We’ll decide in 2 days on attending Apec meeting, says PM

 

Anwar Ibrahim said the digital economy is one of the country’s key economic pillars, contributing a substantial 23.2% to the gross domestic product.

KUALA LUMPUR: Malaysia will decide within the next two days on its participation in the Asia Pacific Economic Cooperation (Apec) Economic Leaders’ Week 2023, says Prime Minister Anwar Ibrahim.

“I am coordinating with all countries. So far, most (of the countries) are attending. So I will check on this (matter) in one or two days,” he told reporters after officiating the MDX 2023 Grand Finale’s opening ceremony here.

Apec is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.

The Apec Economic Leaders Week 2023 conference will be held in San Francisco, California, in the US from Nov 11 to 17.

The 21 Apec member economies account for nearly 40% of the global population, nearly 50% of global trade, and more than 60% of US goods exports.

Apec’s 21 member economies are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.

Meanwhile, in his speech, Anwar, who is also finance minister, reiterated that digital transformation is the key strategy to ensure Malaysia emerges as a successful nation.

“Our digital economy stands as one of Malaysia’s key economic pillars, currently being at a substantial 23.2% of our nation’s Gross Domestic Product (GDP).

“We project that this figure will soar to 25.5% (of the GDP) by 2025,” he said.

Anwar added that in the third quarter of 2022 alone, the digital economy garnered US$15.7 billion (RM73.25 billion) in investments, solidifying its status as one of the fastest-growing sectors. - FMT