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China, Europe potential major investors as Johor targets 5% growth

Johor is confident of achieving between 4.1% and 5% economic growth this year as the state expects investment from China and Europe.

Mentri Besar Datuk Onn Hafiz Ghazi said this all despite major economic challenges and uncertainty over stability globally.

“I am confident despite all that (as) China is opening now (and) we are looking at China as a major potential investor.

“We have been meeting many Chinese investors now and we could see that target investment will be met, not just from China but European countries as well,” he told a press conference today.

He was speaking after attending the Malaysian Investment Development Authority (Mida) Invest Series: “Unfolding States’ Business Potential — Johor” at Mida Sentral.

Onn Hafiz added that he is proud of the announcement from International Trade and Industries Minister Tengku Datuk Seri Zafrul Tengku Abd Aziz yesterday that Johor had raked the most investment last year with the value of RM70.6 billion.

He said the state will continue to try to ensure that investments come to Johor.

“And with the help of the ministry and its agencies, I am confident that Johor will be the focus of incoming investors,” he said.

Updating on the current flood situation in the state, Onn Hafiz said industrial areas are not compromised.

“I see that the majority of industrial areas in Johor are not involved in floods as they are more in rural areas,” he said.

Extraordinary rainfalls since last week had caused several districts in Johor to suffer one of the worst floods in a decade.

Currently, about 40,000 individuals from 13,000 households are being sheltered with three confirmed deaths in areas including Muar, Chaah, Segamat and Batu Pahat.

Source: The Malaysian Reserve

China, Europe potential major investors as Johor targets 5% growth


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The Selangor government has introduced five incentives to drive investments into its Integrated Development Region in South Selangor (Idriss).

They comprise  a special premium scheme, interest-free instalment payment for development charges, tax exemption for vacant land assessment, a 50% discount on the vacant building assessment tax, and business license fee exemption, according to Selangor Menteri Besar Datuk Seri Amirudin Shari.

“To further boost development projects in Selangor, the state government also gave consideration and approved incentives for Idriss,” Amirudin said in his address at the launch of Idriss here on Wednesday (March 15).

Idriss, first outlined under the First Selangor Plan 2021-2025, is expected to catalyse the development in the southern part of the state. The development involves an area spanning 40,000 acres (20,000ha) in the Sepang and Kuala Langat districts, with an estimated gross development value of RM1 trillion.

Amirudin also announced several additional incentives for the development of the Managed Industrial Park (MIP) to facilitate investments in Selangor, including fast-tracking processes and approval periods, as well as assessment tax and business license fee exemptions.

The state government will also offer incentives for developers and managers of the MIP, including interest-free instalment payment for development charges, and long-term leases for non-strata developments.

“These incentives for the development of Idriss and the MIP are a move that can encourage developers and landowners to ‘breathe new life’ into the state’s economic growth.

“This can also attract property developers to accelerate development activities by helping to reduce the initial cost burden of developing a project,” he said.

He hopes Idriss will act as a catalyst for investments into Selangor and make the state a regional trading hub.

Source: The Edge Markets

Selangor announces incentives to spur investments into Integrated Development Region in South Selangor


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The International Trade and Industry Ministry (Miti) has secured potential investments worth RM24 billion as well as RM4.24 billion of potential exports of products and services through its recent trade and investment mission to South Korea.

The mission, led by International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz from March 14-17, 2023, was part of the ministry’s efforts to attract quality investments and increase local companies’ participation in higher value global supply chain.

In a statement on Sunday (March 19), Tengku Zafrul said South Korean companies have expressed strong interest in Malaysia, which is a major catalyst for expanding the two countries’ bilateral trade and investment relations, particularly in the sustainable and green technology sectors such as carbon capture storage, hydrogen energy and electric vehicle.

“Malaysia’s economic competitiveness in the future will depend on whether we can secure access to and master green technology.

“Therefore, it is crucial for Malaysia to work with investors that can help us unlock growth in areas that support our sustainable agenda, [and] I hope South Korea can work closely with us on this as we chart a more resilient journey together for the challenges ahead,” he said.

Miti said the new investment projects deliberated during the mission involved Samsung Engineering, SKC, Lotte Fine Chemicals, Hyundai, COWAY and a consortium of South Korean companies.

It said Lotte Energy Materials, Samsung Engineering and POSCO Holdings also expressed their commitment to inject new investments in Malaysia, as well as the transfer of new technology, high-value job creation, talent development, ecosystem creation and collaboration with local universities and industries, particularly involving small and medium enterprises.

During the mission, Tengku Zafrul also met with his counterpart, South Korean Trade Minister Dukgeun Ahn to discuss issues such as the proposed resumption of bilateral free trade agreement negotiation between both countries.

They also discussed the formation of a ministerial trade cooperation dialogue, as well as potential cooperation in digital economy, green economy, renewable energy, supply chain and economic cooperation under the platform of the Indo Pacific Economic Framework (IPEF) and Regional Comprehensive Economic Partnership (RCEP), the ministry said.

The mission also included a business seminar, a venture capital (VC) investors’ roundtable and a reception jointly organised by MITI and the Malaysian embassy in Seoul to commemorate the 40th anniversary of the Look East Policy between the two nations this year.

More than 250 industry captains of industry from both countries participated in the business seminar in Seoul, while more than 20 South Korean VC investors attended the VC investors’ roundtable and indicated their interest to set up their robotics and artificial intelligence-based businesses in Malaysia.

During the roundtable, Tengku Zafrul, who chaired the session, also witnessed the exchange of four memoranda of understanding which saw several Korean VCs committing to invest up to US$400 million (RM1.79 billion) in Malaysia.

Meanwhile, the reception by Miti and the Malaysian embassy was attended by South Korean Foreign Affairs Minister Park Jin and Vice-Minister Lee Do-hoon, as well as members of the business community, government officials from both countries, and Malaysian professionals and students in South Korea.

Source: Bernama

MITI secures RM24b potential investments from South Korea


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The return of political stability with the formation of the unity government a little over 100 days ago, and the bleak prospects in many markets have placed Malaysia back on the radar of the foreign business and investment community.

This is evident especially during my visits abroad to promote Malaysia since being appointed the Minister of International Trade and Industry in December 2022. From Jakarta to Davos, Abu Dhabi to Milan, and most recently, Singapore and Seoul for trade and investment missions, we were met with renewed interest by current and potential investors.

The goodwill is still evident and many international investors have, for many years, wished for Malaysia to again be one of the top-performing economies in Asean, instead of a sliding mid-table nation in the region. Thankfully, Malaysia’s stellar economic performance of 8.7 per cent GDP growth for 2022 — the highest in Asean last year — together with a low unemployment rate of 3.6 per cent in December 2022 and low headline inflation of 3.2 per cent despite global inflationary pressures, mean that we must be taken seriously. These numbers also validate the effectiveness of many of our pandemic policy responses and aid measures.

Whilst some of the international businesses do reminisce the good old days of the low-cost manufacturing ecosystem, they do understand that this is not sustainable in the long run. Further, given the global inflation and disrupted supply chains that have increased costs, we must work hard to enhance the positive considerations of operating in Malaysia. This is where Miti, together with our agencies, have our reform priorities cut out for us.

Since joining Miti, I have repeatedly stressed to Miti officials and its agencies that we must rethink our strategic approach to align trade, industrial and investment policies if we want to unlock future growth and set our economy on a more sustainable path.

Besides our trade figures (which matters a great deal because Malaysia is a trading nation), what is also at stake is the future of our SMEs, better-paying jobs for countless Malaysians and the well-being of their families: these are our overarching KPIs. To that end, we have been guided by our priorities, the key ones of which are:

a. Firstly, to increase trade growth and ensure an inclusive and sustainable global trade environment. When it comes to Free Trade Agreements (FTAs), feedback from all segments of society — government, private sector, civil society and individuals — will be taken into account when conducting cost-benefit analyses. This facilitates more efficient decision-making and ensures the FTAs’ benefits are aligned with our socio-economic priorities such as supporting SMEs, closing rural-urban gaps, and fostering gender empowerment. In short, our people remain our top priority in new FTA negotiations, including the RCEP and the CPTPP, where we have worked closely with our traditional as well as new trade partners.

b. Secondly, ESG and digitalisation are key to future-proofing our industries, especially the SMEs. Disregard ESG and our exporters’ market access and businesses will suffer. To prevent that, Miti is currently crafting the National Environmental, Social and Governance Industry Framework (i-ESG), for the manufacturing sector to adapt to ESG. This comprises four components, namely standards, financial support and incentives, capacity building, and market mechanisms, including carbon trading and carbon pricing.

On digitalisation, I once did an interview on RTM, where they had also invited the founder of Claire Organics, Ms Louise Chu, a government grant recipient who successfully digitalised and expanded her business during the pandemic. There are many MSMEs like her who must be supported digitally to scale up, or to partake in the green economy, because these MSMEs contribute 37.4 per cent to our GDP and employ 47.8 per cent of Malaysia’s working population. Our future economic expansion will also depend on our MSMEs’ ability to secure and adapt to green technology.

c. Third, we must attract high-quality investments that create jobs and encourage re-investments: The global economy is changing fast, and competition for FDI within Asean is intense, so we must create a super-conducive environment, particularly for the focus industries in our New Investment Policy (NIP), i.e., higher value E&E, Medical Devices, Pharmaceuticals, Digital Economy, Aerospace, and Chemicals, as well as sectors such as EV, data centres and food security. We are also determined to move Malaysia up the value chain in manufacturing and services, which is vital for us to transition to a more tech-advanced economic model, with a higher complexity.

d. Fourth, Miti must ensure that Malaysia regains its glory as the investment destination of choice in South-east Asia. Since December 2022, my team and I have been busy positioning Malaysia as stable, pro-business, pro-investments, and pro-trade. But we know these promises must be substantiated by real policy reforms, and the ease of doing business. These include the proposed creation of a One Stop Centre via the Miti e-Gov platform; reforming the Halal certification process; creating a competitive industry and services ecosystem; ensuring a robust talent pipeline for key sectors; and appropriate skilling, reskilling and upskilling programmes for industries’ HR needs.

I have also repeatedly emphasised the need to set appropriate KPIs and monitor outcomes of key projects. For example, on FDI and DDI received, we must religiously track, among others, the number of jobs created, tax revenue generated, ESG compliance level and the CSR contribution to surrounding communities.

On improving the ease of doing business, we must identify and resolve the pain points track in the investors’ journey, from the decision to invest, right up to the operationalisation of their facilities and beyond. I personally do not perceive a 24-month gestation period between decision-making and operationalisation as acceptable. We can and must do better if we want to keep attracting and retaining high-quality investors!

The logic is simple: investments create economic activities, which create business for SMEs and jobs for our people. For example, the RM264.6 billion that Malaysia attracted in approved investments for the year 2022 is expected to create 140,370 new job opportunities, jobs which pay a decent wage.

With a highly capable team at Miti and its agencies, appropriate strategies and properly monitored execution, I am confident Malaysia can achieve so much more in nurturing industry, expanding trade and attracting investments.

Some of our early efforts are already bearing fruit, through confirmed commitments from major MNCs such as Tesla, Intel Corp, Amazon Web Services, Shopee’s parent — Sea Ltd, the Yondr Group, Inseact, in the last couple of months. Gaining commitment from these major MNCs validates our belief in Malaysia’s huge potential. For Miti, this is only the beginning, so watch this space!

Source: Malay Mail

Policies that support industry reforms, investments and trade growth key to creating better-paying jobs — Tengku Zafrul Aziz


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Malaysia and the United Kingdom are examining ways to strengthen bilateral ties while looking into potential strategic cooperation in a number of areas, including security, trade and investment, green technology and digital economy.

Foreign Minister Datuk Seri Dr Zambry Abdul Kadir, who is currently on a working visit to the UK, said this matter was discussed during his meeting with the United Kingdom’s Foreign, Commonwealth and Development Affairs Secretary James Cleverly.

“We also discussed regional and international issues involving mutual interests,” he said in a statement on Wednesday (March 15).

During the meeting, Zambry also highlighted the issue of palm oil, which is one of Malaysia’s important exports, and also the safety and security of the Indo-Pacific region.

Source: Bernama

Malaysia, UK discuss strategic cooperation


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Saudi Arabia’s ambassador to Malaysia, Mesaad Ibrahim Al Sulaim, said that the Kingdom expected the growth in trade and investment with Malaysia to continue this year.

He added that there would also be trade and investment agreements to be signed this year, to serve the kingdom’s aspirations to diversify its oil-based economy.

According to the latest statistical data, the total bilateral trade for last year amounted to US$10.26 billion (RM45.89 billion) – an increase of 159.2 per cent compared to US$4.23 billion in 2021.

Al-Sulaim also indicated that the Kingdom was keen to strengthen relations with Malaysia in all fields, especially trade, investment, education, technology, medical services, as well as clean energy and digital economy.

Speaking about investments, the ambassador said that Malaysian investors were active in the Saudi business sector, and keen to participate in the Kingdom’s Vision 2030, especially in the health and manufacturing sectors.

“However, the Kingdom’s drive to diversify its economy within the framework of the vision has opened many opportunities, including the NEOM city project, the Red Sea project, and the Saudi Green Initiative project, where Malaysian companies can compete in related projects,” he said in an interview with Bernama.

In addition, he said, there were opportunities in the sectors of energy, petrochemicals, manufacturing, food, tourism, hospitality, transportation, logistics, construction, and technical infrastructure projects, as well as projects related to haj and umrah.

Regarding the diplomatic relations between the two countries, which was established in 1961, Al Sulaim said that relations between Riyadh and Kuala Lumpur were based on civilised and cultural foundations rooted in Islam.

He further noted that since the establishment of diplomatic relations, the relations between the two countries had witnessed remarkable development in all fields.

He said that given the keenness of the two countries to strengthen brotherly relations, the relations would witness rapid development in the coming years.

Regarding his tenure in Malaysia, Al Sulaim said: “The Kingdom of Saudi Arabia and Malaysia enjoy fraternal and historical relations. I will strive to strengthen these relations to the highest level to serve the interests of the two countries and their people. I expect that the coming period will witness close cooperation between the two brotherly countries in all fields.”

Al Sulaim handed over his credentials to Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah on Feb 21.

Source: Bernama

Saudi Arabia expects growth in trade and investment with Malaysia


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Trade ministers of South Korea and Malaysia discussed ways on Tuesday to deepen cooperation on supply chains of key raw materials and to boost bilateral trade by launching a regular dialogue channel.

The meeting between South Korean Trade Minister Ahn Duk-geun and his Malaysian counterpart Tengku Datuk Seri Zafrul Aziz took place in Seoul, as the Malaysian minister of international trade and industry came here as part of Malaysia’s economic delegation to mark the 40th anniversary of its Look East Policy, according to the South Korea’s trade, industry and energy ministry. 

During the meeting, Yonhap news agency reported that Ahn had officially suggested signing a bilateral agreement on key raw materials to ensure their stable supply chains, including those necessary for electric vehicle batteries. Malaysia is rich in natural resources, such as natural gas and tin.

Ahn asked for the Malaysian government’s support for South Korean companies operating there, as a growing number of Korean firms in EV batteries, renewable energy and various other sectors have expanded investment in the Southeast Asian country, according to the ministry.

The two sides also exchanged opinions on how to make progress on their ongoing negotiations for a bilateral free trade agreement (FTA) and discussed the possible establishment of a communication platform for regular talks on trade and economic cooperation.

South Korea has a separate FTA with the 10-member Association of Southeast Asian Nations (Asean), but it has sought to strike bilateral deals with each member to further bolster ties.

Also on the table was the potential revision to the bilateral digital trade regulations, and ways to deepen cooperation on carbon capture and storage, hydrogen and other clean energy sectors, the ministry said.

Malaysia is the third-largest trade partner of South Korea among Southeast Asian nations, with bilateral trade reaching a record high of US$26.7 billion in 2022, according to government data.

Source: Bernama

South Korea, Malaysia discuss supply chains of raw materials, trade ties


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Malaysia will prioritise improving the ease of doing business in the country to lure quality investments, said International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said on this front, the government will continue to streamline processes and monitor and track these investment processes closely and in real time through a project management and delivery unit within the Ministry of International Trade and Industry (MITI).

“We will chart the investment journey, from clearing approvals at the federal government level to facilitating at the state authority levels, with a clear timeline, milestones, and tracking of other relevant deliverables to [make it easier for] businesses to realise their investments in Malaysia,” he said in a keynote address at the Seminar on Business Opportunities in Malaysia held in South Korea, on Tuesday.

The seminar is the first programme jointly organised by MITI agencies, Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE) for the Trade and Investment Mission to South Korea from March 14-17.

Tengku Zafrul pointed out that Malaysia has much to offer when it comes to business with a skilled talent pool and strong economic fundamentals that are pro-business, prudent and pragmatic policies.

In the recent Budget 2023, the prime minister and finance minister announced that for the priority sector, a special tax incentive for relocation has been extended for two years until 2024.

“With this incentive, I believe that it will continue to attract investors in the priority sector to relocate their businesses to Malaysia and propel our long-term growth through quality investment, technology transfer and capacity building,” he said.

He added that all these developments bode well for investments from South Korea, particularly in the areas of high technology, innovation, knowledge-based, and skills-intensive industries to explore leveraging and integrating with Malaysia’s domestic supply chain, creating high-income jobs in Malaysia and continue contributing to the growth of the country’s economy.

Meanwhile, Tengku Zafrul said among the issues discussed with South Korea’s trade minister Ahn Duk-geun was to leverage green and digital industries in order to strengthen not just the collaboration and engagement between private sectors but also for government-to-government.

“Maybe, we should have an annual official meeting between the two countries when it comes to trade and investment… South Korea has free trade agreement (FTA) with Asean, perhaps we should look at how South Korea and Malaysia can expand on that,” he said in a five-minute video that was made available to Bernama.

South Korea was the eighth largest trading partner for Malaysia with total trade amounting to US$26.01 billion (RM116.71 billion) in 2022, an increase of 29.7% compared with US$21.01 billion in 2021.

In terms of investment, the country is one of Malaysia’s top sources of foreign direct investment in the manufacturing sector, with 374 projects worth US$9.2 billion being implemented, and generated 46,260 jobs as of June 2022.

Source: Bernama

Malaysia to improve ease of doing business to lure quality investments, says Zafrul


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Melaka attracted a record amount of approved investments worth RM8.6bil in the manufacturing and semiconductor sectors in 2022 that was driven by higher foreign direct investment (FDI) and domestic direct investment (DDI), the state legislative assembly was told on Tuesday (March 14).

Chief Minister Datuk Seri Sulaiman Md Ali (BN-Lendu) said based on year-on-year figures, the FDI and DDI were the highest in 2022 compared with previous years.

“This is a great achievement for the state and shows that local business capacity is attractive and competitive on the global stage.

“These investments also generated revenue for the state and created new job opportunities,” he said.

Sulaiman said his administration is hoping to attract even higher investments this year.

Earlier, Sulaiman told the assembly that a task force is being set up to eradicate illegal online gambling.

He said the task force would comprise the Malaysian Communications and Multimedia Commission, local councils, the state Education Department and the police, and chaired by state education, technology and telecommunications committee chairman Datuk Rais Yasin.

He said awareness campaigns on the negative impact of being hooked to online gambling will also be carried out in 238 primary schools, 78 secondary schools and 45 higher education institutions in the state to prevent the menace at the grassroots level.

Sulaiman said Melaka police will also restart its 24-hour operations room to enable the public to channel complaints or alerts relating to such activities.

He noted that 513 individuals were arrested in 501 raids in the state last year.

Sulaiman said RM107,614 in cash and items used in illegal gambling had also been seized while electricity supplies to 111 premises suspected of operating illegal gambling operations were also disconnected.

Source: The Star

Record RM8.6bil invested in Melaka’s manufacturing sector in 2022


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International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will lead a trade and investment mission to Seoul, South Korea from March 14-17 to strengthen economic ties between the two countries.

The mission is part of the International Trade and Industry Ministry’s (Miti) continuous effort to promote Malaysia as the investment destination of choice for Korean businesses, as well as Malaysian products and services to the Korean market.

In a statement on Monday, Miti said the mission’s focus is on high technology and high value-added sectors, such as smart manufacturing, artificial intelligence (AI), digitalisation and renewable energy.

“The official delegation will comprise senior officials from Miti, Malaysian Investment Development Authority (Mida), Malaysia External Trade Development Corporation (Matrade), as well as representatives from the state investment promotion agencies, regional development corridors and Malaysian companies,” it said.

Miti said that during the mission, Zafrul will have a bilateral meeting with South Korean Trade Minister Dukgeun Ahn to discuss bilateral issues, regional economic cooperation, as well as measures to strengthen collaboration in addressing emerging global issues for mutual interest.

“Miti will host a seminar on business opportunities in Malaysia, where the South Korean audience will be updated on Malaysia’s trade and investment climate as well as facilitation provided by the government to Korean companies planning to invest in Malaysia.

“There will also be sharing sessions by Korean companies of their experience of doing business in Malaysia, as well as targeted business meetings with prominent Korean companies that have expressed interest to invest and expand their business in Malaysia,” it said.

Additionally, it said there will be business matching sessions between potential South Korean investors and importers with the relevant state investment promotion agencies, regional development corridors as well as Malaysian businesses and exporters.

South Korea was the eighth largest trading partner for Malaysia with total trade amounting to RM114.55 billion in 2022, an increase of 29.7% compared with RM88.31 billion in 2021.

In terms of investment, the republic has been one of Malaysia’s top sources of foreign direct investment for the manufacturing sector, with 374 projects worth US$9.2 billion (RM32.9 billion) being implemented and generating 46,260 jobs as of June 2022.

Source: Bernama

Zafrul to lead MITI trade mission to South Korea from March 14-17


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There is a huge untapped potential in trade and investment between Turkiye and Malaysia.

Ambassador of the Republic of Turkiye to Malaysia Emir Salim Yuksel said Malaysia is Turkiye’s largest trading partner in ASEAN with total trade of US$4.7 billion (US$1=RM4.51) in 2022, a growth of 35 per cent from 2021.

He said different sectors of Turkish and Malaysian economies interacted, operated and complemented each other, ranging from outer space to the construction business.

“We have elevated our partnership last July from strategic partnership to compressive studies, which means that we have to deepen our relationships, every item and every subject,” he told Bernama at the sideline of the Turkish-Malaysian Trade Delegation Kuala Lumpur 2023 and Business-to-Business (B2B) Meetings event here today.

Malaysia and Turkiye signed the Free Trade Agreement (MTFTA), which came into effect on Aug 1, 2015.

The expansion of the MTFTA scope in September last year to include trade in services, investment and e-commerce was another milestone in Malaysia-Turkiye’s economic partnership.

On sectors of focus, Yuksel said the Malaysian industries should be paying more attention to the Turkish industries, especially food products, as well as a wide variety of different industrial productions, which could be of interest to the Malaysian industries due to its competitive prices.

Meanwhile, in the opening speech, the Ministry of International Trade and Industry’s deputy secretary general (trade) Hairil Yahri Yaacob said Turkiye remained one of Malaysia’s important trading partners in the West Asia region.

In 2022, he said Turkiye was Malaysia’s third-largest trading partner, largest export destination and sixth-largest source of import among West Asia countries.

He said Malaysia’s total exports to Turkiye in 2022 stood at RM17.39 billion, which largely comprised palm oil and palm oil-based agriculture products, manufactures of metal, textiles, apparel and footwear, electrical and electronic products and palm oil-based manufactured products.

Hairil Yahri said total imports in 2022 were recorded at RM2.86 billion, consisting of petroleum products, jewellery, iron and steel products, chemical and chemical products and textiles, apparel and footwear.

“The strategic locations and trading linkages provided by our membership under a diverse set of free trade agreements which have entered into force and being implemented make a strong case for Malaysia-Turkiye bilateral trade relations to be expanded beyond these sectors.

“This solid foundation will undoubtedly further boost our bilateral economic partnership underpinned by our shared economic aspirations,” he said.

Hairil Yahri said with MTFTA entering its maturity this year, it would be another boost for Malaysia-Turkiye trade relations with approximately 99 per cent of Turkish exports entering Malaysia would receive duty-free treatment while nearly 86 per cent of Malaysian exports to Turkiye would enjoy a similar benefit under the MTFTA.

“Such highly appealing preferential tariff rates must be capitalised on by the trading communities and taken advantage of.

“I am delighted to share that from the entry into force of the MTFTA in 2015 till 2022, the average annual growth rate of bilateral trade was 34 per cent, indicating that there is still a lot of room for trading communities to leverage on MTFTA,” he said.

He said 2023 is expected to pose higher challenges for the global economy, particularly with signals of possible economic slowdown or recession among the world’s major economies.

Hairil Yahri said Malaysia, as a trading nation, would continue to ensure trade and investment remained a key driver to sustain its growth trajectory, restore investors’ confidence to increase foreign direct investments and continue its commitment in the rules-based multilateral trading system despite the steep challenges.

On the investment front, he said a total of four projects with Turkish participation have been implemented in Malaysia with a total investment worth RM436.9 million.

“Turkish companies are welcome to expand their investments in Malaysia via partnerships for outsource contract manufacturing services, utilising partner’s facility as a distribution hub, maintenance, repair and overhaul centre within the region and localisation services in industries such as multimedia and creative content as well as ICT services,” he said.

Meanwhile, he said the increased usage of e-commerce to increase market access has led to more and more companies taking up the omnichannel marketing approach, which targeted a wider outreach of customers.

He said Turkish companies could consider platforms such as Shopee and Lazada in Malaysia while Malaysian companies could utilise Hepsiburada, a Turkish ecommerce company to market products directly to consumers.

Hairil Yahri said the halal sector is also poised as a potential avenue for expanding the two countries’ trade relationship.

He said Malaysia aspired to be the global halal hub and the country believed that it has nurtured the necessary halal ecosystem to achieve this goal.

“Having said that, Turkish businesses are invited to take part in the Malaysia International Halal Showcase (MIHAS), which will take place in Kuala Lumpur from Sept 12 to 15 this year.

“I believe MIHAS presents a golden opportunity for industry players and government leaders to collaborate on how to maximise the potential of this vibrant and growing sector of the global economy,” he added.

Source: Bernama

Huge untapped potentials in Malaysia-Turkiye’s trade and investment – Turkish Ambassador


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The Ministry of International Trade and Industry (Miti) will streamline its strategies and focus to ensure foreign investors continue to invest in Malaysia and not shift their investments elsewhere.

Deputy Minister of International Trade and Industry Liew Chin Tong said the government, via Miti, has always taken proactive steps to attract foreign investments.

Malaysia did well in 2021 with total approved investments of RM309.4 billion, and RM264.6 billion last year, he noted.

“Of the total investments in 2022, foreign investors contributed 61.7% or RM163.3 billion, while domestic investments comprised 38.3% or RM101.3 billion.

“The approved investments have the potential to generate 140,370 jobs,” he told Parliament on Monday (March 13).

Liew said Southeast Asia has been a beneficiary of the shift away by European and American firms from China through the “China+1” model, as the region is seen as an alternative to China.

Companies from China which are suppliers to US, and European firms have also chosen Southeast Asia as an investment destination, he added.

“This is an opportunity for Malaysia to be a high-income nation, with an economic ecosystem that is dynamic.

“Malaysia’s strategic location in Southeast Asia, which enables wide market access, is among factors supporting Malaysia as an investment destination,” Liew said.

Source: Bernama

MITI to streamline strategy, focus to ensure continued foreign investment in Malaysia


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The Chuping Valley Industrial Area (CVIA) in Perlis is projected to attract committed investments totalling RM2.5 billion and create 1,870 job opportunities following its full completion.

Economy Minister Rafizi Ramli said CVIA, an integrated industrial park developed by the Northern Corridor Implementing Authority (NCIA), aims to attract investments especially in high-impact sectors including green manufacturing, renewable energy and halal industries.

“As of Jan 31, 2023, the CVIA infrastructure development has achieved 89.4 per cent completion and is expected to be fully completed in the first quarter of 2023,” he said during the question-and-answer session in the Dewan Rakyat today.

The minister was replying to a query from Datuk Seri Shahidan Kasim (PN-Arau) regarding the implementation status of the CVIA and Perlis Inland Port (PIP) projects.

On PIP, Rafizi said the Federal Government has approved the development expenditure financing for this public-private partnership project’s supporting infrastructure comprising three components — bonded road, flyover and spur line.

“Up to Jan 31, 2023, the development of the bonded road component has recorded 40.25 per cent completion.

“Meanwhile, the flyover and spur line components are still in the initial stage of works with physical progress at 1.41 per cent,” he said.

He said PIP’s external infrastructure development is expected to be fully completed in the fourth quarter of 2024 in line with the completion of the PIP components being developed by the Perlis state government.

Source: Bernama

Rafizi: Chuping Valley Industrial Area to attract RM2.5b committed investments


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The East Coast Economic Region Development Council (ECERDC) has set a target of attracting RM3 billion in committed investments to Kelantan this year, covering the agriculture, agribusiness, manufacturing, and energy sectors.

“As of February 2023, ECERDC has already attracted RM1.1 billion in committed investments and I am confident that ECERDC will be able to meet its investment target,” said the council’s chief executive officer Datuk Baidzawi Che Mat.

“I also believe that ECERDC will be able to attract more investments in the agriculture sector into Kelantan which supports the government’s food security agenda,” he added in a statement.

The statement said Kelantan Menteri Besar Datuk Ahmad Yakob, who chaired a meeting of the ECER Implementation and Coordination Committee (ICC), looked forward to more investors taking advantage of the Kelantan Special Incentive Package.

“Under the Kelantan Special Incentive Package, eligible investors can enjoy a 0% income tax rate for 15 years and an extension of another five years at a special rate of 17%,” said ECERDC.

The council also said non-citizens holding senior management positions in companies that are included under this initiative will only be subjected to a flat tax rate of 15% as an added incentive.

Members of the ICC were also briefed on the ongoing effort to register Masjid Kampung Laut as a national heritage monument, and on the Tok Bali Integrated Fisheries Park, which is expected to be completed by the end of April, said ECERDC.

Source: The Edge Markets

East coast development agency targets RM3 bil investments for Kelantan in 2023


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Malaysia sees its commitment to Asean as a strategic imperative in its engagement with other Asean member states and China, said Malaysia’s International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He noted that China is both Malaysia and Asean’s largest trading partner, adding that China and Asean — with their combined population of over two billion — can shape the trajectory of the Asian Century.

“In fact, the Regional Comprehensive Economic Partnership (RCEP) looks set to be a strong enabler for this. China has witnessed a year-on-year trade increase of 15 per cent with Asean in 2022 — the first year that RCEP went into effect.

“Our economic relationship has stood the test of some trying times. China-Asean bilateral trade even bucked the negative trend caused by the pandemic, jumping from US$641.5 billion in 2019 to US$975.3 billion in 2022,” Tengku Zafrul said in his address at the CGS China-Asean Business Leaders Summit here today.

The minister also highlighted that China was Malaysia’s top investor last year, with investments worth US$12.5 billion (RM55.4 billion).

As the region rebuilds its economies from the ravages of the COVID-19 pandemic, Tengku Zafrul said Malaysia, together with China and Asean member states, may also consider establishing multilateral cooperation partnerships with other Belt and Road Initiative (BRI) participating countries.

This would help to facilitate the flow of goods, capital and services, he said, adding that Malaysia is ready to support the BRI with its skilled and multilingual talent pool.

The minister also proposed several key sectors that can be jointly explored for the mutual benefit of all parties.

This includes the financial as well as the halal markets, he said, noting that 20 per cent of China’s huge population is unbanked, while 70 per cent of Southeast Asia’s populace is either unbanked or underbanked.

“Surely there are vast opportunities in this sphere. Also, in a region where 42 per cent of the population are Muslims, Islamic finance and the halal industry remain relatively untapped for China-facing businesses, including in terms of the BRI,” he said.

To this end, he proposed a mutual recognition of each other’s halal certification, as a start, which would also ensure better cost-efficiency for small and medium enterprises.

China and Asean member countries could also work closely together in sectors such as environmental, social, and corporate governance (ESG) and clean energy, as well as the digital economy.

Tengku Zafrul highlighted that Malaysia’s policies are strong on all three scores, reflecting the country’s strong sustainability commitment, solid focus on digital technology as well as a mature and well-regulated financial market and halal ecosystem.

“As Malaysia’s new Trade Minister, I can say that we are determined to position Malaysia as pro-trade, pro-business, and pro-investment.

“I would, therefore, suggest that Malaysia has what it takes to be a prime, cost-efficient launching pad or support base for countries seeking to enter not only Southeast Asia but also the rest of Asia, including China,” he said.

Meanwhile, the minister said Malaysia is confident that the upgrading negotiations of the Asean-China Free Trade Area (ACFTA), which are expected to be concluded within two years, will also further strengthen the existing close ties, both at the bilateral and regional levels.

Touching on Asean’s neutrality principles, he said Malaysia will also continue to remain friendly with all its key trading partners.

“Furthermore, the relationship between Asean and China must always be one that is premised upon mutual trust and respect.

“We fervently hope that any potential feud of the great powers will not spill over into our borders. But we appreciate their presence in and commitment to our region, especially in business, investment and trade.

“It is our earnest hope that Southeast Asia can remain a zone of minimal conflict or hostility, and one that supports global cooperation, prosperity and peace,” he said.

Source: Bernama

Malaysia has strong, imperative commitment to Asean, China – Tengku Zafrul


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Johor attracted the most foreign direct investment (FDI) in the country, a whopping RM70.6bil, last year.

This is a huge improvement over RM6.8bil in 2020 and RM7bil in 2021, said Mentri Besar Datuk Onn Hafiz Ghazi.

“These investments will in turn create more than 12,000 jobs and business opportunities for the people of Johor and Malaysia in general,” he said in a Facebook post on Thursday (March 9).

He thanked International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and state investment, trade and consumer affairs committee chairman Lee Ting Han for helping to realise the state’s objective of attracting more high-value investment.

ALSO READ: Malaysia attracts RM264.6bil approved investments in 2022, 2nd largest ever recorded: Tengku Zafrul (https://www.thestar.com.my/business/business-news/2023/03/08/malaysia-attracts-rm2646bil-approved-investments-in-2022-2nd-largest-ever-recorded-tengku-zafrul)

Onn Hafiz also thanked Malaysian Investment Development Authority (Mida), Invest Johor and other state and federal agencies that provided support to the Johor government.

“God willing, the state government will be with the Federal Government to continue taking steps to develop Johor,” he added.

On Wednesday (March 8), it was announced at Mida’s Annual Media Conference 2023 that Malaysia recorded approved investments totalling some RM264.6bil from 4,454 projects last year.

Tengku Zafrul said this was the second largest figure after 2021.

“There were two large one-off investments in 2021 from Intel and China’s Risen Energy Co Ltd,” he added.

The services sector was the main recipient of these investments with RM154bil, followed by RM84.3bil in the manufacturing sector and RM26.3bil in the primary sector, Mida said.

It added that FDI remained the major contributor to the total approved investments at 61.7% or RM163.3bil while domestic direct investment contributed 38.3% or RM101.3bil.

China led the way in total approved investments into Malaysia with RM55.4bil, followed by the United States (RM29.2bil), the Netherlands (RM20.4bil), Singapore (RM13.5bil) and Japan (RM11.4bil).

The states and territories that recorded the highest investment inflow last year were Johor, Selangor (RM60.1bil), Sarawak (RM28.2bil), Kuala Lumpur (RM25bil) and Penang (RM16.3bil).

Source: The Star

Johor top state for FDI inflow with RM70.6bil in 2022


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The National Investment Council (MPN) will be established to plan an investment-related agenda as well as ensure the empowerment of investment governance in the country.

International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the MPN is chaired by the prime minister and the first meeting will be held in the near future.

“The establishment of MPN is important as it coincides with the effort to plan the investment agenda according to the interests of the country especially related to strategic investment with commitment at the highest level of the country,” he said during the winding up debate on the Supply Bill 2023 at the policy level in Parliament on Wednesday (March 8).

In addition, Tengku Zafrul said, the Ministry of International Trade and Industry (MITI) will focus on the goals of the New National Investment Policy based on the National Investment Aspiration (NIA) which involves five main cores.

“This New Investment Policy also focuses on inclusion and sustainability which is in line with environmental, social and governance (ESG) goals,” he said.

Meanwhile, Tengku Zafrul said the ministry through the Malaysian Investment Development Authority (MIDA) has established a special unit, the ‘Industrial Estate Unit’, to monitor and develop industrial parks to attract quality investments.

MITI has also received a development expenditure allocation from the Economy Ministry amounting to RM10 million for 2023 for a programme to upgrade the basic infrastructure of existing industrial areas.

“However, there is a need to apply for additional allocations to ensure the capacity and maintenance of the 700 industrial areas in the country are at their best,” he added.

Source: Bernama

Zafrul: National Investment Council to be established


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The government is aiming fo 20% growth in foreign direct investment (FDI) and domestic direct investment (DDI) this year, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Last year, FDI was the major contributor to total approved investments with 61.7% or RM163.3 billion while DDI contributed 38.3% or RM101.3 billion.

Noting that it was a tall order to achieve, given the many challenges faced, Tengku Zafrul said investments are more long-term in nature and companies that look at Malaysia will look at longer-term horizons.

“To attract investments into Malaysia, what is important is to improve the ease of doing business in the country, the talent pool, infrastructure (physical and digital), and governance,” he said during his panel session entitled ‘Enhancing Malaysia’s Competitiveness’ at Invest Malaysia 2023 today.

Stating that FDI has a positive correlation with DDI, Tengku Zafrul observed that, when a new multinational company (MNC) enters, it will receive support both from local SMEs as well as local investors who will invest in the DDI related to the MNC.

“(As an example) a company like Intel, they would need support from SME. The bigger the FDI, the local companies will also invest in the DDI to make sure that they can support the MNC. Once the local companies (which has invested) becomes larger, they (will) export. Many companies in Penang have benefited from this ecosystem,” he said.

Last year, Malaysia registered approved investments totalling RM264.6 billion, which translates to 4,454 projects, with 140,370 job opportunities to be created.

The services sector is the major contributor with RM154 billion, followed by a RM84.3 billion boost in manufacturing sector, and RM26.3 billion in the primary sector.

Touching on Tesla, Tengku Zafrul shared that Malaysian companies that are supporting Tesla today are contributing close to RM240 million of services to the latter.

He added that the electrical and electronics (E&E) sector, has an established supply chain and strong ecosystem. Malaysia holds the seventh largest market share, in the E&E global space.

Citing Miti’s battery electric vehicles global leaders programmes, he said they are designed to attract companies such as Tesla to enter the country to develop the latter’s technology using the existing ecosystem.

“Tesla is not just looking to set their head office here but also working closely with SME,” he said.

Meanwhile, Economy Minister Rafizi Ramli said the government is changing its approach and form of aids for industries to focus more on changing the industry structure that addresses its issues, rather than the normal practice of ”injecting money in the form of subsidies”, in order to ensure industry sustainability.

“We are open to working and assisting (industries) but any form of assistance must be structural in nature, then it will affect and uplift the competitiveness and robustness in the long run, we cannot continuously give money but it doesn’t change the structure because then you don’t fix the root cause. We are going sector by sector,” he told reporters after his panel session titled “Strengthening Economic Resilience and Sustaining Development”.

On the 12th Malaysia Plan, he said that he is “confident” that the government will be able to deliver on the RM400 billion worth of development expenditure, all the way to 2025.

“I am quite confident that we will stick with that. What we want to ensure is that all the amount that has been earmarked for development expenditure, go to actual development expenditure.”

Source: The Sun Daily

Tengku Zafrul: Govt targets 20% growth in FDI, DDI this year


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Malaysia continues to attract high-impact investments that will bring about spillover effects to the economy over the medium and long term, said Maybank group president and CEO Datuk Khairussaleh Ramli.

He said with Malaysia Madani, the country is a blueprint for sustainable growth, namely the six core values of Madani – Sustainability, Prosperity, Innovation, Respect, Trust and Compassion – emphasise a “humanistic economy” by merging the social component with economic development.

“Budget 2023 is the first step in laying the Malaysia Madani development framework under the unity government. A holistic approach is prescribed, as seen in measures tabled in Budget 2023, and we welcome the support given to businesses to grow equity whilst ensuring adequate social safety nets to secure the future of those in need, especially vulnerable groups.

“More specifically, we aspire to drive sustained investment and allocate sufficient resources to high-growth areas to maintain long-term economic growth,” he said in his opening remarks at the Invest Malaysia 2023 event here today.

In this respect, he said transition investment and financing are similarly important for Malaysian businesses to take heed of.

“We believe Invest Malaysia provides a great opportunity for investors to better understand Malaysia’s medium-term fiscal and economic strategy in sustaining development, enhancing competitiveness and reinforcing its growth trajectory.

Khairussaleh said that going digital and enabling a digital economy is another key needle mover for the nation, as this goes beyond operational efficiency for business and individual users, and is a game changer, not only for innovation but also inclusiveness.

Meanwhile, in his Invest Malaysia 2023 welcoming speech, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar said against a backdrop of persistent global inflation, ongoing geo-political conflict and monetary policy tightening, global growth has recovered after the height of the pandemic, though it slowed to 2.9% last year and is expected to only achieve 1.7% growth this year.

“Both the global and Malaysian economies are still growing, albeit at a slower pace. These conditions have brought to light various vulnerabilities as evidenced by manufacturing supply chain disruptions, weather-induced food shortages and shipping bottlenecks, amongst other issues that are yet to be fully resolved,” he said.

Notwithstanding these challenges, Abdul Wahid said the situation has also made space for new strengths, such as an increased sense of urgency to develop and adopt technology and data-driven solutions.

Source: The Sun Daily

High-impact investments will bring spillover effects to economy: Maybank CEO


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Malaysia foresees 6% to 7% of sectors being impacted in the first year of the European Union’s Carbon Border Adjustment Mechanism’s enforcement.

International Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz reckons future impact will be greater if the needs to fulfil the mechanism are not addressed.

“Hence, Malaysia will continue to engage with agencies within MITI to help our industry to be prepared.

“We are also in the midst of finalising the National Environmental, Social and Governance Framework (i-ESG) for the manufacturing sector especially to assist the small and medium enterprises in preparation for global demand when it comes to ESG,” he said during the Malaysian Investment Development Authority (MIDA) media conference on Malaysia’s investment performance for 2022.

The i-ESG framework is expected to be  completed in 2024. 

Earlier in his speech, Tengku Zafrul said MITI is crafting policies to incentivise companies and industries to help the country lay the groundwork for a more sustainable and equitable world by investing in green infrastructure and renewable energy. 

“This important step must be a whole-of-nation effort, which is both timely and necessary to ensure long-term success,” he said.

Malaysia has also announced tax and non-tax initiatives for businesses that adopt green technologies, funding for research and development in sustainable industries and sustainable collaborations with leading companies in Budget 2023.

Source: Bernama

Malaysia sees minimal impact from EU’s Carbon Border Adjustment Mechanism — Zafrul


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The East Coast Economic Region Development Council (ECERDC) aims to attract RM9.5 billion in committed investments to Pahang this year, surpassing the RM5.5 billion achieved last year.

Menteri Besar Datuk Seri Wan Rosdy Wan Ismail said ECERDC had secured RM2.07 billion committed investments in the first two months of the year as it geared up towards achieving the RM9.5 billion target, more than 40 per cent increase compared to last year.

The investments secured in the first two months of this year were due to ECERDC’s intensive promotional efforts and the close ties it had with the Pahang government, the International Trade and Industry Ministry, the Agriculture and Food Security Ministry, the Tourism, Arts and Culture Ministry and the Malaysian Investment Development Authority, he said.

“I am confident ECERDC will maintain its investment momentum and increase its promotion activities to attract more quality and high value investments to Pahang.

“Improving infrastructures and human capital development programmes carried out by ECERDC in line with the investment promotions will help strengthen Pahang as a preferred investment destination.

“Manufacturing, agribusiness, tourism, oil and gas, petrochemical, and renewable energy have been identified as the potential investment sectors which will help create more new jobs and entrepreneurial opportunities for the people in Pahang,” he said in a Facebook post today.

Wan Rosdy also said when he chaired today’s Pahang ECER Implementation and Coordination Committee (ICC) meeting in Putrajaya, they were briefed on the status of the recreational vehicle (RV) industry development initiative in Malaysia.

“The latest development includes a visit by the top management from a German RV manufacturing company, an RV component manufacturer and caravan trade fair organisers to the Pahang Automotive Park and Pahang Technology Park.

“The three-day working visit early last month was to explore potential investments in the RV assembly and manufacturing sector in ECER here,” he said.

In a move to boost the tourism sector and drive the local economy, Wan Rosdy said ECERDC had begun efforts under its “Mencipta Destinasi” (Creating Destinations) theme, which included upgrading Pantai Hiburan in Rompin.

“The project includes the construction of a main entrance, lookout tower, gazebos, ticket counters and other public facilities. Pantai Hiburan has been identified as the first RV site in ECER.

“The Pahang ICC committee was also given updates on other ongoing ECERDC projects including works to upgrade the Kampung Salang jetty in Pulau Tioman, water distribution pipes from Kemaman(Terengganu) to Gebeng(Kuantan) and the development at Pantai Hiburan,” he said.

Wan Rosdy expressed his gratitude to ECERDC for providing full backing to the government’s development agenda and continuing to become the catalyst of investments in new sectors that would contribute to creating quality and decent jobs, besides developing the ECER workforce.

Source: NST

ECERDC set to attract RM9.5bil investments to Pahang this year


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Malaysia has successfully attracted a total investment of RM1.1 trillion from 2018 to September 2022.

In a written answer posted on the Dewan Rakyat portal, the Ministry of International Trade and Industry (MITI) said the approved investment encompasses the manufacturing, service and primary sectors.

The investment involves 22,417 projects and is expected to create 572,081 job opportunities.

“Of the total, 52.3 per cent or RM568.6 billion were foreign direct investments (FDIs),” the ministry said in reply to a question from Datuk Larry Sng (PBM-Julau) who asked about MITI’s focus on attracting quality FDIs.

Meanwhile, in a separate written reply, the Ministry of Economy (MOE) said that Malaysia’s five economic corridor regions had recorded committed investments totalling RM113.33 billion, with realised investments amounting to RM63.22 billion from 2021 to 2022 within the timeframe of the 12th Malaysia Plan.

The ministry said the investments created 214,888 job opportunities and 48,973 entrepreneurial opportunities.

“The government will continue to increase its efforts to encourage regional development plans through better cooperation with both federal and state government agencies.

“This will ensure the effectiveness and function of the authorities in the five regional economic corridors to drive growth through ongoing efforts to attract more quality investments,” it said.

The MoE was responding to a question from Rushan Rusmi (PAS-Padang Serai) on the role of the corridor implementation authorities and their measures in dealing with foreign investors and high-impact projects.

Source: Bernama

Malaysia attracted investments worth RM1.1 tln from 2018-September 2022 — MITI


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Stable political administration and clear national policies are the key factors why Amazon Web Services (AWS) chose Malaysia as its investment destination, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also Finance Minister, said AWS’ RM25.5 billion investment up to 2037 would have a high impact in that it would boost foreign investors’ confidence towards the country.

“AWS was invited by many Asean countries but chose Malaysia. This means it would increase the confidence (of other investors) and spur the entry of various investors from both the West and East.

“This (AWS investment) will provide opportunities to local businesses as it involves a more sophisticated approach, which is a cloud (infrastructure) hub in Malaysia,” he said during the Minister’s Question Time in the Dewan Rakyat today.

Anwar was replying to a query from Sim Tze Tzin (PH-Bayan Baru) on the implications of the investments by AWS and Tesla as well as the government’s plans to bring more high-quality investments into Malaysia. 

Source: Bernama

Anwar: Political stability, clear policies key factors for Amazon Web Services’ investment in Malaysia


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The government will share its plans and strategies to attract high-quality investments especially in facing dynamic and drastic changes in the global landscape, tomorrow.

International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said these would be disclosed after announcing the country’s performance at the unveiling of the 2022 investment performance report.

“We will announce (our plans) tomorrow. The Malaysian Investment Development Authority (MIDA) will launch the report (investment performance report for 2022) and also our plans for 2023.

“So, I will wait till tomorrow…we will provide details on our plans or our targets for 2023 then,” he said to reporters after visiting GKN Aerospace, here, today.

Tengku Zafrul said this when asked whether the government is in discussions with major investors after the announcements by Tesla and Amazon Web Services.

He said the country needs to be dynamic in its approach and ready to face any global disruption impacts such as the previous COVID-19 as well as the war between Ukraine and Russia, last year.

In doing so, there is a need for not only long-term strategies but also short-term strategies in adapting to these drastic changes, he said.

“What is important is that, whatever our targets, must be agile or dynamic in our planning.

“So, if there are issues such as COVID-19, we must change our approach. For instance, suddenly in five years’ time, there’s an industry that we need to focus on, then we cannot focus on only five industries (our focus previously), hence, we must move to the new industry,” he said.

Tengku Zafrul said if there is an opportunity for Malaysia to play an vital role in the global chain, then the country must take action and not follow the existing plans too closely.

“Don’t be too fixated about not changing our plan especially when there are changes in the world’s dynamics. We need to be agile,” he said.

Source: Bernama

Govt to share strategies to attract more high-quality investments Wednesday


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Selangor, the country’s top investment performer for most of the past five years, has sent a delegation to Taiwan to present the state’s attractiveness to potential investors there.

Led by state executive councillor Datuk Teng Chang Khim, the delegation hopes to attract more quality investments from Taiwan by highlighting the uniqueness of Selangor.

“As a dynamic state with a rapidly growing economy, Selangor’s established reputation positions the state as an ideal destination for investors seeking to tap into the Southeast Asian market,” said NCT Group, whose founder and managing director Datuk Seri Yap Ngan Choy was part of the delegation.

In collaboration with the Malaysian Investment Development Authority (MIDA) Taipei office, the Selangor government’s investment promotion agency Invest Selangor met with existing and potential Taiwanese investors to update the initiatives of the state.

The initiative includes efforts to create a resilient business ecosystem through the establishment of the Integrated Development Region in South Selangor (IDRISS) under the First Selangor Plan 2021-2025 and development of Selangor’s first managed industrial park called NCT Smart Industrial Park (NSIP).

NSIP is one of the key projects of IDRISS. 

“The representatives from NCT Group of Companies took the opportunity to present the concept and features of NSIP, offering a solid base for business to Taiwanese investors.”

According to NCT, the Selangor investment delegation met with leaders in the Taiwan electronics industry with an established base of operations in Selangor.

This included Wistron Information Technology, Ally Logistic Property and Tron Energy. 

NCT said the delegation presented an excellent opportunity for Selangor to further enhance its position as a regional investment hub. 

“By attracting more high-quality investment projects from Taiwan, Selangor is set to elevate its economic growth while unlocking greater opportunities to benefit the people of Selangor,” it added. 

MIDA said Selangor had attracted a total domestic direct investment of RM31.2 billion (about US$6.7 billion) and a total foreign direct investment of RM36.4 billion (US$7.88 billion) from 2017-2021.

The approved investment projects amounted to more than RM304.2 billion (about US$67.6 billion), with 1,329 projects put into operation and 84,000 job opportunities created during the period.

Source: NST

Selangor makes investment pitch to Taiwanese investors


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