KUALA LUMPUR: ASEAN countries have the potential to capitalise on significant opportunities in the digital economy, manufacturing, and supply chains led by BRICS countries, which are dialogue partners of the region, said the Ministry of Investment, Trade and Industry (MITI).
Its Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the digital economy sector holds great potential, particularly due to rapid advancements in technologies such as artificial intelligence (AI), as well as the demographic trend in ASEAN where nearly half of the population is under 30-years-old.
“If we look at the cooperation with BRICS countries in the field of e-commerce, we can see that financial technology and digital innovation can open new pathways to strengthen trade initiatives in our efforts with other ASEAN countries and BRICS,” Tengku Zafrul said during the Minister’s Question Time session in the Dewan Rakyat today.
He was responding to a supplementary question from Young Syefura Othman (PH-Bentong) on how Malaysia can leverage the market potential controlled by BRICS members (whose membership has grown from Brazil, Russia, India, China, and South Africa to also include Egypt, Ethiopia, Iran, and the United Arab Emirates) and which sectors present the biggest opportunities for ASEAN.
Tengku Zafrul also said that as the chair of ASEAN in 2025, Malaysia will also have the opportunity to create synergies with dialogue partners, including BRICS countries.
“The manufacturing value chain in Malaysia and ASEAN can be enhanced through cooperation with BRICS countries, China, and India.
“Therefore, the government plans to enhance free trade agreements (FTA) with dialogue countries, including China and India, during the ASEAN chairmanship next year,” he said.
Additionally, the ASEAN chairmanship in 2025 will also discuss knowledge transfer and resource sharing, said Tengku Zafrul.
“Thus, strengthening supply chain resilience can be achieved through diversification in the manufacturing sector, and we aim to reduce disruptions caused by geopolitical uncertainties, thereby boosting the region’s competitiveness,” he added.
