Malaysia’s recognition as one of the 13 nations officially added to BRICS presents significant economic opportunities, opening doors to trade, investment, and cooperation with the world’s largest emerging markets, including Brazil, Russia, India, China, and South Africa.

Universiti Teknologi MARA’s Malaysian Academy of SME and Entrepreneurship Development (MASMED) coordinator Dr Mohamad Idham Md Razak said the move will give Malaysia access to these economies, boosting exports and attracting foreign direct investment (FDI) in sectors such as technology, infrastructure and energy.

“Opportunities for energy and infrastructure projects could arise, particularly with China and India, both of which are major players in renewable energy and technological advancements,” he said.

Apart from Malaysia, the other 12 partner countries in the bloc are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

Mohamad Idham said Malaysia could also capitalise on the growing demand within BRICS for products like palm oil, electronics and rubber, as these countries continue to expand their industrial and technological capacities.

“BRICS membership offers tremendous potential for Malaysia to expand its export markets and diversify trade, particularly within the bloc.

“It grants Malaysia access to alternative financial and investment markets, including the use of non-traditional currencies in trade, which could reduce reliance on Western financial systems and mitigate currency risks,” he said.

Additionally, Mohamad Idham said, Malaysia could leverage its diplomatic capital and neutrality as Asean chairman to encourage member states to form strategic alliances with BRICS, serving as a bridge between the two blocs.

However, BRICS integration can be a complex process that would require Malaysia to navigate geopolitical challenges and ensure its economic policies align with both regional and global interests, he said.

“Malaysia’s trade is still heavily Western-oriented, and balancing strategic alliances with BRICS alongside Western economies could pose challenges.

“Furthermore, the BRICS economies differ in terms of economic maturity, making it difficult to align trade policies, regulatory frameworks, and foreign direct investment strategies,” he said.

These challenges, he said, may prompt Malaysia to reassess its economic strategy by focusing on diversification, strengthening global supply chains, and enhancing diplomatic and economic relations with both developing and emerging markets.

“BRICS, often seen as a counterbalance to Western-dominated institutions like the International Monetary Fund and the World Bank, would give Malaysia a stronger voice in multilateral decision-making and in shaping a new global economic order.

“Ultimately, it could spur economic growth and diversification, positioning Malaysia as a key player in the Global South,” he added.

BRICS, originally comprising Brazil, Russia, India, and China, was established in 2009 as a cooperation platform for emerging economies. South Africa joined the bloc in 2010.

The bloc has since expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates.

BRICS represents about 40 per cent of the global population and accounts for a cumulative gross domestic product (GDP) of US$26.6 trillion, or 26.2 per cent of the world’s GDP, nearly matching the economic strength of the Group of Seven.

Source: Bernama

Malaysia set to unlock economic opportunities as BRICS partner country  – Academician

The proposed extension of the West Coast Expressway (WCE) from Banting, Selangor, to Gelang Patah, Johor, is set to drive economic growth in Johor, especially in the Free Commercial Zone (FCZ).

Johor’s State Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han, noted that the Johor-Singapore Special Economic Zone (JS-SEZ) and Forest City Special Financial Zone (Forest City SFZ) are among the economic initiatives that will benefit directly from the project.

“The positive impact of this project includes increased investment and trade activities in industrial and commercial areas along the WCE route.

“The WCE also improves access between the country’s two major ports, namely the Port of Tanjung Pelepas in Johor and Port Klang in Selangor,” he told Bernama today.

He added that the highway would facilitate the flow of goods and strengthen supply chains, thus attracting more domestic and foreign investors in the logistics and manufacturing sectors.

On Oct 18, Prime Minister Datuk Seri Anwar Ibrahim, while presenting Budget 2025, announced that the Banting-Gelang Patah WCE project would be prioritised next year through a Public-Private Partnership (PPP) approach.

Aside from the WCE, other projects utilising the PPP approach are the construction of Sultanah Aminah Hospital 2 in Johor and the Juru-Sungai Dua elevated highway in Penang.

Meanwhile, Johor Truck Operators Association (JTA) president Chai Pei Yoon said that the WCE would improve logistics efficiency and reduce traffic congestion between the capital and the southern region.

She said the project could strengthen the logistics sector cooperation between Malaysia and Singapore, further boosting trade activities between the neighbouring countries.

“JTA hopes that the government will consider the logistics industry’s needs in implementing this project to ensure the smooth transportation of goods.

“We believe the WCE project will bring long-term benefits to the logistics sector and the national economy,” said Chai.

Currently, the only highway linking Johor to the Klang Valley for road transport, including trucks, buses, cars, and motorcycles, is the North-South Expressway (PLUS), which has been in operation since 1994.

Source: Bernama

WCE to support Johor’s economic growth – Exco

Prime Minister Datuk Seri Anwar Ibrahim’s visit to Russia marked a strategic effort by the Madani Government to bolster Malaysia-Russia relations, broaden Malaysia’s geo-economic influence, and elevate its global economic standing.

The Ministry of Investment, Trade and Industry (MITI) stated that Anwar’s maiden visit successfully opened a new chapter in Malaysia-Russia relations, yielding significant benefits for both nations.

“The Prime Minister’s presence in Russia for the 9th Eastern Economic Forum in Vladivostok from Sept 4 to 5, 2024, provided Malaysia the platform to present its economic development efforts to the international community, particularly to Russian investors.

“These efforts, including the incentives offered to foreign investors, position Malaysia as an attractive investment destination,“ said MITI in a written response on Parliament’s website yesterday.

The ministry noted that the visit also underscored Malaysia’s reputation as a trade-friendly nation that champions openness and business-friendliness.

MITI was responding to a question from Tan Sri Abdul Hadi Awang (PN-Marang), who inquired about the economic, trade and geopolitical outcomes of the Prime Minister’s visit to Russia.

The ministry emphasised that the working visit was crucial in reinforcing existing trade relations and enhancing market access for Malaysian goods and services in Russia.

From a geopolitical standpoint, MITI described the visit as a strategic step to ensure Malaysia maintains a favourable position amid growing global competition.

“During the bilateral meeting with President Vladimir Putin, substantial discussions were held on areas such as the economy, higher education, tourism, the halal industry, and connectivity.

“The talks also explored expanding cooperation in emerging sectors, including energy transition, aerospace, science and technology, telecommunications, and Islamic finance,“ it said.

MITI stressed the need for Malaysia, as an open trading nation, to adopt a strategic approach in navigating complex geopolitical challenges, exploring new markets while preserving and expanding existing economic ties.

“Malaysia must continue efforts to seize opportunities and foster productive, pragmatic relationships with established trading partners while exploring new markets with non-traditional trading partners,“ the ministry added.

Source: Bernama

Anwar’s Russia visit expands Malaysia’s geo-economic reach, global cooperation – MITI

Malaysia has been recognised as one of 13 nations officially added to BRICS as a partner country, a bloc that collectively accounts for one-fifth of global trade.

According to an update from @BRICSInfo on X, the bloc officially added 13 new nations to the alliance as partner countries, though not yet as full members.

Apart from Malaysia, the other 12 nations were Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.

On June 18, Prime Minister Datuk Seri Anwar Ibrahim confirmed Malaysia’s intention to join BRICS during a discussion with Brazilian President Luiz Inacio Lula da Silva.

Later on July 28, he said Malaysia had submitted an application to Russia to join the BRICS intergovernmental organisation.

Russia currently chairs the bloc, which also includes Brazil, India, China and South Africa.

BRICS, originally comprising Brazil, Russia, India, and China, was established in 2009 as a cooperation platform for emerging economies, with South Africa joining in 2010.

The bloc has since expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates.

BRICS represents about 40 per cent of the global population and accounts for a cumulative gross domestic product (GDP) of US$26.6 trillion, or 26.2 per cent of the world’s GDP, nearly matching the economic strength of the Group of Seven (G7). (US$1 = RM4.34).

The G7 is an informal grouping of seven of the world’s advanced economies, namely Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.

Economy Minister Rafizi Ramli is scheduled to deliver the country’s national statement at the BRICS Outreach/BRICS Plus Summit in Kazan, Russia, on October 24, 2024.

Source: Bernama

Malaysia officially a BRICS partner country

Iskandar Malaysia has recorded committed investments of RM40.3 billion from January to September 2024, with realised investments reaching RM22.5 billion, said Prime Minister Datuk Seri Anwar Ibrahim.

He announced these figures following the 33rd meeting of the Iskandar Regional Development Authority (IRDA) earlier today.

Anwar, who is also finance minister, said the meeting also discussed key issues regarding the region’s future direction and initiatives, particularly the Johor-Singapore Special Economic Zone (JS-SEZ), which is expected to significantly boost the national economy.

“Using the Invest Malaysia Facilitation Centre Johor (IMFC-J) as a model, I emphasised the importance of efficient implementation in processes and approval timelines, in line with the government’s strategy to facilitate business operations,” Anwar said in a Facebook post.

He also said that Johor should leverage its role as the Asean 2025 Chairmanship, as several meetings would take place in the state.

“The benefits can only be fully realised through integrated and effective planning and execution,” he added.

Source: NST

Iskandar Malaysia secures RM40.3bil in investments from Jan to Sept – Anwar

The Japan Bank for International Cooperation (JBIC) is committed to supporting the Ministry of Investment, Trade and Industry in attracting high-quality investments from Japan, particularly in the sustainable energy sector and high-tech industrial development.

Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that such high-quality investments will help accelerate Malaysia’s economic growth.

“Close cooperation with the JBIC will strengthen Malaysia’s position as a regional investment hub for green technology and digital infrastructure.

“This move aligns with the goals of Budget 2025 to drive innovation and sustainability, providing significant benefits to the people and the national economy,” he said on X on Thursday.

Earlier, Zafrul met with a JBIC delegation led by its chairman and special adviser to the Japanese government, Tadashi Maeda.

Among the discussions were strategic opportunities in areas such as green energy, digital technology, and semiconductors, which are key focuses under the New Industrial Master Plan (NIMP 2030), the National Semiconductor Strategy (NSS), and the Green Investment Strategy (GIS), Zafrul noted.

Source: Bernama

JBIC committed to supporting M’sia in attracting high-quality investments from Japan, says Zafrul

A total of eleven Trade and Investment Missions (TIM), including six official visits led by Prime Minister Datuk Seri Anwar Ibrahim from January to September 2024, have resulted in potential investments totalling RM82.6 billion.

The Investment, Trade and Industry Ministry (Miti) said that of this amount, RM30.9 billion (37.41 per cent) in investment value has been approved, while RM26.8 billion (32.45 per cent) is expected to be finalised this year.

“An investment value of RM30.4 billion (36.80 per cent) is projected to be finalised between 2025 and 2027,” the ministry said in a written response on the Malaysian Parliament website today.

Miti was replying to a query from Datuk Muhammad Bakhtiar Wan Chik (PH-Balik Pulau), who sought clarification on the value and status of foreign investments realised compared with the announced figures following the Prime Minister’s foreign visits.

Countries visited during the period include Germany, France, Italy, Australia, Saudi Arabia, the United Arab Emirates, Qatar, Japan, India, Singapore and Thailand.

Miti stated that it maintains close monitoring and engages in strategic discussions with investors, as large investments require time to materialise and involve complex processes.

“This follow-up process is critical to ensuring that every investment commitment is realised within an optimal timeframe,” the ministry said.

In 2023, Miti, together with the Malaysian Investment Development Board (Mida), conducted 12 TIMs, including eight official visits led by the Prime Minister to countries such as Japan, the United States, Italy, and Singapore.

These missions resulted in potential investments totalling RM353.6 billion.

Of this amount, RM32.8 billion (9.28 per cent) in investments has been approved, expected to create over 6,400 job opportunities.

“An investment of RM29 billion (8.20 per cent) is expected to be finalised in 2024, while RM289.4 billion (81.84 per cent) is targeted for finalisation between 2025 and 2027,” the ministry added.

Source: Bernama

RM82.6 bln potential investments reported from PM’s investment promotion missions — MITI

The Japan Bank for International Cooperation (JBIC) has expressed its commitment to enhancing existing investments by attracting more Japanese investors to Malaysia, said Prime Minister Datuk Seri Anwar Ibrahim.

He said that JBIC, a Japanese government-owned institution, is currently actively discussing investments with local companies in various industries.

Earlier, Anwar received a courtesy visit from a JBIC delegation led by its chairman cum special advisor to the Japanese government Tadashi Maeda.

“I emphasised the importance of strengthening the friendship and close cooperation between Malaysia and Japan to explore more high-quality investments.

“This is to ensure that investment cooperation, particularly in the energy sector, is realised for the benefit of the people,” he said in a Facebook post.

During the meeting, Anwar revealed that they also exchanged views on green energy development, renewable energy, and the energy market.

The discussions also included the construction of data centres and investments in the digitalisation industry.

Source: Bernama

JBIC commits to enhancing Japanese investments in Malaysia — PM

The Ministry of Investment, Trade and Industry (Miti) will remain committed to driving international trade, investments of high quality and the development of innovative industries to spur sustainable economic growth in the country.

Minister Tengku Datuk Seri Zafrul Abdul Aziz said he welcomed Budget 2025’s goals as well as the allocated Rm2.184bil that has reflected the government’s confidence in the role that Miti has played so far.

“Miti welcomes the implementation of the New Investment Incentive Framework, which is set to be introduced in the third quarter of 2025.

“We are also appreciative of the Rm200mil for the Strategic Co-investment Fund and the NIMP Industrial Development Fund,” he said in a statement.

According to Tengku Zafrul, some of the bigger plans include the Rm1bil allocation from Khazanah Nasional Bhd that will continue strengthening Malaysia’s position in the semiconductor sector that is expected to hit RM1 trillion by 2030.

He also said the expansion of tax incentives for integrated circuit design is also likely to stimulate the electric and electrical exports.

“With the aim to continue the digitisation journey, Miti welcomes the Rm10mil for the adoption of Aartificial intelligence (AI) in academia which supports the National Artificial Intelligence Office,” he said.

In the electric vehicle (EV) space, Tengku Zafrul said the Rm10mil allocation, for the extension of completely knocked down electric motorcycle usage incentive scheme which provides a rebate of up to RM2,400, will be continued by Malaysia Automotive Robotics and IOT Institute.

“The adoption of EVS by Malaysians will also be expanded through the pricing of Malaysia’s first EV, currently being produced by Perusahaan Otomobil Kedua Sdn Bhd at less than RM100,000,” he noted.

On carbon tax to be introduced in 2026, Tengku Zafrul said it would encourage the iron and steel industry to transition to low-carbon production, including carbon capture, utilisation, and storage technology.

Source: The Star

Zafrul: Govt shows confidence in the role of Miti

Almost all KPIs have been met but there is still much work to be done, says Zafrul

THE Investment, Trade and Industry Ministry is confident that it can achieve the primary targets set for the first year of the New Industrial Master Plan (NIMP) 2030.

Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said this stemmed from the fact that three key targets had shown impressive progress since last year.

“Based on the NIMP 2030 launched on Sept 1 last year, the value-added contribution of the manufacturing sector to the gross domestic product has increased by 4.7 per cent, amounting to RM4.2 billion.

“Employment has also risen by 0.9 per cent, or 200,000 workers, as of the second quarter of this year compared to the same quarter last year. Additionally, the median salary in the manufacturing sector increased by 8.2 per cent, or RM201, as of the first quarter, year-on-year.

“Almost all key performance indicators (KPIs) for 2024 have been met,” he said after presenting the ministry’s third quarter report card yesterday.

However, Tengku Zafrul said there was still much work to be done.

He said time was running short and the economic environment was becoming more challenging.

Under NIMP 2030, the ministry aims to achieve a value-added contribution of RM587.5 billion from the manufacturing sector, create 3.3 million jobs and raise the median salary to RM4,510.

According to the report card, Malaysia approved RM6.2 billion in green investments through the Malaysian Investment Development Authority in the first half, focusing on renewable energy, energy efficiency and circular economy initiatives.

The effort resulted in 436 projects that would create 3,843 jobs, with 82.1 per cent already implemented.

The ministry also said domestic investments had shown promise with significant projects like Asiabina Solar Sdn Bhd investing RM200.4 million in a solar project in Parit Buntar, Perak.

Foreign investments include a new semiconductor manufacturing facility by Silware Precision Malaysia Sdn Bhd in Penang projected to create 3,000 jobs.

The ministry also said trade performance was robust, with total trade reaching RM2.139 trillion from January to September.

This included RM1.115 trillion in exports and RM1.024 trillion in imports, resulting in a trade surplus of RM91.21 billion.

Notable trade initiatives like the Malaysia International Halal Showcase generated significant sales.

Additionally, regulatory reforms across 27 ministries led to cost savings of RM561.5 million for businesses.

Source: The Star

Ministry Confident of Hitting Main Targets

Investment, Trade and Industry Ministry will announce details of the new Investment Incentive Framework in the first quarter of next year (1Q25).

Its minister Tengku Datuk Seri Zafrul Abdul Aziz said work on the framework has already begun this year and will be presented at the National Investment Council in December.

He added that there are several reasons why the framework needs to be reviewed. This includes the need to update how investments are assessed.

He noted that investments entering the country must add value to the economic sector by benefiting local companies and providing quality job opportunities.

Tengku Zafrul said in terms of sustainability, investments must be in sectors that do not produce high carbon emissions.

“Furthermore, we must also be prepared as Malaysia is one of the countries that agreed to implement a global minimum tax of 15 per cent next year,” he told reporters after announcing the ministry’s report card for the third quarter of 2024 here today.

“Therefore, we can no longer attract investments by offering tax exemptions of up to zero percent, and there must be other incentives such as focusing on talent and green sectors. 

“So fundamentally, it is a new way to look at incentives. Incentives can no longer be given in bulk but must be targeted at industries that can genuinely help enhance the country’s economic value,” he added.

The government announced the framework during the presentation of the 2025 Budget last Friday.

It will focus on high-value activities instead of existing product-based incentives and is set to be implemented in 3Q25.

The framework aims to enhance diversity in the electrical and electronic sector through high-value-added activities such as integrated circuit (IC) design services and advanced materials, along with tax incentives to promote exports related to IC design activities.

Source: NST

Details on new investment incentive framework in Q1 2025: Tengku Zafrul

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz remains committed to increasing the productivity of his ministry to ensure that Malaysia continues to be an investor and trade-friendly country.

According to him, as a result of the Ministry of Investment, Trade and Industry’s (MITI) community, the ministry has received two certificates of appreciation from the Chief Secretary to the Government for completing the Guidelines for Self-Regulation of the Electric Vehicle and Battery Management Industry and reducing the approval period for the Regulatory Impact Statement (RIS) Process.

The approval period for RIS has been reduced from two months to 10 days, he said in a press conference to present the MITI report card for the third quarter of 2024 here on Monday.

Tengku Zafrul added that the improvement of rules and processes also saw 166 projects registered under the Bureaucracy Red Tape Reformation effort, with estimated cost savings on regulatory compliance for the citizens and businesses amounting to RM561.5 million.

“In terms of improving business regulations, as of September 2024, the Malaysia Productivity Corporation (MPC) has achieved savings of RM922 million under the Good Regulatory Practices (GRP). ”This effort will continue to increase the productivity of the agencies under the supervision of MITI,” he said.

Among the key performance indicators (KPIs) under the GRP are potential cost savings for registered projects, number of regulatory reform projects registered, number of regulatory reform projects completed and cost savings for completed projects.

Source: Bernama

Tengku Zafrul Committed To Increasing Productivity Of MITI, Agencies

The allocation of RM421 billion under the MADANI Budget 2025 will set a strong foundation for revitalising the economy, driving positive change and ensuring the well-being of Malaysians, Iskandar Investment Berhad (IIB) president and chief executive officer Datuk Idzham Mohd Hashim said.

He added that the government’s approach reflected its commitment to sustainable growth while maintaining fiscal stability, which would help normalise spending and create a more predictable economic environment.

“The budget provides a clear path forward by maintaining fiscal discipline, encouraging investor confidence, and creating a conducive environment for foreign direct investment (FDI).

“By focusing on reducing the national debt and rationalising subsidies, the MADANI government is laying a stable foundation that aims to keep inflation in check while stimulating long-term growth, ” he said in a statement today.

Idzham said the RM7.5 billion allocated towards Technical and Vocational Education and Training (TVET) and the emphasis on science, technology, engineering, and mathematics (STEM) in education, reflect the Government’s strategy to future-proof the local workforce.

“We align with this vision by driving initiatives that foster high-value employment in Iskandar Puteri, collaborating closely with industry leaders, and leveraging EduCity Iskandar, our dedicated education arm.

“EduCity continues to play a crucial role in attracting top talent and solidifying Johor’s reputation as a centre of excellence in education and innovation,” he added.

Furthermore, he also commended the Budget’s focus on sustainability, such as the incentives for carbon capture, utilisation and storage (CCUS) activities, the introduction of carbon tax and the extension of the net-energy metering (NEM).

“This would allow us the opportunity to expand further and establish Medini as a Net Zero Carbon Central Business District, where digital innovation and sustainability converge to create a thriving business ecosystem.

“It will also present an opportunity for IIB to attract start-ups and foster the growth of Tech Medini as a dynamic hub for digital innovation in Iskandar Puteri, ” he said, adding that IIB remained dedicated to building a sustainable and inclusive metropolis in Iskandar Puteri.

“We believe that economic growth should go hand in hand with social inclusivity and environmental responsibility. By collaborating with industry leaders and stakeholders, we are creating an ecosystem that integrates technology, sustainability, and talent development, securing Johor’s future as a dynamic and resilient regional powerhouse, ” he said.

Source: Bernama

Budget 2025 Focused On Sustainable Development, Talent Growth, Strategic Investments

A new Investment Incentive Framework has been introduced in Budget 2025 to focus on attracting high-value investments.

Prime Minister Datuk Seri Anwar Ibrahim said this framework is expected to be implemented in the third quarter of 2025.

Among its proposals are to provide tax incentives for the exports of integrated circuit (IC) design activities.

Anwar, who is also Finance Minister, also said the government will provide special tax deductions to private higher-education institutions providing courses in Artificial Intelligence (AI), robotics, internet of things (IoT), data science, FinTech and sustainable technology.

At the same time, to strengthen the local supply chain, Budget 2025 will introduce new tax breaks for multinational enterprises (MNE) that spend over RM2mil in manufacturing expenses.

“They will be given two tax breaks for three years consecutively,” added Anwar.

Anwar also said MNEs or suppliers that invest in local suppliers will be given tax breaks on their respective investments.

“Local suppliers involved in this scheme will also be given suitable tax incentive packages and matching investment funds of over RM100mil will be provided through the public equity fund platform to develop local suppliers in the E&E, specialty chemicals and the medical devices sector,” said Anwar

“The new Investment Incentive Framework will be supported through an inclusive investment facility to stimulate balanced economic growth across the country.

“This includes introducing strategic investment funds worth RM1bil as efforts to improve the local talent and to encourage high-value activities within the country,” added Anwar.

At the same time, Anwar also said the government is ready to implement a global minimum tax (GMT) on MNEs.

“GMT’s will give us additional revenue, but there are still negative risks in the investment climate

“To reduce the effects of GMT, the government is committed to improving existing incentives, and to create new non-tax incentives, as well as studying the feasibility of strategic investment credit taxes,” added Anwar.

Budget 2025, worth RM421bil, covers RM335bil on operational expenses, RM86bil on development expenses and RM2bil for miscellaneous spending, RM9bil for private-public joint venture projects, and direct domestic investments by GLICs worth RM25bil.

Source: The Star

Budget 2025: New tax incentives to attract foreign investment

Malaysia’s participation in BRICS will not include any free trade agreement (FTA) between the country and members of the economic group, said Deputy Investment, Trade, and Industry Minister Liew Chin Tong.

Additionally, the existing FTAs between Malaysia and countries outside BRICS will remain unaffected, even if Malaysia is allowed to join BRICS, Liew noted.

“The application to join BRICS does not mean we are opening our market to everyone within the BRICS framework. 

“Therefore, concerns about its impact on the competitiveness of our small and medium enterprises, as well as our products, are irrelevant,” Liew said in the Dewan Rakyat on Thursday during an oral question-and-answer session.

In July, Malaysia submitted an application to join BRICS — an intergovernmental organisation currently comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates — in a bid to diversify and strengthen strategic relations with its members.

Liew said that Malaysia is actively seeking the support of BRICS members to join the economic bloc, with the foreign minister officially sending letters to counterparts in the nine BRICS countries.

He also reiterated Malaysia’s stance on its non-aligned policy, emphasising that BRICS is not an anti-Western organisation, while adding that many BRICS members maintain good relations with Western countries.

Source: The Edge Malaysia

Malaysia’s BRICS participation won’t involve free trade agreements, says Liew

Selangor will play its role and work alongside the Federal government to provide attractive investment spaces for investors, said Menteri Besar Dato’ Seri Amirudin Shari.

He said the state is part of the industrial development cluster for Peninsular Malaysia’s central region, with one of the main projects being the Integrated Development Region in South Selangor, with a RM57.7 billion gross development value for projects in the Sepang and Kuala Langat districts.

“To boost economic investment, Selangor has established the Selangor Greater Klang Valley, which involves four major cities in the state: Petaling Jaya, Subang Jaya, Shah Alam, and Klang. These cities have the potential to offer comprehensive economic opportunities,” he said in a Facebook post today.

Earlier, Amirudin attended the 7th National Investment Council meeting for this year, chaired by Prime Minister Datuk Seri Anwar Ibrahim.

“The MPN serves as a governance body that plans the investment agenda according to national interests, particularly concerning strategic investments involving high-level commitment from the Federal government administration.

“InsyaAllah, the state government will fully cooperate with the Federal government in providing a sustainable and conducive investment space, so that Malaysia can become an economic powerhouse in the region,” he said.

In July, the Menteri Besar said Selangor remained the preferred state for investors, securing investments amounting to RM12.4 billion in the first quarter of this year, while also offering 8,377 job opportunities across 363 projects.

He cited a Malaysian Investment Development Authority report which indicated a 66.8 per cent increase compared to the first quarter of 2023, which recorded RM7.44 billion in total investments.

Source: Selangor Journal

Selangor collaborates with Fed govt to attract investors, raise Malaysia’s economy — MB

Malaysia is actively seeking support from BRICS member countries for its bid to join the economic bloc, Deputy Investment, Trade and Industry Minister Liew Chin Tong said.

Foreign Minister Datuk Seri Mohamad Hasan has sent an official letter to the nine BRICS foreign ministers, confirming Malaysia’s intention to join, Liew added.

“The presence of a senior Malaysian minister at the BRICS Outreach/BRICS Plus Summit at the end of October presents a valuable opportunity to garner support from BRICS leaders,“ he told the Dewan Rakyat during a question-and-answer session on Thursday.

Liew was responding to a query from Aminolhuda Hassan (PH-Sri Gading) regarding Malaysia’s proposal to join BRICS and its potential economic impact.

He said Malaysia’s desire to join BRICS aligns with the country’s position as an independent nation committed to openness in international cooperation, which he argued would further bolster BRICS’ policy of neutrality and multilateralism.

Liew noted that BRICS members such as Brazil, Egypt, and the United Arab Emirates (UAE) also pursue neutral foreign policies.

He rejected suggestions that Malaysia’s application to join BRICS could harm its economic relations with Western nations.

“This year, we welcomed investments from Western giants such as Google, Oracle, and Amazon.

“This demonstrates that our neutral stance is recognised by Western companies and accepted by all parties,“ he said.

Liew added that Malaysia’s BRICS membership would complement its roles in regional and international economic groups, including ASEAN, the Asia-Pacific Economic Cooperation (APEC), and the Organisation of Islamic Cooperation (OIC).

He also noted that Prime Minister Datuk Seri Anwar Ibrahim has announced Malaysia’s interest in joining the Organisation for Economic Co-operation and Development (OECD) as part of broader efforts to maintain strong relations with all trading partners.

“Furthermore, in line with Malaysia’s commitment to promoting the Global South agenda, participation in BRICS offers a platform to address specific issues and challenges facing South-South nations,“ he added.

Source: Bernama

Malaysia actively seeks BRICS support for membership – Liew Chin Tong

Malaysia is expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) by the end of this year, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Tengku Zafrul said his ministry completed the discussion with the country last week and is now finalising the agreement with the Attorney-General’s Chambers.

“God willing, at the end of this year, we will be able to sign the first FTA with a Gulf Cooperation Council (GCC) nation.

“The opportunity is indeed huge in terms of trade and investments, so we need to focus on the GCC,” he told Bernama after participating in and officiating the Bernama Radio & MITI Fun Run programme here today.

He said under the agreement, companies in the country would benefit from lower tariffs or tariff-free trade.

“In terms of investment, we also have ‘mutual’ incentives, and this will give more companies based in Malaysia access to the UAE market, then throughout the GCC as the UAE is the hub of the GCC and Dubai is the gateway to enter the GCC (market),“ he said.

Moreover, Tengku Zafrul said that being the ASEAN Chairman next year, Malaysia will also strive to build trade lanes between the GCC and this region.

Next year, the country will organise the ASEANGCC+China conference, which covers all ASEAN countries, six Gulf countries including Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the UAE as well as China.

Meanwhile, during the programme, Tengku Zafrul also presented souvenirs to Bernama staff who will celebrate the Deepavali festival at the end of this month.

The inaugural programme involving a 2.5-kilometre run starting from Wisma Bernama to the Titiwangsa Lake was organised in conjunction with National Sports Day held in October every year to promote a healthy lifestyle among the public.

Source: Bernama

Malaysia expected to sign FTA with UAE by year-end – Tengku Zafrul

Malaysia plans to diversify its trading partners to explore new solar export markets amid geopolitical tensions and the ongoing trade war between China and the United States, according to the Investment, Trade and Industry Ministry (MITI).

Its minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised that Malaysia, as the fifth largest economic bloc, maintains strong relationships with all parties regarding trade, investment and diplomatic matters.

“As a trade-based nation, we adopt a neutral and non-aligned stance, given that both the US and China are crucial for trade and investment in ASEAN countries,” he told Bernama.

Tengku Zafrul noted that Malaysia’s position as Chairman of ASEAN 2025 provides an advantage in addressing these issues.

Recently, the US imposed a tariff of 9.13 per cent on solar cell imports from Malaysia, while other Southeast Asian nations faced different rates: Cambodia at 8.25 per cent, Thailand at 23.06 per cent, and Vietnam at 2.85 per cent.

He reiterated Malaysia’s objection to the solar import duty and argued that companies with a minimum of 40 per cent local content should be exempt from the tariff.

“Solar is an affordable solution that supports the global effort to achieve net zero emissions. Therefore, I urge the US to give due consideration to solar companies based in Malaysia,” he added.

Source: Bernama

Malaysia needs diverse trading partners to explore new solar market – MITI

Longstanding and stable relations with China are a key consideration for investors seeking to expand into South-East Asia, with the strength of China-Malaysia ties making Malaysia a top destination for Chinese enterprises, analysts said on Thursday (Oct 17).

Malaysia has a longstanding relationship with China and Chinese investors seeking to extend their businesses to Malaysia have found a welcoming environment in the country, Yin Hong (pic), head of JLL Logistics & Industrial (China), a global real estate services firm, told Xinhua in a press briefing hosted by JLL.

“Hard factors such as infrastructure, connectivity and resources are easy to understand and quantify, but enterprises making inquiries before investing in Malaysia carefully consider the relationship with China. This soft factor consideration is especially important, namely language, culture and people-to-people and bilateral ties,” he said.

Yulia Nikulicheva, head of JLL Research and Consultancy, noted that the Malaysian government is enhancing the country’s trade connectivity and infrastructure, focusing on ports, airports, logistics hubs, and road and rail links.

“Chinese companies are considering Malaysia due to several factors that contribute significantly to a manufacturing company’s long-term success and sustainability. These include labour, infrastructure, environmental regulations, proximity to suppliers and customers and political stability,” she said.

“Overall, Malaysia offers competitive business costs compared to other countries in the South-East Asian region. It also boasts a skilled workforce proficient in English, as well as a significant Chinese-speaking population. Furthermore, Malaysia’s developed road, seaport and airport infrastructure, along with its business-friendly environment, make it an attractive location for potential investors,” she added.

Derek Yap Shein Hang, industrial and logistics sector team lead of JLL’s Malaysia firm, said the East Coast Rail Link (ECRL), the Chinese-built mega rail project that connects Malaysia’s largest transport hub Port Klang located on the country’s west coast to Kuantan Port, and the Malaysia-China Kuantan Industrial Park on the east coast is a “major game changer.”

“If your (manufacturing hub) is located on the east coast and you want to export via Port Klang on the west coast, you do not have to use trucks or ships to get to Port Klang. You cut the travel time and greatly streamline your logistics and supply chain (with the ECRL),” he said.

For his part, Terrance Choo Ker Seang, the firm’s senior manager for the northern sector, said the rapid adaptability and flexibility of Malaysia is an advantage for companies seeking to set up operations in Malaysia.

“Penang is a hotspot for investment and manufacturing. It has gone beyond developing a semiconductor industry and is now drawing investments as a manufacturing hub for electric vehicle batteries and other products,” he said.

Source: Bernama-Xinhua / The Star

Strong China-Malaysia ties key factor in driving investments: Analysts

The Northern Corridor Economic Region (NCER) has realised investments totalling RM48.25 billion this year, said Prime Minister Datuk Seri Anwar Ibrahim.

He said this marked a 60 per cent increase compared with the same period last year.

He said this data was shared at the 32nd Northern Corridor Implementation Authority (NCIA) meeting today (Oct 16).

“These realised investments have created 10,529 jobs in the NCER,” he said in a Facebook post.

He said the meeting discussed initiatives to support the investment ecosystem in the NCER, in line with the NCER Strategic Development Plan 2024-2030, which includes developing a technology innovation centre, an agro-food hub and an energy transition plan.

He said planning was important to ensure the NCER continued to attract investments in impactful, high-value industries.

In August, NCIA chief executive Mohamad Haris Kader Sultan said the agency and the Investment Development Board had secured RM31.38 billion in investments for Penang in the first half of the year.

He said this achievement reflected investors’ strong confidence in the long-term potential of the NCER, particularly in Penang.

Later that month, Haris said Kedah had attracted RM15.26 billion in investments that created 1,700 jobs in the first seven months of the year.

He said this surpassed the RM5.43 billion in realised investments in the same period last year.

Source: NST

NCER sees 60pc rise in realised investments to RM48.25 billion

The Johor-Singapore Special Economic Zone (JS-SEZ) will enable Johor and Singapore to build on each other’s complementary strengths to better compete for global investments together, the republic’s Parliament was told today.

Minister of State for Trade and Industry Alvin Tan said these investments could come from a range of sectors, including manufacturing, transport and logistics, the digital economy, and energy.

“The JS-SEZ offers twinning opportunities for businesses to establish complementary operations in Johor. Businesses can tap into Singapore’s offerings as a tech business and a financial hub while also using Johor’s land and resource advantages.

“Secondly, the SEZ can serve as a gateway for Singapore businesses to better serve their clients in Malaysia,” he said, adding that businesses can look forward to moving both goods and talent across the border in a shorter time, which will enhance operational efficiency.

He was responding to Nominated Member of Parliament Neil Parekh Nimil Rajnikant’s questions on the sectors in Johor that Malaysia and Singapore’s business owners can collaborate on in the JS-SEZ and Singapore’s concerns about the infrastructural and operational issues in that economic zone.

Tan said the ministry raised issues highlighted by Singapore businesses via the Singapore Business Federation’s report released in July 2024 in its discussions with the Malaysian government.

“Businesses surveyed on the JS-SEZ expressed a desire to see operational and infrastructural improvements that would enhance investment facilitation, labour availability, and the cross-border movement of goods and people.

“We have prioritised these issues in our discussions with the Malaysian government,” he said.

Source: Bernama

JS-SEZ to foster collaboration between Johor and Singapore for global investments

Malaysia is set to leverage its 2025 Asean chairmanship to position itself as the region’s premier investment destination, said Prime Minister Datuk Seri Anwar Ibrahim in Parliament today.

Anwar said Malaysia’s Asean leadership will be used as an opportunity to attract greater economic partnerships and showcase its potential to global investors.

“The 2025 Asean Summit will mark a historic moment as we engage with key economic partners, including the Gulf Cooperation Council (GCC) and China. 

“This will be the first time Asean is formally engaging with the GCC, which includes Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait. Such engagements will help expand Asean’s economic reach and strengthen partnerships moving forward,” Anwar said during the Prime Minister’s Question Time in Parliament, here, today.

Anwar was responding to a supplementary question by Tampin MP Datuk Mohd Isam Mohd Isa on how Malaysia would leverage its chairmanship of Asean to benefit the country and the region.

Anwar further explained Malaysia’s plans to involve all states in the country in various ministerial meetings, ensuring that the economic benefits are felt nationwide. 

Similarly, he said private sector-led events, in collaboration with international organisations such as the World Economic Forum and Bloomberg, will further amplify Malaysia’s investment potential without relying on government funding.

On the South China Sea, Anwar reaffirmed Malaysia’s stance on freedom of navigation, underscoring the importance of abiding by the United Nations Convention on the Law of the Sea (Unclos) 1982.

“Malaysia will not back down from our claims in the South China Sea. Our exploration activities will continue, including at Kasawari, despite concerns from other nations. However, we remain open to discussions and emphasise resolving disputes through dialogue, in accordance with Unclos,” he said.

Anwar also addressed Malaysia’s handling of overlapping claims and recent naval incursions, reiterating that while Malaysia stands firm on its claims, the nation is committed to diplomacy and peaceful negotiations.

This is in response to Kota Bharu MP Datuk Seri Takiyuddin Hassan who questioned the prime minister on the administration’s approach to addressing the overlapping claims in the South China Sea.

Earlier, Gombak MP Dato’ Seri Amirudin Shari asked Anwar what was discussed during the recently concluded 44th and 45th Asean Summits and Related Summits held in Vientiane, Laos. 

The Selangor Menteri Besar had questioned what is Asean’s “moral compass” and how it can act as a stabilising force amidst rising geopolitical tensions as well as conflict within Asean states, such as the turbulent political situation in Myanmar.

Anwar said the regional bloc remains committed to its consensus-driven approach and affirmed that it will not be drawn to international conflicts.

“Asean has maintained its consensus-driven approach, especially in handling the Myanmar situation through the five-point consensus. While we do not recognise the current Myanmar regime, we are open to informal discussions to engage Myanmar inclusively. 

“Asean centrality ensures that our relations with global powers remain balanced, without the region becoming a battleground for major powers. 

“Previously, it was the US versus the Soviet Union; today, it’s the US and China. This is why we continue to strengthen our ties with China and other partners like BRICS,” he said.

On the possibility of Asean adopting a model similar to the European Union with initiatives like open borders, Anwar said while such integration is not on the immediate horizon, Asean continues to progress on energy connectivity and digital transformation, particularly through the Asean Power Grid and the Asean Digital Economy Framework Agreement.

“Asean’s focus remains on sustainable economic growth and ensuring long-term stability and prosperity for all member states,” he said

The 44th and 45th Asean Summits and Related Summits also addressed key global issues, including the situation in Myanmar, Palestine and Lebanon, as well as the Russia-Ukraine conflict and North Korea’s nuclear disarmament. 

Malaysia, Anwar said, continues to advocate for peaceful resolutions through dialogue and international cooperation.

Source: Selangor Journal

Malaysia to leverage Asean chairmanship to attract global investments — PM

The government is targeting the creation of nearly 40,000 skilled jobs in high-value industries for local talents, said Economy Minister Rafizi Ramli.

He said to achieve this, targeted interventions were necessary in strategic, high-impact industries, particularly those identified in the 12th Malaysia Plan mid-term review.

“The government is committed to creating skilled job opportunities for local talent.

“This is because Malaysia needs to stimulate growth in key industries to ensure the creation of skilled jobs and the development of talent to meet industry needs, as well as to increase the number of highly qualified individuals entering the workforce.

“For instance, the government is setting a target of creating 30,000 jobs in the aerospace industry, 6,000 in logistics and 2,844 in global services.”

Rafizi said this in response to a question from Datuk Mohd Shahar Abdullah (Barisan Nasional-Paya Besar), who asked the minister to state the government’s plans to stimulate growth in high-skilled sectors and to ensure sustainable job opportunities for future generations.

Rafizi said in April this year, the government had rolled out initiatives under the KL20 Action Plan to create a competitive ecosystem for start-ups and to strengthen the network of collaboration among potential local and international investors.

This, he said, was expected to position Kuala Lumpur in the top 20 in the global start-up ecosystem by 2030 and create 100,000 skilled jobs for locals.

He added that the venture capital ecosystem would also be strengthened to promote entrepreneurship and innovation, which would create a dynamic environment for enhanced global competitiveness.

“The Energy Transition Roadmap (NETR) projects the creation of 310,000 jobs by 2050 across six energy transition drivers.

“NETR also outlines capacity development initiatives through the establishment of green skills in taxonomy, reskilling and upskilling programmes, and strategic partnerships with local universities in the field of energy transition.

“Additionally, the New Industrial Master Plan 2030 aims to bolster the manufacturing sector, targeting the creation of 700,000 new skilled job opportunities with a median salary of RM4,510 per month for workers in the manufacturing industry.”

Rafizi also said the government aimed to create 500,000 new job opportunities in the digital economy, especially in the data centre industry, which would support investments by major cloud service providers such as Amazon Web Services, Microsoft, Nvidia and Google.

He said these data centres, apart from creating job opportunities for data scientists, would also open up doors for those skilled in artificial intelligence.

“This will ensure that the target for skilled job composition reaches 35 per cent by 2025, in line with the country’s aspiration to achieve a high-income nation status,” he said.

Source: NST

Govt aims to provide 40,000 skilled jobs, says Rafizi

The government is looking at having a clear scorecard focused on high-quality investment and incentives to align with the New Industrial Master Plan 2030 (NIMP 2030), said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

He also said that this is being carried out in collaboration with Bank Negara Malaysia, the Securities Commission, the Ministry of Investment, Trade, and Industry (Miti), and the Ministry of Finance (MoF).

“The government, through the work done by SC, Bank Negara, Miti and MoF, is now seriously looking at having a clear scorecard, especially for investment and for incentives, to move to the NIA (National Investment Aspirations) scorecard, and also based on the New Industrial Master Plan,” Liew said in his keynote address at the Securities Commission-World Bank Conference 2024 and the launch of ESG Disclosure Assessment of Malaysia’s Listed Companies today.

The aim of this initiative, he explained, is to ensure that incentivised companies do not need to constantly justify their contributions to Malaysian innovation, technology development, and R&D efforts.

“We must focus on building Malaysia’s R&D capabilities, advancing our technological expertise, and funding the potential for innovation in the country,” he said.

Liew pointed out that over the years, different segments of the Malaysian economy have acted almost in different spheres. “Malaysia Investment Development Authority (Mida) focuses on growing manufacturing, often via foreign direct investment.”

However, he said, government-linked investment corporations and government-linked corporations mostly shy away from manufacturing.

“The capital markets have not been at the forefront of manufacturing either. The New Industrial Master Plan 2030 is a notable attempt at collaboration between Miti and the Securities Commission,” he said.

The third challenge, he added, is to grow Malaysian technology, and more importantly, globally relevant Malaysian technology companies. “We must admit that despite having a head start in the semiconductor industry, Taiwan and Shenzhen, Penang and Malaysia have not built their TSMC, Samsung, Huawei, or BYD,” he said.

For Malaysia to be like South Korea through the second takeoff, Liew said, the country must grow Malaysian technology companies, starting with MSMEs, and especially mid-tier companies that are owning their technologies or adapting technologies innovatively.

“For Malaysia to reach the next level and to have high yet sustainable growth, the capital market and everyone else will have to collaborate to seize the once-in-a-generation opportunity of the second takeoff to make Malaysia a regional economic powerhouse,” he said.

The conference explores synergies within the capital market and Islamic capital market to bridge funding gaps for micro, small and medium entrepreneurs and mid-tier companies.

At the event, the SC and the World Bank launched a joint report titled “ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development” which provides a baseline on environmental, social and governance reporting practice in Malaysia, offering key insights for companies and investors to enhance sustainability reporting to align with international best practices and remain competitive.

It aims to analyse the current state of ESG disclosure amongst listed companies and institutional investors, given the growing prominence of ESG and sustainability investments globally. It also provides reflections and recommendations for policymakers in the Malaysian capital market to foster improved ESG reporting, ensuring relevance and consistency globally.

Source: The Sun

Govt looking at having ‘scorecard’ on high-quality investments, incentives: Liew