The role of rice in Asia has evolved but remains central to pro-poor growth and food security. This article offers reflections based on decades of engagement with the region’s rice economy, organized around six interlinked themes: rice research, rural infrastructure, structural transformation, price stabilization, social safety nets, and financial markets. While private actors now lead in many areas—particularly in marketing and supply chains—public roles remain critical in setting policy directions, investing in long-term research, and ensuring equity. The interaction between public and private sectors is shaping a new foundation for Asia’s rice economy—one that demands coordination, adaptability, and political skill. Rice may no longer define the region’s overall economy, but its significance for the poor, for nutrition, and for political stability remains strong. Strengthening this foundation will depend on how effectively both public and private roles are aligned to support inclusive, resilient growth.