Latest news with #SharedProsperity:TheNewImperative
New Straits Times
25-05-2025
- Business
- New Straits Times
DPM Fadillah calls for Asean members to strengthen energy cooperation
KUALA LUMPUR: Asean member states must strengthen regional energy cooperation as part of a shared prosperity strategy, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Fadillah, who is also energy transition and water transformation Minister, said cross-border partnerships in the energy sector are already seen through collaborations between Laos, Malaysia, Thailand and Singapore. "For instance, Laos supplies energy to Singapore, but it must pass through Thailand and Malaysia, so Laos pays a wheeling fee for transmitting through our power grid. "However, sometimes during winter, water sources freeze and the supply is disrupted. "At that point, Laos may draw power from Thailand and Malaysia to continue supplying Singapore. "This shows how Asean member states support and help one another," he told reporters after the Luncheon Power Talk session - Shared Prosperity: The New Imperative for Asean's Economic Growth held in conjunction with the Asean Women Economic Summit (AWES) 2025 here today. Singapore currently imports up to 100 megawatts (MW) of renewable energy from Laos through a cross-border initiative called the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP). This will double to a maximum of 200MW of renewable hydropower, with supply from Malaysia as well. Fadillah said Malaysia remains committed to implementing the National Energy Transition Roadmap (NETR) and is actively working towards realising the Asean Power Grid to establish a connected and sustainable energy ecosystem. Citing the recent gas pipeline explosion in Putra Heights, Fadillah said Malaysia had entered into discussions with Thailand to supply gas to the country's northern region, following the shutdown of the affected pipeline. "This is how we help one another. This is what we call shared prosperity. "Only through sharing and mutual support can Asean become stronger and more competitive," he said. Fadillah said that one of the country's key challenges is ensuring a stable energy supply or baseload, which cannot be guaranteed by weather-dependent sources such as solar and wind. As such, Malaysia currently relies on coal, gas and diesel. However, he added, the world is now moving towards clean energy sources such as hydrogen, nuclear, hydropower, and biogas produced by palm oil waste and industrial by-products. Meanwhile, Fadillah said Malaysia remains committed to empowering women in all aspects of national development, including entrepreneurship, employment and capacity building, in line with the shared prosperity approach. He said this commitment is evident through efforts to promote women's empowerment, particularly in education policy, with women now dominating higher education institutions and increasingly excelling in technical and professional fields. Fadillah added that the shared prosperity agenda extends to all segments of society, including women and those living in rural or marginalised areas. "We must create space and opportunities for women and groups that may have been left behind. "For example, those in remote rural areas... we need to close the gaps, including the digital divide, development disparities, and the gap between policy and implementation," he said. The session was moderated by Kuok Brothers Sdn Bhd managing director and K3 Ventures founder Kuok Meng Xiong. UOB Malaysia is the main sponsor of AWES 2025, with Kuok Brothers Sdn Bhd as the empowerment partner. The two-day inaugural AWES 2025, which began Saturday, was held in conjunction with the 46th Asean Summit, held under Malaysia's 2025 Chairmanship. It was attended by over 700 delegates representing government, business, and civil society across Asean. Themed "Empowering Women, Energising Asean: Pioneering Economic Integration for a Resilient Tomorrow", AWES highlighted the urgent need to position women at the forefront of Asean's economic transformation, particularly in addressing current challenges such as global tariff wars, digital transformation, and sustainable development. It also featured discussion and strategic brainstorming sessions, leadership lab and mentorship programme. – BERNAMA
The Star
25-05-2025
- Business
- The Star
Malaysia advocates for shared prosperity as Asean's economic foundation
KUALA LUMPUR: Malaysia is calling for the concept of shared prosperity into Asean's economic DNA. Speaking at the 'Shared Prosperity: The New Imperative for Asean's Economic Growth' PowerTalk luncheon, Deputy Prime Minister Datuk Seri Fadillah Yusof said the regional bloc must evolve into a resilient and competitive single market. 'Stronger states must assist those still developing their capabilities. That is how we grow as one unit, as one community,' he said during the talk held here on Sunday (May 25). Fadillah said that under the Asean Power Grid initiative, Laos sells electricity to Singapore via transmission lines in Thailand and Malaysia—a shared arrangement that facilitates resource optimisation and mutual benefit. 'There are times when Laos cannot generate hydroelectric power, such as during winter when rivers freeze. 'In such cases, Singapore gets its supply from Malaysia and Thailand instead. This is shared prosperity in action,' he explained. He added that this year, the roadmap for fully realising the regional power grid could be finalised. The Deputy Prime Minister emphasised that Asean's diversity in resources, capabilities, and development stages ought to be regarded as an asset. Fadillah said shared prosperity also requires greater participation of women in the economy. He pledged to present proposals to the Cabinet aimed at expanding women's roles in business, employment, and leadership, in collaboration with the Finance Ministry; the Women, Family and Community Development Ministry; the Investment, Trade and Industry Ministry (Miti) and others. 'We must close the gaps for women, for rural communities, for those left behind. That is how we build a model of shared prosperity that Asean can adopt,' he said. Responding to a question from the audience on Sabah and Sarawak's digital disconnect, Fadillah acknowledged that infrastructure alone does not guarantee connectivity. 'MCMC (Malaysian Communications and Multimedia Commission) has a fund supported by telcos to expand infrastructure, but the challenge is that telcos won't serve areas that aren't commercially viable. 'That's why many rural areas remain underserved,' he said. He said true prosperity involves more than gross domestic product (GDP). 'It's about sharing, creating the right values, protecting the environment and being people-centric,' Fadillah added.
