Kuala lumpur: The emergence of more ASEAN-based multinational corporations (MNCs) with strong ties to United States companies could be key to navigating current economic challenges and shaping a new regional growth framework, stated Deputy Investment, Trade and Industry Minister Liew Chin Tong.

According to BERNAMA News Agency, Liew highlighted the importance for Malaysia to begin envisioning an ASEAN that nurtures its MNCs in countries like Indonesia, Malaysia, and Singapore, which are not solely dependent on foreign direct investment-driven industrialisation. He pointed out that American firms need to acknowledge the growing capabilities of ASEAN businesses.

Liew argued that the rise of more ASEAN-based MNCs would benefit not only US companies but also the global economy, particularly the ASEAN region. He stressed the need to rethink the reliance on an FDI-driven industrialisation model aimed at exporting to the US, noting that the US is now limiting imports.

These remarks were made during the launch of the US-ASEAN Business Council White Paper titled ‘Driving ASEAN Unity: Malaysia’s Vision for 2025’. To realise this vision, Liew mentioned that Malaysian companies would require support from multilateral agencies and development banks to mobilise funding and turn ideas into action.

He cited the ASEAN Power Grid as an example, stressing the need for blended financing that involves both the private sector and government efforts. Liew further emphasised that the ASEAN Power Grid must prioritise equitable access to electricity, ensuring it reaches all communities across the region, thereby enabling ASEAN to grow together as a unified, middle-class society.