ASEAN-BAC Malaysia Launches The ASEAN-BAC Malaysia Circle 25 May, 2023
Kuala Lumpur, Thursday, 25 May 2023 – ASEAN Business Advisory Council (ASEAN-BAC) Malaysia today launched the ASEAN-BAC Malaysia Circle (ABMC), a platform for regional Malaysian companies to actively support ASEAN integration and the Government’s preparations for Malaysia’s chairmanship in 2025.
ABMC members will form the wider circle of businesses on which ASEAN-BAC Malaysia council members will lean for advice and suggestions on regional issues and concerns through its engagements with ASEAN leaders, economic ministers, regulators, government agencies, and other business groups.
Launched by the Minister of Investment, Trade and Industry, YB Tengku Datuk Seri Utama Zafrul Aziz, ABMC is made up of representatives from renowned Malaysian corporations with strong regional presence including AirAsia, Aerodyne, Carsome, CIMB Group, Creador, Genting, Ikhlas Capital, Khazanah Nasional, Kuala Lumpur Kepong (KLK), MyEG, RHL Ventures, Sime Darby Plantation, Silverlake Group, Yinson Holdings, YTL Corporation, and while The National Chamber of Commerce and Industry Malaysia (NCCIM) is an honorary member.
A roundtable dialogue between the Minister and members of ABMC was held in conjunction with the launch, where various pressing challenges to regional economic integration were discussed including the ongoing effort by MITI in preparation for ASEAN 2025 Chairmanship, and how the private sector can support the various initiatives led by the government.
Speaking at the roundtable dialogue, Tengku Zafrul highlighted, “The portfolio of the ASEAN-BAC Malaysia and the ABMC is defined by the shared interests of its members, many of whom have a regional footprint. As the private sector is a co-creator of ASEAN's prosperity and development, Malaysian public-private sector collaboration is key to capturing part of ASEAN’s growth, projected at 4.7% in 2023 and 5.0% in 2024. MITI looks forward to working closely with the private sector to facilitate discussions that could advance industry, trade and investments in this region. Further, in preparation for Malaysia’s impending Chairmanship of ASEAN in 2025, our Priority Economic Deliverables (PEDs) should focus on advancing Malaysia’s interest and ASEAN’s effort in establishing ASEAN as an integrated single market that is sustainable, competitive, innovative, and responsive to future challenges so that our economies and people can continue to thrive and prosper.”
ASEAN-BAC Malaysia’s Chairman, Tan Sri Nazir Razak said, “We are extremely grateful for the support of these regional companies. Malaysia is in the run-up to lead the ASEAN Community and it needs the private sector to step up and play its part. After all, a more conducive regional business environment could benefit our regional companies tremendously.”
Also in attendance at the event were ASEAN-BAC Malaysia Council Members, Tan Sri Tony Fernandes, and Mr. Lim Chern Yuan.
