British Malaysian Chamber of Commerce (BMCC) and the Malaysia Digital Economy Corporation (MDEC) have on Thursday announced the signing of memorandum of understanding (MOU) in a move to bolster digital trade and economic cooperation between the United Kingdom and Malaysia.

The duo said in a statement the MOU underscores the steadfast dedication of both entities to cultivate strategic alliances, promote the exchange of knowledge, and spearhead initiatives aimed at expediting digital transformation and innovation across diverse industries.

Among the key highlights from the MOU is investment promotion, talent development, market access and establishing BMCC digital tech committee.

It opens avenues for Malaysian expertise and fast-growing digital companies to tap into high-growth potential markets, enabling them to expand their products and services to the United Kingdom.

Highlighting the United Kingdom’s stand as Europe’s top tech investment destination and home to the world’s fourth-largest number of tech unicorns, this partnership signifies a significant step towards bolstering digital cooperation between the two nations.

“We are thrilled to join forces with BMCC as it exemplifies our unwavering commitment to driving digital transformation and enriching the digital economy,

“Together, with the PeMangkinMD national strategic initiative, we aim to generate significant economic spill-over and foster exceptional growth, reshaping the way we work and live in Malaysia,” said Mahadhir Aziz, Chief Executive Officer of MDEC.

Jennifer Lopez, Chief Executive Officer of BMCC, also expressed optimism about the transformative impact of this collaboration.

“The bilateral trade between the UK and Malaysia, currently at a healthy £5.8 billion ($7.35 billion) as of the third quarter of 2023, underscores the deep-rooted historical ties and robust commercial exchanges between the two nations,

“However, the true potential for growth remains untapped, necessitating proactive measures to harness emerging opportunities on the horizon,” she said.

According to her, the digital economy presents immense opportunities for businesses to innovate, grow, and expand globally.

“Through this partnership with MDEC, we aim to facilitate closer collaboration between Malaysian and British businesses, driving mutual prosperity and growth, and leveraging the comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to maximize the benefits of international trade and investment,” she added.

Both MDEC and BMCC said they anticipate the far-reaching impact of this partnership in cultivating a dynamic and competitive digital ecosystem in Malaysia, leveraging the opportunities afforded by the CPTPP, and remain steadfast in their commitment to achieving mutual objectives.

MDEC, a government agency under the purview of the Ministry of Digital, was established in 1996 to lead Malaysia’s digital economy.

Beginning with the implementation of the MSC Malaysia initiative, the organization has since then catalyzed digital transformation and growth all over the nation.

By offering greater incentives and governance for growth and re-investment, it aspirse to bolster Malaysia’s status as the digital hub of ASEAN, opening new doors and driving shared prosperity for all Malaysians.

Established in 1963, the BMCC has been driven by the sole ordinance of advancing bilateral trade relations between the United Kingdom and Malaysia.

Over the past six decades, the BMCC has been a catalyst in providing businesses with networking platforms, branding and exposure, international trade services and industry advocacy.

The BMCC is part of the Global Chamber Network, comprising British Chambers of Commerce (BCC) members and business groups that are located across all continents of the world and directly linked to Chambers of Commerce in every region of the United Kingdom.

The BMCC is also member of the Britain in Southeast Asia (BiSEA) network, a group of 8 British Chambers and Business Councils across the Southeast Asian region, aimed at providing channels for businesses to reach into Southeast Asia markets and the region.

MATRADE, MDEC ink MoU to enhance Malaysian tech companies’ global footprint