Ladies and gentlemen,

1. It is a pleasure to welcome you all to Kuala Lumpur on the eve of the 47th ASEAN Summit — to the inaugural ASEAN Inclusive Growth Summit. This new, important title carries with it both aspiration and responsibility.

2. I would like to begin by commending the Mastercard Center for Inclusive Growth and the ASEAN Business Advisory Council for organizing today’s event. And I would like to extend a warm Malaysian welcome to all those who have traveled to be here today from across our region and beyond. This Summit comes at a critical moment of challenge and opportunity for ASEAN, and I believe the conversations and ideas shared here will resonate far beyond this hall.

3. Today, we live in an era of profound transformation shaped by geopolitical shifts, climate change, ageing populations, and widening socio-economic divides. The unilateral actions of a handful of global players have upended the rules that once governed the international trading system. The old plans and principles, it seems, no longer apply. More than ever before, ASEAN will need to navigate geopolitical rivalries and global tensions, maintain neutrality, and continue to nurture internal cohesion and inclusive growth.

4. In the almost six decades since its founding in 1967, ASEAN has shown that regional unity is far more than just a diplomatic aspiration; it has brought with it immense economic and social benefits. This is not least because the spirit of ASEAN cooperation is one of balance: balance between sovereignty and solidarity, between growth and conservation.

5. What’s more, ASEAN has demonstrated its ability to learn, grow and adapt over its nearly sixty-year history. After the Asian financial crisis of 1997–1999 — during which GDP plunged, asset prices and currencies collapsed, and unemployment and poverty skyrocketed — there was a reassessment of the resilience of regional financial systems. The response to that crisis enabled ASEAN to better weather the global shocks that have followed since.

6. These have included the global financial crisis, which started in 2007 when credit evaporated and investor confidence crashed; the ravages of the Covid-19 pandemic, which caused a steep economic downturn all over the world; and, most recently, the Ukraine-Russia war, which has disrupted supply-chains and heavily impacted global trade, investment, and the cost of living.

7. The numbers reveal ASEAN’s impressive resilience. For ASEAN as a whole, GDP grew at an annual average of 3.9 per cent — and GDP per capita at an annual average of 3 per cent — over the decade between 2015 and 2024, despite the Covid-19 recession. Today, the ASEAN region, with a population of almost 700 million, has a combined GDP of nearly USD 4 trillion. Yet progress must not give way to complacency. Complacency dulls innovation and risks detaching us from the values that brought us here. Economic growth must continue to be broad-based and equitable, benefitting everyone, from our capital cities to smaller towns and rural communities. At the same time, we must work harder than ever to ensure our growth strategies do not harm our wonderful environment or exacerbate the already escalating crisis of global warming.

8. Inclusive development must cater to the needs of today’s citizens without compromising the ability of future generations to meet their own. This is vital for stability, regional cohesion, and the legitimacy of our institutions. For growth to be considered truly inclusive, it must be shared, resilient, sustaining. Without inclusion, progress may be more fragile, as inequality rises and trust in institutions erodes.

9. If inclusive growth is our goal, then good governance is the foundation. Beyond systems and rules, good governance is about integrity; about doing what is right, even when no one is watching. It is also about devolving powers to give voice to local communities.

10. Across ASEAN, citizens are demanding greater transparency and accountability. They want institutions that serve the public good; that are fair; and that act in the public interest. And this demand for integrity is not a challenge to leadership, but an invitation to deepen it. In these uncertain times, leadership must be anchored in courage, wisdom and moral clarity.

11. In Malaysia, reforms in procurement, public finance and digital service delivery have yielded real dividends and helped to strengthen citizens’ trust in institutions. Similar stories are unfolding across the region, from open data initiatives that enhance public oversight, to participatory budgeting processes that bring citizens closer to decision-making. Like growth, governance can and must be inclusive. When it is inclusive, trust can grow. And with that comes legitimacy, stability and the confidence to invest and innovate.

12. The financial sector, too, has an important role to play. Guided by ethics, finance becomes an engine of inclusion and growth. At this pivotal juncture, we must re-examine how we define success. The triple bottom line — people, planet and profit — must become central to our decision-making. In boardrooms and strategy meetings, we must ask not only “What is the return on investment?” but also “What is the return to society?”. We must pursue profit with responsibility, growth with justice, facilitated by a value-based financial system that uplifts communities and serves the greater good.

13. In Malaysia, Islamic finance, which coexists with conventional finance, has long demonstrated how markets can serve society. Islamic finance connects capital with purpose, encouraging investment in productive enterprises while discouraging speculation and exploitation. Today, it represents more than 40 percent of Malaysia’s financial system assets. Globally, the industry has surpassed USD 5 trillion, and continues to grow by double digits annually, even amid global financial uncertainty.

14. But we must also confront the fact that many millions of people within ASEAN remain on the margins, disconnected not by choice, but through poverty, inadequate infrastructure, and under-provision. Across our region, nearly 200 million adults are still unbanked. Broadband coverage in rural areas still lags urban areas by as much as 30 percent. The risk is not only of exclusion, but of a widening divide that limits opportunity and weakens our social cohesion. A strong economy cannot exist in isolation from the welfare of its people. It is our responsibility to ensure that economic growth translates into tangible social progress — that it serves not just markets or capital owners, but communities.

15. ASEAN’s demographic and digital shifts are reshaping what is possible. The digital economy connects even our smallest businesses to global markets. It enables artisans in rural communities to reach consumers on other continents. It gives young entrepreneurs the tools to compete, to innovate, and to contribute to continued regional prosperity.

16. Yet as digitalization accelerates, inclusion must remain our compass. Technology can expand opportunity, but it can also deepen inequality, if access and literacy do not keep pace. Safeguards are also crucial, as a society that is connected but not secure cannot be truly inclusive and cannot thrive.

17. To unlock the full promise of the digital economy, investment must go beyond infrastructure, towards building systems and institutions that people can confidently rely on to protect them. Cybersecurity, data privacy and digital literacy are all now public goods. Artificial intelligence must also be governed wisely, and with transparency and accountability, to ensure that this further automation augments rather than displaces our human potential.

18. Trust is as vital to growth as any physical asset. Digital progress without public trust is fragile. But with trust, it can become transformative. We can work together — all of us, governments, businesses, civil society and citizens — to build digital tools and ecosystems that are safe, transparent and equitable. Here, too, principles matter, along with leadership.

19. Southeast Asia is one of the most diverse regions in the world — a source of strength to be nurtured. Let us cultivate a civic culture that values and respects this pluralism and invites new voices to be heard — a civic culture that elevates our discourse. In the digital era, inclusion means respecting the diversity that we all share, whether rural or urban, young or old, woman or man. When all are given the tools to participate and prosper, our societies and economies grow more resilient.

20. The conversations you will have today — on financial health and security, entrepreneurship, economic opportunity, regional collaboration and more — may offer a chance to move from aspiration to action. The ideas exchanged, like ripples from a single pebble, can spread outward, shaping policies, partnerships and possibilities long after this Summit is over. I encourage you to be bold and practical. Share what works; acknowledge what does not. Seek new partnerships. Focus on solutions. Come together in the spirit of solidarity and cooperation.

21. Together, let us show the world that growth and inclusion are the twin pillars of a vibrant and enduring ASEAN. I wish you a successful Summit.