Malaysia needs to climb out of middle-income trap: Deputy PM
Malaysian Deputy Prime Minister Ahmad Zahid Hamidi on February 9 said that the country must climb out of the middle-income trap after languishing more than two decades in the upper middle-income bracket as per the World Bank classification.
Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi. (Photo: Bernama)
Kuala Lumpur (VNA)🦋 –Malaysian Deputy Prime Minister Ahmad Zahid Hamidi on February 9said that the country must climb out of the middle-income trap afterlanguishing more than two decades in the upper middle-income bracket as per theWorld Bank classification.
Speaking at a seminar organisedby MarkPlus Institute ASEAN, Zahid said that if Malaysia fails to up itscompetitive advantage and attractiveness as a centre for investment, itscompetitors will forge ahead which in turn will affect the country’s nationalprosperity and the wellbeing of ordinary Malaysians. He affirmed that the Malaysian government is committed to creating an economic environment where everyMalaysian can fulfill their potential whereby entrepreneurs and the spirit ofentrepreneurship are of utmost importance. To achieve thetarget, the government will continue to cut the red tape that hindersbusinesses and entrepreneurs, the Deputy PM stressed. There must be a continuous mindshift that the private sector is the main engine of growth for the nation, hesaid, adding that the private sector must prosper for the nation to prosper. Malaysia must get out of themiddle-income trap that it is currently in and take its rightful place as ahigh-income nation within the next five years, Zahid said./.
Malaysia will advance its green agenda through the use of legislative tools and greater transparency, the country's Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad said in his remarks at the February 7 launch of the International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2023).
The Department of Statistics Malaysia (DOSM) has announced that the country’s wholesales and retail trade in December 2022 reached a record high of 137.3 billion RM (31.9 billion USD), up 13.8% year-on-year.
Addressing the ceremony, Indonesian Ambassador Simon D.I. Soekamo, the rotating Chair of the ASEAN Committee in Cuba, highlighted the bloc's spirit of friendship and solidarity, and reaffirmed ASEAN's core values of peace, stability, and prosperity through cooperation and dialogue.
Vietnam’s pavilion notably displayed traditional crafts from the centuries-old lacquerware village of Ha Thai and Chu Dau ceramics. The atmosphere was further enriched by delegations wearing their countries’ traditional costumes, including the elegant ao dai and the graceful ao tu than of Vietnamese women.
The handover ceremony was held at the Malaysian Embassy headquarters in Mexico City on August 8, with the presence of heads of diplomatic missions from ASEAN member states in Mexico.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi. (Photo: Bernama) 
