SUB-REGIONAL DEVELOPMENT WILL MAKE SOUTHEAST ASIA MORE ECONOMICALLY INDEPENDENT - AMIR HAMZAH

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, April 8 (Bernama) -- The development of the Brunei, Indonesia, Malaysia, Phillippines (BIMP) and East ASEAN Growth Area (EAGA) will not only benefit Sabah and Sarawak but contribute towards reinforcing Southeast Asia's economy, Finance Minister II Datuk Seri Amir Hamzah Azizan, said today.

In making the call, he said it would offer immense economic opportunities to foster intra-trade growth and  lessen the region's dependence on outside markets amid current challenges brought on by the imposition of United States tariffs on member states, he said.

There were a lot of cross-border initiatives including co-dependence and collaboration that could be nurtured within the economic subregion, he said, alluding to them contributing towards overall development and reinforcing Southeast Asia's economy and for it to be economically independent.

“I'm hopeful that we will look and explore those areas (as) the more resilient (we are), the more intra-trade that we can build, the less dependency we have outside," he told Bernama after visiting Sabah, Sarawak and Borneo booth at the Malaysia Open House Exhibition ASEAN 2025 in conjunction with the 12th ASEAN Finance Ministers' and Central Bank Governors’ Meeting (AFMGM) and related meetings here.

This is the "same principle that we are working on between BIMP together with other ASEAN initiatives because it's part and parcel of ASEAN (and) we want greater intra-ASEAN trade growth,” he said in responding to a question on how Sabah and Sarawak through their involvement in BIMP-EAGA  initiative contributes to and complements ASEAN’s broader regional integration goals.

Amir Hamzah said the global challenges faced today, such as the US tariffs, highlight the importance of ASEAN interacting and collaborating between regions to strengthen economic ties.

“If you look at the initiative that ASEAN is trying to do, the most important is bringing the various groups together.

“When we have interactions (and) partnerships built and businesses that interact with each other, then they can translate the opportunities into reality. So, if we don't have the interaction, nothing will happen,” he added. 

He said the whole concept of bringing ASEAN leaders together, organising exhibitions and inducing investment climate conferences, is aimed at raising awareness and actively creating trade and investment interaction.

“What governments can do is to facilitate through better policies, promotions and improvements in terms of policy and regulation. Hopefully, on a holistic intra-ASEAN basis, we will be able to stimulate growth for the regional economy,” he added. 

-- BERNAMA