January 19, 2021

News/Article Detail


ASEAN now likely 6th largest economy in the world

KUALA LUMPUR, Aug 4 — Presidential Adviser for Entrepreneurship and current ASEAN Business Advisory Council Chair Joey Concepcion attended the recently held ASEAN@50 Conference in Malaysia. The Department of Trade and Industry Secretary Ramon Lopez was also at the event wherein he gave the Keynote Address. The event was followed by the ASEAN Commemorative Dinner & Achievement Awards where Malaysian Prime Minister Datuk Seri Najib Razak was in attendance.

Malaysian Prime Minister Datuk Seri Najib Razak


Recent estimates suggest that Asean is now the sixth largest economy globally, as opposed to the seventh between 1975 and 2016, says the Prime Minster.

Najib said this rise in position also indicates Malaysia’s resilience in a challenging global environment.

“The Malaysian economy too has demonstrated its strength in recent years. The World Bank, the International Monetary Fund and the Organisation for Economic Cooperation and Development have issued reports commending the government’s sound macroeconomic management and success in transforming the economy into one that is well-diversified and inclusive,” he said in his keynote speech at the Asean@50 Commemorative Dinner and Achievement Awards, here today.

The event was hosted by the Asean Business Advisory Council (Asean-BAC) Malaysia, and Najib was accompanied by his wife, Datin Seri Rosmah Mansor, as well as International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

Najib said between 2009 and 2016, Malaysia’s Gross National Income increased by nearly 50 per cent and 2.26 million jobs were created.

“Malaysia’s inflation and unemployment have been kept low and we have secured record levels of Foreign Direct Investments, when opponents keep trying to scare people, that Malaysia is going bankrupt,” he added.

According to Najib, businesses would not be investing in Malaysia, if they felt that way, citing Hong Kong and Shanghai Banking Corporation investing over RM1 billion to build its future regional headquarters at the Tun Razak Exchange.

This is alongside Saudi Aramco investing US$7 billion for a 50 per cent stake in Petronas’ Refinery and Petrochemical Integrated Development in Johor, he said.

He said in addition, jobs had been created, wages lifted and skills transferred, which was good for investors and for Malaysians.

“We had a plan and that plan has delivered, and continues to deliver,” Najib added.

The dinner brought together 600 guests, not just from Malaysia, but from the Asean region and beyond. 
—ASEAN-BAC Malaysia


ASEAN BAC Chair Joey Concepcion joined a forum with Donald Kanak (Eastspring Investments), Masakuni Nakayama (Marubeni Corporation), Dr. Nikolai Dobberstein (A.T. Kearney), and Thaweelap Rittapirom (Bangkok Bank). The forum was moderated by Dr. Mohd Munir.