22 February 2021 – The ASEAN Business Advisory Council (ASEAN-BAC) Malaysia hosted three Virtual Consultation Dialogues to consolidate feedback from ASEAN’s private sector stakeholders for its Pathway for Malaysia 2021 Report.

Among the topics discussed at the dialogues were ways the public sector can help the private sector recover from the COVID-19 pandemic, how ASEAN can reap the benefits of the Regional Comprehensive Economic Partnership (RCEP), and how foreign businesses can harvest the opportunities from the region’s US$3.2 trillion market and 670 million people.

The Pathway For Malaysia 2021 report will contain a compilation of recommendations from trade associations, chambers of commerce, professional bodies and foreign business associations and business councils, foreign and local trade, commerce, and professional bodies in Malaysia.

The Pathway for Malaysia 2021 Report, follows the report of A Pathway to Recovery and Hope for ASEAN (Pathway 225), submitted to the ASEAN Leaders Summit held on 26th June 2020. The Pathway 225 comprised a combination of short and long-term proposals from all ASEAN-BAC, Joint Business Councils and sector champions to facilitate the gradual re-opening of ASEAN economies.

According to ASEAN-BAC Malaysia Council Member Mr Raja Singham, “the input received during the virtual dialogues highlight the many ways that the government can assist Malaysian businesses in recovering from the COVID-19 pandemic and boost the economy in 2021 and beyond.”

“It is pertinent that we prioritize the nation’s health and safety, digital transformation, and human capital development on the road to recovery,” he added.

ASEAN-BAC Malaysia Council Member Tan Sri Yong Poh Kon noted during the dialogue that he concurs with the requests from the trade and manufacturing associations to expedite the ratification of signed trade agreements such as the RCEP and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This would, he said, allow the country to “take early advantage of new trade and investment opportunities, especially in a post-pandemic environment. Foreign investors would like to set up operations in Malaysia to strengthen their links to ASEAN, as well as its RCEP and CPTPP trading partners.”

No country is exempt from the effects of the COVID-19 pandemic which has seen a decline in investment spending and market demand, and disrupted global supply chains.

Tan Sri Munir Majid, who chairs both ASEAN-BAC Malaysia and CARI, invited the private sector to look up the Pathway 225 Report on the CARI website (cariasean.org), identify initiatives that they might want to be involved in, and urge the Malaysian government to champion them in ASEAN’s post-pandemic economic recovery process.

“I would also like Malaysian and Malaysian-based companies to identify particular projects in the healthcare sector and in inclusive financing which ASEAN-BAC Malaysia, together with CARI, would help develop into Malaysia’s legacy projects at the ASEAN level.”

“We must be more aggressive in benefiting from ASEAN economic integration and the RCEP. We are making some headway in EduTech. We should be looking to enlarge Malaysia’s regional footprint in HealthTech and FinTech,” he said.

Three sessions were held during the virtual dialogues hosted by ASEAN-BAC Deputy Executive Director and ASEAN-BAC Malaysia Supervisor Ms Jukhee Hong, and chaired by ASEAN-BAC Malaysia Chairman and Council Member Tan Sri Dato’ Dr Munir Majid. The first involved consultations with trade associations and chambers of commerce, the second with professional bodies, and the third with foreign associations and business councils in Malaysia.  Some 70 participants attended the three sessions of the Dialogues and TEEAM was represented by President, Mr Siew Choon Thye.