Kuala lumpur: ASEAN should position itself not merely as a production hub but as a vibrant consumer market, driven by the growth of a strong middle class across its economies, a key objective for the region’s economic development. Deputy Investment, Trade and Industry Minister Liew Chin Tong emphasized this strategic shift during his special address at the East Asia Business Forum today.

According to BERNAMA News Agency, Liew highlighted the importance of ASEAN collaborating with East Asian giants like China, Japan, and South Korea, stressing that it is in these economies’ interest to support a strong ASEAN middle class. He advocated for ASEAN’s development of strong multinationals with their own technologies, rather than relying solely on imported technologies. Liew underscored that more technological transfers and sharing between ASEAN and its East Asian counterparts would be mutually beneficial.

Liew pointed out that after years of promoting East Asia, ASEAN now possesses various institutions, platforms, and mechanisms, including the Regional Comprehensive Economic Partnership (RCEP). He noted that certain Asian economies are very wealthy, and the region has become a technological powerhouse. He urged for collaborative efforts, emphasizing the need to approach things differently to achieve more together.

Speaking as a member of the ASEAN Geoeconomics Task Force, Liew stated that the group believes ASEAN must consolidate its efforts to influence Asia’s future and, potentially, the world. The East Asia Business Council, inaugurated in 2004 and endorsed by ASEAN+3-China, Japan, and South Korea-has been recognized for its consistent efforts to incorporate the private sector’s perspective into regional policy.