PATHWAY FOR MALAYSIA 2021: RECOMMENDATIONS FROM TRADE ASSOCIATIONS, CHAMBERS OF COMMERCE, PROFESSIONAL BODIES, AND FOREIGN BUSINESS ASSOCIATIONS & BUSINESS COUNCILS IN MALAYSIA.

Following the Virtual Dialogue held on 22nd February 2021 between ASEAN Business Advisory Council (ASEAN-BAC) with 46 Trade Associations, Chambers of Commerce, Professional Bodies, and Foreign Business Associations & Business Councils in Malaysia, ASEAN-BAC Malaysia has produced a new report called “Pathway for Malaysia 2021”. The report comprises feedback with regards to the issues businesses are facing during the COVID-19 pandemic, as well as 137 recommendations to tackle the challenges as the economy gradually reopens.

Tan Sri Munir Majid, Chairman of ASEAN-BAC Malaysia stressed the importance of a fast decision making body in order to aid the businesses in Malaysia during the recovery phase of the pandemic. He also highlighted that the ratification of the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could provide Malaysia with the early advantage in the new trade and investment opportunities, especially in the post-pandemic environment.

In accordance with “A Pathway Towards Recovery and Hope for ASEAN” (Pathway 225), which was submitted by the ASEAN-BAC and endorsed by the ASEAN Leaders during their 36th ASEAN Summit on 26th June 2020, ASEAN-BAC Malaysia has collaborated with CARI ASEAN Research and Advocacy (Formerly known as CIMB ASEAN Research Institute) to capture these recommendations for Pathway for Malaysia 2021 to be socialised with relevant ministries and agencies for further consideration and action.

The report consists of feedback and policy recommendations by the private sectors based in Malaysia, namely (i) Trade Associations (ii) Chambers of Commerce (iii) Professional Bodies (iv) Foreign Business Associations & Business Councils in Malaysia. As the country gradually reopens its economy, this report provides clear steps to be taken by businesses to ensure that the country enters the competitive market, at the same time expand its regional opportunities.

Pathway for Malaysia 2021 covers the three areas of:

1. Analysis on Policy Issues Impacting Malaysia’s Business Competitiveness in ASEAN

2. Dealing with the Current Pandemic and COVID-19 Recovery Efforts

3. Malaysia as the Gateway to the ASEAN & RCEP Markets

The objectives of this report is (i) to inject a Malaysian drive into Pathway 225 proposals that could be pursued and curated as specific ASEAN projects – which would need a strong hand to be played by the Malaysian government at the regional level and (ii) to introduce particular concerns at the national level to ensure strong participation not just in ASEAN economic recovery, but also in expediting the RCEP and CPTPP ratifications.