Kuala lumpur: ASEAN should shift its focus towards developing its own companies and technologies, moving away from an economic model driven by foreign direct investment (FDI) or export-led industrialisation, amid global uncertainty. Deputy Investment, Trade and Industry Minister Liew Chin Tong emphasized the region’s potential to build on its strong manufacturing sectors, particularly in Malaysia and Singapore.

According to BERNAMA News Agency, Liew highlighted the necessity for ASEAN to cultivate its own giants and technologies, envisioning that in a decade, the region could have its own versions of tech giants like Huawei or Samsung. He stressed the importance of an integrated ASEAN market, aiming for more regional companies, technologies, and a strengthened supply chain during his address at the ASEAN Conference 2025.

The ASEAN Conference, organized annually by the Singapore Business Federation, serves as a platform for decision-makers from the private and public sectors within ASEAN to explore business and investment topics. Liew argued for an ASEAN industrial policy to reshape the economic landscape, noting that except for Indonesia, individual economies are too small to pursue such policies alone.

He pointed to the unique opportunity ASEAN has to influence its future over the next 20 years amid geopolitical shifts and the emergence of multiple regional supply chains, aligning with ASEAN Vision 2045. As ASEAN chair, Malaysia aims to spearhead this paradigm shift.

The dialogue also included insights from Singapore Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, and Indonesia’s Deputy Minister for Investment and Cooperation, Tirta Nugraha Mursitama. An MOU was signed between United Overseas Bank (UOB), the Federation of Malaysian Manufacturers (FMM), and the Singapore Manufacturing Federation (SMF) to strengthen the Malaysia-Singapore manufacturing corridor.

The strategic partnership aims to leverage UOB’s regional network to help businesses, particularly SMEs, scale across borders, access new markets, and grow sustainably. This builds on the Johor-Singapore Special Economic Zone agreement, highlighting the goal of establishing a resilient supply chain ecosystem across the Malaysia-Singapore border.

Liew underscored the importance of the MOU in aligning Malaysia and Singapore’s strengths for enhanced regional economic growth amid the current global trade climate.