Kuala lumpur: The Association of Southeast Asian Nations (ASEAN) needs to undertake a bold re-framing of its economic strategy as the region navigates a complex polycrisis, said Deputy Investment, Trade and Industry Minister Liew Chin Tong. He emphasized the necessity for ASEAN to cultivate a strong middle class to transform the region into a consumer base, rather than solely a production hub.

According to BERNAMA News Agency, Liew highlighted that creating a substantial middle class in ASEAN could elevate the region as a significant consumer market alongside the United States, Europe, and China. He delivered these remarks during his keynote address at the Commemoration of the 58th ASEAN Day and the Seventh ASEAN Economic Integration Forum. Liew pointed out that ASEAN was originally formed to maintain peace between member nations during chaotic times and emphasized that peace and prosperity can be achieved without relying on the security umbrella of superpowers.

Liew noted that ASEAN has experienced significant economic growth since the Cold War and the conclusion of conflicts in Indochina during the 1990s. However, he mentioned that the region has primarily relied on an export-led industrialization strategy focused on the United States as the primary export destination. He urged ASEAN to enrich itself before its population ages, warning against the political and societal risks of having a large poor and elderly population.

Addressing climate change, Liew described ASEAN as highly vulnerable and called for urgent action, political determination, and funding to mitigate the crisis. He also endorsed initiatives like the ASEAN Power Grid, emphasizing the need for equitable energy access and increased funding for common goods, including a more resourceful ASEAN secretariat.

Liew cited the ASEAN Community Vision 2045 as a comprehensive plan for fostering a resilient, innovative, and inclusive ASEAN. He outlined goals for strengthening political-security cooperation, enhancing economic integration through digital transformation, and promoting socio-cultural development. Additionally, Liew advocated for improved connectivity within ASEAN to enable the region to face future uncertainties collectively.