Malaysia Proposes Bold Shift For ASEAN Toward Regional Self-Reliance

Malaysia is calling for a major reorientation of ASEAN’s economic strategy, urging member states to reduce reliance on foreign-led industrialisation and focus on developing homegrown multinationals, integrated infrastructure and a robust middle-class consumer base by 2045.

Speaking at the launch of the US-ASEAN Business Council White Paper, Investment, Trade and Industry Deputy Minister Liew Chin Tong laid out a four-point vision for ASEAN’s future, highlighting the need for structural reform, industrial capacity building and deeper regional economic integration.

“ASEAN must no longer see itself purely as a global production site. We must become a middle-class economic bloc, with 300 to 400 million consumers by 2045. To do that, we must pay better wages, innovate more and scale our own firms into ASEAN-headquartered multinational companies (MNCs),” said Liew.

Read more at businesstoday.com.my