MITI'S APPROACH AT APEC TO ENSURE A RESILIENT GLOBAL ECONOMY - TENGKU ZAFRUL

By M. Saraswathi

LIMA (Peru), Nov 13 (Bernama) -- The Ministry of Investment, Trade and Industry’s (MITI) strategic approach to the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week (AELW) 2024 includes ensuring a resilient and inclusive global economy.

Its minister Tengku Datuk Seri Zafrul Abdul Aziz said that MITI will also ensure that it drives digital inclusion and the prudent use of artificial intelligence, as well as promotes digital investment, sustainable investment, and sustainable socio-economic growth,

“From the perspective of the ASEAN Chairmanship by Malaysia next year, MITI will try to strengthen the concept of ASEAN's centrality and neutrality at this APEC meeting as ASEAN has the potential to become a ‘middle power’ in the current uncertain geopolitical scene," he said in his social media post today. 

Tengku Zafrul said economic cooperation in the Asia Pacific region should be based on the rule of law so that it benefits all its members -- this aspiration is reflected in this year's APEC theme "Empower. Include. Grow.”

“The involvement of Prime Minister Datuk Seri Anwar Ibrahim, as coordinated by MITI, is to ensure that the theme greatly benefits Malaysia in terms of increased trade and investments amid a peaceful global environment,” he said. 

Anwar, also the Finance Minister, safely arrived in Lima, Peru, on Nov 12 for an official visit and to attend the AELW, which runs from Nov 14-16.

In addition to Tengku Zafrul, he was accompanied by Foreign Minister Datuk Seri Mohamad Hasan, Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir, and Deputy Natural Resources and Environmental Sustainability Minister Datuk Seri Huang Tiong Sii, along with senior government officials. 

Lima, the capital of Peru with a population of 11.36 million, is hosting the APEC meeting for the third time after 2008 and 2016. 

The South American country borders Ecuador and Colombia to the north and Brazil to the east.

Malaysia and Peru are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Total trade between Malaysia and Peru from January to July 2024 amounted to RM1.16 billion, up 36.3 per cent from RM847.7 million in the same period in 2023. 

-- BERNAMA