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Malaysia is a multi-ethnic, multi-religious society with one of the most successful economies’ in South-East Asia due to its rapid industrial growth over the last two decades. The mulit-cultural, multi-ethnic country is helmed by the Malay-Muslim Bumiputera although the Chinese minority remain the economic drivers. The country is among the world’s biggest producers of palm oil, rubber and timber, making economic diversification is one the challenges for Malaysia.
The proposed ASEAN Charter is therefore much anticipated as hopes are for it serve as a platform for Malaysia to lure the Asean business community to invest in the country's various development corridors.
It would also be signigicant if Malaysia is selected to house the East Asian think-tank, the Economic Research Institute for Asean and East Asia (ERIA).
Following the Asian currency crisis in 1997, Asian leaders have been
mulling the idea of establishing a pan-Asian economic bloc, comprising 16
countries in the region -- to equal or even rival the European Union and
the North Atlantic Free Trade Area. The ERIA, largely funded by Japan, will work on a broad spectrum of issues, from developing a roadmap towards deeper economic integration of East Asian nations, to bridging development gaps in the region.
Leaders are expected to decide at the summit, whether the think-tank should be set up in Malaysia or Indonesia.
Member countries
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