THE ASEAN Business Advisory Council (ASEAN-BAC) Malaysia Chairmanship 2025 was officially launched in Penang, marking a significant milestone in regional economic collaboration.
Held at the prestigious Eastern and Oriental Hotel, the event was graced by Yang di-Pertua Negeri Tun Ahmad Fuzi Abdul Razak and his consort Toh Puan Khadijah Mohd Nor.
The occasion also witnessed the presence of Chief Minister Chow Kon Yeow, who expressed his pride in Penang being selected as the launch venue and an integral participant in ASEAN-BAC 2025.
In his speech, Chow highlighted Penang’s strategic position as a key player in ASEAN trade and investment.
“With its location at the crossroads of major shipping lanes, Penang’s maritime connectivity has bolstered trade and investment not only within the state but across the northern region of Peninsular Malaysia,” Chow said.
He emphasised Penang’s importance as the northern gateway to the Melaka Strait, one of the busiest and most critical sea lanes globally.
“The Melaka Strait connects the Indian Ocean to the South China Sea, complemented by the high-traffic Singapore Strait, positioning Malaysia as a hub for diverse shipping activities,” he added.
Chow also noted Penang’s robust air transport network as a catalyst for its pivotal role in ASEAN.
“As intra-regional travel and air connectivity continue to grow, ASEAN nations are modernising and expanding their airports.
“From Thailand’s new Satellite Terminal at Suvarnabhumi to Vietnam’s expansion of Noi Bai International Airport, this dynamic growth presents a significant opportunity for Penang,” he explained.
The ongoing upgrades at Penang International Airport are seen as a critical step in enhancing connectivity, facilitating seamless travel, and fostering economic integration within ASEAN.
To commemorate the launch, a flag handover ceremony symbolised the transition of ASEAN-BAC leadership.
Laos, represented by its chairman Oudet Souvannavong, handed the ASEAN flag to Malaysia’s chairman, Tan Sri Nazir Razak.
The ceremony was witnessed by Ahmad Fuzi, Chow, and representatives from other ASEAN countries.
In his remarks, Chow highlighted ASEAN’s pivotal role in global trade, contributing 7% of the world’s total trade.
He noted that ASEAN remained a key trading partner for Malaysia in 2023, accounting for USD160 billion (RM721 billion) or 27.3% of the nation’s total trade.
Major ASEAN export destinations included Singapore, Thailand, and Vietnam, which collectively made up 78.5% of Malaysia’s regional exports.
Chow also aligned Penang’s initiatives with Malaysia’s National Semiconductor Strategy (NSS) and the New Industrial Master Plan 2030 (NIMP 2030).
“The Penang Silicon Design @5km+ initiative is set to revolutionise Malaysia’s semiconductor industry, focusing on integrated circuit design, advanced packaging, and equipment manufacturing,” he said.
Nazir Razak, in his speech, expressed Malaysia’s honour and excitement to assume the ASEAN-BAC 2025 chairmanship.
“We take the baton from ASEAN-BAC Laos, which, under the leadership of my good friend Oudet Souvannavong, demonstrated that nothing is impossible with dedication,” Nazir said.
Themed ‘Unifying Markets for Shared Prosperity’, ASEAN-BAC 2025 aims to promote integration, sustainability, and inclusivity through impactful projects and initiatives.
The evening concluded with a sumptuous dinner and vibrant traditional performances, reflecting the rich cultural heritage of ASEAN and the spirit of regional unity.
Story by Kevin Vimal
Pix and video by Siew Chia En