[US 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 US
ASEAN Business Advisory Council (ASEAN-BAC) Malaysia held its Consultation Meeting on 17 September 2021, with business associations representing the United States (US) businesses to discuss Malaysia’s efforts in attracting foreign direct investment (FDI) from the United States and its business communities. The discussion was moderated by the ASEAN-BAC Malaysia Council Member, Mr. Raja Singham, hosted by Jukhee Hong, Executive Director of CARI ASAEN Research and Advocacy.
Tan Sri Dato’ Dr. Munir Majid, Chairman of ASEAN-BAC Malaysia opened the meeting by sharing the same concern as the foregin businesses of the dysfunction in the Malaysian government caused by domestic political turmoil, on top of the unprecedented crisis caused by the COVID-19 pandemic.However,he remarked that Malaysia’s attractiveness for foreign investment still remains and can be enhanced with hopes of a much-needed respite for the country to get down to business for economic benefit.
Tan Sri Yong Poh Kon, fellow ASEAN-BAC Malaysia Council Member, highlighted that the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),could serve as an anchor and catalyst for change as its provisions would impose with a wide range of standards that the Malaysian government and Private Sector would need to comply with.
Mr. Raja Singham on the other hand, stressed the need for a stronger digital workforce in the country which can flourish given the right environment, platform, and training — but this would require input from employers on where the gaps and demand for skills are.
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