BMCC Newsletter Issue #331 - 5 December 2022
Dear Subscriber, |
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Winning in ASEAN - Business confidence in Malaysia remains high. |
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Business confidence in Malaysia remains high due to the region's growth prospects, according to the report “Winning in ASEAN” by Standard Chartered. This is supported by a survey finding that 64 per cent of corporate leaders have or plan to establish a sales presence in Malaysia within the next three years, showing a good view of the market.
Implementing numerous essential incentives to attract more foreign direct investments (FDIs) into the country for investors to support strategic activities and items of national relevance is also a driving force in the region's increased interest.
Mak Joon Nien, the CEO of Standard Chartered and a member of BMCC's Board of Directors, stated that high technology, knowledge-based, and capital-intensive industries drive Malaysia's well-established export-driven economy. Hence reinforcing the impact of the aforementioned incentives.
Furthermore, the recent ratification of the Regional Comprehensive Economic Partnership (RCEP) also plays a part. As a result of the implementation of the RCEP, 81% of the business leaders polled have the intention to boost their investments in ASEAN within the next three to five years.
Click here to read more on the report. |
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| BMCC Education Committee (3-18 Years) Visits Nexus International School. |
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BMCC team and several Education Committee members visited Nexus International School in Putrajaya on 25 November 2022 for a school tour hosted by David Griffiths, the Principal of Nexus International School. The school is complete with all excellent facilities including 500-pax auditorium hall, swimming pool, music studio, basketball indoor court, tennis court and boarding facilities. The tour was held prior to BMCC Education Committee meeting which was hosted by Nexus International School.
The committee meeting chaired by Alan Stevens, Master of Marlborough College Malaysia, focused on plans and activities for 2023 for the benefit of members in the sector.
BMCC was represented by the CEO, Jennifer Lopez; Public Affairs & Government Relations Senior Manager, Daniel Lee; Business Development Manager, Shaayla Jayabhalan; and Public Affairs & Government Relations Officer, Asyraf Shahar. |
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| BMCC Impact Statement Workshop. |
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BMCC’s Executive Office recently attended an Impact Statement Workshop at Heriot-Watt University Malaysia. The workshop was facilitated by Prof. Dr Mushtak Al-Atabi, the CEO and Provost of Herriot-Watt University Malaysia and BMCC Board Member.
The Workshop was an enlightening session for the BMCC’s team as everyone had the moment to share their aspiration and goals both career-wise and in life.
BMCC Team thanks Prof. Dr Mushtak for sharing his valuable insights and time with us. We are positive that this experience will elevate the life and work quality of our team as we strive to serve our members better. |
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| BMCC - Santander Webinar | The Digital Transformation Journey in Malaysia. |
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It’s tomorrow!
Register now to attend our retail webinar in collaboration with Santander UK. The webinar will discuss the expansion of e-commerce in Malaysia and the digital transformation of the retail sector.
Don't miss out on this incredible chance to gain a deeper understanding from the industry's insiders.
Speakers: - Sukh Nat, UK Head of Wholesale and Retail, Santander UK.
- Phoebe Nonis, Senior Manager Trade Services, British Malaysian Chamber of Commerce.
- Stan Singh, Secretary General, Malaysian Retail Chain Association.
- Kannan Rajaratnam, Regional Director – Payment & Customer Operations, Zalora Group.
Event details: - Date: 6 December 2022
- Time: 9.00 am to 10.00 am (GMT)
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| Meet Our New Member Endava Malaysia Sdn Bhd. |
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BMCC welcomes our new member, Endava Malaysia Sdn Bhd.
Endava is reimagining the relationship between people and technology.
Endava has helped some of the world's top Payments, Financial Services, Telecommunications, Media, and more companies speed up their ability to take advantage of new business models and market opportunities. They assist their customers in fueling the rapid and continuing transformation of their businesses by conceptualising and providing dynamic platforms and intelligent digital experiences.
Endava's agile, multi-disciplinary teams provide a combination of Product & Technology Strategies, Intelligent Experiences, and World Class Engineering to help their clients become more engaging, responsive, and efficient. They accomplish this by harnessing the technologies of the future generation. |
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| Meet Our New Member Pickering Interfaces Ltd. |
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Welcome to our new member, Pickering Interfaces Ltd. Pickering Interfaces is a manufacturer of modular switching and instrumentation for use in electronic tests and simulations. Their products are used to test electronic assemblies and parts in many industries, including automotive, aerospace, semiconductor, communications, medical, and industrial automation. These products have earned a reputation for providing outstanding quality and dependability, and as a result, they are specified in test systems that are installed all over the world. |
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| Meet Our New Member Hebden Consulting Ltd. |
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BMCC welcomes our new member, Hebden Consulting Ltd.
Hebden Consulting was created out of the desire to launch a service that prioritises the needs of its clients. The experience that the company gained working in the offshore financial services industry showed them how unfairly customers were treated under the commission-only model, which is a business model in which an advisor is incentivized to promote particular items.
As Hebden Consulting uses a method known as "fee-based," there are no potential conflicts of interest; instead, the company is free to provide completely independent, skilled, and fair financial advice to clients based on what is in the best interest of the clients. Because Hebden Consulting is now one of the fastest-growing financial advisory services organisations in Asia, based on assets under management, it is safe to say that you may trust the company's overall strength and integrity as a business. |
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| Malaysian Government Cabinet Line-Up Announced. |
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Malaysia’s 10th Prime Minister, Datuk Seri Anwar Ibrahim announced his cabinet line-up last Friday. Datuk Seri Dr. Ahmad Zahid Hamidi from Barisan Nasional and Datuk Seri Fadillah Yusof from Gabungan Parti Sarawak (GPS) were announced as Deputy Prime Ministers.
Datuk Seri Anwar will also take up the role as Finance Minister while Datuk Seri Dr. Ahmad Zahid will be the Rural and Regional Development and Datuk Seri Fadillah will also hold the Plantations and Commodities Minister portfolio. Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, the former Finance Minister was re-appointed as a Senator to helm the Ministry of International Trade & Industry.
The Pakatan Harapan-led unity government will see several members of Parliament debuting as Ministers such as Rafizi Ramli as Economic Minister, Fadhlina Sidek as Education Minister, and Dr Zaliha Mustafa as Health Minister. |
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| Restoring Investors’ Confidence among Tengku Zafrul MITI’s Top Priorities. |
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The new Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz has said in a statement yesterday, his top three priorities as the minister are to ensure that trade remains a robust key growth driver to sustain our economic growth momentum. He also added that he will restore investor confidence and increase FDI, which has long been a key building block of economic resilience, providing us with one of the largest sources of foreign exchange. Thirdly, he will look at the various bilateral and multilateral trade agreements to ensure that their formulation and/or implementation will be of real value and advantage to participants in the Malaysian supply chain, particularly the micro and small SMEs.
He ensures that MITI remains the focal point in making Malaysia a preferred investment destination and among the most internationally competitive trade nations by drawing on his prior expertise in the Ministry of Finance as well as corporate experience.
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| Penang Contributed the Highest to Malaysia Exports in October. |
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Malaysia's exports increased by 15% year-to-year to RM131.6 billion in October 2022, with Penang recording the highest exports at RM7.1 billion. Malaysia total trade in October 2022 rose 21% to RM245.2 billion.
In a statement by the Department of Statistics Malaysia (DOSM), according to the export-import statistics by states for October, higher exports also recorded in most states such as Johor (RM4.8 billion), Sarawak (RM3.7 billion), Labuan (RM1.7 billion), and Kedah (RM1 billion). Among the top five major exporting states, Penang remained the top exporter with a share of 29.6%, followed by Johor (21.9%), Selangor (17.1%), Sarawak (9.0%) and Kuala Lumpur (4.3%).
Chief Statistician of Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin said imports also increased by RM25.6 billion (29.2%) in October year-on-year. Uzir stated that the increase in imports was due to the higher imports in most states, namely Johor (RM14.1 billion), Selangor (RM4.3 billion), Melaka (RM1.9 billion), Kedah (RM1.8 billion), Penang (RM1.7 billion), Sarawak (RM929.3 million), Negeri Sembilan (RM353 million), Kuala Lumpur (RM164.6 million), and Pahang (RM144.6 million).
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| ICAEW produces 189 more Chartered Accountants in 2022 to counter national shortage. |
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The Malaysian government has set a target of 60,000 accountants by the year 2030, a target which was originally set for 2020 as part of the Economic Transformation Programme. In support of this national goal, Institute of Chartered Accountants in England and Wales (ICAEW) recently welcomed over 189 new Malaysian members to the international organisation. Datuk Johan Merican, Deputy Secretary General of Policy at the Ministry of Finance and Global ICAEW President Julia Penny spoke to the new Chartered Accountants at the ICAEW annual dinner 2022.
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| Top Glove | The Star's Export Excellence Awards 2022. |
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Top Glove has been awarded the Exporter of the Year (Mid-Tier and Large Companies) and the Gold Award under the Consumer Products (Mid-Tier and Large Companies) category at The Star's Export Excellence Awards 2022.
The awards are evidence of Top Glove's commitment and hard work in providing top-notch products to their clients worldwide.
BMCC extends its sincere congratulations to Top Glove on their excellent accomplishment!
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| Skrine | Listed in the IEL Elite. |
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As a leading Malaysian firm, Skrine was selected for inclusion in the inaugural guide to the world's most formidable employment law practises that was compiled by International Employment Lawyer (IEL Elite).
The IEL Elite is a list of more than 100 top teams from around the world that have impressed with their work on ground-breaking projects and shown that they are important partners to the world's top employers over the past year. IEL Elite also recognises the finest employment and labour law teams who provide innovative and high-value counsel to businesses all around the world. These teams are eligible for this recognition.
BMCC congratulates Skrine on being selected for demonstrating a breadth of knowledge throughout a wide range of legal works, particularly in the employment law practise.
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| Sri KDU International Schools | Cambridge Outstanding Learners Award. |
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Sri KDU International Secondary School, Kota Damansara has consistently delivered excellent IGCSE results and once again, their Year 11 students from the 2021/2022 cohort have distinguished themselves by achieving remarkably in the Outstanding Cambridge Learner Awards.
It is indeed impressive that 10 of their students received the very prestigious Top in Malaysia and Top in World Awards in the Cambridge IGCSE.
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| Voxtree helps Capital A CEOs face the media with confidence. |
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Neil Stoneham, Managing Director of Voxtree Ltd, visited REDQ (Headquarters of AirAsia) recently to coach the company’s CEOs on facing the media. CEOs from Airline and Digital services across the region were encouraged to share the challenges they face in a complex media environment – from answering tough questions to keeping journalists engaged and on-message in a press conference.
Even with years of media experience between them, the CEOs said they learned a lot. They also commented on how refreshing it was to hear how others get their message across clearly, all while dealing with the noise of social media.
If you would like media training or any other form of communications coaching for your C-suites, contact Neil. |
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Malaysia stands out among ASEAN peers in developing sustainable financing, says World Bank economist. -The Edge |
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Malaysia, Turkey, Indonesia among top 20 halal economy exporters. -Malay Mail |
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UK plans to relax ringfencing rules on banks to spark Brexit ‘big bang’. -The Guardian |
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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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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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