Latest news with #CebuActionPlan
The Sun
3 days ago
- Business
- The Sun
Apec finance ministers to unveil new roadmap to replace Cebu Action Plan in October
KUALA LUMPUR: Asia-Pacific Economic Cooperation (Apec) finance ministers will launch a new roadmap to replace the Cebu Action Plan this October. Deputy Finance Minister Lim Hui Ying said the new roadmap will define the priorities of the Apec Finance Ministers' Process (FMP) over the next five years. 'It will identify the FMP's medium-term initiatives and deliverables towards the achievement of Apec's Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community,' she said in her keynote speech at Abac-Asean BAC APFF 2025 Southeast Asia Conference: Financing Asean's Development Priorities today. She emphasised the need for Asean members to actively participate in Apec discussions and decisions, especially as the forum prepares its new roadmap. 'It is critical for Asean members to work together within Apec to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said. Lim said new business models and technology carry risks that are still not yet fully understood today. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' Responding to these challenges and opportunities, she said, will require stronger regional financial cooperation. 'At the same time, it will also require closer collaboration between the public and private sectors.' In this context, Lim said, the Apec and Asean processes have a critical role to play in providing platforms for action among members and for enhanced government and regulatory engagement with the private sector. She said new business models and rapid advances in technology can help in redesigning finance to better serve micro- small and medium enterprises and marginalised consumers. 'These include digital technologies like blockchain, AI and quantum computing. They include new products such as crypto and tokenised assets and digital currencies.' Meanwhile, Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Asean has long talked about deeper economic integration but progress has been slow or repeatedly delayed. 'Echoing Singapore Prime Minister Lawrence Wong's remark that the bloc faces its moment of truth, it must step up or risk losing relevance. Unfortunately, we have heard similar words before. I hope this time we really move ahead with integrating our economies,' he said. Nazir noted that execution has been lacking not only from governments, but also from the private sector. 'The private sector has also fallen short. Are we doing the deals we should be doing – in partnerships, mergers and acquisitions, supply chains and trade? I don't think so.' He highlighted that intra-Asean trade and investments remain low as a percentage of total trade and investments. 'The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?' Nazir said the bloc is not trying to model itself after the European Union, noting that Asean functions best through small, concrete steps, not grand, unachievable sound bites. 'The good news is that we now have a much clearer understanding of what Asean can and should realistically achieve.'
New Straits Times
3 days ago
- Business
- New Straits Times
APEC Finance Ministers to launch new 5-year roadmap in October
KUALA LUMPUR: The Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, set for October, will unveil a new roadmap to replace the Cebu Action Plan. Deputy Finance Minister Lim Hui Ying shared that the roadmap would establish the priorities of the APEC Finance Ministers' Process for the next five years. "It will identify initiatives and medium-term outcomes to be achieved to realise the Putrajaya Vision 2040 of an open, dynamic, resilient, and peaceful Asia-Pacific community. "This roadmap will also include initiatives and outcomes aimed at supporting sustainable growth across the region. "It is crucial for Asean member countries to collaborate closely within the APEC framework to ensure Southeast Asia's shared priorities are incorporated into the new APEC roadmap and to ensure all initiatives are complementary and consistent," she said during her keynote address at the ABAC-Asean BAC-APFF Southeast Asia Conference 2025. She reaffirmed Malaysia's commitment to playing an active role, particularly through collaboration with the Asean Business Advisory Council (Asean-BAC), to promote regional financial integration and development. She further noted that Malaysia anticipates valuable insights and recommendations from the "Financing Southeast Asia's Development Priorities" conference held as part of the event. "This is alongside aspirations to facilitate the annual roundtable dialogue between APEC Finance Ministers and the APEC Business Advisory Council (ABAC) in Incheon, South Korea, this coming October," she added. The 2025 ABAC-Asean BAC-APFF Southeast Asia Conference convenes financial and business leaders to address critical challenges facing Asean and APEC and also spotlights pivotal themes such as sustainable energy access and financial digitalisation. The event served as a platform to showcase regional successes, with speakers highlighting projects that exemplify effective public-private collaboration. Building on the momentum of the 46th Asean Summit, the conference highlighted the interconnectedness of Asean's and APEC's strategic priorities. The discussions aligned with Asean-BAC's 12-initiative roadmap, which includes advancing capital market integration and promoting sustainability frameworks. Asean-BAC chairman Tan Sri Nazir Razak said that the programme aims to unite leaders, investors, and policymakers in a solutions-oriented dialogue on Asean's growth trajectory. He also called for increased accountability and action from both the public and private sectors to drive economic integration in the region. Highlighting the stagnant intra-Asean trade and investment, he stated, "When I imply the lack of execution in Asean, I am not just pointing at the regional organisation or governments for that matter. The private sector has also fallen short." Nazir called fo the need for businesses to pursue partnerships, mergers and acquisitions (M&A), and robust supply chain and trade activities, noting, "Intra-Asean trade and investments remain low as a percentage of total trade and investments." "The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?" "That is why this conference, themed 'Financing Southeast Asia's Development Priorities: Identifying Medium-Term Deliverables for Public-Private Collaboration', is so critical," he said. "Asean needs to deepen and connect its capital markets to unlock the potential of domestic savings, attract global capital, and drive innovation," he said.
The Sun
3 days ago
- Business
- The Sun
APEC Finance Ministers to launch new roadmap in October
KUALA LUMPUR: Asia-Pacific Economic Cooperation (APEC) Finance Ministers will unveil a new roadmap this October to replace the Cebu Action Plan, setting out priorities for the Finance Ministers' Process (FMP) over the next five years, said Deputy Finance Minister Lim Hui Ying. She said the roadmap would outline medium-term initiatives and deliverables under the FMP, aimed at advancing APEC's Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community. 'It is critical for ASEAN members to work together within APEC, to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in ASEAN and APEC are consistent with each other and mutually supportive,' she said. Lim was speaking during her keynote address at a joint forum by the APEC Business Advisory Council (ABAC), ASEAN Business Advisory Council (ASEAN-BAC), and the Asia-Pacific Financial Forum (APFF) today.
The Sun
3 days ago
- Business
- The Sun
APEC Finance Ministers to launch new roadmap in Oct
KUALA LUMPUR: Asia-Pacific Economic Cooperation (APEC) Finance Ministers will unveil a new roadmap this October to replace the Cebu Action Plan, setting out priorities for the Finance Ministers' Process (FMP) over the next five years, said Deputy Finance Minister Lim Hui Ying. She said the roadmap would outline medium-term initiatives and deliverables under the FMP, aimed at advancing APEC's Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community. 'It is critical for ASEAN members to work together within APEC, to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in ASEAN and APEC are consistent with each other and mutually supportive,' she said. Lim was speaking during her keynote address at a joint forum by the APEC Business Advisory Council (ABAC), ASEAN Business Advisory Council (ASEAN-BAC), and the Asia-Pacific Financial Forum (APFF) today.
