The ASEAN Business Entity concept championed by ASEAN-BAC Malaysia receives support from the chambers of commerce in Malaysia
Kuala Lumpur, 14 February 2025 – The Federation of Malaysian Manufacturers (FMM) today hosted the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia at a briefing for chambers of commerce and business associations based in Malaysia where the Chairman of ASEAN-BAC Malaysia, Tan Sri Nazir Razak, shared the 12 key initiatives for the ASEAN Chairmanship year with over 40 business organisations.
Among others, the ASEAN Business Entity (ABE) – a key initiative by ASEAN-BAC Malaysia – proposes that ASEAN member states offer operational flexibility to ASEAN-based companies, particularly regarding the movement of talent, capital, and back-end outsourcing.
“There needs to be a business category for ASEAN, beyond local and foreign, so that companies anchored in the ASEAN market can operate with ease and circumvent the fragmentation challenges confronting businesses that try to scale in ASEAN,” said Tan Sri Nazir Razak.
FMM President, Tan Sri Dato’ Soh Thian Lai affirmed FMM’s commitment to ASEAN’s future, stating, “We firmly believe that businesses are crucial partners in shaping ASEAN’s future. We recognise the critical importance of regional collaboration and the private sector’s vital contributions to driving sustainable economic growth and deeper integration within the region.”
The engagement saw participation from SME industry leaders from diverse sectors across Malaysia, including automotive, food processing, aluminium, plastics, rubber gloves, textiles, iron and steel, chemicals, freight forwarding, cosmetics and toiletries, construction and food and beverage, to professional services.
The participants raised various issues faced in ASEAN such as non-tariff barriers, the lack of harmonised standards, foreign share-holding restrictions, the proliferation of new standards, amongst many others.
ASEAN-BAC Malaysia expresses its commitment to escalate these concerns in its policy dialogues at the regional level as it leads the consultations on behalf of ASEAN’s private sector in 2025.
