KUALA LUMPUR: World Trade Centers Association® (WTCA®), an international trade organization connecting more than 300 World Trade Center® (WTC®) locations in nearly 100 countries, welcomes the adoption of Madani Economy by the Malaysian government and industry players. This new economic framework aims to restructure the nation’s economy and improve the quality of life for its citizens.
The “Madani Economy: Empowering the People,” launched in July 2023, is manifested into a 10-year economic plan targeting a medium-term economic growth of 5.5% – 6.0%, primarily focusing on pursuing regional economic integration, transforming the domestic economy, and increasing national competitiveness. The economic goals are side-to-side with championing social justice by ensuring equal opportunities in jobs and education and establishing social protection for all.
“We believe WTCA and its global network can firmly support the Madani Economy initiative in its goals of increasing employment and raising the Malaysian Human Development Index through our various trade programs and the initiatives of our members such as World Trade Centre Kuala Lumpur (WTCKL). These programs help to facilitate two-way international trade and investment,” said Scott Wang, WTCA Vice President, Asia Pacific.
For its part, WTCKL recognizes the significance of the Madani Economy initiatives in fostering innovation, supporting entrepreneurship, and driving economic diversification in Malaysia. By encouraging the adoption of advanced technologies, enhancing research and development capabilities, and fostering a conducive ecosystem for startups and businesses, these initiatives have the potential to empower Malaysia’s economy, generate employment opportunities, and attract foreign direct investments (FDI).
As a local business hub, WTCKL also promotes international trade and attracts foreign direct investments into Malaysia by connecting local businesses with international organizations through global business forums and conferences. Its WTC Trade Service Sdn Bhd arm also offers trade service consultancies among other networking services.
For instance, WTCKL has hosted local events such as the Port Klang Free Trade Zone webinar in 2021 to encourage more foreign investments into Malaysia. The online webinar/forum was participated by more than 100 businesses who discussed leveraging Free Trade Zone policies for manufacturing and exporting of goods. Additionally, WTCKL offers a venue for training or solution companies to host their development programs, thus showing its support for the enhancement of human resource/skills development programs for the Malaysian workforce.
“WTCKL aims to be the preferred business events destination in Kuala Lumpur as it forges international connections that elevate Malaysia’s position on the world stage. The Madani Economy initiative serves as our guide in ensuring that ethical business practices, sustainability, and community engagement are fully implemented to support Malaysia’s economic growth. We expect that Malaysia will receive an estimated 100 million business travellers and possibly achieve an estimated economic revenue of USD 1 billion within 10 years,” said Dato’ Sri Dr. Hj. Irmohizam bin Ibrahim, Group Managing Director of WTCKL and WTCA Board Member.
In line with the Malaysian government’s economic growth policies, WTCKL pursues various certificate programs that enhance its services and practices in the business events industry. For instance, its Halal Certification Program contributes to the competitiveness of the business sector by allowing stakeholders to access a larger market of Muslim consumers, thereby increasing overall sales and revenues. WTCKL also obtained an ISO 37001:2016 Anti-Bribery Management System (ABMS) certification from NIOSH Certification Sdn Bhd in support of the Madani Economy’s good governance push. This system identifies and manages bribery risks, enhances organizational efficiency, and builds trust in international business relationships. The implementation of ABMS also aligns with the core values of the Madani Economy to create a more resilient Malaysian economy.
In addition to WTCKL’s sustainable growth programs, WTCA recently announced its “Road to 500” initiative to expand its global network to an important milestone of 500 members over the next decade. “We see Southeast Asia as one of the priority markets for us to continue to expand our global footprint and further contribute to prosperity in the region,” said Mr. Wang.
With WTCA’s growing network and the Madani Economy initiative’s push towards inclusive growth over the next 10 years, WTCKL aims to facilitate the expansion of more local business players abroad and to improve on their global connectivity. This will in turn help Malaysia strengthen its position as a leading economy in the ASEAN region.
