Latest news with #MarioDraghiReport
The Sun
12-06-2025
- Business
- The Sun
ASEAN Geoeconomics Task Force to present report in September
KUALA LUMPUR: The ASEAN Geoeconomics Task Force will present an ASEAN Integration Report in September, which will complement the ASEAN Economic Community Strategic Plan 2026-2030, said the Investment, Trade and Industry Ministry (MITI). In his opening speech at the second ASEAN Geoeconomics Task Force meeting today, Deputy Investment, Trade and Industry Minister Liew Chin Tong said he hopes the report would assist ASEAN in addressing some of the immediate challenges facing the region. 'Our aspiration is that this report will serve a role akin to that of a Mario Draghi Report for the European Union that will guide us through the challenges that lie ahead,' he said during the virtual meeting session. Liew said the ASEAN Integration Report were jointly led by former Trade Minister of Indonesia Dr Mari Pangestu and Assistant Governor of Bank Negara Malaysia Fraziali Ismail. The task force was jointly chaired by Liew and Indonesia's Director-General of International Trade Negotiations Djatmiko Bris Witjaksono. The ASEAN Geoeconomics Task Force was established during the 31st ASEAN Economic Ministers' Retreat in Desaru, Johor, in February this year. It held its inaugural meeting on May 16.
The Sun
12-06-2025
- Business
- The Sun
ASEAN Geoeconomics Task Force to Present Integration Report
KUALA LUMPUR: The ASEAN Geoeconomics Task Force will present an ASEAN Integration Report in September, which will complement the ASEAN Economic Community Strategic Plan 2026-2030, said the Investment, Trade and Industry Ministry (MITI). In his opening speech at the second ASEAN Geoeconomics Task Force meeting today, Deputy Investment, Trade and Industry Minister Liew Chin Tong said he hopes the report would assist ASEAN in addressing some of the immediate challenges facing the region. 'Our aspiration is that this report will serve a role akin to that of a Mario Draghi Report for the European Union that will guide us through the challenges that lie ahead,' he said during the virtual meeting session. Liew said the ASEAN Integration Report were jointly led by former Trade Minister of Indonesia Dr Mari Pangestu and Assistant Governor of Bank Negara Malaysia Fraziali Ismail. The task force was jointly chaired by Liew and Indonesia's Director-General of International Trade Negotiations Djatmiko Bris Witjaksono. The ASEAN Geoeconomics Task Force was established during the 31st ASEAN Economic Ministers' Retreat in Desaru, Johor, in February this year. It held its inaugural meeting on May 16.
Euronews
09-04-2025
- Business
- Euronews
Will citizens channel their savings to boost EU businesses?
ADVERTISEMENT The EU needs around €800 billion in additional investment each year to remain competitive in the global economy, according to the Mario Draghi Report. One new source could be Europeans' piggy banks, as households save €1.4 trillion annually. It's estimated that around €10 trillion is sitting idle in low-yield bank deposits in the EU. The Savings and Investment Union (SIU) proposes to redirect part of it to invest in key sectors, such as transport infrastructure, energy or defence. A big problem is that investing in markets can be a risky and complex process, and only one in three Europeans, on average, currently does so. "I would be very conservative and investing in things that I know will last and have a clear future," said a Brussels passer-by interviewed by Euronews. A Hungarian resident in Budapest said: "I've had my private pension stolen, so I've got a basic distrust of these things". To boost financial literacy seems to be a key step for success with the SIU plan, and the European Commission promises to detail a concrete strategy by the end of this year. © Euronews "If the process can be streamlined somewhat by having a smaller list of already available products that are generally suitable for general investors, that have a long-term investing horizon, that are diversified, that have low fees, that are appropriate for people saving for their pensions, then some of extra costs and compliance burdens can go away on both sides, for the people using the accounts and the people offering them," said Rebecca Christie, senior fellow at Bruegel think tank, in Brussels. What about using the pension funds? Another proposal in the SIU plan is to increase the supplementary workers' pension schemes that run in parallel to public pension funds. Besides revising the current framework, the European Commission will collect best practices and make them available to all 27 member states. "The so-called auto-enrollment is a mechanism that automatically enrolls individuals into pension products schemes, unless they actively opt out of this. And if it's properly designed, this could basically channel citizen savings into new pension products", states Paula Soler, that covers economic and financial affairs for Euronews. © Euronews The Commission is trying to capture more private capital, but also prevent it from fleeing to other jurisdictions, notably the US. One way to do it is to have a credible strategy to convince professional investors and citizens to risk their assets on the future of European business. Watch the video here! Journalist: Isabel Marques da Silva Content production: Pilar Montero López Video production: Zacharia Vigneron Graphism: Loredana Dumitru Editorial coordination: Ana Lázaro Bosch and Jeremy Fleming-Jones
