ASEAN-Based MNCs Could Be Key To Navigating Economic Challenges — Liew

KUALA LUMPUR, July 11 (Bernama) -- The emergence of more ASEAN-based multinational corporations (MNCs) with strong ties to United States (US) companies could be key to navigating current economic challenges and shaping a new regional growth framework.

Deputy Investment, Trade and Industry Minister Liew Chin Tong said it is important for Malaysia to begin envisioning an ASEAN that nurtures its MNCs — in Indonesia, Malaysia, and Singapore — that are not solely reliant on foreign direct investment (FDI)-driven industrialisation.

He also emphasised that it is time for American firms to recognise the growing capabilities of ASEAN businesses.

The rise of more ASEAN-based MNCs, he said, would benefit not only US companies but also the global economy, especially the ASEAN region.

“We need to rethink our dependence on an FDI-driven industrialisation aimed at exporting to the US.

“For the past 80 years, the prevailing strategy in many Asian societies was to grow wealthy by exporting to the US. But times have changed. The US is now limiting imports,” Liew said.

He made these remarks during the launch of the US-ASEAN Business Council White Paper titled “Driving ASEAN Unity: Malaysia’s Vision for 2025”, held today.

To realise this vision, Liew said Malaysian companies would require support from multilateral agencies and development banks to mobilise funding and turn ideas into action.

He cited the ASEAN Power Grid as an example, noting the need for blended financing.

"It cannot be driven solely by the private sector, nor entirely driven by the government. A form of blended financing is needed,” he added.

Liew further emphasised that the ASEAN Power Grid must also prioritise equitable access, ensuring electricity reaches all communities across the region, enabling ASEAN to grow together as a unified, middle-class society.

-- BERNAMA