ASEAN Should Leverage Middle Class Growth To Drive Economic Development

KUALA LUMPUR, Sept 22 (Bernama) -- ASEAN should position itself not merely as a production hub but as a vibrant consumer market, driven by the growth of a strong middle class across its economies, a key objective for the region’s economic development.

Deputy Investment, Trade and Industry Minister Liew Chin Tong said that when ASEAN works with East Asian giants such as China, Japan, and South Korea, it is important to remind these large economies that it is in their interest to see a strong ASEAN middle class.

“ASEAN should have strong multinationals with technologies, and not just depend on imported technologies from outside. In ASEAN’s engagement with the East Asian large economies, it is crucial for China, Japan and South Korea to keep in mind that more technological transfers and sharing with ASEAN will bring mutual benefit,” he said in his special address at the East Asia Business Forum Monday.

After years of promoting East Asia, Liew said ASEAN now have various ASEAN+3 institutions, platforms, and mechanisms, as well as the Regional Comprehensive Economic Partnership (RCEP).

“Some Asian economies are very rich, and Asia is now the technological powerhouse of the world today. What we need is to do more together, but we have to do things very differently,” he said.

Liew, speaking as a member of the ASEAN Geoeconomics Task Force, said the group believes that ASEAN, as an active player, must get its act together to help shape Asia’s future and potentially the world.

The East Asia Business Council was inaugurated in 2004 and endorsed by ASEAN+3, ie China, Japan, and South Korea. It has been recognised for its consistent efforts to bring the private sector’s voice into regional policy.

-- BERNAMA