Malaysia’s the New Economic Model (NEM) and the challenges and opportunities in industry

 

Kuala Lumpur, 15 April 2010 - Earlier today, one of Malaysia’s most promising young Ministers, YB Dato' Mukhriz Tun Mahathir, Deputy Minister of International Trade & Industry joined the British Malaysian Chamber of Commerce (BMCC) Premier Business Luncheon sponsored by Grant Thornton at the Sheraton Imperial Hotel Kuala Lumpur to share some key insights for companies doing business in Malaysia.

Offering attendees interaction, high level networking and a strong business focus, the event was attended by business leaders, entrepreneurs and SMEs. YB Dato’ Mukhriz used the luncheon to engage in two-way open dialogue with the audience to capture their views, opinions and experiences. Commenting on the impressive turnout, he  highlighted the importance of working with the private sector in establishing new ways to develop key industry sectors and nurturing local talent. “This will help bring about the transformation of the Malaysian economy to become a market-led, regionally integrated and entrepreneurial force that can compete globally.”

Steven Foster, Deputy Chairman of BMCC , said: “We are delighted that Dato' Mukhriz was able to join us today.  We particularly welcomed the opportunity for such an open dialogue on key issues such as liberalisation of the services sector and improving the education system to meet the needs of industry.”

Responding to questions from business leaders at the event, Dato’ Mukhriz said that the Government is committed to revamping the current education system and ensuring that all sectors of the system receive the required allocation of funds. He also highlighted the need for R&D to be more closely linked to industry developments saying that MITI is working closely with MOHE and MOSTI to achieve this. “In higher education, there have been a number of twinning programmes introduced but we welcome further initiatives in this field.”

On the issue of affirmative action, he said that the policies of affirmative action and meritocracy are not mutually exclusive. “The 1Malaysia policy and the NEM can address that and will give benefit across the board.” On the need to continue to attract FDI to Malaysia, he emphasised that Malaysia needs to move towards a capital intensive industrial landscape based on high technology and knowledge. Malaysia also needs to ensure that existing investors are well catered for in terms of suitable resources and skills.

On the subject of bilateral trade between Malaysia and Britain, he said, “In 2009, Britain remained Malaysia’s third largest trading partner in the EU and the 16th largest individual trading partner globally. However, I believe there is still a lot of ground to be explored and we welcome the input of all of you here today to achieve this.”

Following the Q&A Session, Dato’ Narendra Jasani, Managing Partner of event sponsor Grant Thornton, said “We are thrilled to be part of an event that allows our clients and partners an opportunity to voice their business concerns directly to Government and I looking forward to working with the BMCC in presenting more exciting themes and speakers in 2010.”

The event is one of a series of Premier Business Luncheons held by the BMCC in partnership with Grant Thornton.  These events are fast becoming one of the highlights of the KL business calendar, attracting over 150 leading business executives to each one. 

For tickets for the next Premier Lunch please email events@bmcc.org.my

 

Dato' N.K. Jasani - Managing Partner of Grant Thornton, the event sponsor of the business luncheon

 

 

Business delegates at the luncheon

(From left) Dato' Michael Yam - Director of British Malaysian Chamber of Commerce, Dato' Mukhriz Mahathir - Deputy Minister of International Trade & Industry (MITI), Dato' N.K. Jasani - Managing Partner of Grant Thornton

ENDS

 Notes for editors - Established in 1964, The British Malaysian Chamber of Commerce (BMCC) is a dynamic bilateral trade organisation based in Kuala Lumpur with over 300 corporate members involved in a wide range of industry sectors, including engineering, construction, automotive, oil & gas, energy, telecoms, IT, education, training, retail, hospitality, publishing, financial services, banking, insurance and corporate services. Membership includes some of the best-known international brands including HSBC, Royal Bank of Scotland, TNT, Standard Chartered Bank, Flowcrete, Malaysia Airlines, Genting, YTL, UMW, Shell and many others. www.bmcc.org.my

Grant Thornton in Malaysia provides assurance, tax, corporate finance, restructuring and other specialist services to private and public listed companies. With four offices across Malaysia and access to more than 2,400 Partners in over 100 countries worldwide, we have invaluable local expertise supported by global reach. www.gt.com.my

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ISSUED JOINTLY BY THE BRITISH MALAYSIAN CHAMBER OF COMMERCE & GRANT THORNTON

FOR FURTHER INFORMATION, PLEASE CONTACT

AMANDA POWELL, BMCC – Tel +6012 373 6659 media@bmcc.org.my

SHARON SUNG, GRANT THORNTON – Tel 03 2692 4022 Mobile 019 352 0004 Email: sharonsung@gt.com.my