PHNOM PENH (Dec 9): The Malaysian business community in the region has jointly launched the Malaysian Business Chambers of Asean (MBCs Asean) to tap the vibrant, resources-rich Southeast Asian market, driven by 670 million consumers.

Spearheaded by the Malaysian Business Chamber of Cambodia (MBCC), the newly launched nodal body comprises Cambodia,  Indonesia, Laos, Myanmar, the Philippines, Thailand, and Vietnam.

It was announced at the “Asean Malaysian Business Chambers Summit,” themed “2024 Review & 2025 Outlook,” in Phnom Penh last week.

The Asean chapter aims to facilitate Malaysian businesses conducting cross-border trade and commerce within the dynamic 10-member trade bloc that is emerging as a trade and investment powerhouse in the world.

MBCC President Tan Khee Meng said a regional alliance would open up a vista of trade opportunities among ASEAN members.

“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,” said Tan.

The establishment of the MBCs in Asean occurs at a crucial time, as the governments of Cambodia, Laos, and Vietnam are encouraging foreign investors to explore economic opportunities in the countries.

Economic planners in the region need capital to shore up their domestic economies to create jobs, expand their manufacturing sector, transit into green energy, develop the agricultural sector and ramp up infrastructures to tackle climate change woes.

“We hope MBCC and MBCs 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,” said Chea Vuthy, Secretary General of the Cambodian Investment Board of the Council for Development of Cambodia (CDC).

According to the CDC, Malaysians invested about RM195 million (US$44 million) in the first 11 months of this year.

Malaysian Ambassador to Cambodia, Shaharuddin Onn, in his keynote address said MBCC’s initiative will foster stronger bilateral ties between both nations.

“This gathering reflects the unwavering commitment of Malaysian business chambers to strengthening economic ties across Asean. It demonstrates how collaboration and shared purpose can enhance regional prosperity.”