04/12/2023 09:33 PM

KUCHING, Dec 4 (Bernama) -- The Malaysia Australia Business Council (MABC) has signed a memorandum of understanding (MoU) with the Sarawak Australia Business Chamber (SABC) to foster economic ties, bilateral trade and investment opportunities between Australia and Malaysia, particularly Sarawak.

Vice-chairman Nordin Abdullah said the MoU was a significant milestone in the relationship between MABC and SABC.

"It is envisaged that through this partnership, we will be able to better serve the needs of the business community looking to expand in the region from Australia and conversely to act as a conduit for businesses expanding into Australia. 

"Sarawak will play a leading and critical role in the Malaysian economy's growth story. As such, Australian businesses need to take the time to understand the strategic vision Sarawak and explore the business and investment opportunities it will create," he said in a recent statement.

Nordin said three high-growth areas were identified for Australian businesses to consider immediately, namely renewable energy, education, and tourism for meetings and incentives purposes. 

"The education sector, in particular, has already received considerable investments from Australia, with two leading universities already establishing campuses in Sarawak," he said. 

SABC president Rodger Chan said SABC was a lead partner and signatory to the newly formed Borneo Economic Community (BEC), which comprised business chambers, government and communities from Sarawak, Kalimantan, Indonesia, Brunei Darussalam, Sabah and Labuan. 

"BEC is formed under the initiative of the Asean Business Advisory Council (considering that) Borneo, the green lung of the region, is home to the new and green capital of Indonesia, Nusantara. 

"Sarawak is resource-rich and an exemplary model of sustainable green economy in the region. The rapid growth of Borneo and Sarawak presents business opportunities for MABC and SABC members," he said. 

Meanwhile, acting Australian High Commissioner to Malaysia Simon Fellows said Sarawak and Australia had long-standing trade and investment links, with two-way trade valued at RM5.67 billion in 2022, up 56 per cent from 2021. 





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