By Norsyafawati Ab Wahab
KOTA TINGGI, Feb 28 (Bernama) -- ASEAN needs to enhance internal cohesion and diversify its external partnerships to face global economic headwinds, said Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said it is prudent for ASEAN to assess the dynamics of these situations and understand the eventualities that may significantly impact the regional economic landscape.
In his opening remarks while chairing the 31st ASEAN Economic Ministers (AEM) Retreat in Desaru,he stressed that strengthening regional economic integration can help mitigate the adverse effects of policy shifts by major economies.
He also highlighted the importance of accelerating initiatives like the Regional Comprehensive Economic Partnership (RCEP) and expanding engagement with global partners.
"One such initiative is the proposed 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC-China Summit, which Malaysia will present during this retreat," he added.
He also acknowledged the spirit of ASEAN solidarity which has been and will continue to be the foundation of the bloc's progress.
"I encourage all of us to approach our discussions with an open mind, a spirit of collaboration, and a commitment to advancing our common interests. I look forward to our fruitful discussions and to the positive outcomes that will emerge from this AEM retreat," said Tengku Zafrul.
On ASEAN's economic growth, he noted that foreign direct investment into the region has surged from US$129.9 billion in 2014 to US$229.8 billion in 2023, underscoring ASEAN’s continued attractiveness to foreign investors.
"Our region’s economic outlook remains optimistic with a growth projection of 4.6 per cent in 2024 and further increase to 4.7 per cent in 2025.
“While seemingly modest at this juncture, this is promising and a good indication of our region’s evolving state of economy," he added.
--BERNAMA
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