KUALA LUMPUR, July 13 — Former CIMB Group chairman Tan Sri Nazir Razak is now the chairman of the Malaysia Indonesia Business Council (MIBC) which was relaunched yesterday.

In a brief note on the social media platform Instagram, Nazir wrote: "Thank you to the Government for appointing me as its chairman. And grateful to PNB, Maybank, CIMB, KLK, Air Asia, Lorry.com and NCCIM for being initial corporate council members (we will invite more).”

He added that the MIBC was first launched in 2002 and chaired by former chief secretary to the government Tun Ahmad Sarji Ahmad Hamid until 2021.

In a statement today by the MIBC secretariat, Nazir was quoted saying yesterday at the council's inaugural meeting that he wanted to thank the government for his new role, adding: "Having had a lot of experience doing business in and with Indonesia, I am pleased to now have a platform to assist other Malaysians to invest in, trade as well as partner with Indonesia."

Set up in 2022 via a memorandum of understanding between Malaysia and Indonesia, the MIBC said it is a platform for Malaysia's private sector to address and resolve challenges related to economic cooperation between both countries.

The MIBC also said it is dedicated to fostering a positive business climate that supports existing businesses while attracting new economic opportunities between Malaysia and Indonesia.

MIBC's relaunch yesterday was witnessed by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Indonesia's ambassador to Malaysia, Hermono.

According to MIBC, the new council includes representatives from Permodalan Nasional Berhad (PNB), Maybank, CIMB, Kuala Lumpur Kepong, AirAsia and TheLorry.com, as well as individual members, while the council's secretariat will be the National Chamber of Commerce and Industry of Malaysia (NCCIM).

When officiating the relaunch yesterday, Tengku Zafrul was quoted saying in MIBC's statement: "The reactivation of the MIBC signifies our commitment to strengthen our bilateral business relationship with Indonesia."

He also said that his ministry expects MIBC's collaboration with its Indonesian counterpart (the Indonesia Malaysia Business Council (IMBC)) to support both countries' "policy efforts towards cultivating an environment that nurtures and enhances trade and investment flows" to pave the way for Malaysia and Indonesia's "broad-based, sustainable socioeconomic growth and prosperity".

The IMBC is chaired by Eko Putro Sandjojo, who is Indonesia's former minister of villages, development of disadvantaged regions, and transmigration.

"It is anticipated that the MIBC and IMBC will play an instrumental role in contributing towards sustainable and inclusive policies, fostering partnerships, and unlocking the full potential of the bilateral business relationships between the two countries," MIBC said.