4 days ago
- Business
- New Straits Times
US private sector committed to Malaysia, Asean despite trade tensions
KUALA LUMPUR: The United States private sector remains committed to investing in Malaysia and Asean, despite persistent trade tensions and tariff uncertainties.
Tina Jamaluddin, chief country representative for Malaysia at the US-Asean Business Council (US-ABC), said the country gained nearly RM9.9 billion in approved investments from the US.
She said despite all the noise coming out of the US and the tariffs, private sector commitment to Malaysia and Asean remains unchanged.
"As far as the tariffs are concerned, we are not seeing any of our member companies saying that they're going to leave Malaysia or they're going to leave Asean. They're still very committed to being with us," she added.
She said this to the media following the launch of the landmark white paper titled "Driving Asean Unity: Malaysia's Vision for 2025", a collaborative initiative led by Social and Economic Research Initiative (SERI) and the US-ABC.
Tina further stressed the importance of inclusivity as Asean works towards finalising the Digital Economic Framework Agreement, which Malaysia hopes to conclude by the end of this year.
"There are 10 individual countries in Asean, each at different levels of development. It's challenging to get everyone on the same page, but that shouldn't stop progress.
"The key is to set a minimum standard and include everyone, including countries like Laos, Myanmar and Cambodia, in the process," she added.
Meanwhile, SERI managing director Rashaad Ali said Malaysia will forever remain of strategic interest to the US.
"Malaysia, for decades, has successfully positioned itself as a middle power in the region, balancing influence from both the US and China," he said.
He added that successive Malaysian administrations, current and past, have shown a steady hand in managing geopolitical shifts, including those brought about by changing US policies.
Rashaad said cooperation is no longer optional in a fast-evolving digital and energy landscape.
"Whether it's energy transition or increased digitalisation, isolation is not an option.
"For example, to power data centres and build digital infrastructure, a shared regional power grid is essential.
"It's not going to be easy, but collaboration is the only way forward," he added.
