Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah and Managing Director of the Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar joined the 8th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and Related Meetings – 26th ASEAN Finance Ministers Meeting (AFMM) and ASEAN Finance Ministers and Central Bank Governors Meeting Session with International Financial Institutions (AFMGM-IFIs) – held virtually on Friday.
ASEAN finance ministers and central bank governors exchanged views with the International Monetary Fund (IMF); the World Bank (WB); the Asian Infrastructure Investment Bank (AIIB); the Asian Development Bank (ADB); and the ASEAN+3 Macroeconomic Research Office (AMRO) on regional and global outlook, in particular risks and opportunities, as well as policy recommendations, to foster a resilient, sustainable and
inclusive recovery.
In his intervention, Dato Seri Setia Dr Awang Haji Mohd Amin Liew emphasised the need for ASEAN to continue with collective efforts to ensure ASEAN remains an attractive investment destination.
The minister also said it is important for the people of ASEAN to be equipped with the right mentality and skills to take advantage of opportunities arising from the new “norm,” which can further strengthen recovery.
He also shared the importance of building green and sustainable infrastructure as part of economic recovery efforts and encouraged multilateral development banks to assist member states to reach the goal.
The meeting concluded that as the pandemic recedes most economies are ready to re-open. However, the focus to alleviate the impact of the pandemic and support economic recovery remains crucial.
As uncertainty and volatility of the global environment increase, policy mix needs to remain supportive and ASEAN members are encouraged to continue to undertake reforms that will spur recovery.
In continuing the ministerial engagements with the private sector, the meeting held a dialogue with the ASEAN Business Advisory Council, the ASEAN-EU Business Council and the ASEAN-US Business Council to discuss enhancing regional efforts on digitalisation and sustainability.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew acknowledged the relevance of digitalisation and green growth to ASEAN’s economic growth agenda.
Recalling the adoption last year of regional frameworks to advance cooperation in the Bandar Seri Begawan Roadmap: An ASEAN Digital Transformation Agenda; ASEAN Framework on Circular Economy; and ASEAN Taxonomy on Sustainable Finance (Version 1) he also shared Brunei Darussalam’s pursuit of reforms in promoting digitalisation and green transition.
The minister encouraged the councils to intensify the promotion of ASEAN as a single market to businesses from the Asia-Pacific region, EU and the United States as well as to promote networking between multi-national corporations with businesses in all ASEAN member states, such as fronting capacity building programmes to encourage the sharing of innovative digital or green practices. In subsequent plenary sessions, the ASEAN finance ministers and central bank governors discussed the progress of the various working groups. For the finance track in particular, it included cooperation related to Infrastructure Financing; Cooperation in Insurance Matters; ASEAN disaster risk financing and insurance; cooperation in customs; anti-money laundering and counter terrorist financing; ASEAN Forum on Taxation; and ASEAN Capital Market Forum.
In closing, a joint statement of the 8th AFMGM was adopted.
Permanent Secretary (Performance and Corporate) at the MOFE Suraya binti Haji Jaidin, Deputy Managing Director (Monetary Operations/Development and International) of BDCB Hajah Noorrafidah binti Sulaiman and officials from the International Affairs Division of MOFE and International Unit of BDCB were also present.
