GEORGE TOWN: The Asean Business Advisory Council (Asean-BAC) Malaysia, which launched its chairmanship recently, has unveiled initiatives and partnerships that are expected to enhance economic integration, inclusivity, and collaboration across the region.
A total of 12 initiatives and 33 partnerships were introduced while three memorandums of understandings (MoUs) were signed at the launch ceremony.
Asean-BAC Malaysia made the announcements during the Asean-BAC council meeting and Joint Council meeting.
The discussions centred on leveraging collective action to advance these initiatives and unlock Asean’s economic potential.
Tan Sri Nazir Razak (pic), chairman of Asean-BAC Malaysia, highlighted the unique opportunities presented by Malaysia’s leadership.
“As we assume the chair of Asean-BAC 2025, I am especially hopeful about the future of the Asean region for three main reasons.
“First, we now have a clearer understanding of Asean’s potential and constraints. Our objectives are pragmatic, designed to reflect our distinct history, culture, and political context rather than emulate other models.
“Second, a fresh generation of internationalist leaders in the region, such as Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim, is reigniting interest in regional cooperation.
“Third, Asean’s neutrality amidst global political tensions has enhanced its appeal as a prime destination for investment.”
He said that Malaysia’s chairmanship is pivotal as the Asean Strategic Plan 2045 is launched, setting a long-term vision for regional development.
With Asean now recognised as the world’s fifth-largest economy and a record US$230bil in foreign direct investment (FDI) secured in 2023, the council is focused on seizing this momentum to drive impactful initiatives.
Among the key initiatives announced are the Asean Business Entity framework, which calls for the Asean government to create an Asean business category that enjoys flexibility operating within the region, the Asean Carbon Market Initiative, and the Asean IPO Prospectus.
Three MoUs were signed at the press conference, namely between Sime Darby Property
(Malaysia) and YCH Group (Singapore) to explore opportunities for strategic collaboration in developing integrated logistics hubs and real estate solutions in Malaysia, Vietnam and other Asean markets.
Nazir announced that Asean-BAC Malaysia is honoured and excited to become the new chair, taking over the baton from Asean-BAC Laos.
“As the principal private sector body to interface with the Asean governments and secretariat, Asean-BAC is a great platform to move the dial on Asean economic integration in the interest of our economy, companies and people,” he said.
The theme of this year’s chairmanship is Unifying Markets for Shared Prosperity.
Nazir said one key proposal is for a new classification of companies known as Asean Business Entity or ABE.
“Many of the border restrictions between countries on people and business activities have proven to be intractable after many attempts over many years, yet we need to make economies of scale of the region as a whole a reality for businesses.
“Our idea then is for Asean member states to recognise a category of companies as ABE’s and allow them operational advantages such as free movement of people and operations. ABE companies, which can be local or multinational corporations’, can enjoy Asean economies of scale without governments having to open the floodgates completely which would be politically impossible,” he said.
Other initiatives include a preparation of three detailed studies to present to Asean governments to recommend measures to accelerate growth, as well to further digital intra-Asean trade, progress sustainability and inclusion, as well as collaborate in AI.
Also present at the ceremony were Penang Yang di-Pertua Negeri, Tun Ahmad Fuzi Abdul Razak and chief minister Chow Kon Yeow.
