Kuala Lumpur: The Federation of Malaysian Manufacturers (FMM) today hosted the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia briefing to share 12 key initiatives for Malaysia’s ASEAN chairmanship year with over 40 business organisations.

According to BERNAMA News Agency, among the initiatives, the ASEAN Business Entity (ABE) proposal by ASEAN-BAC Malaysia suggests that ASEAN member states provide operational flexibility to ASEAN-based companies, particularly in the areas of talent movement, capital, and back-end outsourcing.

ASEAN-BAC Malaysia chairman Tan Sri Nazir Razak emphasized the need for a distinct business category within ASEAN that transcends local and foreign classifications, allowing companies anchored in the ASEAN market to operate smoothly and avoid fragmentation challenges that hinder regional business scaling.

FMM president Tan Sri Soh Thian Lai highlighted the importance of businesses as partners in shaping ASEAN’s future. He acknowledged the critical role of regional collaboration and the private sector’s contributions to sustainable economic growth and deeper integration within the region.

The engagement session included participation from SME industry leaders across Malaysia, covering sectors such as automotive, food processing, aluminium, plastics, rubber gloves, textiles, iron and steel, chemicals, and freight forwarding. The participants addressed issues like non-tariff barriers, lack of harmonised standards, foreign shareholding restrictions, and the proliferation of new standards.

ASEAN-BAC Malaysia committed to raising these concerns in policy dialogues at the regional level, as it leads consultations on behalf of ASEAN’s private sector in 2025.