[UK Session] ASEAN Business Advisory Council (ASEAN-BAC) Malaysia
Consultation Meeting with the Joint Business Councils (JBCs) and Foreign Business
Councils in Malaysia
Investment Opportunities and Challenges between Malaysia and UK
ASEAN Business Advisory Council (ASEAN-BAC) Malaysia held its Consultation Meeting on 14 October 2021, with business associations representing the United Kingdom (UK) businesses to discuss Malaysia’s efforts in attracting foreign direct investment (FDI) from the UK and its business communities. The discussion was moderated by Tan Sri Dato’ Dr. Munir Majid, ASEAN-BAC Malaysia Chairman, and hosted by Ms. Jukhee Hong, Consulting Director of ASEAN-BAC Malaysia.
In his opening remarks, ASEAN-BAC Malaysia Chairman Tan Sri Dato’ Dr Munir Majid said, “The long and historic relationship between Britain and Malaysia needs to be revitalised across all fronts, particularly in trade and investment. Both countries have been distracted in recent years, pandemic aside. Recent developments such as the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and greater ASEAN economic integration point to opportunities for both countries as Britain looks out from Europe more and more, and Malaysia talks of itself as the regional hub.”
ASEAN-BAC Malaysia Council Member Tan Sri Yong Poh Kon concurred, adding “Malaysia and the UK have been traditional trading partners for decades, though merchandise exports from both sides are now subject to import duties what with the graduation of Malaysia from the UK’s Generalised System of Preferences (GSP). In the absence of a free trade agreement, we look forward to a time in the near future when both countries are full members of the CPTPP, where two-way trade will increase and where British industry could set up a base in Malaysia to further tap the RCEP markets.”
“Total bilateral trade in goods and services between UK and Malaysia took a dip towards the end of Q1 2021 due to the pandemic,” noted ASEAN-BAC Malaysia Council Member Mr Raja Singham. “However, I am confident that this consultation between the JBCs and Foreign Business Councils from the UK will allow us an avenue to explore not just investment opportunities but also the continuation of transfer in knowledge, skills, money, and technology.”