Latest news with #AseanPowerGrid
New Straits Times
14 hours ago
- Business
- New Straits Times
Anwar: My visit to Singapore enhances cooperation between two countries
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim expressed optimism that his visit to Singapore today will enhance cooperation between Malaysia and the republic, bringing mutual benefits to both nations. Anwar said that during his visit, he met with his counterpart, Lawrence Wong, as well as President Tharman Shanmugaratnam. "We discussed key bilateral matters, including border issues, maritime affairs, renewable energy, and initiatives such as the Asean Power Grid. "We also reviewed ongoing projects, including the Johor Baru–Singapore Rapid Transit System Link, which is set for completion by late 2026, and the Johor–Singapore Special Economic Zone, which is expected to boost regional growth. "InsyaAllah, this visit will bring significant benefits and further enhance cooperation between Malaysia and Singapore across various strategic sectors. "May the friendship between both nations continue to be strengthened for our shared prosperity." Anwar was in Singapore to attend the 22nd Shangri-La Dialogue. Last year, Singapore was Malaysia's second-largest trading partner globally and the largest within Asean. Bilateral trade grew by 8.9 per cent to RM396.22 billion comprising RM230.86 billion in exports to Singapore and RM143.73 billion in imports.
Borneo Post
16 hours ago
- Business
- Borneo Post
Sarawak steps up integration into Asean Power Grid, targets 15GW by 2035
Awang Tengah says Sarawak has been supplying electricity to West Kalimantan, Indonesia, since 2016 and is currently in the process of supplying power to Brunei. – Bernama photo OSAKA (May 31): Sarawak is stepping up a plan to integrate Borneo into the Asean Power Grid (APG), underlining its commitment to regional energy cooperation, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan. He said Sarawak has been supplying electricity to West Kalimantan, Indonesia, since 2016 and is currently in the process of supplying power to Brunei. 'We will play our part to contribute to the APG. Sarawak is also actively enhancing its grid infrastructure to strengthen power distribution across the state and beyond,' he said after the opening ceremony of the Malaysia Pavilion at Expo 2025 Osaka, Japan, today. Besides renewable energy (RE), Awang Tengah said Sarawak is transforming its industrial landscape through strategic diversification into hydrogen, carbon capture, utilisation and storage, oil and gas (O&G), petrochemical products, and aerospace. These developments complement the sustainable O&G sector and expansion into high-value petrochemical downstream activities, leveraging advanced technologies and sustainable practices, he said. 'Sarawak is shaping a dynamic economic hub in Southeast Asia, balancing economic growth and environmental responsibility while achieving long-term prosperity,' said Awang Tengah. He said Sarawak is going to be the hub for RE, anchored in hydropower as it has the potential to generate at least 30,000 megawatts (MW) or 30 gigawatts (GW), if fully developed. Currently, Sarawak is targeting an increase in its generating capacity to 10,000 MW or 10 GW by 2030, and to 15,000 MW or 15 GW by 2035. 'Apart from hydropower potential, there is also huge potential for us to develop this RE through solar power and bio-energy from biomass and waste,' he explained. Awang Tengah also revealed that Sarawak will be hosting Sarawak Week with the theme 'Sustainability for Tomorrow' at the Malaysia Pavilion for the World Expo Osaka from August 4-10. The Malaysia Pavilion at Expo 2025 Osaka spans 2,654.52 square meters across three floors, reflecting the nation's diverse culture and dynamic economy. With the theme 'Weaving a Future in Harmony', the pavilion highlights Malaysia's commitment to a sustainable, inclusive and forward-looking future. The pavilion also serves as a hub for international collaboration and dialogue, as well as pocket talks, product launches, memorandum of understanding signings and business matching sessions. It will also host forums, summits, and networking events that would position Malaysia as a dynamic global partner. – Bernama Asean power grid Awang Tengah Ali Hasan renewable energy sarawak
The Star
2 days ago
- Business
- The Star
Malaysian PM Anwar highlights Vietnam's key role in Asean
KUALA LUMPUR/HANOI (Bernama-VNA): Malaysian Prime Minister Datuk Seri Anwar Ibrahim has described Vietnam as a very significant member within the Association of South-East Asian Nations (Asean), while speaking to Vietnam News Agency (VNA) correspondents in Kuala Lumpur. PM Anwar said both Malaysia and he personally value the progress made in cooperation between the two countries. Talking about Vietnam's role within the bloc, the PM noted that he maintains regular contact with Vietnamese leaders to exchange views on Asean-related issues, including the US's new tariff policy and the situation in Myanmar. Malaysia and Vietnam are working closely together on these issues, he said, noting that Vietnam supports Malaysia's initiative to promote the Asean Power Grid. Reflecting on the growing relationship between the two countries, especially after it was elevated to a comprehensive strategic partnership in November 2024, Anwar said there have already been clear results in several fields. He cited enhanced bilateral trade and investment cooperation, including the collaboration between the two countries' national oil and gas corporations. Addressing the remaining challenges, the Malaysian leader expressed confidence that the two countries are always willing to find solutions together. Malaysian experts have also shared insights into Vietnam's growing role within Asean. Speaking to the VNA, Dr. Oh Ei Sun, Principal Adviser at Malaysia's Pacific Research Centre, described Vietnam as a dynamic and effective participant at the recent ASsean Summit in Kuala Lumpur. He noted that the Vietnamese Prime Minister, in his address at the summit, outlined three key focuses, with a strong emphasis on the need for Asean to adopt a development mindset grounded in inclusiveness. The expert stressed this was a crucial point, highlighting Vietnam as an example. Over the past two to three decades, the country has made a remarkable leap - from a peripheral player to a central and increasingly influential member of Asean. This, he said, demonstrates the importance of ensuring all member states, regardless of their level of development, can engage fully and effectively in the bloc. Citing Vietnam's experience, he expressed confidence that less developed members could also rise with support from stronger economies within Asean. Beyond inclusiveness, Oh said the Vietnamese PM also underlined the importance of connectivity. Thanks to its important location, Vietnam plays a crucial role in linking Southeast Asia's shipping routes and is expected to contribute significantly to the region's railway network. In terms of resilience, he commended the PM for addressing the issue at a right time. With a large and young population and strong rice production capacity, Vietnam has the potential to boost exports to other Asean countries, including Malaysia. He added that Asean members could learn valuable lessons regarding food and energy security from Vietnam. The expert added that the Vietnamese PM's speech on inclusiveness, connectivity, and resilience was relevant and useful to Asean members at this year's summit. Regarding Malaysia-Vietnam relations, Dr Oh highlighted the two countries's elevation of their bilateral relations to a Comprehensive Strategic Partnership in last November, saying it is a timely decision and the relations have been witnessing many positive changes. Specifically, more and more Vietnamese students pursue studies at universities in Malaysia; bilateral trade is also on the rise; the two countries coordinate effectively, and make contributions to the development of Asean. More importantly, both countries support the admission of Timor-Leste as a new Asean member, as well as assist to develop its economy. Sharing the same view with Dr Oh on Vietnam's role in Asean, Collins Chong Yew Keat, an expert on foreign affairs and security at the University of Malaya, affirmed that Vietnam has a very positive influence on the development of Asean with its great contributions in many fields. Vietnam is currently playing an active role in promoting energy transition, digital transformation and ensuring food security. This is a great support for all other Asean members as well as the bilateral relationship between Vietnam and Malaysia. Chong emphasised that it is clear that Vietnam's role in Asean's development as well as building a stronger, more resilient, more inclusive and sustainable Asean in all areas. This is reflected in Vietnam's spectacular and transformational economic growth rate, improving people's lives as well as its determination to move towards a digital economy, a green economy, and sustainable development. He expressed his belief that Vietnam will be one of the leading countries in Asean and together with other members, including Malaysia, promote the common agenda of a more prosperous, inclusive, unified Asean with peace, stability and safety. -- BERNAMA-VNA
Straits Times
2 days ago
- Business
- Straits Times
Asean grid makes headway with plans for new electricity interconnector from Indonesia to S'pore
The deal to develop the new Singapore-Indonesia interconnector for electricity imports was signed between SGEI and Singa Renewables. ST PHOTO: BRIAN TEO Asean grid makes headway with plans for new electricity interconnector from Indonesia to S'pore SINGAPORE – The Asean Power Grid, in the works for decades, made further headway with two significant developments announced in Singapore on May 30. The first is the signing of a deal that would see a new subsea electricity cable being laid between Indonesia and Singapore. This infrastructure will support Singapore's target of importing from its neighbours up to six gigawatts (GW) of low-carbon electricity by 2035, about one-third of the country's energy demand then. The second is news that the Singapore Government has appointed the Singapore Energy Interconnections (SGEI), a newly incorporated government-linked company, to specialise in developing cross-border power infrastructure. Such infrastructure is key to enabling countries in the region to trade renewable-generated electricity with one another. Both announcements were made on May 30 at an event held in conjunction with the state visit by France President Emmanuel Macron to Singapore. The deal to develop the new Singapore-Indonesia interconnector for electricity imports was signed between SGEI and Singa Renewables – a joint venture between French energy giant TotalEnergies and Indonesian conglomerate Royal Golden Eagle , which has businesses in sectors such as energy and palm oil. The signing of the memorandum of understanding was witnessed by Dr Tan See Leng, Singapore's Minister-in-charge of Energy, and Science and Technology, and France's Minister of the Economy, Finance and Industrial and Digital Sovereignty Eric Lombard. The main focus of the MOU is for both companies to explore the planning, development, financing, construction, operation and maintenance of a subsea interconnector and associated assets for low-carbon electricity imports from Indonesia into Singapore, the companies said in a statement. In response to queries from The Straits Times, SGEI said that Singa Renewables will be tapping Indonesia's abundant solar resources to generate electricity. The Energy Market Authority (EMA) has granted a conditional licence to Singa Renewables to import 1GW of low-carbon electricity from Indonesia to Singapore. The project in Rangsang Island aims to achieve commercial operations from 2029. A regional grid will allow countries to share their renewable energy resources, which are unevenly distributed throughout the region. This can boost energy security among countries in a climate-friendly way, as they can tap their neighbours during periods when the supply of renewable energy is intermittent. 'With limited renewable energy options in Singapore, electricity imports will be needed to meet our nation's net-zero emissions goal by 2050. As power generation makes up around 40 per cent of Singapore's total carbon emissions, electricity imports will play a significant role in decarbonising the power sector,' SGEI chief executive Ong Teng Koon told ST. Incorporated on April 24, SGEI said in a separate statement that it was appointed by the Singapore Government to specialise in cross-border power infrastructure that will enable electricity imports that support Singapore's low-carbon future. This will be done by investing in, developing, owning and operating interconnectors to import electricity. Grid infrastructure, which includes overland and subsea cables, is critical in ensuring that electricity can be distributed from the generation source, such as a renewable energy project, to where users are. But policymakers in the region have said that more investments in grid infrastructure are needed to facilitate cross-border electricity trade as well as make the transition to renewable energy more affordable. SGEI said it will work with partners in Asean and other stakeholders to create the required infrastructure to enable cross-border electricity trade as it focuses on building, owning and operating regional power interconnections. Besides supporting cross-border electricity trade, SGEI said it will work closely with regional partners to develop renewable energy projects, and promote best practices as well as facilitate technical cooperation within the power sector. Mr Ong added that there are other ongoing commercial discussions with project developers at various stages of maturity. Power grid integration was first mooted in 1997 to enhance cross-border electricity trade in South-east Asia to ensure energy security. But the Asean Power Grid made headway only after Singapore said in 2021 that it plans to import around 30 per cent of its electricity from low-carbon sources, such as renewable energy plants, by 2035. In 2022, the Laos-Thailand-Malaysia-Singapore electricity import pilot was launched and the region's first multilateral electricity trade took place then. Recent developments include an agreement between government-linked firms from Malaysia, Singapore and Vietnam signed on May 26 to jointly explore the export of renewable energy. Signed on the sidelines of the Asean Summit chaired by Malaysia, the pact will see the three countries collaborate on developing a new electricity link. EMA said Singa Renewables was given a conditional licence to import 1GW of solar electricity from Indonesia – an advancement from the previous 'conditional approval' awarded in September 2024 – as 'the project has made substantive progress, with marine surveys and feasibility studies completed'. 'These are key milestones in demonstrating the project's technical and commercial viability,' added EMA. 'Further progress was made recently, with the two companies signing a co-investment agreement for a solar photovoltaic plant with integrated battery energy storage.' A company has to undergo three stages before it is granted an electricity import licence from EMA. The first stage entails the firm getting 'conditional approval' from EMA, which means the regulator has found that a project's proposal is technically and commercially viable. The firm will then begin further surveys and feasibility studies. If it can demonstrate its ability to meet the requirements of both the host country and Singapore, EMA will then award it a conditional licence. At this point, the project will be in an advanced developmental stage. The third and final step is when EMA issues the importer licence. The development brings the number of electricity import projects with conditional licences from Indonesia to Singapore to six. A total of six projects from Indonesia have been granted conditional licences to export up to 3GW of greener electricity. Chin Hui Shan is a journalist covering the environment beat at The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
3 days ago
- Business
- Business Times
Asean-BAC to launch private-markets association in bid to attract US$60 billion regional funding
[KUALA LUMPUR] The Asean Business Advisory Council (Asean-BAC) plans to establish a regional private-markets association by year end to unlock as much as US$60 billion in private equity and venture funding to support small and medium-sized enterprises and startups across South-east Asia. Speaking at the Asean Business Forum 2025, Asean-BAC Malaysia chairman Nazir Razak said the move comes amid growing concerns that Asean's private-capital ecosystem remains underdeveloped, representing just 0.5 per cent of the region's gross domestic product – far below the global average of 1.5 per cent. He noted that the council has been working with the governments of Malaysia, Singapore, Thailand and Indonesia to formalise the Asean Private Markets Association. The entity will serve as a platform to advise governments on policy reforms aimed at unlocking long-term capital. 'The idea is to help shape policies that support the growth of private markets in Asean,' Nazir told reporters on Thursday (May 29) after delivering his keynote address. 'Without reforms, capital will remain fragmented and difficult to monetise.' Beyond private markets, Asean-BAC is also pushing for the creation of an Asean Business Entity – a proposed classification that would allow companies to operate across member states with greater flexibility, said Nazir. He added that the new framework would facilitate cross-border outsourcing and mobility of talent, helping businesses tap the region's collective advantages. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Despite the ambitious plans and growing investor interest, panellists at the forum acknowledged that execution remains a major hurdle. 'When I mention the lack of execution in Asean, I'm not just pointing at governments or the regional organisation,' pointed out Nazir. 'The private sector has also fallen short. Are we doing the right deals – whether in mergers and acquisitions, supply chains, or trade? I don't think so.' He added that the momentum behind regional corporate champions has slowed since the late 2000s, raising questions about whether Asean is still fulfilling its potential to attract global capital. The evolving consensus-based model Khairy Jamaluddin, director of CGS International, said Asean's traditional model of consensus-based decision-making has long been a double-edged sword. 'There is no agreement until everyone agrees,' he noted, adding that such a move has slowed progress in many areas. However, Khairy said the region is beginning to evolve beyond rigid consensus. 'We're starting to see a 'consensus-plus' approach, where like-minded countries move forward together even if the full bloc isn't on board.' OCBC chief economist Selena Ling said this approach is already bearing fruit. She cited the Asean Power Grid and the Johor-Singapore Special Economic Zone (JS-SEZ) as examples of cross-border initiatives that demonstrate scalable cooperation among willing member states. 'Asean cooperation may be slow, but it is steady,' Ling noted. 'Intra-region trade is still relatively low – around 21 per cent of total trade, compared to 60 per cent in the European Union – but there's growing potential through cross-border investments and government-to-government partnerships.' The JS-SEZ, launched earlier this year, has created new economic opportunities for both Malaysia and Singapore, and is now being viewed as a potential template for broader regional collaboration. Singapore plays a key role in region In a separate panel discussion, Rachel Eng, council member of Asean-BAC Singapore, said the region's cohesion will be critical in navigating rising geopolitical and economic challenges. 'Singapore stands together with our Asean brothers and sisters. If others in the region suffer, we suffer too,' she added. Eng pointed out that while Singapore remains the largest recipient of foreign direct investment in the region, a substantial portion of that capital is routed to other Asean countries. She highlighted Singapore's strengths as an efficient financial centre, citing its 80-plus double-taxation agreements. 'It's very easy to set up a business here… we have no exchange controls, and our system is entirely rules-based. Yet, much of this capital finds its way into Malaysia, Vietnam, Indonesia, and our other neighbours.' Eng sees Singapore playing a critical role in facilitating stronger investment flows to Asean. 'Regardless of tariffs, we will remain open, transparent, and committed to deepening our financial ties with the region.' During the forum, China Galaxy Securities (CGS) and CGS International Securities Group signed five strategic memorandums of understanding with regional partners. Among them was a deal with Bursa Malaysia and Shanghai-based Fullgoal Asset Management to facilitate the listing of foreign-underlying exchange-traded funds on Bursa Malaysia, offering local investors broader exposure to global markets. CGS and CGS International also signed a letter of intent for the China-Asean Investment Programme aimed at establishing a private-equity fund to invest in high-growth sectors including healthcare, semiconductors, renewable energy and agriculture. The fund, with Malaysia as a key regional anchor, is designed to facilitate the transfer of technology and industry expertise from China to Asean.
