Penang chosen to lead as Malaysia chairs Asean-BAC this year


  • Nation
  • Saturday, 18 Jan 2025

GEORGE TOWN: Penang has been chosen to showcase its rich and diverse culture and heritage as the country chairs the Asean-BAC this year.

Asean Business Advisory Council (BAC) Malaysia chairman Tan Sri Nazir Razak said in line with the government's wish that Asean events be spread throughout the country, Penang was chosen as it was now a famed economic posture as the “Silicon Valley of the East”.

He said after having the pleasure of treating guests to some of Penang’s renowned street food, it struck him how food was not only something that bound but also something that transcended borders.

"A good example is the laksa, which exists in all Asean countries, with many names and unique twists, asam laksa in Malaysia, laksa Brunei, nom banh chok in Cambodia and khao poon in Laos.

"Indeed in Asean we have much in common.

"Within the diversity, there are many commonalities that remind us of our shared history and relative newness of borders that define national identity.

"The modern nation-state defines rules and regulations that often parameterise our businesses, but they don’t have to," he said during the Asean-BAC Malaysia Chairmanship 2025 handover and launch ceremony at Eastern & Oriental Hotel here on Friday (Jan 17).

Nazir added that integration, being about reducing, removes what inhibits positive connections between countries.

That’s what Asean-BAC continuously seeks to do and in a modern world of business where economies of scale is so crucial, our role just gets more and more

important," he said.

He further announced that Asean-BAC Malaysia is honoured and excited to become the new chair of Asean-BAC, 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 MNC’s, 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.

Today, the delegates will visit several semiconductor companies in Penang.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Nation

Flood evacuees in Sabah, Sarawak drop to 1,109 on Feb 11
Warehouse fire in George Town nearly destroys building
Death of Taiping prison inmate still under probe, said Saifuddin Nasution
Malaysia strives to lead Southeast Asia’s digital economy, says Gobind
M'sia intensifies efforts to boost global governance perception
Terengganu Perkeso disburses RM23.4mil in benefits to insured persons, dependents
Man attacked with cleaver in Johor Baru, perpetrator arrested
Op Sky: MACC clears three celebrities of direct involvement
Religious tourism can boost Sabah’s appeal, says Ewon Benedick
Flood evacuees in Sabah, Sarawak drop to 1,775

Others Also Read