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Malay Mail
3 days ago
- Business
- Malay Mail
Tengku Zafrul: Asean can crack top four spot in global economy by 2030
KUALA LUMPUR, June 12 — Asean can become the world's fourth-largest economy by 2030 if the region maintains a steady gross domestic product (GDP) growth rate of 4.0-5.0 per cent, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He noted that Asean's GDP growth projection for 2025 currently stands at 4.7 per cent, as shared by the Asean Secretariat. 'But things are very dynamic. The International Monetary Fund (IMF) has also just reduced their forecast of global growth. 'It really depends on the global economic situation,' he said during the press conference after the launch of the Asean Economic Community (AEC) Strategic Plan 2026–2030 here today. Earlier in his speech, Tengku Zafrul said the five-year AEC Strategic Plan will keep Asean's policies current and updated, so Asean can be more responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward. 'This has been carefully developed to implement the economic aspects of the Asean Community Vision 2045, harnessing Asean's vast opportunities and potential,' he said. Tengku Zafrul said the AEC Strategic Plan will play a key role in enabling Asean to achieve its ambition of becoming the world's fourth-largest economy by 2030. He added that the plan emphasises the establishment of a robust digital economic framework, aimed at doubling Asean's digital economy to reach US$2 trillion by 2030. The plan clearly demonstrates Asean's readiness to embrace transformation, enhance connectivity, and promote innovation, all anchored on the core principles of sustainability and inclusivity, he said. 'This preparedness surely strengthens Asean's global positioning and attractiveness. 'We are confident that Asean's efforts on, among others, manufacturing productivity, resource efficiency, green financing and investments, as well as energy security and sustainability, will ensure that this region has the resilience to face future challenges and embrace golden opportunities,' he added. — Bernama
Malay Mail
24-05-2025
- Business
- Malay Mail
Women are key to Asean's US$2.3t prosperity, Malaysian trade minister says ahead of Asean Summit
KUALA LUMPUR, May 24 — Harnessing the talents of 334 million women across Asean through education, access to opportunities, and supportive policies could unleash an astounding US$2.3 trillion in potential, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz today. Acknowledging that the odds are often stacked against them, he said Asean could reverse this by strengthening the enabling environment for women to survive, thrive, enter or re-enter the workforce, start or sustain businesses, and avoid having to choose between motherhood and a career. 'This is the roadmap for Malaysia and Asean's future prosperity,' he said at the Asean Women Economic Summit 2025, held in conjunction with the Asean Summit and its Related Meetings here. Tengku Zafrul said the job of Asean leaders in both the public and private sectors is to ensure women in Asean become venerated, rather than victims. He said Malaysia's Madani Economy framework – emphasising sustainability, prosperity, and inclusivity – places women's empowerment at the heart of national development. 'For instance, in my own Ministry of Investment, Trade and Industry (MITI), we have implemented various concrete measures, including launching the Women Exporters Development Programme, helping 500 women-led businesses access international markets, introducing gender-responsive provisions in all new trade agreements, and establishing a RM200-million fund specifically for women entrepreneurs in high-growth sectors. 'Another measure is the introduction of the Women in Industry and Trade Initiative (WITI), a collaboration with the Women and Family Affairs Association of Malaysia (HAWA Malaysia), aimed at boosting women's skills and capabilities in the industrial and export sectors. 'I should also add that in MITI, women make up around 69 per cent of MITI's top management. I couldn't do without them. 'For example, our Chief Negotiator on US tariffs, and one of our Deputy Secretary-Generals is a lady. We also have many others who are highly experience,' he added. Malaysia's latest Free Trade Agreement (FTA) negotiations now include specific chapters on women's economic participation, as inclusive trade is sustainable trade. Malaysia is also determined to increase women's workforce participation to 63 per cent by 2030, ensure 30 per cent of corporate board positions are held by women, and double the number of women-led businesses accessing export markets. — Bernama
