This article first appeared in The Edge Financial Daily on June 28, 2019 - July 4, 2019

KUALA LUMPUR: The international trade and industry ministry (Miti) has established the trade and industry advisory council (TIAC) which will play a crucial role in shaping the ministry’s policies, strategies and potential reforms in the sphere of international trade, investment promotion and industry development.

Its Minister Datuk Darell Leiking said the council consists of outstanding individuals and organisations, representing diverse perspectives, expertise, affiliations and experiences which are crucial to shape robust and comprehensive policies for the government.

He said the organisations which formed part of TIAC are the finance ministry, Bank Negara Malaysia (BNM), economic affairs ministry, National Chamber of Commerce Malaysia (NCCIM), Institut Masa Depan Malaysia, Federation of Sabah Industries, Khazanah Nasional Bhd, Third World Network (TWN), Universiti Malaya’s Faculty of Economics, McKinsey & Company Malaysia, and the Economic Research Institute of Asean and East Asia (Eria).

The individuals involved are its secretary-general Datuk Lokman Hakim Ali, Treasury secretary-general Datuk Ahmad Badri Mohd Zahir, BNM Governor Datuk Nor Shamsiah Mohd Yunus, NCCIM president Tan Sri Ter Leong Yap, Institut Masa Depan Malaysia acting chief executive Mohd Nizam Mahshar, engineer Datuk Chong Hon Len, Khazanah head of research and investment strategy Datuk Hisham Hamdan, TWN director of programmes Chee Yoke Ling, Universiti Malaya’s political economy professor Edmund Terence Gomez, McKinsey & Co Malaysia managing partner Nimal Manuel, lawyer and academic Professor Guardial Singh Nijar, and Eria policy fellow Dr Intan Murnira Ramli.

In a statement, Leiking said TIAC signifies the government’s strategy and focus on institutional reforms and good regulatory practices.

He added that Miti’s policies moving forward will take into serious consideration various views and concerns by its stakeholders, especially industry players.

“TIAC is mandated to advise the government, among others, on the initiatives to strengthen Malaysia’s trading partnerships, attracting quality foreign direct investments, unlocking innovation to drive industrial growth, bringing more Malaysians into the labour force and building a highly skilled Malaysia workforce for the jobs of tomorrow.

“TIAC will also be able to draw upon the knowledge and expertise of the chairman and board of directors from 11 agencies under Miti, which include Malaysia Investment Development Authority, Malaysia External Trade Development Corp and Malaysian Industrial Development Finance Bhd,” said Leiking.

He said all advice and inputs by TIAC will be deliberated by Miti and the accepted policies and strategies subsequently will be escalated to the Economic Actions Council and the cabinet.

“Miti believes that the establishment of TIAC will further enhance the ministry in its vision to make Malaysia the preferred investment destination and among the most competitive trading nations in the world,” he said.

Bernama reported that TIAC is set to discuss the National Automotive Policy (NAP) as well as rebalancing the ratio between foreign direct investment and domestic direct investment in its upcoming meetings.

“TIAC will have a minimum of four meetings annually and in the next meeting, we will discuss NAP as well as the white paper on the steel industry and the shipping sector,” Bernama quoted Leiking as telling reporters after chairing the inaugural TIAC meeting yesterday.