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Private sector support vital when Malaysia takes Asean chair, says Tengku Zafrul
When Malaysia assumes the Asean chairmanship next year, private sector support will be crucial, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Collaboration with businesses is essential to align ongoing efforts within the Asean framework with global standards. The Asean-Business Advisory Council has been actively contributing to various projects focusing on digital transformation, sustainable development, health resilience, and more. Malaysia is also emerging as a leader in decarbonisation and circular economy initiatives, positioning itself to capitalize on the shifting global supply chain. The Asean Digital Economy is expected to reach US$1 trillion by 2030, highlighting the importance of digital transformation in the region.
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When Malaysia assumes the Asean chairmanship next year, private sector support will be vital in ensuring the success of this important role. Tengku Datuk Seri Zafrul Tengku Abdul Aziz, the Investment, Trade, and Industry Minister, emphasized the importance of collaboration between the government and the business community to align ongoing efforts within the Asean framework with business needs and global standards.
In his keynote address at the Discussion on Expectations of Malaysia’s Upcoming Chairmanship of Asean forum, Tengku Zafrul highlighted the active contributions of the Asean-Business Advisory Council (Asean-BAC) in various projects focusing on digital transformation, sustainable development, health resilience, food security, trade and investment facilitation, and supply chains. These initiatives showcase the business community’s recognition of Asean’s positive impact and the potential for economic growth within the region.
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The Minister also emphasized Malaysia’s commitment to aligning national economic interests with Asean goals, particularly in the areas of carbon neutrality and the circular economy. With policies such as the New Industrial Master Plan 2030 (NIMP 2030) and the National Industry ESG Framework (i-ESG), Malaysia is positioning itself as a leader in the global race towards a greener future. By accelerating decarbonization efforts and embracing sustainability, Malaysia aims to increase market opportunities and enhance the green competitiveness of Asean products and services worldwide.
As Asean member nations strive to capitalize on the shifting global supply chain, Malaysia is poised to play a significant role in driving growth within the region. With emerging opportunities for trade and investment partnerships with countries such as India, China, the European Union, and the United States, Asean has the potential to become a key player in the global economy.
However, Tengku Zafrul stressed the importance of maintaining Asean’s neutrality and independence amidst geopolitical tensions that threaten deglobalization. By remaining a non-aligned, open trading region, Asean can continue to foster economic growth and strengthen its position on the global stage.
In the realm of digital transformation, Asean countries are investing in automation, artificial intelligence (AI), and the Internet of Things (IoT) to enhance industrial capabilities and drive economic growth. With the Asean Digital Economy projected to reach US$1 trillion by 2030, digital innovation is central to the region’s reindustrialization efforts. A forward-looking Asean Digital Economy Framework is currently being negotiated to facilitate regional digital integration and support the growth of the digital economy.
As Malaysia prepares to take on the Asean chairmanship, the expectations are high. Tan Sri Dr. Mohd Munir Abdul Majid, President of the Asean Business Club, emphasized the need for continuity in priority areas and realistic expectations during Malaysia’s one-year term. By fostering collaboration between the private sector and the government, Malaysia can leverage its leadership position to drive economic growth, promote sustainability, and strengthen Asean’s position on the global stage.
In conclusion, private sector support will be crucial as Malaysia assumes the Asean chairmanship, and collaborative efforts between the government and businesses will be key to realizing the region’s economic potential and fostering sustainable growth.
