US-ASEAN Business Council Board of Directors Meet in KL, August 7

US-ASEAN Business Council Board of Directors Meet in KL
American Business Leaders are Bullish on Southeast Asia

(Kuala Lumpur). The US-ASEAN Business Council concluded a two-day series of meetings with the Malaysian government and private sector leadership today, after holding its annual board meeting in Kuala Lumpur. The highlights of the group's visit included meetings with Prime Minister Dato Seri Dr. Mahathir bin Mohamad and members of his Cabinet as well as with the country's top think tanks.

"We chose Malaysia for our annual meeting in the region to underscore the importance of Malaysia to the U.S. private sector," said Ernest Z. Bower, President of the US-ASEAN Business Council. "We are committed to take action to strengthen this relationship and expand our trade and investment ties in Malaysia and in the ASEAN region."

In the coming months, the Council will organize programs in Malaysia to support the development of more efficient customs procedures, e-business capacities, and the biotechnology sector. Earlier this year, the Council organized a 25-company business delegation to Malaysia and a visit by US Congressional staffers. In late September, the Council will organize a US-Malaysia business dialogue in New York City with Minister of Trade and Industry Dato' Seri Rafidah Aziz.

"We are bullish on the Malaysian economy." Bower added. "Malaysia's policy approach of establishing a strong foundation for future growth will pay dividends if good policies are implemented, such as the reforms embodied by the Capital Markets and Financial Sector Master Plan, customs modernization through Project ACCESS, the focus on developing biotechnology applications in Malaysia, and other areas. We also hope Malaysia will provide leadership on promoting trade in AFTA, APEC and the WTO."

The US-ASEAN Business Council's Board of Directors consists of 40 American companies accounting for more than 20,000 high-paying jobs for Malaysian workers. The Council's companies are leaders in training and technology cooperation in Malaysia, and have made major community and educational commitments on their own accord. The companies in this delegation have spent over US$15 million on training of employees, community service programs and charity work in Malaysia.

U.S. exports to Malaysia last year totaled US$10.9 billion, while imports were US$25.6 billion. During the first five months of 2001, two-way trade totaled US$13.2 billion. The U.S. is Malaysia's top export market. According to U.S. Department of Commerce data, U.S. direct investment in Malaysia stood at just slightly under US$6 billion at the end of 2000, making the U.S. Malaysia's number one investor.

ASEAN is the Association of Southeast Asian Nations. It comprises ten countries, 500 million people, and has a gross domestic product of $750 billion. ASEAN member countries include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

The US-ASEAN Business Council is a non-profit, national organization in the United States that works to promote increased trade and investment between the U.S. and the member countries of ASEAN. For information on the US-ASEAN Business Council or general information on the ASEAN region, please contact John Goyer at jgoyer@usasean.org or visit the Council's Web site at www.us-asean.org.

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