Regional economic discussions may not always interest ordinary Malaysians, but such intergovernmental meetings are becoming increasingly important as the US-China trade dispute threatens to slow down economic growth in the rest of the world.

This was among the topics of discussion during the 24th Ministerial Meeting of the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) chaired by Economic Affairs Minister Mohamed Azmin Ali.

After Singapore, China and the US are Malaysia's second and third largest trading partners, and any slowdown in trade in either country could adversely impact the national economy.

"In the meetings held, the ministers agreed that the trade war only further emphasises the need for regional cooperation, because this can also result in increased opportunities in the region," said a senior government official who attended the meeting, which took place from Sept 29 to Oct 1 in Malacca.

Azmin said the growth triangle, comprising 82 million people and a labour force of 40 million, represents a formidable market for robust and economic growth in the region.

"IMT-GT is committed to constructing US$47 billion worth of infrastructure projects involving the three countries, mostly to be completed by 2021," he said in a statement.

The IMT-GT was conceived in 1993 between then-Malaysian prime minister Dr Mahathir Mohamad, Thai prime minister Chuan Leekpai and Indonesian president Suharto.

The framework was aimed at encouraging cooperation between the three countries to promote growth in various industries in select states or provinces.

In Malaysia, the eight participating states (Kedah, Kelantan, Malacca, Negeri Sembilan, Perak, Perlis, Penang and Selangor) have benefited from IMT-GT's programmes and projects, charting a GDP increase from US$283 billion in 2011 to US$406 billion in 2016.

"Nevertheless, the general consensus of the ministers is that growth in terms of GDP alone could not be considered successful if it is no translated into real benefits for the people," he said.

Enhancing human capital

Azmin said the meeting also focused on the enhancement of human capital and reskilling to cope with the future demands of Industrial Revolution 4.0.

"In this regard, the ministers agreed that the mutual collaboration mechanism should expedite the formulation of an IMT-GT Industrial Revolution 4.0 framework, that would among others prepare for capacity building and the development of highly skilled human resource so as to harness new opportunities, especially in the area of big data, robotics, the Internet of Things (IOT), artificial intelligence and blockchain technology," he said.

Azmin said the consensus was that the private sector must play a significant role in driving the economy of the subregion.

He added that in conjunction with the ministerial meeting, the Green Cities Conference was also held as a platform for the wider adoption of green innovations and replication of best practices through regional cooperation mechanisms.

"This is an extension of Malaysia's effort in pioneering the Green Cities Initiative through IMT-GT.

"Recognising the potential of new sectors, participating states in Malaysia are encouraged to establish appropriate green growth strategies and measures," he said.

The next IMT-GT meeting will take place in Krabi in September next year.