Latest news with #Satvinder
The Sun
26-05-2025
- Business
- The Sun
Myanmar stays committed to ASEAN despite domestic challenges
KUALA LUMPUR: Despite grappling with ongoing domestic challenges, Myanmar continues to play an active and constructive role within the ASEAN framework, particularly in driving the region's economic agenda forward, ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said. Speaking at a recent engagement, he emphasised Myanmar's unwavering commitment to ASEAN's initiatives, noting that the country remains an essential and cooperative member of the bloc. 'In the last couple of years, when they are undergoing so much turmoil domestically, it hasn't stopped them from contributing what they need to contribute in every single initiative of ASEAN. 'Even meetings, where they need to host, they have hosted when there are key agreements where they need to vote, they did - knowing that in ASEAN, if one country doesn't vote, the agreement doesn't pass through,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. Hence, Myanmar's contributions to ASEAN have not wavered, he said. Satvinder also praised the camaraderie and solidarity among ASEAN's economic leaders, including those from Myanmar, calling it a vital force behind the grouping's recent progress. 'When I sit next to the ASEAN Secretary-General, Dr Kao Kim Hourn, and watch how these leaders discuss and align on economic matters, the unity they show is remarkable. That solidarity is exactly what's powering the progress of the ASEAN Economic Community (AEC),' he said. He also noted that Myanmar's proactive stance on regional trade and development efforts deserves recognition, especially at a time when internal difficulties could have easily led to disengagement. 'Credit must be given where it's due. Myanmar hasn't just participated; they have contributed meaningfully,' he added. To recap, the 2021 military coup in Myanmar that deposed democratically elected National League for Democracy (NLD) leader Suu Kyi further worsened its situation, prompting the bloc to bar its junta leaders from its summits and ministerial meetings. Nevertheless, Myanmar's senior officials have continued to attend preparatory meetings for ASEAN summits, including the 46th ASEAN Summit. ASEAN Foreign Ministers have agreed that efforts to continue engaging with all stakeholders in Myanmar must persist to find a long-term solution to the protracted crisis in the country. Malaysian Foreign Minister Mohamad Hasan said that Malaysia, as ASEAN Chair, planned to visit Myanmar to formally present a 'wishlist' gathered from various stakeholders to the State Administration Council (SAC). ASEAN will also conduct internal consultation on the proposal for a permanent ASEAN Special Envoy to Myanmar, he said.
The Sun
26-05-2025
- Business
- The Sun
Despite domestic challenges, Myanmar remains a committed member of ASEAN
KUALA LUMPUR: Despite grappling with ongoing domestic challenges, Myanmar continues to play an active and constructive role within the ASEAN framework, particularly in driving the region's economic agenda forward, ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said. Speaking at a recent engagement, he emphasised Myanmar's unwavering commitment to ASEAN's initiatives, noting that the country remains an essential and cooperative member of the bloc. 'In the last couple of years, when they are undergoing so much turmoil domestically, it hasn't stopped them from contributing what they need to contribute in every single initiative of ASEAN. 'Even meetings, where they need to host, they have hosted when there are key agreements where they need to vote, they did - knowing that in ASEAN, if one country doesn't vote, the agreement doesn't pass through,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. Hence, Myanmar's contributions to ASEAN have not wavered, he said. Satvinder also praised the camaraderie and solidarity among ASEAN's economic leaders, including those from Myanmar, calling it a vital force behind the grouping's recent progress. 'When I sit next to the ASEAN Secretary-General, Dr Kao Kim Hourn, and watch how these leaders discuss and align on economic matters, the unity they show is remarkable. That solidarity is exactly what's powering the progress of the ASEAN Economic Community (AEC),' he said. He also noted that Myanmar's proactive stance on regional trade and development efforts deserves recognition, especially at a time when internal difficulties could have easily led to disengagement. 'Credit must be given where it's due. Myanmar hasn't just participated; they have contributed meaningfully,' he added. To recap, the 2021 military coup in Myanmar that deposed democratically elected National League for Democracy (NLD) leader Suu Kyi further worsened its situation, prompting the bloc to bar its junta leaders from its summits and ministerial meetings. Nevertheless, Myanmar's senior officials have continued to attend preparatory meetings for ASEAN summits, including the 46th ASEAN Summit. ASEAN Foreign Ministers have agreed that efforts to continue engaging with all stakeholders in Myanmar must persist to find a long-term solution to the protracted crisis in the country. Malaysian Foreign Minister Mohamad Hasan said that Malaysia, as ASEAN Chair, planned to visit Myanmar to formally present a 'wishlist' gathered from various stakeholders to the State Administration Council (SAC). ASEAN will also conduct internal consultation on the proposal for a permanent ASEAN Special Envoy to Myanmar, he said.
The Sun
26-05-2025
- Business
- The Sun
ADB, World Bank to reveal ASEAN grid funding plan in October
KUALA LUMPUR: The Asian Development Bank (ADB) and the World Bank will jointly launch the ASEAN Power Grid (APG) Finance Facility Framework at the ASEAN Summit with Dialogue Partners in late October, a major step towards accelerating regional energy integration. ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said the facility is to support the development and deployment of cross-border energy infrastructure under the APG initiative. 'There is going to be a major announcement on their APG Finance Facility Framework, probably in October when the major summit takes place,' he said, referring to the 47th ASEAN Summit scheduled in October. 'In that framework, they are going to be addressing the ability to come in, in terms of more funding on the table for member states to deploy,' he told reporters during the pre-event briefing on the AEC Strategic Plan 2026-2030 on Friday. In addition to financing, Satvinder said the framework will also offer capacity-building support, including grants, free feasibility studies, and financing facilities. It will also feature improved loan terms such as moratoriums for deserving projects and protection against political uncertainties aiming to accelerate cross-border electricity projects under the APG, many of which have struggled to progress due to financing and investment risks. 'So, I think this is positive momentum that you are going to hear about in this year's chairmanship under Malaysia,' he said. Satvinder also highlighted that the scope of the APG has significantly expanded beyond the original 18 land-based connector projects. It now includes subsea transmission lines as well as national grid upgrades to support the integration of renewable energy and improve cross-border interoperability aimed to enable smoother energy flows between countries and strengthen the region's energy resilience, he added. The APG, introduced in 1997, is a region-wide initiative to interconnect electricity infrastructure among the bloc's 10 member countries, with the goal of achieving fully integrated grid operation by 2045. According to ASEAN Secretary-General Dr Kao Kim Hourn, the APG vision requires an estimated investment of US$764 billion (US$1 = RM4.23) for power generation and transmission infrastructure. Last month, ADB president Masato Kanda said the bank can readily commit US$10 billion towards the APG to expedite cross-border connections, national grid projects, and renewable energy initiatives that will facilitate power trade. It was reported that ADB has programmed US$27 billion in financing over the next three years to support ASEAN members' development priorities, including boosting economic growth and competitiveness, enhancing human capital, and strengthening resilience. Meanwhile, according to the ASEAN Centre for Energy (ACE), the World Bank has approved US$5 million in technical assistance funding to support the APG on September last year.
The Sun
26-05-2025
- Business
- The Sun
ADB, World Bank to unveil ASEAN Power Grid financing plan at 47th ASEAN Summit in October
KUALA LUMPUR: The Asian Development Bank (ADB) and the World Bank will jointly launch the ASEAN Power Grid (APG) Finance Facility Framework at the ASEAN Summit with Dialogue Partners in late October, a major step towards accelerating regional energy integration. ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said the facility is to support the development and deployment of cross-border energy infrastructure under the APG initiative. 'There is going to be a major announcement on their APG Finance Facility Framework, probably in October when the major summit takes place,' he said, referring to the 47th ASEAN Summit scheduled in October. 'In that framework, they are going to be addressing the ability to come in, in terms of more funding on the table for member states to deploy,' he told reporters during the pre-event briefing on the AEC Strategic Plan 2026-2030 on Friday. In addition to financing, Satvinder said the framework will also offer capacity-building support, including grants, free feasibility studies, and financing facilities. It will also feature improved loan terms such as moratoriums for deserving projects and protection against political uncertainties aiming to accelerate cross-border electricity projects under the APG, many of which have struggled to progress due to financing and investment risks. 'So, I think this is positive momentum that you are going to hear about in this year's chairmanship under Malaysia,' he said. Satvinder also highlighted that the scope of the APG has significantly expanded beyond the original 18 land-based connector projects. It now includes subsea transmission lines as well as national grid upgrades to support the integration of renewable energy and improve cross-border interoperability aimed to enable smoother energy flows between countries and strengthen the region's energy resilience, he added. The APG, introduced in 1997, is a region-wide initiative to interconnect electricity infrastructure among the bloc's 10 member countries, with the goal of achieving fully integrated grid operation by 2045. According to ASEAN Secretary-General Dr Kao Kim Hourn, the APG vision requires an estimated investment of US$764 billion (US$1 = RM4.23) for power generation and transmission infrastructure. Last month, ADB president Masato Kanda said the bank can readily commit US$10 billion towards the APG to expedite cross-border connections, national grid projects, and renewable energy initiatives that will facilitate power trade. It was reported that ADB has programmed US$27 billion in financing over the next three years to support ASEAN members' development priorities, including boosting economic growth and competitiveness, enhancing human capital, and strengthening resilience. Meanwhile, according to the ASEAN Centre for Energy (ACE), the World Bank has approved US$5 million in technical assistance funding to support the APG on September last year.
The Sun
26-05-2025
- Business
- The Sun
Solidarity drives ASEAN economic goals under AEC plan
KUALA LUMPUR: The continuous solidarity among ASEAN members is both exemplary and the strongest point in moving the region's economic agenda further forward in mapping out the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, more so amid rising protectionism and current challenges to the world trading order. Satvinder Singh, ASEAN Deputy Secretary-General for AEC, said regional solidarity was clearly evident in their discussions on economic plans at the secretariat. 'The solidarity to move the economic agenda forward is unbelievable (which is why) we are progressing massively in the AEC outcomes,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. According to Satvinder, ASEAN's solidarity is all the more timely as it navigates a dynamic global environment dictated by geopolitical and demographic shifts, technological advancements and urgent calls for sustainability. The plan launched today is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It forms part of the overall ASEAN Community Vision 2045 (ACV 2045), which was adopted by the ASEAN Leaders at the 46th ASEAN Summit today. Asked how progress of the strategic plan would be monitored, he said scorecards and quarterly reporting will be among methods used by the ASEAN Secretariat based in Jakarta to monitor the progress of member states and ensure the smooth implementation of initiatives. More importantly than implementation are the outcomes of AEC initiatives and thereafter the highest level being impact evaluations, he said. There would be comparisons between member countries in measuring the extent of their implementation – countries that have done so and those which have not. 'We have a scorecard that will be reported during meetings so that the relevant countries would know what to do, but it's all still internal,' he said. The five-year economic blueprint charts ASEAN's aspiration of becoming the world's fourth-largest economy from fifth currently, while setting the direction for regional integration, competitiveness and resilience at a time that foretells significant global changes. It builds on the AEC Blueprint 2025 and responds to long-term trends such as digitalisation, climate change, shifting trade dynamics and demographic transitions. The plan is one of four strategic plans under the broader ACV 2045.
