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The Sun
07-07-2025
- Business
- The Sun
Malaysia hosts 58th AMM with global powers in Kuala Lumpur
KUALA LUMPUR: As Malaysia gears up to host the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings starting July 8, the city is alive with diplomatic energy. This year's event stands out not only for its extensive agenda but also for Malaysia's success in attracting participation from more than 35 countries, including major global powers. The four-day summit will feature 24 ministerial-level meetings, engaging ASEAN Dialogue Partners, Sectoral Dialogue Partners, and external stakeholders. Unlike forums such as the G20, which focus narrowly on economic governance, the AMM offers a broader platform centered on consensus-building, regional stability, and inclusive cooperation. Malaysia's ability to convene such a high-profile gathering amid rising geopolitical tensions highlights its credibility as a middle power. The country has long been active in global diplomacy, from peacekeeping missions to advocating for Palestinian rights and promoting South-South cooperation. Adding urgency to this year's discussions is the looming July 9 deadline for the U.S. cooling-off period on trade tariffs. A potential reimposition of tariffs on Chinese goods could destabilize regional economies, including Malaysia's. With both the U.S. and China attending, the AMM provides a crucial opportunity for ASEAN leaders to address these concerns collectively. Oh Ei Sun, Senior Fellow at the Singapore Institute of International Affairs, noted Malaysia's pivotal role in a divided world. 'We live in a very polarised world, and it is increasingly important for middle powers such as Malaysia to carefully balance its own national interests versus the greater good for the world,' he told Bernama. The Fourth Conference on Cooperation among East Asian Countries for Palestinian Development (CEAPAD IV), held alongside the AMM, further elevates the event's significance. Co-chaired with Japan and Palestine, the conference aims to support Gaza's reconstruction and build consensus against Israeli aggression. Datuk Seri Amran Mohamed Zin, Secretary General of Malaysia's Foreign Ministry, emphasized the high expectations for Malaysia's ASEAN Chairmanship. 'As soon as Malaysia assumed the ASEAN Chairmanship, there were high hopes among ASEAN partners that cooperation would strengthen,' he said. With key players like the U.S., China, Japan, and the EU in attendance, the AMM serves as a vital forum for tackling regional security, economic resilience, and sustainable development. Malaysia is not just hosting—it is shaping the regional agenda with an inclusive, balanced approach rooted in ASEAN centrality. As the world watches, the 58th AMM is more than a diplomatic event. It is Malaysia's opportunity to reaffirm its global relevance, bridge divides, and lead with purpose toward peace and shared prosperity.
Barnama
07-07-2025
- Business
- Barnama
All Eyes On 58th AMM As Malaysia Draws Global Powers To Kuala Lumpur
What sets this year apart is not just the breadth of the agenda but Malaysia's remarkable ability of Malaysia, as ASEAN Chair, to draw participation from over 35 countries - including key dialogue partners and regional stakeholders, some of which are among the world's leading powers. KUALA LUMPUR, July 7 (Bernama) -- As Malaysia prepares to host the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings beginning July 8, the capital city is already abuzz with diplomatic anticipation. In contrast to forums like the G20 Foreign Ministers' Meeting, which is smaller in scope and focused on global economic governance, the AMM brings together a broader mix of nations - within a structured platform grounded in consensus-building, regional stability and inclusive cooperation. While global platforms such as the United Nations General Assembly (UNGA) may attract more leaders on an annual basis, the AMM remains Southeast Asia's foremost multilateral diplomatic forum. The four-day gathering will feature 24 ministerial-level meetings encompassing engagements with ASEAN Dialogue Partners, Sectoral Dialogue Partners and external partners - underlining its pivotal role in the regional diplomatic calendar.. Adding a layer of urgency to this year's ASEAN meetings is the mounting global economic uncertainty stemming from the looming July 9 deadline for the expiration of the United States' cooling off period on trade tariffs. Malaysia is no stranger to proactive international diplomacy. Its international engagement spans from peacekeeping missions, advocating for the rights of Palestinians, championing South-South cooperation and consistent calls for an end to conflicts worldwide. At a time when geopolitical divides are widening and multilateralism is under strain, Malaysia's success in convening such a high-level international turnout reflects its standing as a credible middle power and convenor. Should Washington decide to reimpose steep reciprocal tariffs - especially targeting Chinese goods - the ripple effects could reignite trade tensions and threaten regional export-reliant economies including Malaysia. It could further throw the international trading order into disarray. Nevertheless, with major economies like the United States and China both at the table, the AMM offers a timely and critical platform for ASEAN leaders to express collective concern and explore coordinated strategies to mitigate the potential fallout. According to Oh Ei Sun, Senior Fellow at the Singapore Institute of International Affairs, Malaysia plays a pivotal role in today's increasingly fragmented world. "We live in a very polarised world and it is increasingly important for middle powers such as Malaysia to carefully balance its own national interests versus the greater good for the world," he told Bernama. For Oh, the key message from this upcoming gathering is clear -- peace and prosperity. "Regionally, we are facing several ongoing or looming crises, such as the situation in Myanmar and tensions between Thailand and Cambodia. At the same time, we are the fastest-growing region in the world. We need to explore how we can better engage with major economies and serve as a role model for less developed nations," he said. Malaysia's approach to diplomacy appears to have struck the right chord, both regionally and globally. Its ability to attract a wide spectrum of countries to the AMM reflects ASEAN's enduring relevance and Malaysia's commitment to meaningful, inclusive engagement. Further elevating the stature of this year's meeting is the convening of the Fourth Conference on Cooperation among East Asian Countries for Palestinian Development (CEAPAD IV), held on the sidelines of the AMM. Co-chaired with Japan and Palestine, the conference is expected to focus on ongoing efforts to support the reconstruction and development of Gaza and Palestine. It also aims to build consensus on ending Israel's aggression against the hapless Palestinians. The convergence of so many countries in Kuala Lumpur underscores not just the importance of the ASEAN meetings but also Malaysia's role growing role as a diplomatic bridge—capable of bringing together diverse interests in pursuit of peace, development, and regional stability. Secretary General of the Ministry of Foreign Affairs, Datuk Seri Amran Mohamed Zin, noted that Malaysia's ability to attract such broad participation this year reflects the high expectations placed on its ASEAN Chairmanship since it assumed the role in January. 'As mentioned at the beginning of the year, as soon as Malaysia assumed the ASEAN Chairmanship, there were high hopes among ASEAN partners as well as dialogue partners that ASEAN cooperation and relations with external parties would continue to be strengthened," he said at a press conference held in conjunction with the 58th AMM and related meetings here. Amran emphasised that the participation of foreign ministers this year goes beyond mere protocol - it reflects genuine interest in Malaysia's leadership and hosting of ASEAN. With key partners such as the United States, China, Japan, India, the European Union and South Korea scheduled to attend, the AMM serves as a vital platform to address pressing issues, including regional security, economic resilience and sustainable development. Malaysia is not just playing host—it is actively shaping the regional agenda through an inclusive and balanced approach, rooted in ASEAN centrality and open to broader cooperation. As the world watches, the 58th AMM is more than a diplomatic gathering. It is Malaysia's moment to reaffirm its global relevance, bridge regional divides and lead with a sense of purpose to achieve peace and shared prosperity. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
CNA
30-05-2025
- Business
- CNA
CNA938 Rewind - France is first European country Singapore has CSP with
CNA938 Rewind Play France and Singapore will grow cooperation in areas like civilian nuclear energy, intelligence sharing and defence technology. This upgrades the two nations' relationship to a comprehensive strategic partnership (CSP) – marking Singapore's first CSP with a European country. Lance Alexander and Daniel Martin speak with Dr Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs.
CNA
30-05-2025
- Business
- CNA
CNA938 Rewind - France and Singapore enter a comprehensive strategic partnership
CNA938 Rewind France and Singapore will grow cooperation in areas like civilian nuclear energy, intelligence sharing and defence technology. This upgrades the two nations' relationship to a comprehensive strategic partnership (CSP) – marking Singapore's first CSP with a European country. Lance Alexander and Daniel Martin speak with Dr Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs.
New Straits Times
02-05-2025
- Business
- New Straits Times
Cost of living in Malaysia rises moderately despite low nflation
KUALA LUMPUR: Malaysia's cost of living, as indicated by the Consumer Price Index (CPI), is on the rise, influenced by global economic uncertainties and domestic policy challenges. However, inflation remains relatively low. In March 2025, Malaysia's inflation rate eased to 1.4 per cent, slightly down from 1.7 per cent in January and 1.5 per cent in February, according to the Department of Statistics Malaysia (DOSM). The CPI rose to 134.1 points in March, compared to 132.2 points in the same month last year. DOSM reported that this year's rising cost of living is primarily driven by price increases in several categories, including food and beverages, accommodation services, personal care, education, and insurance and financial services. Economists suggest that this trend reflects a delicate balancing act between external economic pressures and Malaysia's efforts to stabilise its domestic market. To address the rising cost of living, Dr. Oh Ei Sun, Senior Fellow at the Singapore Institute of International Affairs, calls for comprehensive structural reforms to ease the financial burden on citizens. He emphasises the necessity of reducing regulatory burdens by reforming tax and subsidy systems, enhancing public services, and simplifying compliance processes. These measures aim to bolster productivity, foster competition, and fortify economic resilience. Dr Oh said that Malaysia's heavy reliance on imports for essential goods, particularly food and energy, makes local prices susceptible to global market fluctuations. He said that this dependence exposes Malaysia to international price volatility, affecting domestic costs. Fluctuations in global fuel prices and a weakened ringgit further exacerbate the cost of imported goods, impacting daily expenses, he told Business Times. Retailers and businesses, facing increased operational costs, often pass these expenses onto consumers, contributing to the overall rise in living costs, he said. Dr Oh warns that as worldwide prices increase due to geopolitical concerns, local prices are likely to follow suit. He said that by implementing structural reforms, Malaysia can work towards achieving high-income status and improving the standard of living for its citizens. Bank Negara Malaysia (BNM) has emphasised the importance of continuing structural reforms to achieve high-income status, despite short-term risks such as potential global trade wars and rising geopolitical tensions. The central bank maintains its economic growth forecast for 2025 between 4.5 per cent and 5.5 per cent. It anticipates sustained strong economic activity driven by domestic demand and manageable inflation despite external uncertainties. The World Bank's Economic Outlook for Malaysia indicates a moderation in economic growth to 3.9 per cent in 2025, with headline inflation expected to increase to 2.6 per cent. This reflects several domestic policy reforms amid moderating cost conditions, mainly due to lower commodity prices . Challenges faced by households According to Dr Oh, food expenses alone can constitute up to 20 per cent of household income, rendering price increases in this sector especially burdensome. He noted that inflation in Malaysia tends to be gradual but persistent, often outpacing wage growth and leading to affordability challenges for many households. "So when worldwide prices of these rise, local prices rise as well," he said. Government measures, such as subsidies, have been implemented to mitigate these challenges. However, fiscal constraints have led to a shift towards targeted subsidies, aiming to reduce expenditure and minimise leakages. Despite these efforts, wage levels have not kept pace with the rising cost of living, with many workers experiencing stagnation despite increased expenses. Additionally, he said that speculative activities in the property market and the phenomenon of price stickiness—where prices remain elevated even after initial hikes—exacerbate the situation. "Evidently the levels of wage rising are not enough. The cost of living rose manyfold over the past decades, but wages are still stagnating at similar levels to the end of last century," Dr Oh said. "Inflation tends to creep in Malaysia. Although it doesn't spike suddenly, people feel prices of essential goods and services rise steadily, much more than their incomes rise. So it's a question of affordability." Dr Oh said the impact is particularly severe on lower-income households, which allocate a larger share of their income to necessities, leaving little room for savings. He emphasised that the levels of wage increases are not sufficient, as the cost of living has risen significantly over past decades, while wages remain relatively stagnant. Dr Oh pointed out that sectors like food and accommodation are experiencing above-average price increases, intensifying the financial strain on these communities. To cope with rising living costs, he advised individuals to reduce non-essential spending, though this approach can diminish quality of life. Economist: Malaysia's inflation rate lowest among Asean nations Putra Business School economic analyst Associate Prof. Dr. Ahmed Razman Abdul Latiff said Malaysia's inflation rate is considered among the lowest compared to other Asean nations. He attributed the rising cost of living to a combination of external factors, such as global economic uncertainties, and internal factors, including domestic policy challenges. External factors like climate change have disrupted agricultural yields, leading to increased food prices, while geopolitical tensions have contributed to supply chain disruptions, further elevating costs. At home, a weaker ringgit has made imports more expensive, affecting the prices of essential goods and services. Dr Razman also observed that domestic factors, including increased material costs and heightened consumer spending, have put upward pressure on prices. He anticipates that the cost of living in Malaysia will continue to rise annually. Dr Razman emphasised the necessity of long-term solutions, such as monetary system reforms and initiatives to boost income levels, to address the underlying issues contributing to the increasing cost of living. The government's decision to raise the minimum wage from RM1,500 to RM1,700 in February 2025 aims to improve income levels. However, Dr Razman pointed out that many workers still lack the bargaining power to negotiate better wages, and the increase may not be sufficient to offset the rising cost of living. He highlighted that wages have been increasing gradually on a yearly basis, but such increments among low-level wages are not enough to cover the rising cost of living. "The rising cost of living not only caused the lower-income households to have very minimal disposable income but also caused some to resort to taking debts to survive," he said. Dr Razman noted that the increase in food prices plays a significant role in the overall cost of living in Malaysia, as food costs constitute a substantial portion of the inflation rate calculation. In response, the government has implemented price controls on basic goods and services, such as rice, cooking oil, and electricity tariffs, to keep inflation in check. Efforts are also underway to rationalise subsidies, focusing on targeted assistance for lower-income groups through programs like Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA). Riding the wave Samuel Tan, chief executive officer of Olive Tree Property Consultants, said that imported inflation is a key factor driving the rising cost of living in Malaysia, particularly when the ringgit weakens against the currencies of exporting countries. This causes the prices of imported goods to rise. "The weakening of the ringgit against foreign currencies contributes to imported inflation, making imported goods more expensive. This has a significant impact on the cost of living in Malaysia, especially for items that rely on foreign sourcing," he explained. Tan pointed out that sectors such as housing, food, and transportation have experienced the most significant price increases. Additionally, occasional hikes in utility tariffs further add to the financial strain. Urban areas, such as Kuala Lumpur, Johor Bahru, and Penang, have felt these price increases more sharply than rural areas, he added. "As the prices of individual components rise, the ripple effect results in higher costs across various sectors. This interconnectedness means that price increases in one area often lead to higher prices in others," Tan said. Tan said that as the prices of individual components rise, the ripple effect results in higher costs across various sectors. This interconnection means that increases in one area often lead to price hikes in others. "The government is working to reduce the cost of doing business by eliminating unnecessary costs and taxes, which ultimately burden consumers. There should be a strong focus on sourcing products and services locally to mitigate the impact of imported inflation. "For vulnerable groups, such as the poor and marginalised, the government provides cash assistance or vouchers to help offset rising expenses," he said. Tan noted that wages have not kept up with the increasing cost of living. "Wage growth typically follows improvements in productivity and profitability, but not all companies are adjusting wages to align with rising living costs. Some businesses offer Cost of Living Allowances (COLA) for employees transferred to areas with higher living expenses, but this is not consistent across the board. "Lower-income households, particularly those in the B40 (Bottom 40 per cent) income group, are the hardest hit. This group, with households earning up to RM5,249 per month, benefits from various government subsidies and assistance programmes. "However, the M40 (Middle 40 per cent) group, which earns between RM5,250 and RM11,819 per month, faces a particular challenge, as they receive fewer subsidies and their income often falls short of meeting rising costs. Greater support for this segment is needed," he said. He pointed out that as of 2024, Malaysia has a relatively lower cost of living compared to many other Asean countries. While Malaysia provides a good balance of affordability and quality of life, regional differences in costs—particularly for housing, transportation, food, and healthcare—should be considered when comparing various locations, he said. In terms of steps to be taken to mitigate the effects of rising living costs in Malaysia, Tan said, "Financial literacy should be taught from an early age, ideally integrated into school curricula, to help individuals plan their finances effectively. As people grow older, they can learn to spend wisely and pursue financial independence by diversifying income sources through side businesses, investments, and savings. Building a savings habit is essential for managing unexpected events and ensuring financial stability." Tan added that young Malaysians face challenges in raising the initial deposit for homes due to escalating house prices. While government schemes exist to help bridge the gap, the rising cost of homes is still a barrier for many. Tan said state governments should prioritise the development of affordable housing options, and financing should be made more accessible for qualified individuals. Renting may be a more flexible and realistic option for many until they can afford homeownership, he said.
