ASEAN To Work Closely With ASEAN-BAC To Drive Regional Progress
By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Sept 23 (Bernama) -- ASEAN Member States look forward to working closely with the ASEAN Business Advisory Council (ASEAN-BAC) to ensure policies remain relevant, facilitative and aligned with business realities, thereby delivering real progress for the region.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said under Malaysia’s chairmanship theme of inclusivity and sustainability, the nation aims to turn momentum into tangible deliverables and enable businesses to invest, grow and create quality jobs.
“Together, we (in ASEAN) must drive sustainability, deepen services and digital integration, and strengthen capital market linkages.
“As ASEAN Chair 2025, I would like to recognise the stewardship of the private sector in bolstering ASEAN’s economic resilience,” he said in his opening remarks at the 23rd AEM-ASEAN BAC Consultation today.
Additionally, he said ASEAN-BAC has long been a trusted partner in ensuring integration efforts remain practical, competitive and business-friendly.
Tengku Zafrul also noted that in 2024, the ASEAN region recorded US$3.9 trillion (US$1 = RM4.20) in gross domestic product (GDP), with a growth rate of 4.8 per cent, and attracted US$226 billion in foreign direct investment (FDI), representing nearly 15 per cent of global flows.
He said goods trade reached US$3.84 trillion, expanding by nearly nine per cent, while services trade amounted to US$1.3 trillion with a growth of 12 per cent.
"This clearly demonstrates ASEAN's role as a vital hub in global value chains and a trusted destination for trade and investment. These achievements are not solely the result of government efforts.
"They reflect the deep public-private cooperation that ASEAN-BAC has consistently championed through policy recommendations, flagship initiatives and strong partnerships with our dialogue partners," he added.
-- BERNAMA