Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.— MUHAMAD SHAHRIL ROSLI/The Star
VIENTIANE: ASEAN should focus on high-impact "quick wins” that are practical and capable of providing immediate and tangible business value to enhance the visibility of the grouping to its immediate stakeholders.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, currently being developed, should reflect ASEAN’s economic integration endeavours and commitment towards becoming a future-ready single economy.
He said the plan should be anchored by, among others, sustainable growth, advanced technologies, inclusivity and responsiveness to emerging opportunities.
"Of course, a plan is only as good as the resources behind it. We need to assess our current resources - financial, human, and technological - and identify what additional support we may need.
"This may involve reallocating resources, seeking new partnerships, or investing in training and development to ensure our teams are equipped for success,” Tengku Zafrul said during his intervention at the 24th ASEAN Economic Community (AEC) Council Meeting here today.
Moreover, Tengku Zafrul said ASEAN must establish a robust monitoring and evaluation framework to help the grouping track its progress against its goals, using key performance indicators to measure success and always being prepared to mitigate uncertainties.
"We must remain flexible, ready to adapt our strategies based on what we learn along the way. Continuous improvement should be our mantra,” he said.
Tengku Zafrul said Malaysia is encouraged by the steady progress in the development of the AEC Strategic Plan, in which 71 per cent or 149 out of 210 strategic measures across 47 objectives have been finalised.
In this regard, he said Malaysia looks forward to the finalisation of the remaining 29 per cent, to enable the successful delivery of the AEC Strategic Plan 2026-2030, in line with the ASEAN Community Vision 2045, in May 2025.
On another note, Tengku Zafrul said Malaysia acknowledges the necessity of the ASEAN Sustainability Agenda to strengthen the positioning of the regional bloc amidst the global race to net zero.
In Malaysia’s upcoming role as the ASEAN chair in 2025, he said the country looks forward to advancing discussions and ensuring effective implementation of the sustainability initiatives in ASEAN.
On the circular economy, Tengku Zafrul said Malaysia notes the progress of the 67 cross-sectoral initiatives and the three significant initiatives identified in the Implementation Plan in accelerating ASEAN’s transition to a circular economy to achieve a resilient economy, resource efficiency, as well as inclusive growth.
"Malaysia views the importance for the Focal Group on Circular Economy to intensify its work to fully implement the other 56 initiatives to drive the optimisation of resources, reduce the consumption of raw materials and recover waste,” he said.
Regarding the ASEAN Task Force on Carbon Neutrality, Tengku Zafrul said Malaysia is pleased to support its Terms of Reference (TOR) but highlighted the need for the task force to ensure close and effective multi-stakeholder collaboration, including with industry experts and private sector practitioners.
"It is paramount for ASEAN to attract investment in renewable energy, energy efficiency or other clean, low-carbon technologies,” he noted.
On the Sustainability Investment Guidelines, Tengku Zafrul said Malaysia supports ASEAN’s shared aspirations to attract sustainable investments in the future without undermining its economic competitiveness while urging members to work towards finalising the guidelines for adoption in 2025.
He also reaffirmed Malaysia’s commitment to advancing the Implementation Plan for the Blue Economy, expected to be finalised by August 2025, emphasising that it will be key to guiding ASEAN countries towards a sustainable blue economy that prioritises ecological integrity and economic prosperity.
The 24th AEC Council Meeting was held ahead of the 44th and 45th ASEAN Summits and Related Summits, which will take place from tomorrow until October 11.
On Oct 11, Laos will officially hand over the ASEAN chairmanship to Malaysia. - Bernama
