ASEAN Must Act As 'Indispensable Middle' Amid Shifting Global Order -- Liew
KUALA LUMPUR, April 21 (Bernama) -- 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.
He said that in a world that is increasingly split between major powers, ASEAN occupies a critical position in global supply chains that cannot be easily replaced.
“In a world that is split between China and the United States, ASEAN is in many ways the indispensable middle,” he said in his keynote address at the Securities Commission-AMRO Regional Economic Outlook Seminar: ASEAN at a Crossroads here today.
Liew said that global supply chains remain difficult to replicate outside China, with countries such as Malaysia, Singapore and Vietnam forming key nodes in the ongoing diversification of production and investment flows.
He also said that ASEAN should move beyond its traditional role of hosting foreign multinationals and instead nurture its own cross-border enterprises.
“Not just thinking of ourselves as serving multinationals, but to imagine that in the years to come, there will be ASEAN multinationals,” he added.
On regional coordination, he emphasised that ASEAN should not view its members as competing against each other, particularly in strategic sectors such as semiconductors.
He said that greater integration across ASEAN would be critical in strengthening the region’s collective resilience, particularly as global risks shift from demand-side concerns to supply-side disruptions.
At the same time, Liew stressed the need to strengthen domestic demand within the region, stressing that building a strong middle-class base would be key to sustaining long-term growth.
“There are four key areas requiring stronger regional coordination, namely supply chain resilience, energy security, food security and technology investment and development.
“These areas require a lot of collective effort,” he said, noting that mobilising capital and strengthening regional frameworks would be essential to support ASEAN’s long-term development.
– BERNAMA