Renowned corporate figures invited to be advisors for newly set up Malaysia Silk Road Business Counc

MCBC chairman cum Prime Minister’s special envoy to China Ong Ka Ting said as all directors of the council agree to set up the Malaysia Silk Road Business Council.

He said this in his speech made at the meeting of the MCBC 2017 held today.

He said on behalf of Malaysia, the MCBC was the first to sign the memorandum of understanding on the joint set up of Silk Road Business Council during a round table discussion on Silk Road International Business Association organized by CCPIT and The People's Government of Shaanxi Province on 14 May last year.

“Following that, a Malaysia council was set up as the sole official representative of Malaysia at the Silk Road Business Council.
An official award ceremony was held for the Malaysia Silk Road Business Council today.
Ong said many heavy weight corporate figures in Malaysia have been invited as advisors for them to participate and lead in One Belt One Road.

He said the digital economy has huge potential for development. The leaders of three digital economy giants – Huawei, Ali Baba and Tencent are positive of the future prospects of digital free trade zone of Malaysia (D-FTZ) and willing to invest in manpower and resources.

He said a seamless Cyber Silk Road has been shaped. MCBC will collaborate and co-ordinate with the key players of digital businesses to promote Malaysia China trade for further development.

The Malaysia China Bilateral Business Council was set up in 2002 as the highest joint business council under the two governments. CCPIT chairman Jiang Zengwei leads a high level corporate leaders comprising more than 100 of them to attend the annual meeting of MCBC.

MCBC has also arranged for more than 100 delegates from government agencies and business circle to participate. This includes Malaysia External Trade Development Corporation (Matrade), Malaysian Investment Development Authority (MIDA), Malacca state economic planning unit, the Development Council of East Coast Economic Region, InvestKL, and the Associated Chinese Chamber of Commerce and Industry Malaysia (ACCCIM) president  Ter Leong Yap attends with more than 20 representatives.

A collaborative agreement was also signed between CCPIT and MCBC today during the meeting.

Ong said with the upgrade and further collaboration between Malaysia and China on bilateral ties in trade as well as the implementation of Malaysia China comprehensive strategic partnership ties and the development of One Belt One Road, both MCBC and CCPIT are of the view that a new collaboration agreement is necessary to upgrade collaboration of both sides.

MCBC and CCPIT also signed a memorandum of understanding on the setting up of China – Malaysia Business Law Collaboration Committee. Datuk Guo Yi Ming, tax and legal resources centre head of MCBC and Liu Chao, vice chief of legal department under CCPIT signed on behalf of two parties.

Ong said the memorandum aimed to enhance collaboration mechanism of business law for both sides to promote non-confrontational solution for business disputes of both sides, enhance arbitration collaboration between Malaysia and China for a healthy development in trade collaboration of two countries.

The tax and legal resources of MCBC also launched the “Business know how on investing in Malaysia” today. MCBC has pooled legal and tax experts to set up a resource centre under MCBC to offer consultative service to Chinese investors who are unfamiliar with Malaysian law and investment culture.

Guo, when asked, said the Chinese investors face tax and legal issues in Malaysia including legal process, import tax, arbitration regulations and others. The MCBC is of the view that the setting up of a collaboration committee on business law is necessary. 
CCPIT chairman Jiang raised three proposals on upgrading collaboration level. First point is to take Kuantan and Qinzhou Industrial Parks as platforms to be models of industrial park collaboration project and further enhances the competitive edge of manufacturing industries of both countries. 

He would be visiting sea front properties in Malacca the next day and CCPIT is willing to lead more Chinese corporations to invest in such areas to contribute towards local economic and social development.

Secondly, Jiang is of the view that CCPIT and MCBC can exchange information on economy, trade, technology, market and policy on regular basis to strengthen consultative service for corporations of both countries. 

Thirdly, he said CCPIT and MCBC need to continue to expand the size of the council to attract more corporations to join the council.
He said both sides would be drafting working plan annually to have regular meeting and sharing of information.