Australia Malaysia Business Council

Malaysia Australia Business Council

JOINT MEDIA RELEASE

Australian businesses respond to business potential in Malaysia

Thursday October 27, 2011.  Registrations for the full day business briefing in Melbourne and the Kuala Lumpur cocktail reception are in strong demand as Australian businesses embrace opportunities flowing from the recently announced Malaysian budget.

The Malaysian Government has confirmed it plans to spend more than RM230 billion over the next five years as part of a wider economic reform designed to double income per capita by 2020.

Speaking at the 2012 Budget Speech in Kuala Lumpur, the Malaysian Prime Minister – The Honourable Dato’ Sri Mohd Najib Tun Abdul Razak – re-iterated the importance of achieving these set objectives, setting out five key focus areas for Government expenditure during 2012.

These areas – ‘accelerating investment’, ‘generating human capital excellence, creativity and innovation’, ‘rural transformation’, ‘a stronger civil service’ and ‘easing inflation: enhancing well-being’ – are set to be addressed through a number of economic policy initiatives collectively referred to as the New Economic Model (NEM).

Under the NEM, initiatives such as the Government Transformation Program (GTP), the Economic Transformation Plan (ETP), One Malaysia – People First, Performance Now and the 10th Malaysia Plan (10MP) will be each responsible for addressing a set of isolated issues seen to be inhibiting economic growth in Malaysia.

The ETP for example, has been designed to target and address 12 National Key Economic Areas (NKEA) to assist the transition toward a manufacturing and services-orientated economy – with a look to lessening the nation’s reliance on commodities in the process.

Incorporating growth sectors such as oil and gas, information technology, biotechnology and renewable energy, alongside other more established sectors such as education, tourism, finance, wholesale and retail, and electronics, investment in the ETP – unlike the initiative itself – will be not lead by the public sector.

Instead, upward of 92 percent of investment in these NKEA’s will be sourced from the private sector.  This makes initiatives such as the joint Australia Malaysia Business Council (AMBC), Malaysia Australia Business Council (MABC) and Roxby Media’s ‘Australia Malaysia: Forging Ahead’ all the more imperative in ensuring the success of these economic policies.

In linking the private sector in Australia with trade and investment opportunities arising out public policy decisions such as these, the AMBC and MABC have more than just a peripheral role in these outcomes said MABC Chairman Michael Halpin. Both organisations remain a key source of advice, expertise and input with respect to key business investment and trade opportunities.

Initiatives such as ‘Australia Malaysia: Forging Ahead’ are instrumental in achieving the shift from more traditional, labour intensive industries to a skilled workforce, and are only made possible through the support of key trade and investment agencies including the Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE).

AMBC National President Larry Gould says that the initiative will work to “showcase the proactive and supportive business frameworks that exist in the Malaysian and Australian economies, and the vast opportunities for foreign investment in Malaysia.”

The initiative – is scheduled to launch in Australia on Thursday 17th of November at the Melbourne Convention and Exhibition Centre followed by the Malaysian launch in Kuala Lumpur in the 23rd November. The initiative combines a number of media platforms, including a purpose built website and supporting print publication, and is decisive given expectations around the conclusion of the Malaysia-Australia Free Trade Agreement (MAFTA) in early 2012.

The full day business briefing in Melbourne will feature a series of keynote addresses from government, industry and business leaders and will be followed by a series of presentations in industry specific sessions which include:

Human Capital Development
• The importance of human capital to Malaysia
• Education and vocational competency development

Business and Professional Services
• Finance/Law
• Banking
• Medical and Health Tourism

Science, Technology and Sustainability
• Environment
• Australia Malaysia Science Partnership
• Commercialisation of Innovation
• Biotechnology

Australia/Malaysia Forging Ahead
• Policy and Regulation – MAFTA
• Sabah’s view of the future
• Malaysia as a hub for ASEAN

Registrations for the launch events in Melbourne and Kuala Lumpur are still being taken, and can be made through Sandra Johansson at Roxby Media on +612 8246 7400. Click HERE for more information on the event.

Issued jointly by Australia Malaysia Business Council and Malaysia Australia Business Council.

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