Asean must remain neutral to boost regional investment, says Tengku Zafrul

 

Investment, trade and industry minister Tengku Zafrul Aziz addressing the 24th Asean Economic Community council meeting in Vientiane, Laos, on Monday. (Bernama pic)

PETALING JAYA: 

Asean must maintain its neutrality amid global geopolitical tensions to attract foreign investments in the region, said investment, trade and industry minister Tengku Zafrul Aziz.

He said the bloc’s inclusivity, openness, and sustainability should serve as key selling points to attract investments, Bernama reported.

“We trade and maintain friendship with all European countries, the West, and BRICS nations such as China and Russia.

At the same time, the global economy is facing challenges, with global gross domestic product growth appearing to be slower than expected,

 he was quoted as saying to Malaysian news representatives in Vientiane, Laos, yesterday.

Tengku Zafrul is in Laos for the 44th and 45th Asean Summits and related meetings from Oct 6 to 11. He also attended the 24th Asean Economic Community (AEC) council meeting yesterday.

Despite global economic and geopolitical uncertainties, he said, Asean continues to draw significant investments, even as global foreign direct investments decline.

“We are bucking the trend, which is a positive sign. However, another issue is the possibility of tariffs being imposed to protect certain markets.

This is why Asean must continue dialogues with other blocs, particularly through multilateral platforms like the World Trade Organization,

 he said.

On a separate matter, Tengku Zafrul said the AEC’s strategic plan for 2026-2030, to be presented in May 2025 when Malaysia assumes the Asean chair, will target a 4% to 5% economic growth by 2030.

He said this will make Asean the fourth-largest global economy.

Right now, we are the fifth-largest economic bloc, with a population of 680 million, nearly half under 30 years old,

 he said, adding that Asean’s position post-2025 must be strengthened.

During the AEC council meeting, Tengku Zafrul also called for boosting intra-Asean trade, which currently stands at just 23% to 24%.

He urged Asean to prioritise micro, small, and medium enterprises, which make up about 89% to 99% of the region’s companies.

Prime Minister Anwar Ibrahim is set to arrive tonight for the summit. Laos, the current Asean chair, will officially pass the chairmanship to Malaysia on Oct 11. - FMT