Investment, Trade and Industry Minister Tengku Zafrul said ASEAN countries must play the role of a middle power to seize investment opportunities brought about by geopolitical changes.
He emphasized the importance of maintaining ASEAN's core position to address industry issues and position the region as a neutral yet influential global player.
“I think focusing on the core concept of ASEAN is extremely important. As a member of ASEAN, we must think about how to play the role of a middle power to balance the concerns of certain industries.”
He expressed this view at the 2024 ASEAN-Malaysia Business Forum yesterday.
Tengku Zafrul pointed out that ASEAN has consistently adhered to a non-aligned policy and successfully created a stable, safe, and attractive investment environment.
He further stated that as businesses reassess global supply chains due to geopolitical changes, ASEAN should seize this momentum to attract investments.
He noted that despite a continuous decline in global foreign direct investment (FDI) over the past three years, ASEAN has demonstrated strong resilience, achieving stable growth in attracting FDI.
Regarding the impact of U.S. tariffs on ASEAN exports, including Malaysia, Tengku Zafrul candidly admitted the need for strategies and communication.
He said that the U.S. might have its perspectives, believing that imposing these tariffs could help its industries, such as curbing unfair competition from other countries.
In light of this, he stressed that ASEAN needs to communicate with the US or other countries implementing tariffs to explain why such measures might be unfair.
“If they are fair, we need to think about how to ensure that our industries remain competitive.”