Malaysia is aiming to strengthen economic cooperation with neighbouring countries to further explore opportunities for private sector involvement in emerging industries.
For one, Prime Minister Datuk Seri Anwar Ibrahim emphasised that Vietnam is a country that is facing rapid individual growth presents significant potential for partnerships that would benefit both economies, particularly as global demand for advanced technologies rises.
“Malaysia is keen to explore opportunities for private sector sector involvement in emerging value chains, particularly in the electric vehicles (EVs), electronics, semiconductor and advanced materials industries,” Anwar said.
He also said that Malaysia is ready to assist Vietnam in enhancing its fisheries monitoring, control and enforcement systems by sharing best practices.
Another area of collaboration is the halal industry, to which Anwar said, “Malaysia is prepared to offer expertise in halal certification and compliance, which could open new opportunities for Vietnam in the global halal market.”
Aside from Vietnam, several efforts are also being made to encourage cooperation between ASEAN countries to promote halal-related products and services.
According to the Ministry of Investment, Trade and Industry (MITI) the promotion efforts of the ASEAN halal sector are also supported by the Malaysia Technical Cooperation Programme, which is a programme aimed at sharing experiences and expertise with developing countries.
At the local level, the government is striving to expedite the issuance of halal certificates and develop local industries based on halal products to make them more competitive and resilient.
“These measures are expected to enhance halal production and exports as targeted in the Halal Industry Master Plan (HIMP) 2030,” the ministry explained, proposing that industry platers to optimise various free trade agreements participated by Malaysia.
By doing so, it will provide access to international markets with low duties, including the ASEAN Trade in Goods Agreement (ATIGA) and the ASEAN-Japan Comprehensive Economic Partnership Agreement.
Malaysia should prioritise people-centric measures, intra-ASEAN trade
Meanwhile, experts believe that as Malaysia assumes the ASEAN chairmanship next year, it should focus on implementing more people-centric measures and enhancing intra-ASEAN trade.
Microsoft ASEAN regional director of legal and government affairs Dr Jasmine Begum said as ASEAN has grown up and evolved, Malaysia has emerged as an influential player, not just within the regional framework but also on the global economic stage.
“What we see as an opportunity is beyond just movement of goods and trade, (but) it is the movement of people, small businesses. We have seen startup companies from across the region – like Grab Malaysia and Indonesian e-hailing company Gojek – going transnational, ASEAN and even globally.
“Malaysia is in a great position to spearhead some of these leading-edge areas but more importantly I am excited to see what I means to ASEAN people,” Dr Jasmine said.
At the same time, Singapore Institute of International Affairs senior fellow Dr Oh Ei Sun said that Malaysia is a major trading power that trades not only with some of the world’s largest economies but also with many ASEAN members.
He noted that intra-ASEAN trade currently accounts for only a quarter of the total trade between ASEAN countries and the world’s major economic powers.
“If we could raise that to half, doubling the intra-ASEAN trade, it would be a notable achievement for Malaysian.
“On that basis, (hopefully) we can do something more by advancing towards economic collaborations with ASEAN economic communities. That will make ASEAN the most economically dynamic and fastest growing region in the world,” he said.
Additionally, Oh emphasised that Malaysia should adopt a more people-centric approach as ASEAN chairman next year, highlighting how ASEAN cooperation and other initiatives can directly benefit the lives of everyday people.
