ASIA X AUSTIN Summit – “Fostering Cross-Border Economic Collaboration”

Austin, Texas – Ms. Nadirah Mohamed Nazri, Director of MIDA Chicago represented MIDA as a speaker during the International Asian Market Briefing at the ASIA X AUSTIN Summit 2024. This event, organised by the Greater Austin Asian Chamber of Commerce (GAACC) in collaboration with the City of Austin and its partners, provided a crucial platform for exploring business opportunities between Central Texas and vibrant markets such as Malaysia, Singapore and Hong Kong.

The summit, a one-day affair, covered three essential segments: “Business in Central Texas & Austin/Asian Markets Briefings”, “Austin Innovation Ecosystem”, and an evening networking session. During the first part, speakers from local governments in the Austin Greater Region and ASEAN countries shared valuable insights into economic trends, highlighting lucrative business prospects. Participants received a comprehensive overview of the current economic landscape and promising investment avenues offered by each participating country.

MIDA proudly represented Malaysia alongside peers like Singapore EDB, Enterprise Singapore, Action Community for Entrepreneurship (ACE) Singapore, Hong Kong Trade Development Council, and Hong Kong Economic and Trade Office. The segment spotlighted Austin’s emergence as a premier tech hub in Texas. Over the years, Austin has witnessed a remarkable transformation from a quaint town to a bustling tech haven, attracting major technology giants and fostering a thriving startup ecosystem.

This growth trajectory is attributed to various factors including a skilled workforce, burgeoning job market, and a favorable cost of living. The section delved into Austin’s innovative tech startup ecosystem, underscoring its pivotal role in driving technological advancements. Furthermore, ten startups from across the globe presented their ideas, fostering collaboration and showcasing entrepreneurial talent at the summit.

Throughout the presentations and networking sessions, MIDA provided invaluable insights into Malaysia’s latest policies, notably the New Industrial Master Plan (NIMP) 2030, designed to propel industrial growth by capitalising on global trends and a mission-based approach for industrial development especially in the key sectors such as electric vehicles (EV), green energy industries, and Malaysia’s robust semiconductor ecosystem, illustrating the nation’s proficiency in this critical domain.

The companies have shown promising interest in Malaysia across various sectors including Artificial Intelligence (AI), aerospace, cybersecurity, drones, additive manufacturing, and hospitality. Malaysia’s strategic location, skilled workforce, and business-friendly environment were acknowledged as factors contributing to its attractiveness as an investment destination.

The enthusiasm witnessed underscores Malaysia’s growing appeal as an investment hotspot. Additionally, the offices of the Texas Governor and Austin Mayor have expressed keen interest in further exploring business opportunities, missions, and collaborations with Malaysia. The burgeoning Texas market, ranking 8th globally and housing the 10th largest city in the U.S., presents immense opportunities for Malaysia’s economic expansion.

MIDA’s commitment to linking Austin’s business sphere with Malaysian opportunities underscores the summit’s role in fostering economic development, cross-border partnerships, and achieving Malaysia’s investment goals in America, thus promoting mutual prosperity.