IMT-GT subregion's 2022 trade up to US$727 bln, says Rafizi

Focus

29 Sep 2023 10:44pm

The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) subregion recorded a trade value of US$727 billion in 2022 compared to US$618 billion (US$1=RM4.69) recorded in 2021, Malaysia’s Economy Minister Rafizi Ramli said. - BERNAMA

JAKARTA - The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) subregion recorded a trade value of US$727 billion in 2022 compared to US$618 billion (US$1=RM4.69) recorded in 2021, Malaysia’s Economy Minister Rafizi Ramli said.

One key highlight was the commendable progress in the subregion’s agricultural sector, focusing on enhancing food security through smart agriculture practices and the adoption of new technologies.

Rafizi led the Malaysian delegation to the 29th IMT-GT Ministerial Meeting held in Batam, Riau Islands, Indonesia Friday chaired by Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto.

"The ministers at the meeting foresee the need for joint initiatives and closer cooperation to strengthen resilience food systems, in alignment with the blue, green, and circular economy principles,” he noted in a statement.

Also present was Thailand’s Deputy Minister of Finance Julapun Amornvivat, and representatives from Asian Development Bank and Asean Secretariat.

During the meeting, the ministers acknowledged advancements in the halal sector, welcoming innovations such as halal blockchain, online halal registration systems, and halal integrated information systems.

They also praised the progressive recovery of the subregion’s tourism sector, developments in physical connectivity projects and the trade and investment framework.

The ministers recognised the vital role played by IMT-GT Uninet in connecting academic expertise and research, and they encouraged cooperation from the IMT-GT Joint Business Council to explore business opportunities.

Rafizi highlighted that Malaysia supported the effort to expedite the finalisation of the IMT-GT Framework of Cooperation on Custom Immigration and Quarantine and the signing of a Memorandum of Understanding on Palm Oil Cooperation.

He pointed out that the respective Ministers have expressed their anticipation on the 30th IMT-GT Ministerial Meeting and related meetings in Johor, Malaysia next year.

Malaysia affirmed its commitment to the subregional cooperation, emphasising its dedication to promoting inclusive growth, sustainable development, and shared prosperity within the subregion, he noted. - BERNAMA