EU to mobilise RM47bil for Asean investments

PETALING JAYA: The European Union (EU) and its member states have announced a mobilization of €10 billion (US$10.59 billion or RM47.04 billion). As part of the Global Gateway to speed up infrastructure investments in ASEAN countries. In honor of the 45 years of cooperation between the two organizations.

Underpinned by two Team Europe Initiatives, the Sustainable Connectivity Initiative, and the Green Team Europe Initiative. This package will concentrate on the green transition and sustainable connectivity in South-East Asia.

Energy, transportation, digitalization, education, and the promotion of commerce and sustainable value chains will be the main areas of investment.

They will assist South-East Asia in transforming into a green economy. Ensuring better access to economic opportunities, jobs, and essential services.

“We commemorate 45 years of collaboration between two areas that support multilateralism and a global order based on rules. Our strategic cooperation will continue to develop with Global Gateway.

Ursula von der Leyen, president of the European Commission, stated in a statement that “The Sustainable Connectivity Initiative will improve Asean’s economy, create jobs, and be a catalyst in our battle against climate change.”

Infrastructure spending in South-East Asia will increase thanks to the Sustainable Connectivity Initiative.

The Sustainable Connectivity Team Europe Initiative would assist the Asean electric grid interconnections. In expanding access to renewable energy, investing in digitalization, including connectivity via submarine cables, and supporting value chains. That is environmentally, economically, and socially sustainable.

Through the Green Team Europe Initiative, the EU’s cooperation with the region would be strengthened in a number of areas. Including climate action, environmental and biodiversity protection, the transition to clean energy, disaster resilience, and the reduction of illegal logging, wildlife trafficking, and air pollution.

It offers a platform for coordinated environmental action between ASEAN and its member states and participating Team Europe partners.