What economic sectors stand to gain most from ASEAN meetings?

Question

Accepted Answer

The hospitality, tourism, and local industries sectors are poised to gain significantly from Malaysia's hosting of numerous ASEAN meetings this year.

Malaysia's chairmanship of ASEAN in 2024 is anticipated to yield substantial economic advantages, particularly for sectors directly involved in hosting and supporting the extensive schedule of meetings. Communications Minister Fahmi Fadzil indicated that the influx of international participants for the approximately 323 ASEAN-related events, including the main summit in May, will stimulate economic activity.
Hospitality and Tourism Sectors to See Increased Demand

The hospitality and tourism industries are expected to experience a notable boost due to the high volume of delegates and visitors attending the ASEAN meetings. These events will draw participants not only from ASEAN member states but also from dialogue partners and countries like those in the Gulf Cooperation Council, increasing demand for accommodation, food services, and travel-related activities.
Local Industries to Benefit from Spending and Souvenir Purchases

Beyond hospitality and tourism, local industries are also projected to benefit directly from the economic stimulus. Fahmi Fadzil specifically highlighted that Prime Minister Datuk Seri Anwar Ibrahim has directed ministries hosting ASEAN events to prioritise the use of local handicraft products as souvenirs. This directive aims to channel spending towards local artisans and businesses, providing an additional layer of economic advantage.
Broader Economic Contribution Through Delegate Spending

The overall economic impact is expected to be positive, as Fahmi Fadzil noted that participants from various regions will be attending the numerous meetings. This international presence is expected to translate into increased expenditure within Malaysia, with a particular hope that delegates will purchase local products, thereby circulating economic benefits throughout the country.

Reading history

Hide →

This history is cleared when the page is closed.

What economic sectors stand to gain most from ASEAN meetings?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends