Asean must cultivate its own tech giants, says Liew

KUALA LUMPUR: Asean must shift from its heavy reliance on foreign direct investment (FDI) and focus on building regional technology champions, said Liew Chin Tong, Deputy Investment, Trade and Industry Minister.

He said the region’s manufacturing growth has long been driven by foreign capital and technology, but sustainable progress now depends on nurturing homegrown companies.

“For the longest time, Asean has depended on an FDI model for investment. Manufacturing particularly has depended very much on FDI investment, and therefore, technology is often seen as the realm of foreign import.

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