Malaysia outlines 3 strategies for regional economic growth
Malaysia has outlined three strategies for ASEAN when it takes over the block’s chairmanship in 2025, including bolstering regional value chains and regulatory cooperation.
Malaysian PM Anwar Ibrahim. Photo courtesy of Bernama.
Addressing the 44th ASEAN Summit plenary session in Vientiane, Laos, on Wednesday, Malaysian Prime Minister Anwar Ibrahim said this is crucial to expand trade and investment linkages as well as foster digital transformation in the region.
The other two strategies are strengthening member countries’ fundamentals and reinventing, restructuring and recalibrating their economies while leveraging each other’s strengths.
Anwar said that intra-ASEAN trade has remained low for the past few decades despite the phenomenal economic growth experienced in Southeast Asia, believing that there is vast potential for enhancement in this regard, particularly so with the upgrading of the ASEAN Trade in Goods Agreement (ATIGA) to be signed in 2025.
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