LIMA, August 15 - The relationship between Malaysia and ASEAN countries in the renewable energy sector is crucial for ASEAN to establish itself as a formidable bloc in the future.
Deputy Prime Minister Datuk Seri Fadilah Yusof said Malaysia has huge potential and sufficient resources to attract investors.
“That is why many countries want to invest in Malaysia but we need other countries to invest not only in downstream sectors but also in the context of supplying energy, the transmission line. All these investments are huge. That is why we need to forge relationships among ASEAN countries.
“Joint ventures in these emerging sectors will benefit Malaysia and ASEAN as a whole, in shaa Allah. The European Union's strength lies in its unity and close cooperation on energy matters,” Datuk Seri Fadilah, who is Minister of Energy Transition and Water Transformation, said this at a news conference after a dinner with the Malaysian diaspora in Lima, Peru.
He added the opportunity to attend the Energy Ministers’ Meeting (EMM) under the Asia-Pacific Economic Cooperation (APEC) 2024 will be used to explore other countries’ approach in relation to the renewable energy sector. This includes financial models and funding for related investments.
The EMM-APEC 2024 will be held for two days starting tomorrow at the Lima Convention Centre.
Meanwhile, Datuk Seri Fadilah said Malaysia is prepared to supply an additional 100 megawatts of renewable hydro energy to Singapore, if needed. This will be implemented through the Laos-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP).
He added the matter will be discussed together with Singapore’s Senior Minister, Low Yen Ling. The discussion is scheduled to take place on the sidelines of the EMM- APEC 2024 meeting. Discussions will be on the extension of the LTMS-PIP.
"This is not about Singapore wanting to buy more, but about helping ASEAN countries. There is a need for new investments and energy development. However, the challenge is related to clean and renewable energy," he said.
The LTMS-PIP started in 2022 until this year, involving the import of up to 100 megawatts of renewable hydro energy. It is the first multi-tier cross-border electricity trade involving four ASEAN countries.