ASEAN-BAC Malaysia Launches B2B Connect Initiative (BCI) To Spur Cross-Border Businesses in ASEAN

Kuala Lumpur, Monday, 16 October 2023 – ASEAN Business Advisory Council (ABAC) Malaysia wishes to announce the formation of ABAC Malaysia B2B Connect Initiative or also known as BCI – a platform to facilitate cross-border business. The inaugural BCI will focus on the agricultural sector and ASEAN-BAC Malaysia will be rolling out the BCI for other sectors in due course. The BCI (Agriculture) is chaired by former Cabinet Minister, Dato’ Sri Mustapa Mohamed.

The setting up of BCI (Agriculture) signifies ASEAN-BAC Malaysia’s commitment to operationalise the signing of Memorandum of Understanding (MoU) between ASEAN-BAC Malaysia and ASEAN-BAC Philippines, witnessed by the Philippine President Ferdinand Romualdez Marcos Jr. on 27 July 2023 in Kuala Lumpur.

Comprising companies active or intending to be active in multiple ASEAN countries, BCI (Agriculture) will serve as a platform to facilitate Malaysian companies to identify and engage agriculture companies in other ASEAN countries with a view to promote trade, investment or develop partnerships. The BCI will also facilitate ASEAN companies in investing in Malaysia's agricultural sector.

In officiating the launch Tan Sri Nazir Razak said, “ASEAN-BAC Malaysia needs to go beyond policy advocacy and actually catalyse more intra-ASEAN business i.e. trade and investment. The key to this is active engagement of companies in the private sector. That is why we are setting up this BCI platform, beginning with the agricultural sector. At today’s launch, we discussed potential collaboration with the Philippines as a start. Following this, we plan to expand the scope to other ASEAN member states as well as establish similar BCI platforms for other key sectors including manufacturing and financial services.”

Speaking at the launch Dato’ Sri Mustapa Mohamed shared, “It is pivotal for us to focus our efforts to facilitate and support our agricultural businesses to explore opportunities in ASEAN. We will start with the Philippines and perhaps oil palm where Malaysian companies can bring their capital and expertise as well as explore existing and new opportunities. Our companies can also learn and import capital and expertise in products in which the Philippines companies excel. I am delighted to contribute to fostering bilateral cooperation between Malaysia and the ASEAN member states, not just among the private sector, but also public-private partnership.”

Also in attendance at the launch were representatives from the private sector: FGV Holdings, Kuala Lumpur Kepong Berhad (KLK), UCSI University, Viva Global, Farm Fresh, Agrofresh International, AQINA Pineapple and Tanah Makmur Berhad. Other attendees include representatives from the public sector including the Ministry of Investment, Trade and Industry (MITI), Federal Agricultural Marketing Authority (FAMA), Malaysian Agricultural Research and Development Institute (MARDI), Malaysian Palm Oil Board (MPOB).

ASEAN-BAC Malaysia is committed to supporting the government’s efforts to promote greater intra ASEAN trade and investment, as well as closer economic integration among ASEAN member states. Companies interested in taking part in the BCI are welcomed to get in touch with ASEAN-BAC Malaysia.