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, highlighted that 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.
According to BERNAMA News Agency, Tengku Zafrul mentioned during the Minister’s Question Time session in the Dewan Rakyat that cooperation with BRICS countries in the field of e-commerce shows that financial technology and digital innovation can open new pathways to strengthen trade initiatives. This cooperation is pivotal in ASEAN’s efforts with other ASEAN countries and BRICS members.
He was responding to a supplementary
question from Young Syefura Othman (PH-Bentong) on Malaysia’s potential leverage of market opportunities controlled by BRICS members, whose membership now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Tengku Zafrul also pointed out that Malaysia, as the chair of ASEAN in 2025, will have the opportunity to create synergies with dialogue partners, including BRICS countries.
He elaborated that the manufacturing value chain in Malaysia and ASEAN can be enhanced through cooperation with BRICS countries, especially China and India. To this end, the government plans to enhance free trade agreements (FTA) with dialogue countries, including China and India, during the ASEAN chairmanship next year.
Additionally, the ASEAN chairmanship in 2025 will focus on discussions surrounding knowledge transfer and resource sharing, according to Tengku Zafrul. He emphasized that strengthening supply chain resilience can be achieved through diversification in the manufact
uring sector, aiming to reduce disruptions caused by geopolitical uncertainties and thereby boosting the region’s competitiveness.