The 17th World Chinese Entrepreneurs Convention (WCEC)
Boosting Economic and Bilateral Trade between Malaysia and Global Chinese Entrepreneurs
Introduction
The Kuala Lumpur Convention Centre (the Centre) hosted the prestigious 17th World Chinese Entrepreneurs Convention (WCEC) from 9th to 11th September 2024, an event that brought together more than 4,000 corporate leaders, entrepreneurs, and policymakers from 23 countries. Organised by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), the convention explored key topics around entrepreneurship, innovation, and global economic trends. More than just a networking event, the WCEC cemented Malaysia’s role as a hub for business growth and collaboration, opening new avenues for economic partnerships, bilateral trade, and long-term investments.
The WCEC focused on "Reimagineering the Future," with keynote addresses from prominent figures like Malaysian Prime Minister Dato’ Seri Anwar bin Ibrahim, ACCCIM President YB Senator Tan Sri Dato’ Low Kian Chuan, high-profile government officials, including Minister of Transport Anthony Loke, and Minister of Tourism, Arts, and Culture Datuk Seri Tiong King Sing, Minister of International Trade and Industry YB Senator Tengku Datuk Seri Utama Zafrul Aziz, who outlined Malaysia's commitment to fostering trade ties and business opportunities. underscored the importance of Malaysia’s role in fostering international trade and investment. Their presence sent a powerful message that Malaysia is deeply committed to creating a pro-business environment, which resonated with the global audience.
The speeches emphasised Malaysia's strategic position in the global economy, its openness to foreign investments, and the benefits of its extensive free trade agreements (FTAs). The presence of high-ranking government officials sent a strong message that the Malaysian government is not only supportive of foreign investments but actively encourages it.
Sessions covered various critical areas, including the role of artificial intelligence (AI) in economic growth, the rise of green technologies, and leveraging the ASEAN market. The discussions showcased Malaysia's attractiveness to global investors and positioned it as a gateway for businesses looking to expand into the Southeast Asian region.
This event also featured an exhibition where delegates were able to network, connect with potential collaborators, and explore the latest business trends. Attendees were particularly impressed by the seamless execution of the event and the opportunities it offered for exploring Malaysian markets as a destination for future investments.
The Kuala Lumpur Convention Centre played a pivotal role in making this convention a resounding success. As a venue with world-class facilities and years of experience, it hosted multiple concurrent forums, exhibitions, and networking sessions with exceptional coordination. The Centre’s technical infrastructure supported the smooth running of thematic sessions that tackled essential business topics, from global supply chains to AI-driven innovation.
Datuk Ng, Deputy President of ACCCIM, praised the Centre’s contribution: "The Kuala Lumpur Convention Centre truly exceeded our expectations. The level of professionalism displayed by the team was remarkable. They were not only responsive but also proactive, ensuring that every need was met swiftly and efficiently. The strategic location of the Centre, right within the KLCC Precinct, also provided our international delegates with an unparalleled experience. Being surrounded by top-tier hotels, restaurants, and landmarks like the PETRONAS Twin Towers enhanced the overall experience, making it easy for our attendees to navigate and enjoy their time in Kuala Lumpur."
Additionally, Datuk Ng lauded the Centre’s flexibility in catering to a diverse audience. The Centre’s F&B team has curated a selection of local dishes that included local delicacies such as Nyonya and Malay dishes, provided delegates a genuine taste of Malaysia, creating a positive and memorable experience for attendees.
The WCEC had significant short-term and long-term economic implications for Malaysia. With the participation of global Chinese entrepreneurs, the convention was instrumental in driving foreign direct investments (FDI) into the country. Malaysia, as a small nation, relies heavily on exports and foreign investments to fuel its economy, and events like the WCEC enable Malaysian businesses to expand their reach beyond domestic borders.
"Malaysia cannot grow if we rely solely on domestic demand," said Datuk Ng. "Our businesses need to export. The WCEC allowed us to showcase Malaysia as a gateway to the ASEAN region, encouraging global companies to invest not only in our country but in the wider Southeast Asian market."
Several multinational corporations expressed interest in setting up operations in Malaysia during the event. With its strategic location and access to ASEAN’s vast market, Malaysia offers unique advantages to global companies looking to invest in the region. The convention provided a platform for companies to explore these opportunities, building a foundation for long-term economic partnerships.
The WCEC also provided local businesses with the chance to network with their global counterparts, potentially leading to joint ventures and international collaborations. These business partnerships will likely stimulate job creation and contribute to Malaysia's overall economic growth.
One of the most significant outcomes of the convention was the strengthening of bilateral relationships between Malaysia and the global Chinese business community. Malaysia's long-standing free trade agreements (FTAs) with China and other nations provides opportunities these agreements provide for cross-border trade and collaboration.
Datuk Ng also emphasised Malaysia’s pro-business policies, which were underscored by the presence of key government officials, including the Prime Minister. "Delegates left with the impression that Malaysia is truly a business-friendly nation," Ng stated, noting that the government’s willingness to engage in dialogue and support trade partnerships was a strong takeaway from the convention.
The KLCC Precinct, where the Centre is located, added substantial value to the event. Not only does it offer a low carbon footprint, eco-friendly pedestrian walkways and easy access to nearby hotels, but it also provides easy access to landmarks like the PETRONAS Twin Towers and the KLCC Park. Delegates were able to explore Malaysia’s modern world-class amenities while enjoying the convenience of a well-integrated business and leisure environment at the KLCC Precinct.
The 17th WCEC was a landmark event for Malaysia, reinforcing its position as a global business hub and an attractive destination for international investments. Through its role in hosting the convention, the Centre demonstrated its world-class capabilities, offering world-class facilities and a high standard of service. The long-term economic benefits, strengthened bilateral relationships, and increased investment opportunities generated by the WCEC underscore the importance of such conventions for Malaysia’s future.
The WCEC was not only a platform for business collaboration but also an opportunity for Malaysia to showcase its strengths as a global business events destination. The convention highlighted the country’s readiness to welcome international investments and cemented long-term trade relationships with the global Chinese business community, offering both immediate and future economic benefits for Malaysia.
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