCC) and China, highlighting their combined economic strength and untapped potential for growth. Chairing the ASEAN- GCC- China Summit today, Prime Minister Datuk Seri Anwar Ibrahim said the three regions together represent a powerful economic bloc, with a collective gross domestic product (GDP) of US$24.87 trillion (RM117.16) and a combined population of approximately 2.15 billion. 'The collective scale offers vast opportunities to synergise our markets, deepen innovation, and promote cross-regional investment,' he said. Anwar noted that ASEAN has emerged as one of the fastest-growing economic regions in the world, with a current GDP of US$3.8 trillion, making it the world's fifth-largest economy — or even fourth, according to some estimates. He cited strong existing economic ties between the regions. In 2023, total trade between ASEAN and the GCC amounted to US$130.7 billion, with foreign direct investment (FDI) inflows reaching US$300.2 billion. Meanwhile, China, remains ASEAN's largest trading partner, with total trade valued at US$700 billion and FDI inflows of US$17.3 billion. 'These (figures) indicate immense existing linkages, as well as substantial untapped potential,' Anwar said. He added that the summit's theme, 'Synergising Economic Opportunities Towards Shared Prosperity,' reflects not just Malaysia's national interests but also ASEAN's broader vision under its 2025 chairmanship, which Malaysia will lead under the guiding themes of inclusivity and sustainability. Anwar said regional cooperation has historically played a vital role in driving economic connectivity. Looking ahead, Anwar said deeper integration in areas such as technology, artificial intelligence (AI), finance and infrastructure could further elevate the trilateral partnership. He called for bold steps to reduce barriers, facilitate investment and build more resilient supply chains across the three regions. 'I'm confident that ASEAN, GCC and China can draw upon our unique attributes and shape a future that is more connected, more resilient and more prosperous for generations to come,' he said.
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
ASEAN-BAC pushes 12 key initiatives for regional growth
by AUFA MARDHIAH TAN Sri Mohamed Nazir Razak (picture) is urging greater collaboration within the ASEAN business community, saying stronger regional ties are crucial to navigating today's uncertain global environment. Speaking after the ASEAN Business Advisory Council (ASEAN-BAC) interface with ASEAN leaders, Mohamed Nazir said the council had presented 12 priority initiatives, all of which were positively received by regional heads of government. 'We briefed them on our 12 priorities. All the leaders welcomed the work of ASEAN,' he told reporters. He cautioned, however, that while the proposals were well received, actual implementation would require time as officials assess the policy implications of each project. 'These projects are going to take time. Even if the leaders welcome them, the officials will have to go through the policy implications,' he said. The 12 initiatives include the ASEAN Business Entity (ABE), which seeks to establish a unified legal framework to facilitate cross-border operations, and the ASEAN Private Capital Markets Initiative to improve investment flows through regional financial integration. To support capital market development, ASEAN-BAC also proposed the ASEAN IPO Prospectus, a standardised template for IPOs across the region. Other initiatives include the ASEAN Talent Development and Mobility programme to address skill gap and the ASEAN Common Carbon Market Initiative to support climate goals through a shared emissions trading system. The Digital Exchange Platform Malaysia is being developed to streamline trade and investment processes, while the Business-to-business (B2B) Connect Initiative (BCI) aims to improve supply chain resilience and business linkages. Cultural and social initiatives are also part of the agenda, including the ASEAN Identity — ASEAN Games to foster regional unity and the ASEAN Corporate Philanthropy Framework to encourage responsible business practices. The ASEAN Inclusivity Collective (AIC) focuses on advancing diversity and equity, while the ASEAN Sustainability Reporting Advocacy Collaborative (ASRAC) promotes standardised environmental, social and governance (ESG) disclosures. Finally, the Regional and National Artificial Intelligence (AI) Engagement Platforms aim to strengthen collaboration in AI and digital innovation. Together, these initiatives represent ASEAN-BAC's commitment to building a more resilient and future-ready ASEAN economic community. Mohamed Nazir, who chairs the ASEAN-BAC for Malaysia this year, emphasised the need for stronger cooperation between the public and private sectors, as well as among businesses across ASEAN member states. 'As a region, under this trying climate, we have to come together — public and private sectors, and private sectors between countries. 'We all have to work together, try harder to work together because we can do a lot more together,' he added. Mohamed Nazir said the business community is ready to respond to the leaders' call for deeper collaboration, but noted that certain policy adjustments would be helpful in enabling private-sector initiatives. 'We take heed from what the government and the leaders are saying and we want to do it,' he said. Mohamed Nazir also encouraged businesses in the region to focus on tapping intra-ASEAN opportunities, especially given rising external risks. 'With the uncertain global (environment), we look for more opportunities within our countries and within our region,' he added.
Malaysian Reserve
25-05-2025
- Politics
- Malaysian Reserve
ASEAN to review Ukraine's bid for dialogue partner status
By AUFA MARDHIAH & HIDAYATH HISHAM ASEAN will review Ukraine's application to become a Sectoral Dialogue Partner, with further deliberations to be undertaken at the senior officials' level. Foreign Minister Datuk Seri Mohamad Hasan (picture) said the matter had been referred to the ASEAN Senior Officials Meeting (SOM) to explore how the grouping can engage with Ukraine moving forward. 'We want to explore how best we can work in Ukraine in the agreement,' he told reporters during a press conference in Kuala Lumpur today. According to official meeting documents, Mohamad on behalf of Malaysia as ASEAN Chairman, noted that the review process is ongoing and requested the SOM to proceed accordingly. No timeline has been set for a decision, but the matter may be discussed at the ASEAN Ministerial Meeting scheduled for July. Ukraine's push to formalise relations with ASEAN follows its accession to the Treaty of Amity and Cooperation (TAC) in 2022, which marked a key step towards institutional engagement with the regional bloc. In 2023, Ukraine submitted a draft Priority Plan to the ASEAN Secretariat proposing cooperation in areas such as food security, digital economy, energy, trade, disaster management, and socio-cultural exchange. The application for Sectoral Dialogue Partner status is part of Kyiv's broader strategy to deepen ties in the Asia-Pacific amid its ongoing conflict with Russia. The move is seen as an effort to diversify diplomatic engagement and secure support from emerging regions.
Malaysian Reserve
25-05-2025
- Business
- Malaysian Reserve
Malaysia, Laos to fast-track ASEAN power grid, expand port and rail connectivity
By AUFA MARDHIAH MALAYSIA and Laos have agreed to accelerate the second phase of the ASEAN Power Grid project, while also deepening collaboration on transport infrastructure, port development, and digital economy initiatives. Prime Minister Datuk Seri Anwar Ibrahim said both countries were aligned on pushing forward regional energy interconnectivity, with the next phase aiming to link Laos, Cambodia and Thailand to Peninsular Malaysia and Singapore. 'I agree with Prime Minister Sonexay Siphandone that we should fast-track the second phase to benefit Laos, Cambodia, and Thailand into Malaysia and Singapore,' he said during a joint press conference in Putrajaya today, in conjunction with the Lao PDR Prime Minister's official visit to Malaysia. He added that the first phase — connecting Vietnam to northern Peninsular Malaysia — is already in progress as part of ASEAN's broader energy integration ambitions. Malaysia and Laos also reaffirmed their commitment to enhancing trade and logistics connectivity, with updates on the inland port in Perlis that links to a tunnelling port in Laos. The project is expected to be completed within the year. To support cargo flows between both countries, Anwar said a new agreement has been signed with Penang Port to channel goods through Perlis and onwards to Laos via the inland facility in Tanah Leng. 'This showcases a very important collaboration not just in port operations, but also in trade and investment between our two friendly countries,' he said. Both leaders also discussed joint efforts in port training and management, with Malaysian ports — including Penang Port, Port Klang, and Port of Tanjung Pelepas (PTP) — ready to offer technical assistance and capacity-building programmes. In addition, cooperation in labour, digital technology, artificial intelligence (AI), and semiconductors was explored, with both sides expressing interest in expanding talent development and technology sharing. The two countries also highlighted ongoing progress under the KTMB–LNR–SE memorandum on the proposed ASEAN express train, which aims to shorten travel time between ASEAN countries and China through improved rail connectivity. Anwar also expressed hope that consensus could be reached for Timor-Leste's full ASEAN membership by October this year, adding that the matter will be discussed further at the upcoming ASEAN leaders' retreat. On the situation in Myanmar, he reiterated the need to uphold the Five-Point Consensus, calling for continued humanitarian aid, an immediate ceasefire, and constructive dialogue under ASEAN mechanisms. Anwar further thanked Laos for its support throughout Malaysia's transition into the ASEAN Chairmanship this year and described the bilateral relationship as warm and cooperative. He added that Sonexay is expected to return for a working visit in the near future to further strengthen government-to-government and private sector ties between both countries.
