Review 19th GMRT Düsseldorf / 2nd Düsseldorf GMRT Digital 30.09.2021

Ladies and gentlemen, dear friends of Malaysia,

On September 30, 2021, the 19th edition of the established German Malaysian Round Table (GMRT) took place, held as the 2nd GMRT digital. Once again, the auditorium was offered a top-class, informative and interesting program.

The North Rhine-Westphalian GMRT, based in Düsseldorf, was kindly supported by the IHKs of Düsseldorf and Ostwestfalen zu Bielefeld, the latter as the NRW Chamber of Industry and Commerce for Malaysia (IHK). Around 80 participants had registered for this event and almost all of them attended the GMRT event, which was entitled\“Focus on Malaysia: economic, monetary and investor outlook\“.

After a brief introduction to the technical features of the video conferencing platform, Roland Mauss, Chapter Initiator of the GMRT Düsseldorf, warmly welcomed the participants and handed over the microphone to Ralf Schlindwein, Managing Director International of the Düsseldorf Chamber of Industry and Commerce, for his welcome and introductory remarks. Mr. Schlindwein was confident about the further economic development of Malaysia and emphasized the positive support of foreign companies by the Malaysian government in the current situation and its challenges.

Afterwards, the participants of this 2nd GMRT digital were able to look forward to a welcome address and an up-to-date situation report from Yusri Hasnan Chu Abu Bakar, Consul (Investment) / Director, MIDA Frankfurt, whose participation guaranteed well-founded information and forecasts at first hand from the Malaysian Investment Development Authority. He also reaffirmed MIDA\’s claim to be available to interested new investors as well as existing investors at all times with advice and assistance in solving existing challenges.

Roland Mauss then introduced the first speaker at this event: Shahredza Minhat, Chief Representative of Bank Negara (Malaysian Central Bank), who had joined us from his office in London. Bank Negara\’s headquarters are located in Kuala Lumpur, and the central bank also has 39 branches in Malaysia and abroad, for example in London, New York and Beijing. Over 3,000 employees work for the central bank. It stands for the financial development and stability of Malaysia\’s currency as well as comprehensive services across all economic sectors within and outside Malaysia.

Shahredza Minhat\’s presentation focused on the further liberalization of foreign exchange policy as an instrument of monetary and financial policy in Malaysia. Individual aspects such as access to financing in foreign currencies, the management of foreign exchange cash flows, the opening of currency accounts and the hedging of currency risks were discussed and highlighted. The \“Liberal Foreign Exchange Policy (FEP)\“ is intended to improve the conditions for domestic and, in particular, cross-border real economic activities. The measures are also aimed at strengthening Malaysia\’s position as a location for foreign direct investments and increasing its attractiveness as a component of global supply chains.

The following speaker Vignesh Nathan, Managing Director & Group Director SEA of Wilo Malaysia Sdn. Bhd based in Selangor, Malaysia, has just such \“real economic activities\“. The Wilo Group, as one of the world\’s leading premium suppliers of pumps and pump systems for building services, water management and industry with around 8,000 employees worldwide, opened its newest branch in Selangor in June 2021.

Vignesh Nathan emphasized the importance of Malaysia as a hub for the Southeast Asia region. He sees Wilo\’s investments in the construction of a new production line in Malaysia as the basis for the expansion of local value creation and the further dynamic development of the Group in this strategically important Asian economic region. His presentation was also entitled: \“The Future is connected.

Finally, and to round off the event, the participants were able to look forward to another top-class speaker and expert: Joseph Incalcaterra, Chief Economist for ASEAN, HSBC Bank, Hong Kong. His contribution had the meaningful title: \“Ready to re-open: Malaysia\’s recovery prospects\“. Under the challenging conditions of the pandemic and strict measures implemented in Malaysia, he expects a significant recovery in trade volumes after the inevitable slump in 2020.

In his extensive presentation, he addressed numerous aspects such as inflation, energy cost trends and the role of China. The development of semiconductor production, in which Malaysia plays a decisive role, as well as its shortage and growth forecasts were also a topic. After many ups and downs in recent months, with a sharp increase in the vaccination rate and gradual openings, Joseph Incalcaterra concluded with a positive outlook – even if a rather slow recovery is to be expected in 2022.

After the subsequent Q&A session, Roland Mauss, Chapter Initiator GMRT, took the floor again at the end. He thanked all the speakers for their time and valuable contributions as well as the differentiated insights and experiences they shared about Malaysia. Not to forget the thanks to the organizing team of this 2nd GMRT digital: Birgit Brügmann and Anna Kalchner. He closed the 19th GMRT Düsseldorf with a wish to all participants: \“To a healthy reunion next year – hopefully again in person and live\“.

We wish all GMRT stakeholders, sponsors, supporters and friends of Malaysia a wonderful Christmas season and all the best for the New Year. Stay healthy and continue to support the GMRT in 2022.  

Yours sincerely,
GMRT Düsseldorf
Roland Mauss
duesseldorf@gmrt.de
www.gmrt.de