Kuala Lumpur: Former Foreign Minister Datuk Seri Anifah Aman said there is a need to reduce reliance on Western currencies and embrace our own to unlock the full potential of intra-Asian trade.
“This will not only strengthen our regional economies but also enhance our global standing and influence by fostering greater economic stability and encouraging cross-border transactions.
“Another crucial step is the promotion of bilateral trade and investment in domestic currencies within the Asian market and beyond,” he said.
He said this in his keynote address at the Kuala Lumpur Conference 2023, organised by the Centre for Economic and Sustainable Development (CESDAsia) and the Global Dialogue Forum, on Saturday.
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“We must recognise that our strength lies in unity and collaboration. Asia, with its rich history, vibrant cultures and thriving economies, has the potential to be a beacon of progress for the world.
“By harnessing our collective power, we can overcome the challenges that lie ahead and build a future defined by economic prosperity and shared success.
“We must foster an ecosystem that encourages innovation, entrepreneurship and investment. We must also invest in education and skills development to equip our youths with the tools they need to thrive in the digital age.
“By nurturing a culture of innovation and creativity, we can unleash the full potential of our economies and create sustainable employment opportunities for our people,” he said.
Anifah said financial cooperation and establishing mechanisms that facilitate seamless transactions using our own currencies will reduce reliance on external factors and enhance economic sovereignty, promoting stability and prosperity within the region.
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