ASEAN-BAC Unveils 12 Initiatives To Drive Regional Growth, collaboration

GEORGE TOWN, Jan 16 (Bernama) -- The ASEAN Business Advisory Council (ASEAN-BAC) has unveiled 12 strategic initiatives, including the ASEAN Business Entity (ABE) framework, to enhance economic integration, inclusivity, and regional collaboration.

ASEAN-BAC Malaysia chairman Tan Sri Nazir Razak emphasised the significance of the ABE framework, which calls on ASEAN governments to create a new business category that grants selected companies greater operational flexibility within the region.

Nazir, who is also the ASEAN-BAC 2025 chairman, said the ABE initiatives seek to introduce a new classification of companies as ABE allowing them to have operational advantages such as free movement of people and operations.

“The idea behind ABE is that the government in each ASEAN country can identify companies that qualify as ABE. Once identified, the government can provide them with additional flexibilities. For example, if Maybank is considered an ABE in Malaysia, we hope the government will allow Maybank to freely move people in and out of Malaysia.

“For us to build businesses across ASEAN, we need this flexibility. When working with the Maybank Group in ASEAN, it should be easy for people to move around freely. Additionally, it involves the movement of outsourced operations. If you are an ABE, you could have your information technology department in another country without restrictions. These freedoms are beneficial for businesses, which is why we are pushing this initiative hard,” he said.

Nazir shared these insights during a press conference held alongside the 102nd ASEAN-BAC Council Meeting and the 25th Joint Council Meeting, which brought together representatives from ASEAN member states and global economic partners, including the European Union (EU), United States, United Kingdom, Japan, Canada, Australia, New Zealand, and others.

He highlighted several key initiatives, including the ASEAN Private Capital Market Initiatives, ASEAN IPO Prospectus, ASEAN Talent Development and Mobility, ASEAN Common Carbon Framework, Digital Exchange Platform Malaysia, B2B Connect Initiative, ASEAN Identity Initiative, and the ASEAN Corporate Philanthropy Framework.

Additionally, ASEAN Diversity, Equity, and Inclusion (DEI) Collective; ASEAN Sustainability Reporting Advocacy Collaborative; and Regional and National Artificial Intelligence (AI) Engagement Platforms are also part of the ASEAN-BAC initiatives.

Under the ASEAN Carbon Market Initiatives, Nazir announced the launch of the Malaysian Carbon Market Association, which aims to collaborate with regional peers and work towards establishing a common ASEAN standard for carbon credits.

He further explained the ASEAN IPO Prospectus, which offers companies seeking listings on their home exchanges an option to use the ASEAN Prospectus.

The Digital Exchange Platform is focused on developing a new digital trade exchange platform for Malaysian companies while collaborating with other ASEAN-BAC chapters to interface with respective national platforms.

Nazir also discussed the ASEAN Corporate Philanthropy Framework, which aims to study best practices in corporate philanthropy across the region.

The goal is to improve national rules, regulations, and tax incentives to channel more corporate funds towards helping those in need.

In addition, ASEAN-BAC announced 33 partnerships and three memorandums of understanding (MoUs). The first MoU was signed between Sime Darby Property (Malaysia) and YCH Group (Singapore) to explore opportunities for strategic collaboration in developing integrated logistics hubs and real estate solutions across Malaysia, Vietnam, and other ASEAN markets.

The second MoU, between Bornion Green Sdn Bhd (Malaysia) and Yovel East Research and Development Inc (Philippines), aims to establish Musang King durian plantations in the Philippines, capitalising on the distinct durian harvesting seasons in both countries to meet global demand year-round.

The third MoU, between the Canada-ASEAN Business Council and ASEAN-BAC, focuses on boosting trade and investment between ASEAN and Canada, particularly through the ASEAN-Canada Free Trade Agreement (ACAFTA).

Working group partners of ASEAN-BAC include Bursa Malaysia Bhd, Capital A Bhd, CIMB Group, Dagang NeXchange Bhd (DNeX), Ikhlas Capital, and Malayan Banking Bhd.

The knowledge partners are the Association of Chartered Certified Accountants (ACCA) and the Economic Research Institute for ASEAN and East Asia (ERIA).

ASEAN-BAC’s overarching theme of “Unifying Markets for Shared Prosperity” aligns with the government’s MADANI framework and the ASEAN theme for 2025, “Inclusivity and Sustainability”.

-- BERNAMA