Malaysia to capitalise on Asean’s expanding billion-consumer market, says Rafizi
Malaysia should capitalise the Asean open market to showcase its products and services, positioning itself at the forefront of a bloc expected to reach one billion consumers, said Economy Minister Rafizi Ramli.
Speaking to reporters after the Kick-Off Conference for the Thirteenth Malaysia Plan (2026-2030), Rafizi highlighted that Malaysia is already a regional leader, with substantial opportunities ahead as Asean is projected to become the world’s fourth-largest economic power within the next 10 to 15 years.
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Speaking to reporters after the Kick-Off Conference for the Thirteenth Malaysia Plan (2026-2030), Rafizi highlighted that Malaysia is already a regional leader, with substantial opportunities ahead as Asean is projected to become the world’s fourth-largest economic power within the next 10 to 15 years.
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NewsTranscript
00:00The majority of us, from the top to the bottom, ordinary people, CEOs, we actually do not realize the potential that we have now.
00:23Usually, this potential is more recognized by outsiders who look at Malaysia.
00:29That is, Malaysia, on the one hand, will have a good establishment, with a good foundation compared to other countries.
00:43Of course, we are ahead in this list.
00:47And that is a big opportunity because ASEAN, as an economy, is expected to be the fourth largest economy in the world in 10-15 years.
01:0310-15 years is a short period of time.
01:06Right now, ASEAN has around 700 million users.
01:13In 10-15 years, that is expected to exceed 1 billion users.
01:21China is expected to be a big economic power with a large market size.
01:29Similarly, India is expected to be an economic power with a market size of more than 1 billion.
01:37In all the regions of the world, there is only one region where the economy is growing well and consistently,
01:49and is expected to continue to grow and have a market of users of more than 1 billion, namely ASEAN.
01:58Because of that, in 10-15 years, and that is a short period of time,
02:03not only is ASEAN expected to be the fourth largest market of users,
02:12but many are already expecting that ASEAN will take Europe as the third largest market of users in the world.
02:25If we look at ASEAN, Malaysia is always second to Singapore in terms of capital,
02:40but we have a beautiful market size.
02:43It is not too big. It is about to grow to 40 million.
02:48We also have the right balance of growth, of resources,
02:54and we sit geographically at the heart of ASEAN.
02:59That is why this opportunity is very big.
03:04But if we look at what will happen, there are two possibilities.
03:10ASEAN will become a large market of users of more than 1 billion,
03:17but all the goods will come from this place.
03:21We will continue to be a user, but not a creator.
03:28Or, this is what needs a good plan starting from R&D 13,
03:36or Malaysia will take advantage of the large market
03:42so that Malaysia's products, services,
03:48which are created here, built here, and known as Malaysia,
03:56will get the best place in the ASEAN market.
04:01That is basically the future that we want to chart together.
04:06That is why R&D 13 is a very important document for planning.
04:14It takes into account the trajectory.
04:17So, God willing, this process,
04:21even though as Dr. Zulkifli said earlier,
04:25this is the fastest spring that has ever been done.
04:29Before this, Malaysia's five-year plan took a year and a half to prepare.
04:35Now, we have committed to around six months.
04:41I don't think that will affect the quality.
04:48It will take more time.
04:51But in terms of quality,
04:54because there are many things that we need to take into account,
04:59such as the potential of the future,
05:02the current situation that we need to take into account,
05:07the decisions that we need to make.
05:11Actually, we are aware of that.
05:14It is not something that we don't know about.
05:17We are aware of it, but we need to organize,
05:21and we need to make sure,
05:23and we need to encourage all parties to act together
05:29so that the plan becomes a reality.
05:32Therefore, I think we will make full use of the six-month period
05:39so that RMK 13 becomes a strategic document
05:46that is concise but comprehensible.