Malaysia holds this year's chairmanship of the 10-member Association of Southeast Asian Nations, or ASEAN. Our correspondent Rian Maelzer spoke with the country's minister of Investment, Trade and Industry for his insights on the challenges and opportunities facing Malaysia and ASEAN. 

RIAN MAELZER, Kuala Lumpur "Minister, what about foreign direct investment for the past year and the prospects moving forward, especially looking perhaps at the ramifications of US policy?"

TENGKU ZAFRUL AZIZ, Malaysian Minister of Investment, Trade and Industry "So, for Malaysia and for ASEAN we are looking at how this may have an impact or indirect impact to us. As, you know, the supply chain globally is all very interrelated and interdependent. So one supply chain challenge in one part of the world will have a knock-on effect to the rest of the world.

As a region, ASEAN, still enjoys a positive and FDI growth last year and Malaysia also benefited from that, Although we have seen Global FDI decline. So for Malaysia I can safely say here, it's a double-digit growth but it was from a very high base as well. So, what is driving that FDI for Malaysia? If you look by countries actually the United States because of the investments in technology space, in the digital economy and followed closely with Europe and China. So we are seeing China still continue to be a top investor in Malaysia and of course in the region as well. And when you look at Chinese investment into Malaysia, it has always been in sectors that are quite diversified."

RIAN MAELZER, Kuala Lumpur "Malaysia is the chair of ASEAN this year. What are your key priorities?"

TENGKU ZAFRUL AZIZ, Malaysian Minister of Investment, Trade and Industry "The theme this year is inclusivity as sustainability. If you look at ASEAN, the companies, more than 95 per cent are SMEs, so how do we make sure that SMEs and then when you look at SMEs don't forget, there are women SMEs, women entrepreneurs, and the youth also involved in the ASEAN economy. I think the inclusivity part is very important and not taken for granted, because if you have seen all around the world, when people don't feel they are included in the growth of the economy naturally, they will then question the whole concept of multilateralism, right? So I think that principle of multilateralism we have to make it clearer the benefits, the spillover that everyone can achieve."

RIAN MAELZER, Kuala Lumpur "What role can ASEAN play then in countering this push against multilateralism and the threat to the liberal trading order?”

TENGKU ZAFRUL AZIZ, Malaysian Minister of Investment, Trade and Industry "We need to act as one in our approach. That's why the concept of ASEAN centrality is key. As the block, I think we have as louder voice. So I think ASEAN has middle power role to play where we can try and navigate this very tricky, and uncertain times by being together and then that's why I said centrality is important. And what we need to do is continue to be non-aligned, continue to be neutral, and at the same time, always put our interests first."