The Malaysia Australia Business Council (MABC), a member of AustCham ASEAN, expressed its support for the Australian government’s recently announced roadmap for collaboration with the ASEAN nations, Invested: Australia’s Southeast Asia Economic Strategy to 2040.
MABC is especially responsive to the Malaysia Action Plan outlined within the strategy, highlighting critical sectors and key approaches that will be embraced in the coming years to bring Malaysia and Australia closer.
The announcement from Foreign Minister Penny Wong that significant funding would be put towards creating connections between Australia and the ASEAN states, including AUD70.2 million to create investment deal teams, AUD19.2 million to facilitate two-way trade and AUD6 million to create opportunities for young professionals in the region, plays perfectly into the goals and interests of MABC members.
MABC commits to contribute to the success of the Australian government’s plan to deepen relations with Southeast Asia in the following ways:
- Facilitating Bilateral Trade: MABC has consistently supported bilateral two-way trade between Australia and Malaysia, empowering Australian businesses to bring their goods and services to Southeast Asia. MABC will continue its advocacy in this field and support the Malaysia Action Plan’s ‘Remove Blockages’ strategy to facilitate smoother trade and help Australian personnel enter Malaysia while avoiding the present red tape.
- Technology and Knowledge Transfer: The Malaysia Action Plan outlines the necessity to ‘Build Capacity’ between Malaysia and Australia, noting the importance of knowledge sharing, institutional partnerships and alumni MABC commits to lobbying more tertiary education providers and alums organisations to invest in Malaysia and establish campuses to facilitate technology and knowledge trade between both nations.
- Investor Engagement: A key factor of the Malaysia Action Plan is to ‘Deepen Investment’ and facilitate collaboration between medical innovation hubs and infrastructure funding programs. MABC will continue to advocate for its Malaysian and Australian members to embrace investment opportunities and facilitate FDI programs that can lead to positive developments for Australia and Malaysia.
- Skills and Workforce Development: Education and Skills is a critical sector outlined within the Malaysia Action Plan, which Australian institutions will be nurturing to grow by the year 2040. MABC will continue working with the 4 Australian universities that maintain a physical presence within Malaysia to encourage local students to expand their skills by learning with Australian tertiary education providers.
MABC is excited about the opportunities for Malaysia and Australia that the government’s strategy presents.
In a statement, MABC said, “We eagerly anticipate further discussions and cooperation with the Australian government to make the policies outlined in ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’ a resounding success. We look forward to seeing its objectives come to fruition.”
The MABC is a non-profit organisation which acts as a leading voice between Malaysia and Australia to promote trade, investment, and economic cooperation between the two nations. Since its establishment in 1986, the MABC has had a long-standing history of fostering business relationships and facilitating dialogues between government, industry, and academia. MABC plays a vital role in advancing bilateral ties and driving economic growth in both nations. MABC is a member of AustCham ASEAN – a recognised Dialogue Partner of the ASEAN Business Advisory Council – and advocates for a more unified and collaborative relationship between Australia and Southeast Asia.
Source: MABC
