ASEAN must reframe economic strategy amid global polycrisis
He said the region is no stranger to a changing world order, and it has to create a middle class to turn ASEAN into a consumer base, and not just a production base.
'To have a strong middle class in ASEAN means that the world will have more than the current three large consumer markets: namely, the United States (US), Europe, and China.
'This in turn would enhance ASEAN's leverage over other regions,' he said in his keynote address at the Commemoration of the 58th ASEAN Day and the Seventh (7th) ASEAN Economic Integration Forum here today.
Citing historical context, Liew said ASEAN was formed to solidify the newfound peace between Malaysia and Indonesia and to avoid wars among member states in times of chaos.
'ASEAN knew very well in 1967, just as it knows now, that only in a peaceful region will member nations grow richer.
'To maintain peace, ASEAN does not need the 'security umbrella' of any superpowers, but to build peace and prosperity among ASEAN member states,' said the deputy minister.
Since the end of the Cold War and as the multiple conflicts in Indochina drew to a close in the 1990s, he said ASEAN has grown by leaps and bounds economically, but the region has pursued an export-led industrialisation strategy that presupposed the US as the final destination for exports.
He also said ASEAN must grow richer before it gets older and called for economic policies that are empathetic and inclusive.
'We cannot afford to have hundreds of millions of people, both poor and old, which is a recipe for political and societal disaster,' he said.
On climate change, he said the region is the most vulnerable and urged for courage, political will and financing to move fast enough to avert the crisis.
He also said the ASEAN Power Grid is a great idea that needs financing and must improve equitability by bringing power to ordinary people who have never had access to energy.
'ASEAN needs much more funding to create common goods, such as a secretariat that has more resources, capacity, and capability,' Liew said.
He added that the ASEAN Community Vision 2045 provides a comprehensive framework for a resilient, innovative, dynamic, and people-centred ASEAN.
'We will strengthen political-security cooperation to sustain peace and stability, accelerate economic integration underpinned by digital transformation and sustainable growth, and foster socio-cultural development that leaves no one behind,' he said.
He further said an enhanced connectivity within ASEAN would ensure it is more integrated and agile to face future uncertainties together. - Bernama
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