About ASEAN Business Advisory Council(ASEAN-BAC)
Launched in April 2003, ASEAN Business Advisory Council (ASEAN-BAC) was formed following decision of the ASEAN Leaders at the 7th ASEAN Summit, with the mandate to provide private sector feedback and guidance to boost ASEAN’s efforts towards economic integration. Accordingly, ASEAN-BAC’s activities are primarily focused on reviewing and identifying issues to facilitate and promote economic cooperation and integration. The Council also submits annual recommendations for the consideration of the ASEAN Leaders and the ASEAN Economic Ministers (AEM).
ASEAN-BAC’s members are appointed by the Ministers in charge, and comprise of high-level CEOs of companies from each member country. Each country is represented by a maximum of three members, with one representing the interest of the small and medium-sized enterprises.
About ASEAN-BAC Malaysia
The ASEAN Business Advisory Council (ASEAN-BAC) Malaysia Chapter is an integral participant in the regional ASEAN-BAC with regular participation at all Council Meetings and Consultation with the leaders. Over the course of the 16 years that the ASEAN-BAC Malaysia Chapter has been in operation, various recommendations, feedback and input have been provided during the consultation with the ASEAN Economic Ministers and ASEAN Heads of State at the regular ASEAN Consultation and Business Summits. At the same time, various studies on the national and regional economic climate have been conducted to substantiate the recommendations, some of which have already been incorporated into the guidelines of the overall ASEAN Economic Community Agenda.
Moving forward, ASEAN-BAC as a collective endeavour to venture into more operative initiatives such as business matchmakings and promotional activities between the private sector businesses within the region, with particular emphasis on SMEs, the main economic driver of the region. Every national council is responsible for the implementation of these initiatives at national level with collaboration, support and connectivity with the various other national councils.
The initiatives are set in accordance with the guidelines and timeline of the implementation of the ASEAN Economic Community (AEC), with its formation year in 2015 and hosted by Malaysia.