The investment, trade and industry minister says this is aimed at strengthening regional energy security, connectivity and sustainability.
This is aimed at strengthening regional energy security, connectivity and sustainability, Bernama quoted investment, trade and industry minister Tengku Zafrul Aziz as saying.
He said the Asean economic ministers also welcomed ongoing work towards the establishment of the APG Financing Facility Framework, which will enhance cross-border flows of foreign direct investments and new funding opportunities for regional energy-related projects.
“The Asean Economic Community (AEC) Council also expressed full support for the convening of a joint meeting of Asean’s energy, finance and economic ministers in August this year,” he said after the 25th AEC Council meeting in Kuala Lumpur today, held in conjunction with the 46th Asean Summit.
Meanwhile, Prime Minister Anwar Ibrahim, in welcoming Laos prime minister Sonexay Siphandone, who is on a three-day official visit to Malaysia, said both parties also agreed to implement the second phase of the APG initiative, which will include Laos, Cambodia and Thailand, alongside Malaysia and Singapore.
He said while the initial phase links Vietnam to the northern part of Malaysia, discussions with Siphandone underscored the need to fast-track the next phase to benefit more countries in the region.
The first phase includes an undersea cable from Vietnam to the northern part of Malaysia.
Anwar highlighted the growing economic confidence in Laos, citing the presence of four major Malaysian banks, namely Maybank, RHB, CIMB and Public Bank, operating in the country.
Boosting cross-border trade via rail and sea
Laos and Malaysia have established a partnership to boost cross-border trade via rail and sea with the exchange of a memorandum of cooperation between Penang Port Sdn Bhd (PPSB) and Thanaleng Dry Port (TDP).
Anwar and Siphandone witnessed the exchange of documents for the MoC between MMC Port Holdings Sdn Bhd CEO Azman Shah Yusof and PTL Holding Co Ltd (PTLH) CEO Chanthone Sitthixay.
PPSB is a subsidiary of MMC Ports, while PTLH is the parent company of Vientiane Logistics Park Co Ltd, which manages the dry port.
The collaboration is part of a broader initiative under the Pan-Asia Railway Network, integrating the China-Lao Railway to create a strategic trade route linking southern China through Laos and Thailand to Malaysia’s west coast.
Azman said the collaboration would involve the sharing of operational knowledge, joint marketing efforts, system integration, simplification of documentation processes, harmonisation of infrastructure, and short-term personnel exchanges.
MMC Ports is a holding company for its subsidiaries that operate five ports across Peninsular Malaysia, namely PPSB, Port of Tanjung Pelepas, Johor Port Bhd, Northport (M) Bhd, and Tanjung Bruas Port Sdn Bhd, making it Malaysia’s largest port operator.
This is the second time that TDP has signed an MoC with a Malaysian company, following an earlier agreement with Mutiara Perlis Sdn Bhd to facilitate inland port services between Perlis Inland Port and TDP in Vientiane.
In 2024, total bilateral trade between Malaysia and Laos stood at RM99.7 million, with Malaysia’s exports valued at RM67.8 million and imports totalling RM31.9 million.
Malaysia is Laos’s fifth-largest foreign investor, with total investments worth US$942 million across 46 projects in sectors including renewable energy, transport, telecommunications, construction, banking and hospitality. - FMT
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