Malaysia market remains stable despite surprise election win

The business events industry is unlikely to be shaken amidst a new political landscape for Malaysia after the country’s ruling coalition of 61 years, Barisan Nasional, fell to the opposition Pakatan Harapan in last week’s historic election win.

The stock market has remained stable and investor interest resilient despite uncertainties after the election outcome.

For suppliers in the business events industry, the election could mean better days ahead. On top of new venues that are slated to operate within Kuala Lumpur’s Golden Triangle and robust plans within local associations, the industry has nothing to be worried about just yet.

“[It’s been a] positive outlook as GE14 has garnered media coverage worldwide, putting Malaysia on the map again with regained confidence from foreign investors,” said Sho Hwee, Area Director of Sales & Distribution - Singapore, Malaysia & The Maldives, Marriott International.

The group’s property, Sheraton Petaling Jaya, was chosen as a venue for new Prime Minister Mahathir Mohamad to deliver his first press conference upon being elected into power. 

On top of that, Malaysia Trade & Exhibition Centre (MITEC) is optimistic about the future of the industry.

“We foresee continued support to drive positive momentum for the business events industry which will strengthen the Malaysian economy, whilst contributing to the growth of the SME sector,” said Gunther Beissel, CEO at MITEC.

A major gamechanger for the industry will be the abolishment of GST beginning June 1 under the new administration.

The Malaysia Convention & Exhibition Bureau (MyCEB) declined to comment until the new cabinet is sworn in. The bureau sits under the Ministry of Tourism and Culture.