NCCIM: BRICS Entry To Diversify Malaysia's Economic Diplomacy

Malaysia's participation in the BRICS economic bloc will allow the country to diversify its economic diplomacy and strengthen collaboration through shared initiatives, according to the National Chamber of Commerce and Industry of Malaysia (NCCIM).

BRICS is an intergovernmental alliance that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

NCCIM president, Datuk Seri N. Gobalakrishnan, described this move as a beneficial arrangement that will usher in an era of enhanced technological transfer and knowledge sharing, critical for the mutual advancement of Malaysia and BRICS nations.

"As Malaysia steps forward to join BRICS, we are particularly excited about leveraging our position as a semiconductor hub and active player in the global market.

"Malaysia's potential BRICS membership will create a balanced and fair-trade environment, promoting equitable financial infrastructures essential for sustainable global economic growth," he said in a statement.

Gobalakrishnan noted that Malaysia's potential participation in the upcoming BRICS Summit in Kazan, Russia, from Oct 22 to 24, 2024, reflects the country's proactive approach to strengthening international cooperation and dialogue.

"This engagement is not only an opportunity to strengthen ties with BRICS nations but also a platform to showcase Malaysia's readiness to contribute meaningfully to the collective growth and development of the Global South," he said.

He highlighted that as Malaysia prepares to assume the ASEAN Chairmanship next year, its engagement with BRICS could not be more timely.

"Malaysia is not just joining an economic alliance but aligning with a collective that reflects our aspirations for a more integrated and equitable global economy.

"We commend the Malaysian government's independent stance and open approach to international collaborations, which resonate with the aspirations of our business community," he added.