Global supply chains are gradually shifting towards the region, he says.
Asean is set to become not just the world’s factory but also a significant consumer base, said investment, trade and industry minister Tengku Zafrul Aziz.
The ten nations that comprise Asean are already home to more than 678 million people, with a combined gross domestic product of about US$3.7 trillion in 2022. “In short, our own SMEs’s survival in local supply chains could help them to capitalise on not only Asean’s growing middle class but also the shifting of supply chains and FDIs into this region,” he said.
Given such factors, he highlighted the need to provide these companies with a financial lifeline to ensure that their supply chains remain intact, which, in turn, is crucial to the nation’s socio-economic development.
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