KUALA LUMPUR: The Malaysia Australia Business Council (MABC) is hoping that the government will provide financial support to the bilateral business councils and chambers of commerce heren in the upcoming 2024 Budget.
MABC said a priority should be given to bilateral chambers whose countries contribute significant inward investment and two-way trade with Malaysia.
"This will significantly increase the capability and effectiveness of these organisations.
"Facilitating investors and members in business matching, investment matching, outward and inward trade programs, communication campaigns, business conferences and trade shows should be listed as approved activities under this proposed program," it said in a statement.
MABC said the government should also consider increasing investment and productivity: digitised and simplified market entry in-line with global trends.
This will boost domestic market appeal, simplify business processes, and align with global best practices.
"This needs to be implemented at all levels of government, federal, state and local government as these are the levels of government that typical investors are required to deal with for approvals and permits," it said.
MABC said in continuing to improve regulatory frameworks to meet global benchmark standards, the government should implement a policy and regulatory reforms.
Embracing this goal will ensure that Malaysia remains at the forefront of international business standards and can continue to operate alongside and collaborate with the world's major developed economies.
"This is critical for investors who are required to meet high destination market standards and quality assurance," it said.
"Australia remains an eager and trustworthy business partner for Malaysian companies. MABC remains an important facilitator as business deepen bilateral ties between both nations.
"MABC anticipates the release of the unity government's 2024 Budget as an opportunity to take considerable steps towards a sustainable future that is equitable for all Malaysian and the foreign investors currently operating in the country," it added.