Advocacy Talks: Budget 2022 in the Time of Crisis and Political Compromise

Join us Thursday, October 21, 2021, at 3 PM (+8 GMT) for our Advocacy Talks webinar with Vriens & Partners on the topic of Budget 2022 in the Time of Crisis and Political Compromise.

It will be an in-depth look at what Budget 2022 might hold for businesses, especially as the nation gears up for recovery and politicians look to compromise. We will look into the political, economic, and policy dynamics that are at play this year, moreover the reasons why this budget is more significant than in previous years.

This webinar will focus on this year’s unique political considerations that will impact the budget setting and approval process in parliament, in addition, the commitment to reform will be tested via the processes committed under the MOU between the government and the opposition. As well as there are unknowns that the government will have to consider as it plans for recovery in 2022, such as oil price outlook, need for booster vaccines, and more localized responses to COVID outbreaks.

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EU to beef up Indo-Pacific ties

The European Union has decided to deepen its engagement with partners in the Indo-Pacific to respond to emerging dynamics that are affecting regional stability and consequences of climate change.

Through its recently adopted Indo-Pacific strategy, the EU aims to promote the rules-based international order and access to open markets and ensure a stable trading environment.

This will entail a further deepening and diversification of trade and investment ties and collaboration to accelerate green and digital transitions and spur innovation and connectivity.

The EU's launch of its Strategy for Cooperation in the Indo-Pacific coincided with the announcement of AUKUS, which, as EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission Josep Borrell stated clearly in his press conference on Sept 16, highlighted the timeliness of the launch of the strategy.

This strategy is a fundamental milestone in the EU's outreach to the Indo-Pacific region. It will frame our policy for the long term.

This is the first time that the EU has formulated an overall, regional strategy on how to engage a variety of different partners in such a wide economic, geographical and political space, ranging from the shores of East Africa to the Pacific Islands, with Malaysia at the geographical heart of it.

In its core essence, this is a cooperative and inclusive strategy. It is of vital interest for us that the regional order remains open and rules-based.

To put it simply, we want to cooperate with all partners in the region, working together towards stability and sustainable prosperity based on a principled, long-term approach.

Allow me to give an overview of the importance of this region to the EU. The Indo-Pacific region creates more than 60 per cent of global gross domestic product and two-thirds of global growth.

Beyond trade figures, this region is increasingly becoming strategically important for Europe. The region's ever-growing economic, demographic and political weight makes it a key player in shaping the international order and in addressing global challenges.

The EU is Asean's number one development partner and its third largest trade partner and investor. When looking into the bilateral trade between the EU and Malaysia, it was equivalent to €35.2 billion last year.

The EU accounts for approximately 20 per cent of foreign direct investment coming into Malaysia. Concurrently, I hope that we will be able to conclude the Partnership and Cooperation Agreement with Malaysia very soon. This could serve as the springboard to develop and deepen our relationship further.

The EU's relations with the Indo-Pacific region are built upon historic, cultural and commercial ties and are in line with our support for Asean centrality.

The EU Strategy for Cooperation in the Indo-Pacific highlights seven priority areas: sustainable and inclusive prosperity, green transition, ocean governance, digital governance and partnerships, connectivity, security and defence and human security.

The Indo-Pacific region, like Malaysia, is home to the world's most environmentally diverse ecosystem. Climate change will cause great pressure on marine biodiversity and natural resources. The region is pivotal to protecting Earth's ecological balance to mitigate and address climate change.

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NextGenerationEU: European Commission successfully issues first green bond to finance the sustainable recovery

The European Commission has today issued the first NextGenerationEU green bond, thus raising €12 billion to be used exclusively for green and sustainable investments across the EU. This represents the world's largest green bond issuance ever. With NextGenerationEU green bonds, the EU is set to become the world's largest green bond issuer by far, providing a significant boost to sustainable finance markets as well as funding a greener EU recovery from the pandemic. With the strong oversubscription rate and excellent pricing conditions today's issuance represents a promising start to the NextGenerationEU green bond programme of up to €250 billion by end-2026.

The 15-year bond due on 4 February 2037 was more than 11 times oversubscribed, with books exceeding €135 billion. A wide range of investors expressed interest in the bond.

Commissioner in charge of Budget and Administration, Johannes Hahn, said:”Today's issuance is a strong start for the NextGenerationEU green bond programme. Set to turn the EU into the world's biggest green bond issuer, it is a powerful signal of the EU's commitment to sustainability. Our future is green and it is extremely important that we seize the opportunity to clearly show to investors that their funds will be used to finance a sustainable European recovery.”

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[UPDATED] NATIONAL RECOVERY PLAN SOP – PHASE 2

Here are the highlights of the latest updated SOPs for Phase 2 of the National Recovery Plan (NRP):

Areas Involved:

KELANTAN, PERAK, PULAU PINANG, SABAH, JOHOR AND KEDAH.

*For Sabah, please refer to the Sabah National Recovery Plan - Sabah Phase 2 SOP .

**For areas enforced under EMCO, the EMCO SOP in the areas is effective until the expiry

date of the EMCO.

Effective Period:

Starting August 20, 2021 (from 12.01 am)

**For Kedah, starting on 1 October 2021 (from 12.01 am)

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Vax-clusive with Avis – Redeem an Avis Touch N’ Go Card

On behalf of Avis, a fellow member of EUROCHAM Malaysia, please take note of this special and “Vax-clusive” offer with Avis. Campaign period is from 11 October 2021 to 31 December 2021 – Redeem an Avis Touch N’ Go card today! (For Avis customers ONLY)
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First-ever EU-MY FTA Meeting together with The Federation of Malaysian Manufacturers

EUROCHAM Malaysia together with The Federation of Malaysian Manufacturers (FMM) co-chaired the first EU-MY FTA Taskforce Meeting today.

During the meeting, Datuk Bahria Mohd Tamil, Deputy Secretary-General (Investment) and Ms. Kavitha Mathuvay, Director, Bilateral Economic, and Trade Relations Division, representatives from the Ministry of International Trade and Industry (MITI) presented on the current status of the FTA negotiation as well as Economic Relations between EU and Malaysia.

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