British Malaysian Chamber of Commerce (BMCC)’s Post

Eight months ago, we started a unique journey with The ASEAN Secretariat to develop a template for a joint Digital Framework Agreement (DEFA). After 2000+ corporate and SME conversations and dozens of alignment sessions with sectoral bodies and member states, we are honored to share the public version of the DEFA, which would now form the basis for negotiations between member states towards signing an agreement by 2025. We hope this is the start of a landmark journey as ASEAN prepares to leapfrog ahead on digital economy. A few nuggets from the work: 1) A DEFA can be incredibly value accretive for ASEAN: The digital economy will grow rapidly regardless, but an effective DEFA can double the rate of acceleration to create $2Tn in value for the digital economy. Individual nations will gain 3-6X acceleration in their digital economies, with emerging markets gaining higher upside. 2) A successful DEFA should cover a wide swathe of levers to be effective, including accelerating growth (Trade, e-commerce), driving interoperable (e.g. payments, digital ID), ensuring responsible digital growth (e.g. cybersecurity) and strengthening cooperation between nations (e.g. Talent, competition policy) 3) DEFA will need to be supported by national level initiatives and capabilities so that member states can take full advantage of the DEFA. This would also require cooperation between member states to support each other. The full document is available below - Munal Rathore Buddhi Mahindaratne and Tim Figures https://lnkd.in/gq_U9h3U 

Following Singapore's Union Budget 2024, our team shares their views on its impact, highlighting key areas like AI investment, BFSI sector support, and sustainability initiatives. Explore their insights on Singapore's strategic economic growth and resilience measures. Mukund Vijayaraghavan | Ruban M | Colin Tan | Mugunthan Kumar #SingaporeBudget2024 #EconomicGrowth #Sustainability #AIFuture #BFSI #LeadershipInsights #AdAstraConsultants

While the global economy is facing an unwarranted turmoil, Malaysia's economy still appear as an attractive investment spot. One of our journalists Muhamad Khairul Haqeem bin Mohd Firdaus Salva, attended a meeting where the Malaysia Digital Economy Corporation (MDEC) set a goal of bringing RM49 billion in digital investments by 2025 and recruiting 49k people into the workforce Read more about it here and don't miss out on comments from MDEC's CEO, Ts. Mahadhir Aziz, PMP -  https://lnkd.in/g4mC7Uhh #digital #investment #economy #aopg

Thrilled to reflect on Malaysia’s remarkable strides made in the past year! The launch of the New Industrial Masterplan 2030 and the i-ESG policy by the Investment, Trade, and Industry Ministry signals a bold commitment to resilience, inclusivity, and sustainability. The positive outlook for 2024 will come to life through a focus on stability, credibility, and international cooperation. As we navigate global economic and geopolitical uncertainties, it's paramount that we take calculated risks, execute transformative plans diligently, and communicate transparently with the public stakeholders who are driving economic progress across the region. https://lnkd.in/gVzy85BC #Malaysia #EconomicTransformation #NIMP2030

Negotiations on DEFA, the first major region-wide digital economy, were launched earlier this month. Cross-border data flows and data protection will be a key scope of negotiation. Up to 2020, more than 20 trade agreements with provisions on free flow of data have been signed by countries in the region, but cross-border data flow frictions persist. How far can DEFA progress in addressing the challenges? In our recent piece published in The Business Times, we discuss what lessons can be drawn from the CPTPP. Kudos to my teammates: Taojun Xie, Kway Guan Tan

"For 2024, there are three points I would like to stress. First, in making investment and trade the key drivers of our economic growth, we must be willing to take calculated risks in forging a new economic future for Malaysia, especially in the digital and green economies. Second, we absolutely must properly execute our national plans. 2024 is an important year to build on the foundations we have laid. Third, we must stay the course, no matter how hard the challenges. I keep reminding myself, we must consistently explain to the rakyat why we do what we do, and how it benefits the public in the long run... Investors crave political stability and policy consistency. They also want to see that their considered investment destinations have vision and are constantly improving. People love to do business with winners... Finally, we must prepare our industries to move up the value chain, as well as embrace tech sustainability and inclusivity. 'Inclusivity' here involves not only creating opportunities for and strengthening the capacities of SMEs but also in ensuring a more even economic growth across Malaysia. We aim to create winners In executing the transformative NIMP 2030, there will inevitably be 'winners' and 'losers'. Transforming our industries or reshuffling our trade and investment flows will have impacts on industries and jobs. But MITI is clear on producing more winners, including via the following outcomes: For companies/exporters: Speed up their embracing of ESG considerations, including changing their energy consumption patterns. A just and equitable transition for them is crucial. Furthermore, AI will not only transform economies but radically alter how we interact with each other. Malaysia must embrace AI as a focus, not shrink from it. The NIMP’s objectives includes transforming 3,000 smart factories and positioning Malaysia as a Generative AI hub. For workers/people: We are working towards higher productivity, and better wages. Technology will help them work smarter, while sectors like RE will create new jobs to strategically replace traditional industries. The Progressive Wage Policy is a push to increase productivity and our economic competitiveness. If we can achieve all these, the net outcome will be a growing GDP, more employment, higher incomes for Malaysians as well as stronger companies and industries." Malaysia in 2024: A time for boldness — Tengku Zafrul Abdul Aziz, Malay Mail, 6 January 2024, https://lnkd.in/graFB_4A

Monday, 11 Mar 202411:00 AM MYT BERLIN: Despite competition from other ASEAN countries, Malaysia continues to stand out as a prime destination for global investors, boasting a robust ecosystem forged over the past five decades, particularly within the electrical and electronics industry. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysia also stands to benefit from spillovers from investments into its neighbours. Speaking to members of the Malaysian media covering Prime Minister Datuk Seri Anwar Ibrahim’s visit to Germany, he highlighted Malaysia's enduring appeal, emphasising its potential for sustained growth in green and digital economies, buoyed by its abundant natural resources and a stable investment environment. He noted that during the working trip, Anwar will visit Siemens Energy, a key player in the renewable energy. Meanwhile, the minister also highlighted that ASEAN has benefited from the redirection of investment flows and the realignment of the supply chain, even amidst a global backdrop of slowed global gross domestic product (GDP) growth and declining global foreign direct investment (FDI) flows. "In the wake of the slow down in the global GDP, global FDIs have gone down 12 per cent but FDIs into ASEAN have increased by 5.0 per cent,” he said. Global FDI flows declined by 12 per cent to US$1.3 trillion (US$1 = RM4.68) in 2022, after nosediving in 2020 due to the COVID-19 pandemic and rebounding in 2021.

The ASEAN Digital Economy Framework Agreement (DEFA), expected to be the world’s first regionwide digital economy agreement, seeks to realise Southeast Asia as an integrated, innovative, interoperable, and investable region. 🌐 To ensure DEFA delivers the desired outcomes for all ASEAN member states and enables a safe and vibrant digital ecosystem, the 10th ASEAN Economic Community Dialogue, co-organised with the The ASEAN Secretariat and the Tech For Good Institute, in collaboration with the Australia for ASEAN Futures – Economic and Connectivity (Aus4ASEAN Futures (ECON)) partner, convened government officials, business leaders, civil society, investors, and academics. 🤝 ➡ In a two-part series, read more about the intricacies of the ASEAN Digital Economy Framework Agreement (DEFA) and its implications for policy within Southeast Asia here: https://lnkd.in/gsmP5uR5 #TechforGood #ASEAN #DigitalIntegration #ASEANDEFA Ming T. Athita Komindr Josh Lee Kok Thong Theo Sutarto Rahma Anggraini Rifki Weno Jowil Plecerda

ASEAN Economic Ministers launched the negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) – touted to be the first major regionwide digital economy agreement in the world – at the ASEAN Economic Community Council (AECC) meeting. The meeting also endorsed the Framework for Negotiating DEFA, which will guide the negotiations of the DEFA by exercising the objectives and principles of negotiations, examining the areas to be negotiated and sets out the negotiation process and timeline. #digitaleconomy #digitalecosystem #digitalbusiness #asean2023 #asean #trade https://lnkd.in/gUp8bfCv

“…Malaysia has ascended as a beacon of progress in the global digital economy, achieving significant milestones in 2023.” Read this article from the CEO of Malaysia Digital Economy Corporation Ts. Mahadhir Aziz, PMP. 📀 2023 — A Year of Digital Prosperity 📀 A Strategic Vision Amid Challenges 📀 Bridging Divides for Sustained Growth 📀 Charting the Future for a More Digital Malaysia #malaysiadigital #sayadigital #digitaleconomy #malaysia #mymdec