This would help spread the benefits of growth more widely and evenly while enabling the AEC to take advantage of the potential source of synergies by bringing the capital and know-how of the more mature economies together with the competitive costs and abundant resources of the new frontier member countries. Another key element for sustainability of this ambitious effort towards a pan-Asian economic integration is to bring on board private sector involvement to draw in private expertise as well as private capital in funding and operation of intra-regional investment projects. In this regard, greater efforts should be made to raise awareness of AEC among the business community in sustaining high levels of collaborative economic dynamism within the region. Last but not least, since regional integration relies much on harmonization and coordination of cross-national policies with strong commitment by national leaders in implementing the agreed arrangements, political stability and peaceful relationship among member states will prove imperative to the success. This calls for the promotion of peace and stability within the region with fair mechanism to arbitrate disputes to ensure that progress on economic integration will not be delayed or discontinued due to conflicts among member nations. Concluding remark Ladies and gentlemen, I have spoken at length, from a subject of a volatile world, onto more structural issues facing Asian economies, and the regional cooperative forces that provide promising ways forward for Asia. Let me now wrap up by leaving you with a final remark on these issues.

The first is advancing the sustainability agenda. As Malaysia charts its path towards net zero, significant investments are required to fund a range of mitigation and adaptation efforts. 1/4  BIS central bankers' speeches  Initiatives such as renewable energy, green buildings and low carbon cities work to reduce Malaysia’s carbon footprint, whereas measures such as safeguards against rising sea levels and extreme weather are needed to improve climate resilience. These add up to an estimated RM350–450 billion of investment needed over the period of 2021–2050 to reach our net zero ambition. From the perspective of businesses including fintech startups, aligning with the nation’s sustainability objectives could require pivoting to new sustainable business models, recalibrating existing practices, adopting new technology, and subscribing to certification and mitigation efforts against possible climate-related disruptions. All of these will create significant demand for green and transition funds in the coming years. Public sector funding is being directed towards these efforts, but the private sector plays a critical role in completing the picture. Institutional investors and large asset managers, through their capital allocation, can directly steer the flow towards climate supportive activities. Institutional investors have the capacity to take on a stewardship or active ownership role, encouraging and influencing investee companies to seriously consider their sustainability impact. By choosing to actively support Malaysia’s sustainability journey, investors not only contribute to the generation of positive impact, but also best position themselves to benefit from green and transition business opportunities in the future. Progress has been promising.