KUALA LUMPUR (May 27): Malaysia, as the chair of Asean in 2025, is in a unique position to lead the region towards deeper economic integration, said banker-turned-investor Tan Sri Nazir Razak.

Rising protectionism and shifting global supply chains should serve as a catalyst for Asean to “do more trade together, invest more together, and build a true single production base,” Nazir said at a press conference on Tuesday.

“There has been a sea change in Asean leadership; we now have a cohort of internationalists like never before, from Singapore and Indonesia to Malaysia and Cambodia,” he said, noting that Prime Minister Datuk Seri Anwar Ibrahim “is well connected with all of them”.

Nazir, the former chief executive of Malaysia’s second-largest bank CIMB Group Holdings Bhd (KL:CIMB), was speaking as chairman of the Asean Business Advisory Council (Asean-BAC) at a curtain raiser event ahead of the Asean Business Forum 2025, to be held on Thursday (May 29).

The forum is co-hosted by the Malaysian Investment Development Authority and Asean-BAC Malaysia, and organised by CGS International Securities in collaboration with MBSB and OCBC Malaysia.

He called on leaders of the 10-nation bloc to take concrete steps toward greater economic integration, including bringing down rising non-tariff barriers, warning that the region risks missing a critical window for reform amid worsening external headwinds.

Among key measures proposed by Asean-BAC is the empowerment of the Asean Secretariat to play a stronger enforcement role on non-tariff rules, as well as the establishment of the Asean Business Entity — a framework to facilitate cross-border operations and mobility of talent within the region.

“If we cannot turbocharge economic integration given the very difficult external environment, then when can we do it?” said Nazir. “Tariffs have come down across 99% of goods traded in Asean, but non-tariff barriers have only gone up. It’s time Asean took decisive action.”

Set to coincide with the 46th Asean Summit and the Asean-Gulf Cooperation Council (GCC) + China Summit, the forum will bring together more than 500 participants, including senior policymakers, regional corporates with over RM1 trillion in market capitalisation, and fund managers managing over RM8 trillion in assets.

A key highlight of the event is the corporate engagement and business matching session, aimed at fostering intra-Asean and Asean-China investment partnerships.

Seven memoranda of understanding and one letter of intent are slated for signing during the forum, covering areas such as investments into Malaysia, the establishment of an Asean private equity fund, a healthcare-focused private equity vehicle, and strategic investments in the Johor-Singapore Special Economic Zone.