There is scope for greater dialogue and business cooperation between EU and Malaysia in the development of the services sector which has been identified as a key engine of growth for Malaysia for the future. The foreign Direct Investment (FDI) in services sector in Malaysia is only about 11% of the GDP. EUMCCI targets to facilitate investment opportunities for EU companies for growth. In order to assist such growth EU and EUMCCI have joined forces to launch a three year project.

The project is 80% funded by the European Commission, with a total budget of €752,000. Specific areas targeted under the project are: ICT, Logistics, Financial services and Green technology. Under the project the EU Delegation and EUMCCI will organise 4 complementary activities. Europe being a world leader in Environmental technology, it is timely for EU Embassies /companies/ bilateral/EUMCCI to highlight this and engage with the Malaysian authorities and companies into cooperation both in policy/ legislation and technology transfer.

The project was launched officially at the second EU-Malaysia Trade and Investment forum 2010 organised 15 April . The 110 invited Malaysian and EU business leaders, top government officials, corporate financiers, ambassadors and CEOs discussed, shared their ideas and opinions and gained fresh insights into opportunities and challenges in the Malaysian Services Sector.

For 2010, the emphasis will be on Green Technology. The establishment of the Malaysian Ministry of Energy, Green technology & Water widens the scope for international cooperation between the EU and Malaysia. Technology & know how transfers would enable Malaysia to become a regional leader in green technology. Along this strategy the EUMCCI launched the Environment, Energy & Green Technology Committee (EEGTC) on the 1 October 2009. In the framework of the grant agreement with the EU, the EUMCCI will coordinate events and actions such as below:

1. Expertise transfer sessions, Kuala Lumpur, 1-2 June 2010
2. The EU- Malaysia GreenTech Business Matchmaking & EU Pavilions at IGEM 2010 Exhibition, 14-7 October 2010
3. Green Tech Europe Publication October 2010
4. The EU-Malaysia GreenTech Business Platform 2011

The aim of these actions would be to identify concrete cooperation and business opportunities, to facilitate EU-Malaysia trade and technology transfer in environmental technologies and services, as well as to promote the EU best practises and standards along with capacity-building. The proposed activities are built upon and reflect matching interests of the Malaysian Government and the EU, expressed further to the first Malaysia- EU GT policy Dialogue held on 29 September 2009.