Economy Minister Rafizi Ramli has urged Malaysia to leverage the Asean open market to showcase its products and services, emphasising the need to stay ahead in a region that is projected to reach one billion consumers.
Speaking after attending the Kick-Off Conference for the 13th Malaysia Plan (13MP), Rafizi highlighted that Asean, with its current consumer base of 700 million, is expected to become the world’s fourth-largest economic power within the next 10 to 15 years. “This period is brief,” he noted, “and within this timeframe, the number is expected to grow to one billion.”
He also pointed out that aside from global powers like China and India, Asean is one of the few regions displaying strong, sustained growth, with a consumer base set to surpass the one-billion mark. “China has emerged a major economic power, and India is also on track to become one, with a market exceeding one billion consumers,” he said.
Rafizi further added that Malaysia already plays a leading role in the region and offers significant opportunities. “In terms of our regional peers, Malaysia consistently ranks second in gross domestic product per capita, following Singapore. While our population may not be vast, it is projected to grow to 40 million, and our market remains significant,” he said.
He also mentioned that many experts predict Asean will surpass Europe to become the world’s third-largest consumer market. With strong growth, abundant resources, and a strategic location at the heart of Asean, Malaysia is well-positioned for the future, he said. “That is the future we aim to chart, which is why the 13MP is a crucial planning document that aligns with this trajectory,” he added.
During his earlier speech, Rafizi stressed the importance of gathering diverse ideas and feedback from the public to foster an environment where concerns can be raised, ensuring the government is guided in the right direction.
