Kuala Lumpur (VNA) – The Association of Southeast Asian Nations (ASEAN) should mobilise its immense pool of regional funds to meet the bloc’s investment needs and in the process create corporate champions, Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour has said.
As reported by Malaysia’s national news agency Bernama, he made the remarks at a panel session entitled “ASEAN: Challenges and Opportunities at the Asia 2050 Conference in Bangkok, Thailand, organised by the International Monetary Fund (IMF).
The Malaysian official said ASEAN has significant financial resources from pension funds to the tune of 4.4 trillion USD and insurance institutions of 5.1 trillion USD that could be utilised to support regional development.
He added that initiatives such as the Capital Market Master Plan for the region is important, in terms of how the bloc can harmonise the regulatory and production frameworks and enhance the capital market connectivity within itself.
Abdul Rasheed also said that non-tariff barriers (NTBs) remain a major obstacle to intra-regional trade, with their price equivalent impact estimated at 5% to 7% on ASEAN products, compared with only 0.2% from tariffs.
Echoing his point, chief economist Dong He of the ASEAN+3 Macroeconomic Research Office (AMRO), said ASEAN needs stronger financial integration to support the growth of regional companies and advance deeper economic integration.
He said strengthening the financial side of the economy is essential if ASEAN firms are to expand and compete more effectively across the region./.
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