Kuala lumpur: ASEAN must reposition itself as the 'indispensable middle' in an increasingly fragmented global order while accelerating regional integration and strengthening its economic fundamentals to remain competitive amid intensifying global uncertainties, said Deputy Finance Minister Liew Chin Tong.
According to BERNAMA News Agency, Liew stated that in a world increasingly divided between major powers, ASEAN holds a critical position in global supply chains that is not easily replaceable. He emphasized this during his keynote address at the Securities Commission-AMRO Regional Economic Outlook Seminar: ASEAN at a Crossroads.
Liew highlighted that replicating global supply chains outside China remains a challenging endeavor, with countries like Malaysia, Singapore, and Vietnam forming essential nodes in the ongoing diversification of production and investment flows. He advocated for ASEAN to move beyond its traditional role of hosting foreign multinationals and instead foster its own cross-border enterprises.
He stressed the importance of not merely serving multinationals but envisioning a future where ASEAN itself hosts multinationals. On regional coordination, Liew urged ASEAN to avoid viewing its members as competitors, particularly in strategic sectors such as semiconductors.
He underlined that greater integration across ASEAN would be vital in strengthening the region's collective resilience, especially as global risks transition from demand-side concerns to supply-side disruptions. Liew also highlighted the need to bolster domestic demand within the region, stating that developing a robust middle-class base would be crucial for sustaining long-term growth.
Liew identified four key areas requiring stronger regional coordination: supply chain resilience, energy security, food security, and technology investment and development. He noted that significant collective effort is needed in these areas, emphasizing the importance of mobilizing capital and strengthening regional frameworks to support ASEAN's long-term development.