British Malaysia Chamber of Commerce Celebrates Its New Office In TRX

BMCC celebrates its new office in : spearheading UK-Malaysia trade relations in the hearts of innovation

In a world marked by rapid globalisation and shifting economic landscapes, the ability to adapt and innovate is paramount. It is within this context that the British Malaysia Chamber of Commerce (“BMCC” or “Chamber”) proudly announces the inauguration of its new office located within the heart of Tun Razak Exchange (“TRX”) in Kuala Lumpur, Malaysia. This strategic decision represents a pivotal step in the BMCC’s ongoing mission to facilitate trade, investment, and collaboration between the United Kingdom and Malaysia while harnessing the transformative potential of TRX.

TRX stands as a testament to Malaysia’s ambitious vision to position itself as a global financial hub—a vision that aligns seamlessly with the BMCC’s commitment to fostering stronger business ties and driving sustainable economic growth. The location of our new office within TRX underscores our belief in Malaysia’s economic resilience and its role as a catalyst for regional development.

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For the past 60 years since its establishment in 1963, BMCC has been steadfast in providing British and Malaysian businesses with networking opportunities, knowledge exchange, bilateral trading assistance, and support. We have always been and will continue to be a key partner in fostering UK-Malaysian trade by serving our expansive network of over 250 member companies with an outreach of over 100,000 employees via comprehensive high-quality services and solutions that represent the interests of British and Malaysian business communities and to act as the facilitator of bilateral-trade between our two nations.

“With the BMCC’s relocation, we not only enhance the Chamber’s brand profile but also reaffirm our mandate to advocate and strengthen trade and investment relations between the UK and Malaysia,” remarked Mr Mak Joon Nien, Interim Chair of BMCC & Managing Director of the Standard Chartered Bank Malaysia Berhad. “Our presence in TRX signifies our dedication to showcasing Malaysia’s state-of-the-art infrastructure and facilities, serving as a gateway to ASEAN for British businesses seeking to expand their footprint in the region.”

Malaysia has achieved remarkable trade milestones in the first quarter of 2024, boasting a record-breaking trade performance with total values reaching RM690.59 billion. This unprecedented achievement, supported by the recent announcement of strategic approaches/directions introduced during the KL20 Summit 2024, strengthens Malaysia’s position as a regional hub for businesses aiming to tap into the dynamic Southeast Asian market. Amidst the ongoing global geopolitical uncertainties, these forward-looking policies not only assure to attract high-quality investments from across the globe but also foster an environment conducive for local entrepreneurs to venture into the international arena and seize emerging prospects. Aligned with major Government initiatives such as the New Industrial Masterplan 2030 and the I-ESG Framework, Malaysia’s vision for the future resonates strongly with the BMCC’s mission of facilitating robust business partnerships between the UK and Malaysia.

“In 2023, the bilateral trade between both countries soared to RM17.3 billion (USD3.79 billion). Malaysia esteemed the UK as its 21st global trading partner, while the UK positioned Malaysia as its 41st. The imminent ratification of the CPTPP by the UK marks a significant milestone, as it will be the first free trade agreement between our nations. Additionally, the establishment of a Joint Economic and Trade Committee, co-chaired by our respective Ministers and scheduled for later this year, underscores our commitment to fortifying economic ties. With these advancements, Malaysia is optimistic that our bilateral trade and investment relations will attain unprecedented heights in the near future,” YB Liew Chin Tong, Deputy Minister of MITI, shared.

“2024 is set to be the year we transform our longstanding UK-Malaysia trade relations into a modern partnership with milestones like the forthcoming entry-into-force of CPTPP for the UK, and the hosting of our first ministerial UK-Malaysia Joint Economic and Trade Committee (JETCO) meeting. The Chamber’s move into the green and modern office at TRX will support efforts to provide even better services to their members, and ultimately support the growth of our bilateral trade and creating economic benefits for both our countries” noted Her Excellency Ailsa Terry CMG, British High Commissioner to Malaysia.

The importance of the UK and Malaysia bilateral relationship cannot be overstated. Bilateral trade between the two nations started as early as 1588 and has flourished over time, reaching £5.8 billion in the four quarters to the end of Q3 2023. This robust economic relationship serves as a solid foundation for collaboration across various sectors, from education, healthcare, finance, manufacturing, and technology. Furthermore, the recent accession of the UK to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) presents a unique opportunity to further elevate trade ties between Malaysia and the UK. The CPTPP offers a framework for expanded market access, reduced trade barriers, and increased investment flows—a boon for UK businesses seeking to use Malaysia as a gateway to capitalise on the Asia-Pacific region’s dynamic growth opportunities.

By building upon historical foundations, leveraging complementary strengths, and embracing innovation, both nations can chart a path towards sustainable economic growth. Through collaboration, dialogue, and a shared vision for the future, the BMCC is proud to be a catalyst in the development of the UK and Malaysia bilateral relationship and will continue to play its role in strengthening the trade partnership between both nations, contributing to the shared goal of regional and global prosperity.