Malaysia has seen rising investments from both the United States and China in recent years. Hisham said he was excited by the possibility of the U.S. lowering interest rates as China relocates supply chains. "We try to take advantage of this China supply chain that needs to be in ASEAN or Malaysia," Hisham said, referring to Southeast Asia. In recent years, Khazanah has shifted its focus towards diversifying its portfolio internationally, increasing investments in technology, renewable energy, and private equity. He said it was "way too early", but acknowledged that rare earths were among industries being explored by the fund.