First business contacts forged during Sovereign’s State Visit to Malaysia

Michel Dotta, Chairman of Monaco Economic Board (MEB) was in Kuala Lumpur from 26 to 28 November with a delegation accompanying HSH Prince Albert II during the Sovereign’s State Visit to Malaysia. An opportunity to make promising new contacts.

The trip began with the Sovereign inaugurating the new Monaco Consulate in Kuala Lumpur, under the direction of Mr Sri Naresh Mohan, recently appointed Honorary Consul. It represents another anchorage for the Principality, particularly for MEB which often relies on the invaluable business networks established by Monaco Consuls abroad.

The next day, a business forum followed HSH Prince Albert II’s meeting with the King of Malaysia during official ceremonies at the Royal Palace. A hundred entrepreneurs and high profile figures attended the forum, an opportunity for Michel Dotta to present Monaco as a place to do business. In an overview of the Monegasque economy, he talked about the real estate sector based on figures from IMSEE, highlighted the Mareterra project and ended with an overview of tourism activities and the Monte-Carlo Société des Bains de Mer in particulier.

During the Forum, several organisations from Monaco took the stage including the Prince Albert II of Monaco Foundation while the Yacht Club de Monaco signed a Memorandum of Understanding with a Malaysian yacht club. After a speech by Mr Sri Naresh Mohan, the formal part of the proceedings concluded with a speech by HSH Prince Albert II.

Numerous contacts were made during the relaxed cocktail that followed, where discussions on what makes the Principality attractive could continue, a subject that was clearly of interest to the Malaysian business leaders present.

With a population in excess of 33 million, Malaysia is the fifth economic powerhouse in ASEAM in terms of GDP per capita and third behind Singapore and Brunei. The year 2022 saw exceptional growth (+8.7%) and record investment (US$16.9 billion). Sectors such as yachting, shipping, energy, pharmaceuticals, tourism and innovation all offer potential for business partnerships and collaboration between the two countries.