ASEAN continues to face various risks to its growth prospects this year, said Minister of International Trade and Industry Tengku Zafrul. Among them is the slowing economy of China, global banking sector crisis risk, the tension in trade relations between the US and China, as well as the risk of geopolitical tension in Southeast Asia.
He opines that ASEAN needs to focus on the long game or the long-term view in dealing with these risks. Apart from maintaining the spirit of cooperation, ASEAN also needs to become a stable, neutral, investor-friendly region, committed to the principles of sustainability and economically competitive. However, the risks need to be addressed together.
According to Zafrul, intra-ASEAN trade volume needs to be increased and this also needs to be encouraged between ASEAN and other economic blocs. This can be realized by supporting each other through each other’s strengths.
Further on, ASEAN countries need to push their respective industries towards sustainable development to build resilience and ensure market access, especially for micro, small and simple enterprises.
He added that ASEAN members should endeavour to attract high quality investment to create jobs and encourage reinvestment, especially in strategic sectors.
Prudently, ASEAN needs to reassess its long-term strategy to build regional resilience. If each ASEAN country is resilient, then ASEAN will become stronger.
He also shared his hope that Southeast Asia can remain a zero-conflict zone, to support global cooperation, prosperity and peace as a whole. He is optimistic that with the vast untapped economic opportunities in Asia, the relationship between ASEAN and China will grow.
