Issue #297 - 4 April 2022
Dear Subscriber, |
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An overview of Bank Negara Malaysia’s 2021 Annual Reports
- Malaysia’s gross domestic product (GDP) is expected to grow between 5.3% to 6.3% against a challenging environment, driven by continued external demand, improved domestic economic activity and reopening of international borders. Governor Tan Sri Nor Shamsiah Mohd Yunus of BNM said an open economy such as Malaysia’s would naturally be affected by global disruptions but the impact would be mitigated by the nation’s highly diversified economic and trade structure, which has always been a source of strength.
- Malaysia’s export is likely to grow by 10.9%, driven by increase in strong global demand especially for electrical & electronics (E&E) products due to digitalisation and automation. Meanwhile, as a net commodity exporter, Malaysia stands to benefit from the higher commodity prices and production – with a 45.8% expected growth this year. Governor Tan Sri Nor Shamsiah Mohd Yunus of BNM said “The continued extension in external demand and the global uptake cycle will benefit our economy, especially for Malaysia’s E&E products which account for more than a third of our exports and commodities accounting for more than 10% of total exports.
- Malaysia’s financial institutions remain well-positioned to support economic recovery with credit risks from household and business sectors remain manageable – supported by improving economic conditions and on-going targeted support measures. Furthermore, paving the way for digital financial services for the underserved market segments is key to enhancing access, quality and efficiency. Moreover, encouraging financial flows to climate-aligned activities are now being put in place - Governor Tan Sri Nor Shamsiah Mohd Yunus of BNM said “We will press ahead to further strengthen the foundations for greater climate resilience in the financial sector, while enabling the financial sector to support an orderly transition to a greener economy.”
Key takeaways from the reports are:
- For Malaysia to emerge stronger and more resilient, structural reforms are key especially in sustainability digitalisation and inclusivity.
- The shift towards higher quality investment is key. It must be done with the development of a future-ready workforce, social protection reforms and adaptation of digitalisation.
- The continued push to adopt the Environmental, Social and Governance (ESG) agenda is also critical.
- Malaysia’s economic prosperity depends on the policy actions of today.
What to look out for in April! As we kickstart Q2 for 2022, the BMCC is organising two (2) events:
BMCC CEO Insights Series will be held on 7th April via a webinar session featuring Jonathan L. Pan, Vice President & General Manager of GSK Pharmaceutical Malaysia. The session entitled, Making Health A Priority will look to share insights on realigning priorities at the policy stage to ensure the improvement of health aspects at country, company and personal level.
Energy Outlook 2022 – Malaysia’s Energy Transition Outlook will be held on 12th April via a virtual forum which will look to explore the challenges and opportunities of the energy transition with experts from both the government and private sector, as the nation embarks on a transition journey to a more sustainable and low carbon economy to mitigate the impacts on climate change.
We look forward to your participation and support to the events. For any inquiries, email to info@bmcc.org.my.
The BMCC would like to take this opportunity to extend our best wishes to the Muslim communities on the beginning of the blessed month of Ramadan. It is a month for reflection and spiritual growth as well as for forgiveness and generosity. From all of us at BMCC, Ramadan Kareem! |
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Stay up to date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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| Meet Our New Sterling Member, Reckitt Benckiser (Malaysia) Sdn Bhd |
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With operations in over 60 countries and sales in nearly 200 countries, Reckitt Benckiser is the world's leading consumer health and hygiene company providing pharmaceutical products for human or veterinary use.
Reckitt Benckiser Malaysia Sdn. Bhd. is engaged in the manufacturing, fabricating, or processing of drugs in pharmaceutical preparations for human or veterinary use. The company in Malaysia was founded in 1988 and based in Petaling Jaya, Selangor, Malaysia. |
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| Meet Our New Member, M & N Management Consultants (M) Sdn Bhd |
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They are the leading provider of advisory and consultancy services, supporting their clients with dedicated local expertise. Their primary interest is to serve multinational corporations and private clients to operate, expand and invest through profound collaboration with the government ministries, education institutes and international corporations in Malaysia. |
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BMCC CEO Insights Series | Making Health a Priority |
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Energy Outlook 2022 | Malaysia's Energy Transition Outlook |
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| Sheffield International Trade Centre (SITC) | International Trade L!ve |
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Join the International Trade Live (Online) where it will be an opportunity for your company to learn about, discuss, and gain insights into global business subjects from prominent industry professionals.
On 1st January 2023 the UK government will implement changes to the UK’s standards and Marking systems - which will impact products imported into or manufactured in the UK. Businesses involved in the manufacture, importing and distributing of these goods should take note and ensure compliance with any new rules.
Date: 5th April, Tuesday Time: 10:00am to 11:00am |
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| Recap on Firechat International Women's Day: Womens in STEM |
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Q1, 2022 ended for the Chamber with a BMCC - British Council Fireside Chat with successful women in STEM. The BMCC would like to express appreciation to our distinguished speakers - Ts. Sharifah Zaida Nurlisha, President of Malaysian Oil & Gas Services Council (MOGSC) and Professor Dr Woo Yin Ling, Consultant Obstetrician & Gynecologist of Faculty of Medicine University Malaysia for an insightful sharing. Also, thank you to our moderator for the session - Professor Mushtak Al-Atabi, Chief Executive Officer & Provost of Herriot Watt University Malaysia and BMCC Deputy Chairman. A quote to best summarise the event is "providing women with equal opportunities to pursue and strive in STEM are essential in building an innovative and inclusive future." |
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| Recap on the BMCC Government Dialogue Series - Covid-19: Two Years On |
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The BMCC had the honour of hosting an exclusive Government Dialogue Series featuring Tan Sri Dato' Seri Dr. Noor Hisham Abdullah, the Director General of Health Malaysia where he shared his insights on the lessons learnt in dealing with the Covid-19 pandemic and the upcoming outlook for the country in the endemic phase. The dialogue was chaired by Jennifer Lopez, CEO of BMCC and moderated by Dr. Sanjeev Panchal, BMCC Board Member and Country President of AstraZeneca Malaysia. Our sincere appreciation to Tan Sri Dato' Seri Dr Noor Hisham Abdullah for an engaging discourse as well as to those who attended.
To view the recorded session, click here. |
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| Roundtable Discussion with YB Zairil Khir Johari, Penang State Executive Councilor (EXCO) for Infrastructure and Transportation |
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The BMCC was proud to host a roundtable discussion with YB Zairil Khir Johari, the Penang State Executive Councilor (EXCO) for Infrastructure and Transportation. The BMCC delegation was led by Mark Arthun, Chair of BMCC Northern Region who is also the Managing Director and Site Leader of Smith+Nephew, Malaysia Operations, Bill Addington, BMCC Board Member & Director, Tony Gee & Partners and Jennifer Lopez, Chief Executive Officer of BMCC. Joining the delegation were our members from the construction and engineering sectors as well as financial services The Penang State Government, through SRS Consortium presented on the Penang Transport Master Plan and the Penang South Island development and also shared on the opportunities for involvement of our members in some of these developments.
It was an insightful session for all of us and we appreciate the networking opportunities alongside those in attendance. The BMCC would also like to express our gratitude to YB Zairil Khir Johari for hosting the roundtable discussion. |
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| BMCC Northern Region's Lunch Meeting for Northern Corridor Investment Authority (NCIA) & BMCC Members |
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Mark Arthun, Chair of BMCC Northern Region and Managing Director and Site Leader for Smith+Nephew hosted a lunch meeting between senior officers from the Northern Corridor Investment Authority (NCIA) and BMCC members to understand about NCIA's strategic development plans for the Northern Corridor Economic Region (NCER). As shared by the representatives, there are plenty of investment opportunities to look out for in the region - especially in the infrastructure and connectivity developments sector as well as various industrial clusters. Attending the lunch meeting were Jennifer Lopez, Chief Executive Officer of BMCC and distinguished members - Bill Addington, Board Member of BMCC, David Hashim, Founder and President of Veritas Design Group and Natasha Zulkifli, Stakeholder Director of YTL Construction. The BMCC would like to thank Mark Arthun for hosting the lunch meeting at his office in Batu Kawan, Penang and to NCIA team for sharing with us the opportunities. |
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| The #BMCC team had a productive 3-day visit in Penang, here's a quick read! |
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Splendid Dinner Engagement with British Malaysian Chamber of Commerce Northern Chair
The BMCC team were honoured to join a small dinner engagement in Penang for stakeholders hosted by BMCC Northern Chair, Mark Arthun. Mark was joined by Bill Addington, BMCC Board Member, Jennifer Lopez, Chief Executive Officer, Roufizah Razali, Senior Manager Membership & Strategic Partnerships. The productive dinner included discussion on fostering stronger relations and advancing future collaborations.
The BMCC team were honoured to join a dinner engagement in Penang graciously hosted by BMCC Northern Chair, Mark Arthun. Attending the dinner was Bill Addington, BMCC Board Member, Jennifer Lopez, Chief Executive Officer, Roufizah Razali, Senior Manager Membership & Strategic Partnerships as well as its respected Penang links. The productive dinner included talks on fostering stronger relations and advancing future collaborations.
Courtesy Visit to Dialight Penang - BMCC’s New Sterling Member
The BMCC team visited the headquarters of new Sterling Member, Dialight Penang, and were hosted by Veerasivati Arjunan, QA Manager and his team, Devarajen Superamani, Engineering Manager, Vejayan Velaezam, Supply Chain Manager, Ch’ng Kar Hong, Finance Manager, Kumuta Saptharisi, HR Manager and Oh Chong Leng, Production Manager.
The discussion centered on a better understanding of Dialight’s business and company direction as well as potential collaborations that will advance Dialight’s business ventures. The BMCC team was represented by Jennifer Lopez, Chief Executive Officer, Roufizah Razali, Senior Manager Membership & Strategic Partnerships and Daniel Lee, Manager Public Affairs and Government Relations.
Dialight is a master in LED industrial lighting technology with millions of LED fixtures installed worldwide. Their expertise are in service to industrial customers who are looking at minimizing energy and maintenance costs and overall carbon footprint without compromising the safety and productivity of their facilities in a challenging and demanding environment. |
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Site Visit to Kulim Hi-Tech Park (KHTP)
The BMCC team were given a tour of the logistics connectivity and excellent industrial infrastructure of the Kulim Hi-Tech Park (KHTP), Malaysia's pioneer high technology park. It is noted as one of the most preferred investment location in Asia for worldwide companies in the high-tech, medical industries and advanced technologies.
The Kulim Technology Park Corporations Sdn Bhd (KTPC) team was led by Mohd Sahil Zabidi, Group Chief Executive Officer, also present were Nurliza Ahmad, Head, Sales & Strategic Planning Division, Dr. Ranee Ramya, Assistant, Muhammad Amir Asyraf Zulkefli, Executive Sales & Investor Relation and Siti Norsakeena Mohd Arshad, Executive Corporate Communications. Representing the BMCC were Jennifer Lopez, Chief Executive Officer, Roufizah Razali, Senior Manager Membership & Strategic Partnerships and Daniel Lee, Public Affairs and Government Relations Manager.
A Meet-Up with BMCC Member: Stonyhurst International School Penang
The BMCC visited Stonyhurst International School, an upcoming boarding school based in Penang which is also a valuable member of the Chamber. The visit, led Jennifer Lopez, Chief Executive Officer, Roufizah Razali, Senior Manager Membership & Strategic Partnerships and Daniel Lee, Manager Public Affairs and Government Relations were warmly met by Justin Thomas Durling, Principal and Sin Yee Ng, Director of Admissions where productive engagements were held about advancing educational excellence.
Stonyhurst International School embodies academic outcomes for students but also develop pupils that are critical thinkers, problem solvers and a genuine sense of compassion for others. The School is making its mark in Penang as it sets to open its doors to students in September 2022. |
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| Malaysia Opens International Borders with Improved SOPs |
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The Malaysian Government has opened its international borders on 1 April as a step towards transitioning to the endemic phase, with improved SOPs that allows fully vaccinated travellers to enjoy the benefits of entering Malaysia without the need for quarantine.
More information can be referred here. |
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| Vacancy Announcement | High Commission Kuala Lumpur- DIT Malaysia |
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The Department for International Trade in Malaysia is looking to appoint a Senior Trade Manager to develop Malaysian elements of the Asia Pacific Infrastructure and Energy trade campaigns which focus on Clean Growth.
The aim is to support UK companies and organisations to secure business in this market, including by identifying and tackling market access barriers and through promoting the UK’s Clean Growth offer. |
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| Jersey Finance | Malaysia Wealth Management Forum 2022 |
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Join our member, Jersey Finance on the Malaysian Wealth Management Forum 2022.
The event will explore the future challenges and opportunities facing private banks and wealth managers today. It will discuss the vision for the future and how the industry will evolve in the age of digital advancements and changing client expectations.
Date: 13th April, Wednesday Time: 9:00am to 2:00pm |
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| St. John's International School | Open Day |
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St. John's International School inspire their students to be capable of extraordinary accomplishments through their holistic academic programmes. Discover their Secondary School now as the 2023 intake is open for registration!
They welcome those who are fully vaccinated and parents must accompany children below 17 years old.
Book an appointment for a visit through openday@sjis.edu.my or +603 2022 4881.
Date: 9th April, Saturday |
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UK economy grew more quickly than thought in late 2021 - The Star |
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Don't drop your guard about Covid-19, says PM - Free Malaysia Today |
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UK may provide more help to households on energy bills - Reuters |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) E04C0, 4th Floor East Block, Wisma Golden Eagle Realty, 142-B Jalan Ampang, 50450 Kuala Lumpur Copyright © BMCC 2022
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