Malaysia Australia Business Council 2024 pre-Budget Statement

The Malaysia Australia Business Council (MABC) anticipates the release of the Unity Government’s 2024 budget as an opportunity to take considerable steps towards a sustainable future that is equitable for all Malaysian and the foreign investors currently operating in the country. The budget in the context of the recent medium to long term economic development plans should give a concise view of the critical government spending and strategic directions for the next 12 months.

The MABC hopes that the Prime Minister YAB Dato' Seri Anwar Bin Ibrahim together with the relevant ministries consider the following proposals in the 2024 budget:

1. Funding for Business Councils and Chambers of Commerce: Financial funding support to the bilateral business councils and chambers of commerce operating within Malaysia, with priority given to those bilateral chambers who’s countries contribute significant inward investment and two way trade with Malaysia. This will significantly increase the capability and effectiveness of these organisations.  Facilitating investors and members in business matching, investment matching, outward and inward trade programs, communication campaigns, business conferences and trade shows should be listed as approved activities under this proposed program.

2. Increased Investment and Productivity:  Digitised and simplified market entry in-line with global trends. This will boost domestic market appeal, simplify business processes, and align with global best practices. This needs to implemented at all levels of government, federal, state and local government as these are the levels of government that typical investors are required to deal with for approvals and permits.

3. Policy and Regulatory Reforms: To continue to improve regulatory frameworks to meet global benchmark standards. Embracing this goal will ensure that Malaysia remains at the forefront of international business standards and can continue to operate alongside and collaborate with the world's major developed economies. This is critical for investors who are required to meet high destination market standards and quality assurance.  

At the same time, it is important to dovetail the high-level strategic plans of the Australian government as the role of ASEAN in the Indo-Pacific and global supply chains becomes more important. The recent launch of Australia’s ASEAN strategy ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’, by Australia’s Department of Foreign Affairs and Trade valued two-way trade between Australia and Malaysia at RM 101 billion and two-way investment at RM 91 billion for 2022. These figures highlight the strong economic benefit that greater collaboration with Australia can bring to Malaysia’s domestic prosperity.

Australia remains an eager and trustworthy business partner for Malaysian companies, the Malaysia Australia Business Council remains an important facilitator as business deepens bilateral ties between both nations.

Image credit: New Straits Times