Speaking at the launch of the newly formed ASEAN Private Markets Council, Liew challenged the outdated view that ASEAN’s role is limited to low-cost production while advanced technologies must come from outside the region. Liew stressed the importance of aligning funding, innovation, and industrial policy to cultivate a thriving internal market that fuels long-term growth across ASEAN. The ASEAN Private Markets Council, one of twelve initiatives headed by the ASEAN Business Advisory Council (ASEAN-BAC), intends to remove major obstacles to private capital expansion in the region. The Council’s emphasis is clear — highlight private market possibilities with targeted investments in technology and green transition efforts. “To catch up with global benchmarks, ASEAN needs an estimated US$60 billion in private equity and venture capital funding,” Nazir said.