EU to mobilise RM47bil for Asean investments

FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, September 28, 2022. REUTERS/Yves Herman

PETALING JAYA: In commemorating the celebration of 45 years of cooperation between the European Union (EU) and Asean, the EU and its member states has announced a mobilisation of €10bil (US$10.59bil or RM47.04bil) as part of the Global Gateway to accelerate infrastructure investments in Asean countries.

This package will focus on the green transition and sustainable connectivity in South-East Asia, underpinned by two Team Europe Initiatives, namely, the Sustainable Connectivity Initiative and the Green Team Europe Initiative.

Investments will focus on energy, transport, digitalisation, education and the promotion of trade and sustainable value chains.

They will support South-East Asia’s transition to a green economy, ensuring better access to essential services, economic opportunities and jobs.

“We celebrate 45 years of cooperation between two regions that believe in multilateralism and a rules-based world order. Global Gateway will further deepen our strategic partnership.

“The Sustainable Connectivity Initiative will strengthen Asean’s economy, create jobs and be a catalyst in our fight against climate change,” European Commission president Ursula von der Leyen said in a statement.

The Sustainable Connectivity Initiative will accelerate infrastructure investment in South-East Asia.

The Sustainable Connectivity Team Europe Initiative would support the Asean electric grid interconnections to improve access to renewable energy, invest in digitalisation including connectivity via submarine cables, and promote environmentally, economically, and socially sustainable value chains.

The Green Team Europe Initiative would strengthen the EU’s partnership with the region in areas including climate action, environmental and biodiversity protection, clean energy transition, disaster resilience, prevention of illegal logging, wildlife trafficking and air pollution.

It provides the framework for coordinated green action between participating Team Europe partners and Asean and its member states.

Deputy Minister of International Trade and Industry, Liew Chin Tong, represented Minister Tengku Datuk Seri Zafrul Abdul Aziz at the 10th Asean-EU Business Summit in conjunction with the 45th Asean-EU Commemorative Summit in Brussels recently. — Bernama