Dear Members, 

2023 has been an interesting year for Malaysia and, indeed, the Chamber. 

As you may have noticed,  AMCHAM has a number of new staff bringing with them new ideas and fresh energy.  Starting off with our Operations Manager, Phoebe Nonis, Events Specialist, Christy Ooi, and two new Government Relations Managers:  Louis Denis for Public Affairs and Noel Meldan for Policy. 

Kevin Roch is still doing a great job in Membership and has gotten new support from a new Membership Executive, Shasvin Vincent.  Communications Executive Jeta Gitwadi continues to craft and disseminate all AMCHAM’s notices and manage the website. 

Rounding this out has been staff that have come in on our new program for fresh graduates as Chamber Associates: Cherylanne Ignatius and Graciely O’Hara, joining us in September, Khaleeja Suhaimi.

Myself and the Administrative Executive, Li Lee complete the rest Executive Office roster and we look forward to driving your chamber to greater strengths.  

However, this can only be done with your active engagement. 

AMCHAM is a membership organization.  As you see the activities at the Chamber, please do reach out and see how you can get more involved and even generate some of the activity by being part of the committees and other working groups

AMCHAM Committees play a pivotal role in fostering dialogue, sharing insights, and building connections. Recently, the Healthcare and Life Sciences Committee successfully hosted the Healthcare Forum 2023. Today, at a Young Professionals Committee event, 35 young members of your staff came to listen to Vikram Singh, CEO Citibank Malaysia as part of a new initiative, AMCHAM Unplugged,  to involve a young set of employees in our membership.  In September, AMCHAM will host an AMCHAM Johor Network Meeting for companies with interests in our southern state. We encourage all members to consider being a part of committees and actively contribute their perspectives and expertise amongst your fellow members. Your participation can make a significant impact on the discussions and initiatives undertaken by AMCHAM.

Please do encourage your staff to attend events – many are free to registered members and we welcome those from different business units or functions in your organization, from HR, legal, compliance, sustainability, logistics, risk management and tax.  Sharing is how we all learn and grow our own personal knowledge and networks.  

Ultimately, AMCHAM thrives when its members actively engage and collaborate. We look forward to having your active participation. Together, we can work towards shared goals and enhance the value of AMCHAM as a platform for sharing knowledge and networking.  Your active involvement is key to our collective success.

On 22 August, AMCHAM hosted a Members’ Briefing at Ciao Ristorante. Mr. Manu Bhalla, the new Deputy Chief of Mission, U.S. Embassy in Kuala Lumpur, graced the event and was introduced to the members. 

AMCHAM Members’ Briefing provided an excellent opportunity for networking and keeping members updated on recent developments in AMCHAM, including meetings, events, and initiatives. Siobhan Das, CEO of AMCHAM shared insights from her recent trip to the U.S., particularly the Washington Doorknock 2023 and APEC 2023. Guests from the U.S. Embassy including Francis “Chip” Peters, Senior Commercial Officer and Dave Williams, Economic Counsellor provided updates from the U.S. perspectives.

We extend gratitude to all the members who participated in this event!

Kuala Lumpur, 11 AUGUST 2023 – Commercial real estate investment activity in Asia Pacific declined by 17% year-on-year in the second quarter of 2023 as investors remained cautious when making capital deployment decisions. According to data and analysis from global real estate consulting firm JLL, investment activity in the region totalled US$26.8 billion in the second quarter, owing to ongoing uncertainties in the global economy, with resilience in the logistics & industrial and living sectors offset by a sharp contraction in office, retail and hotel sectors.

The decline in investment volumes comes amid shifts in the investment market over the quarter. JLL proprietary data shows that relative to earlier quarters, most second quarter deals were traded with a narrower bid-ask spread, demonstrating sellers’ willingness to meet buyers by lowering their asking price. Even with asset repricing putting pressure on total returns, capital value appreciation is still forecast across geographies and sectors, speaking to the strength of rental growth and steady valuations, according to JLL.

“Investment activity in Asia Pacific remained muted in the second quarter as investors weighed the impact of macro uncertainty and fluctuating interest rates into decision making. Despite an expected moderation in investment flows over the quarter, our interactions with clients tell us that sentiment is positive with factors including repricing pressure and a narrowing of bid-ask spreads likely to reinvigorate activity in the medium term,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL.

According to JLL analysis, Japan bucked the downward trend and remained the most active market in the region, recording US$7.1 billion in investment activity for the second quarter, up 34% year-on-year. Overseas investors were particularly interested in industrial assets, evidenced by two large portfolio acquisitions made by GIC and Mapletree Logistics Trust respectively.

South Korea registered US$5.7 billion in transactions, declining 20% year-on-year as financial market challenges and liquidity issues of domestic pension funds persisted. Australia registered US$3.1 billion in investment activity, decreasing by 36% year-on-year as the elevated cost of debt and inflation slowed the commercial property investment market. Institutional investors also re-allocated capital towards the industrial and living sectors.

China investment volumes reached US$4.7 billion in the second quarter, falling 20% year-on-year as its post-pandemic economic recovery lost steam and with institutional investors shifting their focus to alternative sectors. In Hong Kong, investment volumes were at US$0.7 billion over the quarter, plunging 76% year-on-year, comprising of smaller ticket sales as market sentiment softened due to high interest rates.

Singapore investments declined 59% to US$1.5 billion in the second quarter, with a large industrial portfolio deal and a business park trade accounting for the majority of investment volume.

Asia Pacific office volume reached US$10.2 billion in the second quarter, the lowest since 2011, due to muted investment activity in China, Hong Kong, Singapore and Australia. However, the dip in activity may be short-lived as deal pipelines have been quickly replenished with large scale core offices across the region’s key office markets.

In the logistics and industrial sector, investment volumes reached US$7.7 billion in the second quarter, rising 9.3% year-on-year with Japan, South Korea and China reporting more trades. At the expense of office investments, global and regional funds have snapped up logistics warehouses sited in Korea, Japan and Australia.

“In the second half of 2023, markets in the region will likely face varied levels of price uncertainty affected by disparate interest rate outlooks and volatility in the debt market,” says Pamela Ambler, Head of Investor Intelligence, Asia Pacific, JLL. “Looking ahead more broadly, the end of the hike cycle may be delayed for some key economies, which will prolong the divergence in Asia Pacific’s lending rates in the near future, but investment activity should be picking up from here.”

“Traditional investment transactions were always rare in KL, but in the current market situation, with interest rates growing, while yields have been pretty stable, investors are more likely to hold their assets and wait until the market reaches a new balance. That is why we are more likely to see deals where buyers are seeking either to buy properties for owner occupation or are considering opportunistic acquisitions as an opportunity to increase asset value through a value enhancement initiative. Among some notable transactions witnessed by the market recently is a sale of EPF retail portfolio of 6 assets to Sunway REIT and one retail site was sold to NSK. Estimated total value of seven assets is around RM580 ml,” says Tony Lee, Executive Officer of JLL Property Services (M) Sdn Bhd. “We are continuously seeing high interest from prospective investors in data centres, and logistics & industrial segments, as both demonstrate stable growth and demand has not reached saturation yet. Lack of standing assets available for purchase brings perspective investors into development opportunities.”

Sanjeev was president of the Chamber when I was hired to be the Executive Director in 2016; his guidance, as I entered this new role, was invaluable as we navigated the path to reengineering a new future for AMCHAM. I will forever be grateful for his straightforward advice and for the opportunity to take the helm of this wonderful organization.

It was also our distinct pleasure to host Sanjeev’s youngest daughter for a quick internship in June this year. He and his wife would be very proud of her work and promise. We wish the whole family a bright future, one that Sanjeev would be proud that they will live.

Siobhan Das, Chief Executive Officer

The passing of Sanjeev Nanavati leaves both an emotional and intellectual void in many AMCHAM staff and members’ hearts.

Sanjeev passionately and strategically led the Chamber as President from 2011 to 2017.

During his term leading the Chamber, Sanjeev structurally changed the direction of the Chamber to become the leading advocacy platform for US businesses that the Chamber has become today.

Through his systematic placing of the current leadership in both AMCHAM and Junior Achievement Malaysia, Sanjeev helped set both entities on a rapid growth trajectory that is now ensuring the long term sustainability of both entities. 

Leading the Chamber and JA Malaysia with a creative mind and strong heart is how Sanjeev will be remembered. We will miss him.

Datuk Timothy Garland, Former President and current Board Member

I had the privilege to serve on the AMCHAM Board with Sanjeev and as President of the Board, he had a very strong presence amongst the American and Malaysian business community. He was steadfast in his belief that one should step-up, be recognized and make a difference. In fact, he prided himself as a coach to many senior professionals on how to create a positive business presence and not merely settle into a role. Sanjeev’s passion for leading a company, a team and solving problems was what made him tick. He certainly will be missed for the impact he brought to not just his friends, peers but also anyone he had worked with.

Anushia Soosaipillai, Treasurer

I’m lost for words hearing the passing of Sanjeev. A man of few words, a straightforward and a no-nonsense person. I’m glad I had the opportunity to work with Sanjeev throughout my years at AMCHAM. 

Those who have worked with Sanjeev would agree that he set for us very high expectations, but he would not let you drown in trying to achieve them; that is how I learned so much from him.

A few years ago, I was going through a tough time when I lost my dad and I remember Sanjeev sat me down and gave me a piece of advice which I held on dearly until today; I did not quite understand what he meant at that time, but as days went by, I remembered his advice and wondered how he knew what was coming and was mentally preparing me without me knowing.

I will truly miss Sanjeev as he played a big part in my growth at the Chamber. I’m glad I had the opportunity to have one final chat with him a few months ago when I found out he was unwell; he was so positive and witty. He was a great leader and he will be missed very dearly not only by myself but other staff that had the opportunity to work with him.

Yvonne Miranda, Former Senior Manager, Membership and Engagement (2008-2023)

Mr Sanjeev would stride into the office with much aloofness and often expressionless. However, during meetings with the team or individually, that first façade would slowly disintegrate to expose the face of quite a jolly guy, a brother, father, a friend.

In my opinion, he believed that actions speak louder than words. He was a man of few words, but his positive actions were second to none. He was warm, understanding and so caring; I would say he was a man with a heart of gold.

He believed that staff welfare and their state of mind were of utmost importance to him. He would go out of his way to right the wrongs to ensure that we have a positive working environment.

 I am very blessed to have worked for and with Mr Sanjeev. It was his actions and commitments that will forever be impressed on my life. 

It is very hard to accept that he has left us. We have lost a great and compassionate leader.

I will miss him and I wish to say a very heartfelt thank you to Mr Sanjeev and pray he is proud of himself and his achievements, the positive memories he left behind.

Rest in Peace Sir.

Li Lee, Administrative Executive

Join IGB International School OPEN DAY on 26 August 2023, Saturday, from 10.00 am to 12.30 pm to discover how IB education approaches and IB Approaches to Learning skills could support lifelong learning and prepare students for their university journey and beyond.

The IB Approaches to Learning skills empower students to develop their critical thinking, effective communication, research proficiency, self-management abilities, and strong social skills.

On this Open Day, meet their leadership team and engage in a talk about how the IB Approaches to Learning skills, together with the IB education approach, could support lifelong learning and prepare students for their university journey and beyond. Join the school tour, which allows you to explore their state-of-the-art facilities. A counselling session is also available for your better understanding of the school.

All attendees receive a *waiver worth up to RM26,000 upon enrolment to IGBIS.

*T&Cs apply

Register now at: https://igbis.edu.my/admissions/openday/

KUALA LUMPUR, Malaysia, August 9, 2023 – FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, collaborated with sustainability-focused environmental organization Treat Every Environment Special (TrEES) to provide fresh vegetables to disadvantaged communities in Malaysia.

From August to October 2023, FedEx will be working with TrEES to establish a 1,000 square feet community garden in the Klang Valley. FedEx volunteers will be engaged in planting, harvesting, sorting of vegetables and distributing, as well as garden maintenance. On August 6, the first batch of volunteers consisting of 23 FedEx team members kick-started the program by planting vegetables in the garden.

“We are privileged to be able to use our resources to support underserved communities in urban areas that are facing poor living conditions and socio-economic challenges,” said Tien Long Woon, Managing Director, FedEx Express Malaysia. “By farming vegetables and delivering them to households, we hope to improve their well-being and promote a healthier lifestyle, while reinforcing the importance of protecting the environment. Throughout our three decades in Malaysia, we have been committed to positively impacting customers, the market and our communities.”

This program is part of the FedEx Cares global community engagement program underpinned by our culture value of “Committing to Do Good.” Progress in key areas of our FedEx corporate social responsibility initiatives, including pillars such as Community Engagement, Global Entrepreneurship and Sustainable Logistics can be found in the latest FedEx Cares Report.