PETALING JAYA, Nov 4 (Bernama) — The open market under the Asean Economic Community (AEC) should be viewed as an opportunity, rather than a threat, says Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.

He also debunked fears among sections of the younger generation that the AEC with its free movement of professionals might rob them of employment opportunities.

“The perception and fear is unfounded, although we have signed mutual recognition agreements for the free movement of professionals like accountants, engineers, surveyors, doctors, architects and lawyers, subject to domestic rules and regulations, and not totally unregulated,” he said.

He said Malaysia has been a net capital exporter for the last four to five years with many Malaysian companies investing large amounts of money abroad.

“This has also opened up opportunities for young professional to venture abroad,” he added.

He told reporters this after officiating the closing of the two-day 9th Asia Economic Summit here today and themed, Asia Rising: The Future of Asia - Where Do We Go From Here.

Mustapa said Malaysia would take over the Asean Chairmanship effective next year from Myanmar and had lined up some priorities to focus on.

“Among these are, putting in place initiatives on non-tariff barriers, increasing intra-Asean investments and trade, harmonising standards and enabling a freer flow of professionals,” he added.

He said Asean has a very exciting future with 620 million people plus a large and growing middle class, alongside a young population.

“It is also a very dynamic region and with one of the fastest growth rates in the world at between five to six per cent on average,” he added.

Mustapa said Malaysians should appreciate that the domestic market is limited and need to venture out for expansion.