As a strategic way to penetrate the booming Southeast Asian market, the Malaysian business community launched the Malaysian Business Chambers of ASEAN (MBCs ASEAN), which will connect Malaysian enterprises with the dynamic trade opportunities of the region. The initiative represents the interests of Malaysian businesses in the member countries of ASEAN, and is driven by the Malaysian Business Chamber of Cambodia, that covers Cambodia, Indonesia, Laos, Myanmar, the Philippines, Thailand, and Vietnam.

The new nodal body has been launched during the ASEAN Malaysian Business Chambers Summit held in Phnom Penh, reviewing comprehensively the agenda of the event with a review for 2024 and projecting for 2025, with the ASEAN bloc representing a very significant trade and investment hub globally, with over 670 million people.

MBCC President Tan Khee Meng said that the advent of MBCs ASEAN is a significant step that will strengthen economic cooperation across Southeast Asia. “This is not changing the name; it changes everything. It speaks strongly of the strength of our collaboration.” Tan pointed out that in the new body, there would be more trade, investment flows, and cultural exchanges involving ASEAN countries, thus taking Malaysia’s profile up and sustaining regional prosperity.

The setting up of MBCs ASEAN is at a critical time when nations such as Cambodia, Laos, and Vietnam are aggressively inviting foreign investments to accelerate their economic growth. These countries are emphasizing job creation, manufacturing expansion, green energy transitions, agricultural development, and infrastructure improvements to address climate challenges.

Chea Vuthy, Secretary General of the Cambodian Investment Board of the Council for Development of Cambodia (CDC), expressed optimism about the potential of the new body to attract more Malaysian investors to the region. “Cambodia offers vast opportunities, and we look forward to building stronger economic partnerships with Malaysia,” he said, noting that Malaysian investments amounted to approximately RM195 million (US$44 million) in the first 11 months of 2024.

Malaysian Ambassador to Cambodia, Shaharuddin Onn, shared the same sentiment, saying the establishment of MBCs ASEAN would further intensify bilateral relations between Malaysia and its ASEAN members. He emphasized that closer cooperation would be needed to ensure that economic interests in the region are pushed forward; hence, Malaysia is committed to making prosperity in ASEAN a top priority.