Malaysia, Asean committed to exploring financial cooperation with Japan
Malaysia and Asean are committed to exploring new cooperation and partnerships with Japan in the areas of finance, said Deputy Finance Minister I Datuk Seri Ahmad Maslan.
Malaysia and Asean also hope to expand Asean – Japan strategic collaborations in financial services, trade and investment, infrastructure development, defence cooperation, capacity building, tourism, information and communications technology, cultural exchange, as well as science and technology, he said in his keynote speech at the Asean – Japan 50th Anniversary Finance Ministers’ and Central Bank Governors’ Special Meeting, held in Incheon, South Korea recently.
“By leveraging the strengths and expertise of our respective countries, a stronger and more integrated financial ecosystem can be established and bring benefits to both Asean nations and Japan,” he said at the event, according to a statement released by the Finance Ministry.
Ahmad attended the 26th Asean+3 Finance Ministers and Central Bank Governors’ Meeting and other related meetings from 1st to 2nd May, 2023, in Incheon as a representative of Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim.
He also attended the 56th Annual Meeting of the Asian Development Bank’s (ADB) Board of Governors and related meetings in the same city from 1st to 5th May.
In his keynote speech at the ADB meeting, Ahmad highlighted Malaysia’s encouraging Gross Domestic Product performance with growth of 3.1% in 2021 and 8.7% in 2022, as well as a projected growth of 4.5% for 2023, in line with the latest global growth forecast by the International Monetary Fund and World Bank.
“Under the stable administration of the unity government which has a two-thirds majority in Parliament, Malaysia is aiming for higher economic achievements in the future,” he said.
Ahmad added the Malaysia MADANI concept is also stressed to realise the vision of creating a civilised, skilled and inclusive society based on six core values of sustainability, prosperity, innovation, respect, trust, and compassion.
Malaysia has also supported ADB’s important role of assisting member countries in addressing climate change challenges, boosting digital infrastructure and reducing poverty.
The deputy minister also held a bilateral meeting with China’s Vice Finance Minister Wang Dongwei, during which he brought up Anwar’s recent official visit to China and expressed Malaysia’s hope that the RM170 billion investment commitments secured during that trip are jointly facilitated and followed up on.
Meanwhile, during a meeting with ADB president Masatsugu Asakawa, Ahmad welcomed ADB’s initiative to battle against climate change via the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP).
The IF-CAP financing, announced at the ADB annual meeting, will contribute to the bank’s raised ambition for US$100 billion (RM444 billion) from its own resources for climate change from 2019 to 2030.