As we approach the fourth quarter of 2012, we continue to witness mounting challenges and economic uncertainties on the global front. Europe is in a renewed state of distress, political instability continues in the Middle East and the expectations of a slowdown in China are going to remain, going forward. Indeed the world is undergoing profound change. With this change, Asia is also witnessing significant spillovers from Europe and USA. Over the last decade, the Asian economies have been building on their strong economic foundations characterised by steady growth, low unemployment, strengthening financial systems and rising disposable incomes fuelling domestic demands. We can see Asia transitioning from being global producers to becoming global consumers, as a result of leveraging on the complementarities arising from the diversity in Asia. This diversity will present significant opportunities in the form of large and growing markets across a wide spectrum of goods and services.

Malaysia is well placed in Asia to catch the rising and emerging trends. Over the last two decades, our Malaysian government had encouraged Malaysian businesses to look “South-South” and build networks, ties and linkages. These efforts have borne fruit, as reflected in the increased cross-border production networks and increased intra-regional trade and investments. Such closer economic linkages in the region will continue to underpin our growth path. This is confirmed from the fact that Malaysia’s GDP for the second quarter ended 30 June 2012 rose by 5.4%, underpinned by an expansion in manufacturing and robust domestic demand.

We acknowledge the efforts of our government, particularly the Ministry of International Trade & Industry, for their meticulous work to ink out the framework for closer economic co-operation for Malaysia and its trading and investment partners, bilaterally, within ASEAN, and with greater Asia. The Malaysian business private sector will be the ultimate beneficiaries.

So let us, as a member of the Malaysian business private sector, navigate through the myriad challenges armed with knowledge, effective network linkages, integrity and our business competencies to add value and profits to the respective business entities we operate in.

I take this occasion to wish all members and readers “Selamat Hari Raya Aidil Fitri” and “Maaf Zahir Batin” this festive season.

TAN SRI AZMAN HASHIM
President