SINGAPORE: ASEAN’s next stage of economic integration could draw on the principles underpinned by Malaysia's New Industrial Master Plan (NIMP) 2030, said Malaysian Investment Development Authority (MIDA) chairman Tengku Datuk Seri Zafrul Abdul Aziz.
He said NIMP 2030, which was launched in 2023, became a key industrial pillar of the broader MADANI Economy framework by aiming to advance economic complexity, accelerate tech adoption, push for net zero, as well as safeguarding economic security and inclusivity.
Tengku Zafrul noted that ASEAN sits strategically between the East and West, astride some of the world’s most important trading routes.
"We have large consumer markets, abundant resources, growing digital economies and diverse pools of talent.
"ASEAN received US$226 billion (US$1=RM4.08) in foreign direct investment in 2024, almost twice the level recorded in 2015. The key question is what that investment brings to our people,” he said in his keynote address titled "Beyond Profit: Closing the Wealth Gap as ASEAN and China’s Greatest Competitive Advantage” at the 2026 China-ASEAN Business Leaders Summit on Monday.
Meanwhile, he emphasised that manufacturing and industrial development remain crucial to the region as their impact extends across suppliers, logistics, professional services, technology, energy and skills.
"Done right, an investment leaves a legacy of know-how, stronger firms and better-skilled workers. That same principle should guide ASEAN’s next stage of development,” he added.
Tengku Zafrul highlighted that ASEAN and China both carry indigenous traditions that already treat shared prosperity as a condition of good business.
According to him, the lesson for ASEAN and China in the current global landscape is that closing the wealth gap requires the same policy intent that built the growth in the first place.
Both economies have different strengths, different levels of development and different pools of talent, he noted, stressing that regional integration should allow those strengths to reinforce one another while giving companies a larger market and room to grow.
"A stronger regional economy also creates more opportunities for people and businesses to build wealth,” he added. - Bernama
