Held on Friday in Phnom Penh, the ASEAN-Malaysian Business Chambers Summit 2024, a pivotal event that brought together representatives from Malaysian business communities across Southeast Asia, showcased the dynamic business environment within ASEAN and highlighted new investment opportunities in the region.
Hosted by the Malaysian Business Chamber in Cambodia (MBCC) at the Sun and Moon Riverside Hotel, the event saw leaders from seven Malaysian Business Chambers (MBCs) representing Cambodia, Laos, Myanmar, Thailand, Vietnam, the Philippines, and Indonesia coming together on a single platform and sharing a joint vision for the region’s continued growth.
Attended by around 300 participants, the summit was presided over by Chea Vuthy, Secretary General of the Cambodian Investment Board of the Council for Development of Cambodia (CDC), and Shaharuddin Onn, the Malaysian Ambassador to Cambodia, signifying the strong support for the event from both Cambodian and Malaysian governments.
In his keynote address, Ambassador Shaharuddin commended MBCC for its role in fostering stronger bilateral ties between Malaysia and Cambodia. Highlighting the significance of the summit, he said the gathering reflects the unwavering commitment of Malaysian Business Chambers to strengthening economic ties across ASEAN.
“It is without a doubt that this alliance or network of Malaysian Business Chambers would create synergies and enable the sharing and exchange of knowledge and experiences among Malaysian businesses in the ASEAN region,” the Ambassador noted.
Vuthy expressed optimism about the role of MBCs in attracting Malaysian investment to Southeast Asia. “We hope MBCC and other MBCs in ASEAN will act as ambassadors, drawing more Malaysian investors to the region. Cambodia offers vast opportunities, and we look forward to building stronger economic partnerships with Malaysia,” he stated.
Oknha Tan Khee Meng (left), President of the Malaysian Business Chamber in Cambodia (MBCC), moderating a panel discussion with leaders from Malaysian Business Chambers (MBCs) representing Laos, Myanmar, Thailand, Vietnam, the Philippines, and Indonesia during the ‘ASEAN-Malaysian Business Chambers Summit 2024’ at the Sun and Moon Riverside Hotel in Phnom Penh, on Friday. KT/Pann Rachana
According to Vuthy, Malaysia has emerged as one of Cambodia’s key partners, consistently ranking among the top 10 sources of foreign direct investment (FDI), bringing around $224 million over the past five years.
“In the first 11 months of this year, Malaysians invested around $44 million. This investment has been instrumental in driving Cambodia’s economic progress across various sectors, including construction, education, and healthcare,” he added.
Vuthy hoped that MBCC and other Malaysian Chambers in the region would act as ambassadors to draw more Malaysian investors to explore the vast opportunities in the Kingdom and build stronger economic partnerships.
Oknha Tan Khee Meng, the President of MBCC, in his opening remarks, emphasized the significance of this milestone. “The formation of MBCs ASEAN is not just a name change but a transformation—a testament to the strength of our collaboration. Together, we are building bridges of trade, investment, and cultural exchange, elevating the image of Malaysia and fostering regional prosperity,” he noted
“As Malaysians residing in different parts of ASEAN, we carry the shared responsibility of not only growing our businesses but also representing Malaysia with pride,” Tan noted.
The summit featured comprehensive presentations by the seven MBCs on their respective host countries’ investment outlooks. These presentations provided valuable insights into opportunities and challenges within the ASEAN region, offering critical guidance to Malaysian businesses looking to expand their footprint.
Besides Tan, presentations were given by How Han Hui, President of the Malaysia Chamber of Commerce and Industries Philippines (MCCI), Rungnapa Chinvigai, Director of the Malaysian-Thai Chamber of Commerce (MTCC), Angus Liew Bing Fooi, President of the Malaysian Business Chamber of Vietnam (MBCV), Siva Prakash Shanmugam, President of the Malaysia-Myanmar Business Chamber (MMBC), Tee Chee Seng, President of the Malaysian Business Chamber Lao PDR (MBCL) and Mani Wannan, President of the Malaysia Chambers Jakarta (MCJ).
Panel discussions involving speakers and attendees further enriched the event, fostering vibrant exchanges of ideas and strategies to promote economic growth. Topics ranged from regional trade policies to sustainable business practices, underscoring the shared goal of driving progress and innovation across ASEAN.
A key moment of the summit was the formal signing of the Memoranda of Understanding (MoUs) between the seven MBCs, marking the official formation of ‘MBCs ASEAN.’ This unified platform will enhance collaboration among Malaysian businesses in Southeast Asia, promote cross-border trade and investment, and support the economic integration of the ASEAN region.
It will also foster talent and knowledge exchange to drive innovation and professional growth and support regional economic development by creating jobs, encouraging innovation, and contributing to host countries’ economies.
The unified platform will also strengthen Malaysia’s global reputation as a leader in business, culture, and diplomacy. “The summit has set a strong foundation for future collaboration, ensuring that Malaysian businesses remain at the forefront of ASEAN’s dynamic growth story,” Tan said.
It may be noted that the journey of the remarkable collaboration between Malaysian Chambers began over a decade ago with the formation of the Indo-China Malaysian Business Chambers Summit, an initiative that brought together chambers from Cambodia, Laos, Myanmar, Thailand, and Vietnam.
Over the years, the platform has grown stronger, welcoming the Malaysia Chamber of Commerce and Industries Philippines (MCCI), in 2023 and, most recently, the Malaysia Chambers Jakarta (MCJ).
The unanimous decision by all seven chambers to adopt the new identity of MBCs ASEAN underscores their shared vision for a more integrated and prosperous future for Malaysian businesses in the region.