Malaysia is optimistic that Asean is ready to be integrated into a
single economic block by December next year despite uncertainties in the
economic growth in eurozone and the United States.
International Trade and Industry
Minister Mustapa Mohamed said that the 10 member countries would be able to
cushion the negative impact from the two regions.
“On the average, Asean countries
have recorded a 5 per cent economic growth yearly, which is commendable in view
of the unfavourable global economic scenario,'' he said.
Mustapa was speaking to reporters
at the sidelines of the 8th World Islamic Economic Forum after delivering a key
note address on “Asean Regional Integration 2015 Opportunities for Business and
Investment”.
He said if the growth among Asean
countries continued in the coming years, the grouping would emerge as a strong
economic powerhouse by 2025 after China.
Mustapa said intra-Asean trade
amounted to US$2.15 trillion last year while foreign direct investment in Asean
countries was US$89.2 billion.
“The different economic levels or
achievement among Asean countries should not hinder Asean from becoming an
economic powerhouse,'' he added.
Mustapa said Cambodia, Laos,
Myanmar and Vietnam had recorded economic growth of 7 per cent yearly, which
was higher than the average growth in other Asean countries.
He said investors and companies
from Malaysia and Singapore were investing in these countries to further
support their economic growth.
Meanwhile, Mustapa said Asean
would not implement single-currency usage as practised in eurozone as Asean
members were “comfortable” with the current practice of using several
currencies in business transactions.
Separately, he said Singapore's
slow growth did not have much impact on Asean, including Malaysia, as unlike
Greece and Spain, Singapore did not face an economic crisis.
“In fact, Singapore is having
full employment and has to depend on foreign workers including Malaysians,” he
said.
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