Latest news with #TengkuZafrulAbdulAziz
The Sun
25-05-2025
- Business
- The Sun
AEC Blueprint makes significant stride with implementation rate at a commendable 97%
KUALA LUMPUR: The ASEAN Economic Community (AEC) Blueprint 2025's implementation rate stands at a commendable 97 per cent, comprising 75 per cent completed measures and 22 per cent currently in progress, said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz. The AEC Blueprint 2025 has served as the strategic roadmap for building a highly integrated and cohesive ASEAN economy, promoting inclusive and innovation-led growth, and deepening regional connectivity and competitiveness, he said. 'Through the Blueprint, ASEAN has made significant strides in areas such as trade liberalisation, investment facilitation, MSME (micro, small and medium enterprise) development, digital transformation, and sustainable economic initiatives,' he said after chairing the 25th ASEAN Economic Community (AEC) Council Meeting here in conjunction with the 46th ASEAN Summit. The AEC Council is ASEAN's key coordinating body overseeing the work of the various sectors under the ASEAN Economic Community Pillar. Tengku Zafrul said this impressive 97 per cent implementation rate not only demonstrates ASEAN's collective commitment to economic integration but also reinforces the region's ability to respond to global uncertainties in a cool, calm and calculated manner. 'The key learnings and progress under the AEC Blueprint 2025 will serve as a solid foundation for the development of the AEC Strategic Plan 2026–2030, which will chart the region's next phase of economic growth and transformation,' he said. In this context, the year 2025 marks another pivotal milestone for ASEAN, as it prepares to launch the AEC Strategic Plan 2026–2030, the successor to the AEC Blueprint 2025. 'This forward-looking document will be launched as part of the ASEAN Compendium with the overarching ASEAN Community Vision 2045 at the 46th ASEAN Summit. Tomorrow (May 26) we will witness the signing of the Kuala Lumpur Declaration,' Tengku Zafrul said. He said the AEC Council reaffirmed support and commitment to the effective implementation of the AEC Strategic Plan, which will guide ASEAN's post-2025 economic integration agenda. 'The AEC Council also looks forward to the Regional Socialisation of the AEC Strategic Plan that will be held on June 12, 2025, in Kuala Lumpur. This session will serve as a key multi-stakeholder platform to socialise and share the economic benefits of the AEC Strategic Plan,' he said. The AEC Council also discussed and reaffirmed support to facilitating and accelerating Timor-Leste's accession to the required ASEAN's Economic Agreements (AEAs), as outlined in the roadmap adopted by Leaders in 2023. 'As Chair, Malaysia expressed that Timor-Leste's accession is a priority for our chairmanship in 2025. We shared our strong view that Timor-Leste's entry as ASEAN's 11th member state will further strengthen our region's economic growth and potential,' he said. The council also continued its exchange on the economic outlook and continuing uncertainties due to the volatile geo-economic situation and their likely impact to the region, said Tengku Zafrul. Taking note of the outcomes of the special ASEAN Economic Ministers (AEM) and the special AEM-Dialogue Partner consultations, as well as the first ASEAN Geoeconomics Task Force meeting on May 16, 2025, the council acknowledged the need for collective action to respond to and address disruptive global trade policies. The meeting was attended by Malaysia's Deputy Minister of Investment, Trade and Industry Liew Chin Tong; Brunei's Minister of Finance and Economy II Datuk Awang Mohd Amin Liew Abdullah; Cambodia's Minister of Commerce Cham Nimul; Vietnam's Minister of Industry and Trade Nguyen Hong Dien; Indonesian Trade Minister Budi Santoso; and Lao Minister of Industry and Commerce Malaithong Kommasith. Other representatives who attended the meeting included Department of Trade and Industry Undersecretary Allan B. Gepty (Philippines), Deputy Prime Minister Gan Kim Yong (Singapore), Minister of Commerce Pichai Naripthaphan (Thailand) and Deputy Prime Minister Francisco Kalbuadi Lay (Timor-Leste). The 46th ASEAN Summit, being held under Malaysia's 2025 chairmanship themed 'Inclusivity and Sustainability', also marks Malaysia's fifth time chairing the regional bloc.
The Sun
25-05-2025
- Business
- The Sun
AEC Blueprint makes significant stride
KUALA LUMPUR: The ASEAN Economic Community (AEC) Blueprint 2025's implementation rate stands at a commendable 97 per cent, comprising 75 per cent completed measures and 22 per cent currently in progress, said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz. The AEC Blueprint 2025 has served as the strategic roadmap for building a highly integrated and cohesive ASEAN economy, promoting inclusive and innovation-led growth, and deepening regional connectivity and competitiveness, he said. 'Through the Blueprint, ASEAN has made significant strides in areas such as trade liberalisation, investment facilitation, MSME (micro, small and medium enterprise) development, digital transformation, and sustainable economic initiatives,' he said after chairing the 25th ASEAN Economic Community (AEC) Council Meeting here in conjunction with the 46th ASEAN Summit. The AEC Council is ASEAN's key coordinating body overseeing the work of the various sectors under the ASEAN Economic Community Pillar. Tengku Zafrul said this impressive 97 per cent implementation rate not only demonstrates ASEAN's collective commitment to economic integration but also reinforces the region's ability to respond to global uncertainties in a cool, calm and calculated manner. 'The key learnings and progress under the AEC Blueprint 2025 will serve as a solid foundation for the development of the AEC Strategic Plan 2026–2030, which will chart the region's next phase of economic growth and transformation,' he said. In this context, the year 2025 marks another pivotal milestone for ASEAN, as it prepares to launch the AEC Strategic Plan 2026–2030, the successor to the AEC Blueprint 2025. 'This forward-looking document will be launched as part of the ASEAN Compendium with the overarching ASEAN Community Vision 2045 at the 46th ASEAN Summit. Tomorrow (May 26) we will witness the signing of the Kuala Lumpur Declaration,' Tengku Zafrul said. He said the AEC Council reaffirmed support and commitment to the effective implementation of the AEC Strategic Plan, which will guide ASEAN's post-2025 economic integration agenda. 'The AEC Council also looks forward to the Regional Socialisation of the AEC Strategic Plan that will be held on June 12, 2025, in Kuala Lumpur. This session will serve as a key multi-stakeholder platform to socialise and share the economic benefits of the AEC Strategic Plan,' he said. The AEC Council also discussed and reaffirmed support to facilitating and accelerating Timor-Leste's accession to the required ASEAN's Economic Agreements (AEAs), as outlined in the roadmap adopted by Leaders in 2023. 'As Chair, Malaysia expressed that Timor-Leste's accession is a priority for our chairmanship in 2025. We shared our strong view that Timor-Leste's entry as ASEAN's 11th member state will further strengthen our region's economic growth and potential,' he said. The council also continued its exchange on the economic outlook and continuing uncertainties due to the volatile geo-economic situation and their likely impact to the region, said Tengku Zafrul. Taking note of the outcomes of the special ASEAN Economic Ministers (AEM) and the special AEM-Dialogue Partner consultations, as well as the first ASEAN Geoeconomics Task Force meeting on May 16, 2025, the council acknowledged the need for collective action to respond to and address disruptive global trade policies. The meeting was attended by Malaysia's Deputy Minister of Investment, Trade and Industry Liew Chin Tong; Brunei's Minister of Finance and Economy II Datuk Awang Mohd Amin Liew Abdullah; Cambodia's Minister of Commerce Cham Nimul; Vietnam's Minister of Industry and Trade Nguyen Hong Dien; Indonesian Trade Minister Budi Santoso; and Lao Minister of Industry and Commerce Malaithong Kommasith. Other representatives who attended the meeting included Department of Trade and Industry Undersecretary Allan B. Gepty (Philippines), Deputy Prime Minister Gan Kim Yong (Singapore), Minister of Commerce Pichai Naripthaphan (Thailand) and Deputy Prime Minister Francisco Kalbuadi Lay (Timor-Leste). The 46th ASEAN Summit, being held under Malaysia's 2025 chairmanship themed 'Inclusivity and Sustainability', also marks Malaysia's fifth time chairing the regional bloc.
Malay Mail
05-05-2025
- Business
- Malay Mail
US wanted tech safeguards from ‘unwanted hands' in Malaysia tariff talks, reveals Tengku Zafrul
KUALA LUMPUR, May 5 — Safeguarding American technology from falling into the hands of the unwanted was one of the concerns of the United States, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz revealed today. He said during negotiations to drop the tariffs US imposed on Malaysia, he confirmed that the Americans wanted to make sure that safeguarding their sensitive US-origin technology has become a key point in ongoing bilateral discussions. 'They want to make sure their technology is not misused or diverted to other parties they have export restrictions on. Like for certain chips coming into Malaysia, they want to make sure it isn't shipped or smuggled to other nations, including how it's used. 'Secondly, they are looking to see what investments Malaysia can make with them as they feel there's a trade surplus of US$25 billion (RM105 billion). They want us to invest in industries that they feel need our support. In this case as the prime minister mentioned earlier, we have a lot invested already in bonds and equity markets,' Tengku Zafrul said during a press conference after the special Parliamentary session on US tariffs today. Tengku Zafrul said negotiations with the US are aimed at securing zero tariffs, or at the very least, a significant reduction. Currently, a 24 per cent tariff is imposed on Malaysian goods entering the United States. 'The government's stance when handling this matter is to be careful but stern with decisions made based on facts. We won't cave in to pressure and we welcome all suggestions,' he added. 'Meanwhile our trade with China is strong and we're actively looking to strengthen ties with other nations,' he added.
Yahoo
06-02-2025
- Business
- Yahoo
Tengku Zafrul says AI advancements like DeepSeek a boon, not bane, to growing Malaysia's data centre
KUALA LUMPUR, Feb 6 — The rise of new advancements in artificial intelligence (AI) platforms, such as China's DeepSeek, won't jeopardise Malaysia's data centre industry, Investment, Trade, and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said today. Instead, such advancements could even boost demand for them locally, he said. 'Advancements in AI, such as DeepSeek and Qwen, can actually drive demand for data centres. DeepSeek, for instance, is seen as a disruptive player, offering high-capability AI models at lower costs while consuming less energy compared to current AI systems. 'Although more efficient AI reduces the need for large data centres, the lower cost of AI is expected to increase the widespread adoption of AI technology, which in turn will drive greater demand for data centre services,' he said during Question Time in the Dewan Rakyat. Tengku Zafrul was responding to Tanjung Piai MP Datuk Seri Wee Jeck Seng who asked if more efficient AI systems, such as DeepSeek, could impact foreign investments in Malaysia's data centre industry. Malaysia is rapidly becoming one of the most sought-after destinations for data centres, with tech giants such as Google, Nvidia, and Microsoft investing billions into the country to establish cutting-edge digital infrastructure. Last month, China's DeepSeek launched its R1 chatbot, claiming it matches the capacity of artificial intelligence pace-setters in the US at a fraction of the cost. This has raised questions globally about the necessity of advanced semiconductors and expensive microchips.
