ASEAN must stop being just the factory—It’s time to build our own tech giants, says Liew

KUALA LUMPUR: ASEAN must break free from its overreliance on foreign direct investment (FDI) and instead build its own technological ecosystem if the region wants to compete on a global scale, says the Malaysian Deputy Minister of Investment, Trade and Industry Liew Chin Tong.

Speaking at the launch of the newly formed ASEAN Private Markets Council, Liew challenged the outdated view that ASEAN’s role is limited to low-cost production while advanced technologies must come from outside the region.

“If more investments are channelled into ASEAN’s own tech capabilities, we could see the rise of regional — and even global — multinational companies from Southeast Asia,” he said at a press conference on Monday.

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