BAKU, Azerbaijan, June 13. SOFAZ brings to the CAIP a particular institutional perspective, James Ong, Group Head of Asset Management, CGS International Securities, said in an interview with Trend.
He first spoke about the strategic priorities and key sectors on which CAIP plans to focus during the initial phase of its operations: Against a backdrop of deepening China–ASEAN trade integration and accelerating supply-chain realignment across Southeast Asia, CAIP aims to capture high-quality investment opportunities in industrial, healthcare, consumer, business services, technology, and other sectors that drive this structural shift.
According to James Ong, the scale is substantial. ''Two-way trade between ASEAN and China reached approximately $1.05 trillion in 2025, with China remaining ASEAN's largest trading partner. Chinese outbound investment into ASEAN grew nearly 37% year-on-year to $34.4 billion in 2024, according to data from China’s Minister of Commerce — reflecting how rapidly Chinese capital is moving into the region's manufacturing, technology, and consumer sectors. CAIP is positioned to invest where these flows create the most differentiated opportunities for institutional capital.
Now that we have achieved our first close, our next priority is deployment. We are looking to make the first deployment into a pan-regional fund in 2H 2026,'' he added.
James Ong also spoke about Azerbaijan’s role in the context of its participation in the platform through SOFAZ, as well as the specific opportunities for the country to participate in or lead certain potential projects within the framework of this platform.
He stressed that SOFAZ's participation reflects two things: First, an affirmation of the China–ASEAN corridor thesis — that this has become one of the most important economic axes in global trade, and that Southeast Asia remains one of the most dynamic and promising regions in the world today. Capital from a sovereign investor outside the corridor itself is a strong validation of the structural case for this geography.
Second, the growing necessity for sovereign collaboration in navigating complex global markets. Three sovereign anchors at first close speak to a multilateral, not unilateral, view of how institutional capital should be deployed across borders.
The official noted that SOFAZ brings to the platform a particular institutional perspective: The fund has experience deploying long-horizon sovereign capital across multiple geopolitical environments, and a sophisticated approach to portfolio construction shaped by decades of stewarding hydrocarbon-driven wealth. At the same time, SOFAZ benefits from sitting alongside CIC and INA — both institutions with mature private-investment operations in Asia — and from access to the institutional learning that comes from operating within a multi-sovereign architecture. Sovereign collaboration of this kind is increasingly recognised as a model that benefits every participating fund, not a one-directional capital flow.
In addition, Ong talked about CAIP's long-term goals, as well as new projects that could further strengthen cooperation between China, the ASEAN countries, and Azerbaijan.
''The Programme sits within the broader context of the deepening commitment to shared development and stability between China and ASEAN. It is a practical vehicle for channelling long-term institutional capital into the China–ASEAN economic corridor. The fact that the first close brings together sovereign investors from China, Southeast Asia and a Eurasian sovereign fund underscores the multilateral confidence in this corridor's potential.
CAIP will support Chinese enterprises ready to expand into ASEAN markets with clear strategies, competitive capabilities, and long-term vision. These companies are looking not only to grow, but to integrate more deeply into regional and global value chains. At the same time, the platform taps into meaningful opportunities to work with ASEAN enterprises that can benefit from deeper collaboration with China — through access to technology, enhancement of supply chain capabilities, or the development of new business models.
In this regard, the Programme is not simply about capital deployment. It is about building enduring commercial linkages between markets, industries and ecosystems within the China–ASEAN corridor,'' he emphasized.
The company representative noted that, more broadly, the deepening economic ties between China, Southeast Asia, and Central Asia are reshaping how institutional capital thinks about Asian deployment.
''The relationship between CGS International and SOFAZ — like the relationships with our other sovereign partners — extends beyond any single fund. As regional capital flows evolve, we expect natural opportunities for continued institutional dialogue and, where mutually beneficial, collaboration in forms appropriate to the strategic interests of both sides,' he added.
In April of this year, the State Oil Fund of the Republic of Azerbaijan (SOFAZ), the China Investment Corporation, and the Indonesian Investment Authority jointly established the China-ASEAN Galaxy Orientis Investment Platform ("CAIP" or the Program). The Platform is a sovereign direct investment platform aimed at implementing long-term investment opportunities between China and the ASEAN region. The Program has raised approximately $520 million in initial funding, with a total target of $1 billion.
The platform operates under the joint management of three sovereign wealth funds to facilitate capital inflows and strengthen industrial cooperation between China and the ASEAN region. Against the backdrop of deepening trade relations between China and ASEAN and the restructuring of supply chains in Southeast Asia, the Program aims to identify high-quality investment opportunities in sectors such as industry, healthcare, consumer goods, business services, and technology.
CGS International Securities serves as the managing partner of the CAIP program. The program’s lead partner is CGS International Securities Pte. Ltd., the international division of China Galaxy Securities, which supports the platform’s operations with its extensive regional expertise, operational infrastructure, and existing networks across Southeast Asia.
CGS International Securities Pte. Ltd. ("CGS International") is an international operating subsidiary of CGS and is responsible for the company’s global business development. Leveraging CGS’s strong institutional foundation and deep market knowledge on a global scale and within ASEAN countries, CGS International provides a wide range of services, including securities trading, asset management, investment banking, research, fixed-income operations, foreign exchange and commodities trading, structured finance products, and brokerage services. The company operates in more than 10 countries and regions.
