Asean countries meet to share business opportunities in region
Asean countries meet to share business opportunities in region
An exclusive summit for exchanging experiences and information on business opportunities and promotional incentives offered by the respective countries in the region was recently hosted by the Malaysian Business Chamber (MBC) to the Lao PDR.
Under the theme of the 5th Indochina Malaysian Business Chambers' Summit, the summit was presided over by the President of MBC Laos (MBCL) Dr Muhammad Firuz Hamidun and officiated by Dato' Than Tai Hing, the Malaysian Ambassador to Laos, who is the patron of MBCL.
In his opening remarks Ambassador Dato' Than said that the choice of venue for this important event being Vientiane was timely as Laos will be taking over the chairmanship of Asean next year.
He also expressed confidence that the MBCs in the region could play an important role in linking up businesses, proposing that the MBCL should take the lead in spearheading MBC activities and business ventures to explore opportunities and potential in the region, especially in the Lao PDR, with a view to helping the country narrow its development gap with the other Asean member countries.
“Ma laysian companies are well placed in terms of experience and capacity to work together with companies in the region, taking advantage of the close and cordial relationship between Malaysia and the other countries in the region,” he said.
Dato' Than also took the opportunity to encourage the MBCs in the region to invite business communities in their respective host countries, particularly the Malaysian business community, to participate in the Vientiane EXPO 2015 that would be held from 28th November to 7th December 2015.
With Malaysia's chairmanship of Asean in 2015, Asean countries continued to be the main focus of the Malaysian External Trade Development Corporation under the Ministry of International Trade and Industry Malaysia (Matrade)'s promotional activities, to synergise the region's markets and production hubs which would entail a free flow of goods, services, investment, capital, and skilled labour.
The AEC which aims to integrate Southeast Asia's diverse economies of 600 million people with a combined gross domestic product of US$2.4 trillion will further connect Asean with the global economy.
During the summit the Ministry of Planning and Investment's Investment Promotion Department Director General, Mr Manothong Vongsay, gave an update on the latest government policies and relevant incentives to attract more foreign direct investment into the country.
Head of the Foreign Aid Division of the Planning and Cooperation Department under the Ministry of Industry and Commerce Mr Sengphanomchone Inthasane said that foreign investors can now own up to 100 percent of trading companies, depending on the amount of their initial capital outlays, inviting wholesalers to set up companies in Laos.
MBCL President Dr Muhammad Firuz Hamidun also suggested the setting up of an Indochina MBC Directory and Data Bank to enable all Indochina MBCs to share information and business opportunities.
He asked MBCs members to work closely with Matrade Malaysia in assisting Malaysian investors wherever they are based, in promoting bilateral economic cooperation between Malaysia and their host countries in the Indochina region.
The meeting also exchanged views on the possibility of setting up an Asean MBC, nonetheless noting the constraint caused by the absence of MBCs in Singapore and Brunei Darussalam to the formation of su ch a centralised regional MBC.
Each year Malaysian Business Chambers/Councils in the Mekong S ub-region take turns to host the seminar, starting with the MBC in Thailand in 2011 followed by Myanmar, Cambodia, Vietnam and this year, Laos, to exchange experiences and information on business opportunities and promotional incentives offered by the respective countries in the region.
