ASEAN must break free from its long-standing dependency on foreign direct investment and begin reinvesting its own capital in technologies and solutions that serve the public good, Deputy Minister of Investment, Trade and Industry Liew Chin Tong said today.
Speaking at the launch of the ASEAN Private Markets Council by ASEAN-BAC Malaysia at the St Regis Kuala Lumpur, Liew described the initiative as timely and necessary in a world increasingly shaped by regional blocs and geopolitical competition.
“We are very often tuned to think that technology, capital and new things must always come from outside ASEAN,” Liew told delegates, “but I believe this is the time to start reshaping the future of ASEAN.”
He emphasised that the Council should be more than just another investment platform, and instead be geared towards “achieving public purposes”.
“I hope this initiative will also be geared towards achieving public purposes,” he said.
Setting out his vision, Liew highlighted three strategic areas where ASEAN-led investment could significantly transform the region over the next decade: the green transition, demographic resilience, and regional tech leadership.
“First, I hope to see these investments eventually playing a role in the green transition of ASEAN,” he said, “whether in terms of creating technologies for green transition, experimenting with new concepts, but also investing in a blended financing form in the ASEAN Power Grid so that we bring energy to every part of ASEAN where there is a need so that ASEAN can grow and prosper together.”
He added that equitable development must remain central to the Council’s work.
“It is my wish that even the least developed countries in ASEAN will have an opportunity to grow in the next 5 to 15 years.”
Secondly, Liew pointed to the region’s ageing population and rising health demands as key investment challenges.
“I hope this investment platform will also finance startups or companies that will bring new ideas to deal with an ageing population and various health challenges that ASEAN may come to face.”
Thirdly, he envisioned a future in which ASEAN becomes home to its own globally competitive technology firms, drawing inspiration from East Asian success stories.
“I hope in 10–15 years’ time, we will have an ASEAN mini Huawei, or an ASEAN mini Samsung, or an ASEAN TSMC — not exactly doing what these companies are doing now but something new and more innovative that will drive continued growth.”
Liew contextualised these ambitions within the broader shift away from globalisation and towards more regionally focused economic cooperation.
“The world has moved away from the idea that the whole world is one global supply chain. It is no longer about globalisation,” he said. “Moving forward, the world will become a lot more regionalised. And this regionalism unfortunately is most likely to be underpinned by geopolitical competition.”
He concluded by asserting ASEAN’s ability — and responsibility — to define its own economic destiny.
“If we can shape an ASEAN that is strong, resilient, rich and prosperous, we can create an ASEAN middle class that will also reshape the world.”
“Let us shape a different future for ASEAN and we start by launching the ASEAN Private Markets Council today,” Liew added. - September 22, 2025
