KUALA LUMPUR: ASEAN member states should forge stronger regional cooperation in the steel industry to accelerate the creation of an integrated market.
Investment, Trade and Industry Deputy Minister Liew Chin Tong said ASEAN can cooperate on decarbonisation roadmaps, technology sharing and pooled procurement.
He said this would help build regional steel alliances and advance overall integration.
“So far, ASEAN member states have been treating investment in the steel industry as private investments, viewing higher foreign investment and higher growth of output and export of steel as positive outcomes,“ Liew said.
“But stopping at these goals may lead to a race to the bottom in terms of more capacity and more investments into blast furnaces, hence more carbon emissions and more trade frictions, as well as potentially trade wars, which becomes a vicious cycle.”
Liew delivered these remarks during his special address at the ASEAN Policymakers Conference on Steel and the 2025 ASEAN Iron and Steel Forum on Sustainability and Construction.
He emphasised that this is the time for ASEAN to adhere to the highest standards.
The deputy minister called for creating conditions for clean and green steel production.
He also urged coordination of capacity and pursuing a regional approach to steel production and investment.
This includes finding blended financing together among member states.
“In the changing geoeconomics landscape, ASEAN has agency, and we should act in concert,“ Liew stated.
“We need a global coalition for clean and green steel, and I sincerely hope ASEAN member states could take the lead to build the platform for such cooperation to take place.”
Liew added that MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz will launch the Iron and Steel Industry Roadmap later today. – Bernama