The reactivation of the Malaysia Indonesia Business Council (MIBC) signifies Malaysia’s commitment to strengthen its bilateral business relationship with Indonesia, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the ministry expects MIBC’s collaboration with the Indonesia Malaysia Business Council (IMBC) to feed into and support both nations’ policy efforts towards cultivating an environment that nurtures and enhances trade and investment flows, paving the way for both countries’ broad-based, sustainable socio-economic growth and prosperity.
Tengku Zafrul and Indonesian ambassador to Malaysia Hermono witnessed the relaunch of MIBC on Wednesday (July 12) with Tan Sri Nazir Razak as its new chairman.
The new council comprises representatives from Permodalan Nasional Bhd, Maybank, CIMB, Kuala Lumpur Kepong, AirAsia and TheLorry.com, as well as individual members.
The National Chamber of Commerce and Industry Malaysia serves as MIBC’s secretariat.
The council was originally set up in 2002 under a memorandum of understanding between Malaysia and Indonesia, and serves as a platform for the Malaysian private sector to address and resolve challenges related to economic cooperation between both countries.
It is dedicated to fostering a positive business climate that supports existing businesses, while attracting new economic opportunities between Malaysia and Indonesia.
MIBC’s Indonesian counterpart is the IMBC, chaired by Pak Eko Putro Sandjojo, formerly Indonesia’s Villages, Development of Disadvantaged Regions, and Transmigration minister.