GEORGE TOWN – Penang can become a hub for legal services in Southeast Asia in view of the state’s increasingly growing stature for the manufacturing and services industries.
As the state is firmly entrenched as a hub for manufacturing, especially in its role as a part of the global supply chain for electronics and electrical products, Deputy Chief Minister II Jagdeep Singh Deo said that it is only logical for the state to offer legal services.
“This will complement the state’s standing in trade and production,” he said.
“Penang also has a pool of lawyers to assist regional law firms in providing advice and legal counselling services to investors and the business community alike.”
He said this after opening the Asean Investment and Trade Forum, which was organised in collaboration with the Asean Legal Alliance at the SPICE Setia conference hall here yesterday.
Some 30 exhibitors and 300 participants are attending the forum, which ends today.
Jagdeep said that legal services are essential in growing the economic potential of the regional Asean grouping.
The Asean Economic Community envisions its ten partner nations as a single market and production base, similar somewhat to the European Union.
Asean economies Malaysia, Brunei, Thailand, Myanmar, Cambodia, Laos, Vietnam, Indonesia, Philippines and Singapore can similarly operate in close partnership and economic ties.
It was reported that with a market size of US$2.3 trillion (RM11 billion) and 600 million people, Asean aims to be a single integrated market through regional economic integration, which will be done in stages, despite the Covid-19 pandemic having earlier dented the pace.
Jagdeep also clarified that the differences in legal systems and interpretations between the Asean countries can be overcome through the formation of regional law firms.
“One firm from China has a presence here. Altogether, it has 2,800 lawyers (partners and associates), which is more than the number of legal practitioners in Penang.
“Such firms can help overcome the legal barriers which we may face,” he said.
Jagdeep said that what is important is for the legal firms to blaze the path ahead to enable a smooth transaction of all litigation and practices to ensure there is a smooth tie-up among the business community in the region.
Penang, with its excellent infrastructure and support base, can play the role as a hub for Asean legal practices to streamline the region’s legal framework, he added.
“With our expertise, and continuous commitment to skills development and robust infrastructure, we are always ready and welcome international companies to invest in Penang, especially in providing law services,” Jagdeep said.
The two-day forum brought together experts on economics and law to foster closer Asean ties, especially in the age of global uncertainty. – The Vibes, October 25, 2023
