Malaysia best gold trading hub for newcomers to Southeast Asian market: MGA president
Thu Aug 08 2024
Malaysia is the best gold trading hub especially for countries that are freshly entering the Southeast Asian market for the precious metal, said Malaysia Gold Association (MGA) president Datuk Wira Louis Ng.
He attributed this to Malaysia being geographically strategic, diverse in demographics (which drives varied demands), multilingual capabilities (which aid market expansion) and business-friendly policies (facilitating international collaborations).
This was highlighted by Ng, who is also founder and executive chairman of Public Gold Group and honorary consul of Kazakhstan in Penang, and a 20-member delegation from Malaysia at the 2024 China Gold Congress and Expo in Shanghai recently.
London Market Bullion Association (LBMA) and MGA discussed membership requirements and future market trends during their meeting at the event.
LBMA CEO Ruth Crowell expressed willingness to provide online training to Malaysia’s gold industry players should the need arise while World Gold Council regional CEO Sachin Jain brought up mutual potentials and future collaboration opportunities between the two organisations.
At a meeting with Shanghai Gold Exchange (SGE), MGA and SGE expressed their intentions to enhance exchanges and strengthen cooperation between the Chinese and Asean gold markets.
Ng said, “The delegation’s visit to China Gold Congress and Expo 2024 under MGA had been exceptionally fruitful. It not only enhanced global visibility of MGA, but also laid the foundation for future international collaborations for Malaysia’s gold industry players. The meetings with several prestigious international organisations have further solidified Malaysia’s position and influence in the Southeast Asian gold market.”
He added that the exchange not only broadened members’ perspectives but will also help improve the international competitiveness of Malaysian gold industry players.
The congress and expo attracted more than 2,000 gold and jewellery industry professionals, banks and related institutions worldwide.
At the two-day event, Ng delivered a talk under the Belt and Road Gold and Jewellery Cooperation segment, titled “Malaysian Gold & Jewellery Market BRI in Malaysia-China Trade Relations”
In his talk, Ng shared insights into Malaysia’s gold and jewellery trends, market size, consumer behaviours and regulatory framework, and highlighted various advantages of the Malaysian market, while enhancing collaborations with China in the gold and jewellery sector, by improving on infrastructure and trade, reducing logistics costs and boosting supply chain sufficiency.
This has given global industry players a comprehensive understanding of Malaysia’s gold market trends and its prospects.
The congress cum expo is China’s largest international gold industry event and a global gold industry gathering. It is aimed at facilitating international exchange and collaboration, providing a platform for industry players to learn from each other and discuss forward-looking issues in the global gold industry.
Themed ‘Innovation-Driven, Green Development, and Shared Future’ this year, the event focused on three sectors, namely gold mining, gold market, and gold consumption. Issues such as green mine construction, resource utilisation, safety production, intelligent applications and environmental, social and governance issues related to the gold industry were also discussed.
Source: https://thesun.my/