Bangkok: Consistent policies and common mechanisms across ASEAN can help create a more connected market, making the bloc more attractive to capital and providing a base of stability for the region's future progress.
According to BERNAMA News Agency, Finance Minister II Datuk Seri Amir Hamzah Azizan stated that adopting common policies, such as standardised emissions measurement, consistent intervention tools, and aligned taxonomy in areas like climate change, would make ASEAN markets more fluid and interconnected. This approach would allow the region to be seen as a single market rather than a collection of separate countries.
He emphasized that these common policies attract capital and provide a stable foundation for ASEAN's progress. Amir Hamzah made these remarks at a high-level roundtable on 'Bringing Everything Together - Policy Challenges for Asia Going Forward,' which was part of the Asia in 2050 Conference in Bangkok, Thailand.
The event was organized by the Bank of Thailand in collaboration with the International Monetary Fund (IMF) and brought together experts, policymakers, and industry leaders from across the region to foster knowledge exchange and innovative thinking about future challenges and opportunities. Other notable panellists included IMF managing director Kristalina Georgieva, Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, and Central Bank of Sri Lanka governor P. Nandalal Weerasinghe.
Amir Hamzah highlighted ASEAN's diversity, with its population of 700 million offering significant growth potential. By identifying common ground and focusing on non-controversial areas, the bloc can strengthen inter-regional cooperation. He cited the ASEAN Power Grid as an example of a non-controversial initiative that benefits all member countries.
He also mentioned the Malaysia-Singapore cooperation on the Johor-Singapore Special Economic Zone (JS-SEZ) as a case where joint efforts could be more effective than individual actions. Through inter-country cooperation, inter-ASEAN cooperation could grow stronger.
One of ASEAN's main challenges, according to Amir Hamzah, is keeping pace with rapid technological changes. He stressed the need to ensure that society does not become divided, with certain groups progressing much more than others.
For Malaysia, architecting the way forward is a key priority. He noted that Malaysia has done well in recent years by restoring fiscal spaces and implementing fiscal discipline. However, to reach the next stage, the Malaysian economy needs to evolve and become more complex.
Amir Hamzah also stressed the importance of providing the younger generation with greater opportunities to engage and contribute, with technology acting as a powerful equalizer. He remains optimistic that if done right, Malaysia will continue to advance.