Latest news with #PutrajayaVision2040
The Sun
11-06-2025
- Business
- The Sun
Apec finance ministers to unveil new roadmap to replace Cebu Action Plan in October
KUALA LUMPUR: Asia-Pacific Economic Cooperation (Apec) finance ministers will launch a new roadmap to replace the Cebu Action Plan this October. Deputy Finance Minister Lim Hui Ying said the new roadmap will define the priorities of the Apec Finance Ministers' Process (FMP) over the next five years. 'It will identify the FMP's medium-term initiatives and deliverables towards the achievement of Apec's Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community,' she said in her keynote speech at Abac-Asean BAC APFF 2025 Southeast Asia Conference: Financing Asean's Development Priorities today. She emphasised the need for Asean members to actively participate in Apec discussions and decisions, especially as the forum prepares its new roadmap. 'It is critical for Asean members to work together within Apec to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said. Lim said new business models and technology carry risks that are still not yet fully understood today. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' Responding to these challenges and opportunities, she said, will require stronger regional financial cooperation. 'At the same time, it will also require closer collaboration between the public and private sectors.' In this context, Lim said, the Apec and Asean processes have a critical role to play in providing platforms for action among members and for enhanced government and regulatory engagement with the private sector. She said new business models and rapid advances in technology can help in redesigning finance to better serve micro- small and medium enterprises and marginalised consumers. 'These include digital technologies like blockchain, AI and quantum computing. They include new products such as crypto and tokenised assets and digital currencies.' Meanwhile, Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Asean has long talked about deeper economic integration but progress has been slow or repeatedly delayed. 'Echoing Singapore Prime Minister Lawrence Wong's remark that the bloc faces its moment of truth, it must step up or risk losing relevance. Unfortunately, we have heard similar words before. I hope this time we really move ahead with integrating our economies,' he said. Nazir noted that execution has been lacking not only from governments, but also from the private sector. 'The private sector has also fallen short. Are we doing the deals we should be doing – in partnerships, mergers and acquisitions, supply chains and trade? I don't think so.' He highlighted that intra-Asean trade and investments remain low as a percentage of total trade and investments. 'The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?' Nazir said the bloc is not trying to model itself after the European Union, noting that Asean functions best through small, concrete steps, not grand, unachievable sound bites. 'The good news is that we now have a much clearer understanding of what Asean can and should realistically achieve.'
New Straits Times
11-06-2025
- Business
- New Straits Times
APEC Finance Ministers to launch new 5-year roadmap in October
KUALA LUMPUR: The Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, set for October, will unveil a new roadmap to replace the Cebu Action Plan. Deputy Finance Minister Lim Hui Ying shared that the roadmap would establish the priorities of the APEC Finance Ministers' Process for the next five years. "It will identify initiatives and medium-term outcomes to be achieved to realise the Putrajaya Vision 2040 of an open, dynamic, resilient, and peaceful Asia-Pacific community. "This roadmap will also include initiatives and outcomes aimed at supporting sustainable growth across the region. "It is crucial for Asean member countries to collaborate closely within the APEC framework to ensure Southeast Asia's shared priorities are incorporated into the new APEC roadmap and to ensure all initiatives are complementary and consistent," she said during her keynote address at the ABAC-Asean BAC-APFF Southeast Asia Conference 2025. She reaffirmed Malaysia's commitment to playing an active role, particularly through collaboration with the Asean Business Advisory Council (Asean-BAC), to promote regional financial integration and development. She further noted that Malaysia anticipates valuable insights and recommendations from the "Financing Southeast Asia's Development Priorities" conference held as part of the event. "This is alongside aspirations to facilitate the annual roundtable dialogue between APEC Finance Ministers and the APEC Business Advisory Council (ABAC) in Incheon, South Korea, this coming October," she added. The 2025 ABAC-Asean BAC-APFF Southeast Asia Conference convenes financial and business leaders to address critical challenges facing Asean and APEC and also spotlights pivotal themes such as sustainable energy access and financial digitalisation. The event served as a platform to showcase regional successes, with speakers highlighting projects that exemplify effective public-private collaboration. Building on the momentum of the 46th Asean Summit, the conference highlighted the interconnectedness of Asean's and APEC's strategic priorities. The discussions aligned with Asean-BAC's 12-initiative roadmap, which includes advancing capital market integration and promoting sustainability frameworks. Asean-BAC chairman Tan Sri Nazir Razak said that the programme aims to unite leaders, investors, and policymakers in a solutions-oriented dialogue on Asean's growth trajectory. He also called for increased accountability and action from both the public and private sectors to drive economic integration in the region. Highlighting the stagnant intra-Asean trade and investment, he stated, "When I imply the lack of execution in Asean, I am not just pointing at the regional organisation or governments for that matter. The private sector has also fallen short." Nazir called fo the need for businesses to pursue partnerships, mergers and acquisitions (M&A), and robust supply chain and trade activities, noting, "Intra-Asean trade and investments remain low as a percentage of total trade and investments." "The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?" "That is why this conference, themed 'Financing Southeast Asia's Development Priorities: Identifying Medium-Term Deliverables for Public-Private Collaboration', is so critical," he said. "Asean needs to deepen and connect its capital markets to unlock the potential of domestic savings, attract global capital, and drive innovation," he said.
Scoop
13-05-2025
- Business
- Scoop
APEC Human Resources Development Ministers Issue Joint Statement
Ministers responsible for human resources development from APEC's 21 member economies convened in Jeju for the 7th APEC Human Resources Development Ministerial Meeting (HRDMM). They issued a joint statement under the theme 'Sustainable Labour Markets and Jobs for the Future,' reaffirming their commitment to building inclusive, adaptable and resilient labour markets across the Asia-Pacific. Ministers acknowledged the need to modernize labour systems to keep pace with transformations driven by artificial intelligence, automation and new forms of work. They agreed to promote adaptable working conditions, strengthen social protections and address structural inequalities and labour market polarization. In preparing for future jobs, ministers committed to aligning skills development with industry needs, expanding access to lifelong learning and improving employment services. The joint statement also emphasized support for women, youth, older workers and persons with disabilities to enhance participation across the labour force. The ministers also highlighted the need for cooperation in addressing labour market polarization and ensuring that workers are equipped with the skills necessary for emerging industries. The statement aligns with APEC's broader goals under the Putrajaya Vision 2040 and the Aotearoa Plan of Action.
Scoop
13-05-2025
- Business
- Scoop
APEC Backs Global Push For WTO Investment Facilitation For Development Agreement
Issued by the Committee on Trade and Investment and the Investment Experts' Group Jeju, Republic of Korea, 13 May 2025 With cross-border investment facing growing barriers and uncertainty, APEC member economies have expressed collective support for the Investment Facilitation for Development (IFD) Agreement, calling for its integration into the World Trade Organization (WTO) legal framework. The agreement aims to improve transparency, streamline procedures and create a more predictable environment for investors, particularly in developing economies. Meeting in Jeju during the Second APEC Senior Officials' Meeting and Related Meetings, the Committee on Trade and Investment and the Investment Experts' Group issued a joint statement encouraging broader participation in the IFD Agreement and its incorporation into the WTO legal framework. 'The IFD Agreement has significant potential to improve the investment and business climate across the world, reducing the cost of investment and making it easier for investors in all sectors to operate, expand and contribute to economic growth,' said Christopher Tan, Chair of the APEC Committee on Trade and Investment. Tan noted that the IFD Agreement will contribute to the Putrajaya Vision 2040's goal of delivering a transparent and predictable trade and investment environment in the Asia Pacific Region, and further the region's interest to attract and sustain investment. 'Incorporating the IFD Agreement into the WTO framework would be a major step forward for global trade and investment, and a win for the region,' he added. The joint statement further reinforces the newly updated Investment Facilitation Action Plan (IFAP) 2025, underscoring APEC economies' shared recognition of the IFD Agreement as a key driver in advancing the region's investment goals. 'The effective implementation of the IFD Agreement has the potential to significantly boost investment flows, foster inclusive economic growth and narrow the development gap between economies,' said Faizal Mohd Yusof, Convenor of the APEC Investment Experts' Group. 'It is essential that we sustain momentum toward integrating this Agreement into the WTO framework, ensuring that all economies, regardless of their level of development, can fully benefit,' he concluded.
Scoop
04-05-2025
- Business
- Scoop
Accelerating Women's Economic Participation For Sustainable Growth
Issued by the APEC Policy Partnership on Women and the Economy Jeju, Republic of Korea, 4 May 2025 APEC economies are accelerating collective action on long-standing structural barriers limiting women's economic participation, ranging from inadequate care infrastructure and underrepresentation in global value chains to gender-based violence and unequal access to innovation. Under the theme ' Women's Economic Participation for Sustainable Growth,' the first meeting of the APEC Policy Partnership on Women and the Economy (PPWE) held in Jeju, Korea, from 3 to 5 May is mobilizing policymakers, experts and stakeholders to advance targeted, cross-sector strategies that embed gender equality at the heart of economic recovery and sustainable growth in the Asia-Pacific. Opening the three-day meeting, Acting Minister of Gender Equality and Family of Korea, Shin Young-sook, underscored the importance of regional collaboration to share policies and strengthen solidarity on gender equality. 'With the goal of advancing gender equality and women's economic empowerment in the Asia Pacific region, APEC member economies established this meeting as a platform to share concrete policies and laid a foundation for stronger solidarity,' said Acting Minister Shin. Recognizing the forum's continued efforts over the decades, Acting Minister Shin highlighted landmark frameworks including the Framework for the Integration of Women in APEC (1999), the La Serena Roadmap for Women and Inclusive Growth (2019) and the Putrajaya Vision 2040. 'These milestones have highlighted the importance of increasing women's participation in the labor market, strengthening women's leadership and women's empowerment and collecting sex-disaggregated data.' 'APEC has also contributed to promoting women's economic empowerment through women's active participation in trade and investment, the digital economy and sustainable growth,' Acting Minister Shin added. In line with Korea's APEC 2025 priorities of 'Connect, Innovate, Prosper', Acting Minister Shin outlined three areas of gender-responsive action. 'Under Connect, we aim to strengthen the global response to keep our society safe from gender-based violence,' she said. 'Through Innovate, we are focused on advancing women's empowerment and economic participation in the digital and AI sectors. And under Prosper, we seek to rebuild care systems in response to demographic shifts, laying the foundation for a more sustainable future.' In her opening remarks at the meeting, Anita Peña, the Chair of the PPWE acknowledged the group's continued role in policy exchange and collaboration. 'Approximately 26 meetings have been held providing a robust platform for economies to exchange perspectives and collaboratively strengthen policies aimed at advancing women's economic empowerment,' she said. Peña highlighted key focus areas of the 2025 meeting, including global value chain resilience, the care economy, resilient economies and women's roles in science, health and environmental resilience. She emphasized that these focus areas draw on PPWE's deep expertise across the Asia-Pacific and benefit from strong leadership within various APEC fora. 'By fostering cross-fora collaboration through PPWE dialogues, we not only strengthen synergies across APEC, but also highlight the central role of women's economic empowerment in shaping inclusive and resilient policy outcomes across the region,' Peña added A policy discussion on women's participation in global value chains explored inclusive strategies for strengthening women's leadership and access across supply networks. Persistent gender gaps in access to trade finance, digital skills and leadership pathways continue to limit the economic potential of women-owned businesses. Cross-sector partnerships, inclusive trade policy design and stronger support mechanisms were emphasized as key enablers to boost women's meaningful integration into global supply chains. A second policy session explored how preventing violence against women and girls is fundamental to enabling inclusive, sustainable economic growth, especially in the digital age. Delegates examined the growing prevalence and complexity of both offline and online gender-based violence across the region The discussion called for stronger legislation, improved data and digital safety systems, and intersectional support for vulnerable groups as essential components of a gender-inclusive policy framework. 'I sincerely hope that this meeting provides APEC members with an opportunity to explore strategies for effectively addressing the global women's economic agenda and to engage in meaningful discussion that strengthen cooperation in the Asia-Pacific region,' concluded Acting Minister Shin.
