Malaysia Australia Business Council (MABC) and Sarawak Australia Business Chamber (SABC) Formalize Strategic Partnership.
Strategic Alliance to drive Sarawak Business with Australia
Date: 1st December 2023 (Friday)
The Malaysia Australia Business Council (MABC) and the Sarawak Australia Business Chamber (SABC) have formalized a Memorandum of Understanding (MoU) to enhance collaboration and cooperation, with a focus on promoting bilateral trade and investment between Malaysia and Australia. It is a good and timely move in line with the Malaysia spirit of togetherness and getting residents and communities of both East and West Malaysia to come together and collaborate for the greater good of Malaysia.
“This MOU is a significant milestone in the relationship between the Malaysia Australia Business Council and the Sarawak Australia Business Chamber. It is envisaged that through this partnership we will be able to better serve the needs of the business community looking to expand in the region from Australia and conversely to act as a conduit for businesses expanding into Australia. Sarawak will play a leading and critical role in the Malaysian economy's growth story, Australian businesses need to take the time to understand the strategic vision Sarawak and explore the business and investment opportunities it will create. Three high growth areas have been identified, which include renewable energy, education, and tourism, especially meetings and incentives for Australian businesses to immediately consider. The education sector, in particular, has already received considerable investments from Australia, with two leading universities already establishing campuses in Sarawak.” Nordin Abdullah, MABC Vice-Chairman
“It's a good & timely move in line with the Malaysia spirit of togetherness and getting residents & communities of both East and West Malaysia to come together and collaborate for the greater good of Malaysia. Via collaborating with MABC, SABC believes that together we can enhance trade and relations between Australia and Malaysia including Sarawak. SABC is a lead partner and signatory to the newly formed Borneo Economic Community (BEC) which consists of Business Chambers, Government and Communities from Sarawak (Malaysia), Kalimantan (Indonesia), Brunei Darussalam, Sabah (Malaysia) and Labuan (Malaysia). BEC is formed under the initiative of the ASEAN Business Advisory Council (BAC). Borneo, the green lung of the region, is home to the new and green capital of Indonesia, Nusantara. Sarawak is resources rich and an exemplary model of sustainable green economy in the region. The rapid growth of Borneo and Sarawak present business opportunities aplenty for MABC and SABC members” Rodger Chan, SABC President
“Sarawak and Australia have long-standing trade and investment links, with two-way trade valued at RM 5.67 billion in 2022, a 56 per cent increase on 2021. To ensure our economic relationship continues to grow, it’s important that we work together. The signing of this MoU between the Sarawak Australia Business Chamber and the Malaysia Australia Business Council will help to ensure we continue identifying trade and investment opportunities and allow us to enhance collaboration in areas like the hydrogen economy, food and agriculture, tourism and, of course, education and skills. In my role as Vice Patron of the Sarawak Australia Business Chamber I look forward to helping increase prosperity for both countries by strengthening our trade and investment relationship and finding new areas for cooperation.“ Simon Fellows, acting Australian High Commissioner to Malaysia
Memorandum of Understanding (MoU), the MABC and SABC mutually agree to offer the following benefits to their respective members:
Networking and Partnership Opportunities:
- Members gain access to joint networking events, business forums, and conferences, providing a platform for establishing meaningful connections and partnerships. This initiative fosters a collaborative environment that encourages businesses from Malaysia and Australia to engage and build valuable relationships.
Information Exchange Hub:
- The MoU facilitates the seamless exchange of crucial information, encompassing market insights, trade data, and business opportunities between Malaysia and Australia. This collaborative sharing of information enhances the understanding of each other's markets, fostering informed decision-making for businesses involved.
Unified Advocacy and Trade Missions:
- The Parties commit to joint advocacy efforts, representing collective interests to authorities in both Malaysia and Australia. Members are also encouraged to participate in joint trade missions and delegations, providing opportunities to explore new business prospects, establish strategic partnerships, and reinforce cross-border trade relations.
The establishment of this Memorandum of Understanding (MoU) signifies a significant milestone in our collaboration. This alliance reaffirms our dedication to fostering economic ties, bilateral trade, and investment opportunities between Australia, Malaysia and Borneo via Sarawak.