Malaysia To Capitalise On ASEAN's Expanding Billion-Consumer Market - Rafizi

Malaysia should capitalise on the ASEAN open market to showcase its products and services, keeping itself at the forefront of a bloc projected to reach one billion consumers, Economy Minister Rafizi Ramli said.

He said Malaysia is already leading in the region, offering significant opportunities as ASEAN is projected to become the world's fourth-largest economic power within the next 10-15 years.

"This 10-15 year period is brief. ASEAN currently has around 700 million consumers, and within this timeframe, the number is expected to grow to one billion.

"China has emerged as a major economic power, and India is also on track to become one, with a market exceeding one billion consumers," he told reporters after attending the Kick-Off Conference for the Thirteenth Malaysia Plan (2026-2030).

He added that, aside from the major global economies, ASEAN is the only region experiencing strong, sustained growth, with a consumer base on track to surpass one billion.

Rafizi further highlighted that many experts predict ASEAN will surpass Europe as the world's third-largest consumer market.

"In terms of our regional peers, Malaysia consistently ranks second in gross domestic product per capita, following Singapore. While our population may not be vast, it is projected to grow to 40 million, and our market remains significant.

"We have the right balance, with strong growth, abundant resources, and a strategic location at the heart of ASEAN. The potential is enormous. That is the future we aim to chart, which is why RMK-13 is a crucial planning document that aligns with this trajectory," he said.

In his earlier speech, Rafizi explained that RMK-13 would echo RMK-1, a concise and comprehensive strategic document where every word aligns with specific policy directions.

The minister also emphasised the government's aim to collect diverse ideas and feedback to foster an environment where concerns can be raised and the government can be guided in the right direction.