Kuala lumpur: The outlook for ASEAN remains optimistic despite geopolitical headwinds from the conflict in West Asia involving Iran and the United States, said Sunway Group founder and chairman Jeffrey Cheah. Speaking at a public lecture titled 'The Future of ASEAN in a Multi-Polar World', he described the situation in West Asia as concerning but expressed confidence that better times could emerge as regional ASEAN member states navigate current challenges.

According to BERNAMA News Agency, Cheah also commended Prime Minister Datuk Seri Anwar Ibrahim for his leadership during Malaysia's ASEAN chairmanship last year, noting that it helped elevate the region's global profile. Cheah stated, "ASEAN has come a long way, and the Prime Minister has done a good job bringing ASEAN to the world and making the world realise that ASEAN is progressing well." He further elaborated on the management of oil and related issues, highlighting the global shift towards green energy, which he supports.

Meanwhile, United Nations Sustainable Development Solutions Network president Professor Jeffrey D. Sachs discussed the potential rise of China's currency, the yuan, as a key global currency within the next decade. He noted significant changes in the global payment system as more countries explore non-US dollar payment mechanisms. Sachs remarked on the efforts of BRICS countries to develop transaction methods less vulnerable to US sanctions, accelerating the shift towards alternative currencies.

Sachs predicted that renminbi-denominated transactions could make up about 20 percent of global settlements within the next ten years, as settlements in the US dollar might fall below 50 percent. This shift, he suggested, could weaken the US's financial leverage as countries find ways to bypass the current system. Additionally, Sachs acknowledged China's leadership in future technologies, especially in green technologies crucial for the energy transition, such as renewable energy generation, photovoltaics, wind turbines, fourth-generation nuclear power, and the hydrogen economy.