The Ministry of Investment, Trade and Industry (Miti) said more horizontal linkages should be established, so that micro, small and medium enterprises (MSMEs) can be included in the global supply chain as a result of foreign direct investment (FDI) into the country.

Deputy Investment, Trade and Industry Minister Liew Chin Tong said FDI related to manufacturing serving the global supply chain may not be felt by MSMEs in the country currently, as local supply chains may be vertically integrated globally but not necessarily horizontally. 

“This (establishing horizontal linkages) is a challenge that [Miti] and Mida (the Malaysian Investment Development Authority) will now have to start thinking about, because when you have horizontal linkages, [only] then MSMEs have a place [in the global supply chain],” Liew said in his keynote address officiating the Securities Commission Malaysia (SC)-World Bank Conference 2024 on Tuesday.

“Without horizontal linkages, MSMEs will not be linked to FDI-driven manufacturing in Malaysia,” he added. 

In a value chain, vertical linkages between firms at different levels of the value chain serve as channels for the exchange of information, technical, business and other services between firms.

Conversely, horizontal linkages refer to long-term partnerships between firms that rely on interdependence, and shared resources to work together towards achieving common goals.

To establish horizontal linkages, Liew said capital support is required from both the capital market and government-linked investment companies to integrate MSMEs. 

This is in line with the National Industrial Master Plan 2030, which highlights the need to improve financing access, strengthen entrepreneurship ecosystems, and foster sustainable practices for MSMEs, he added.

Liew highlighted that the integration of MSMEs into both the manufacturing and technology supply chains will be integral to Malaysia’s prospects in achieving a high economic growth trajectory in the long term. 

He noted that as the global supply chain relocates away from China, Malaysia will need to tackle the horizontal linkage issue, in addition to the task of attracting foreign investment. 

“We have to rethink where we want to head. In this whole journey, it is important that we become technologically capable, that we become a nation that founded itself on innovation, and not just on land and natural resources,” Liew added. 

The fifth iteration of the SC-World Bank Conference is themed “Empowering MSMEs: Cultivating Compassionate Growth through The Capital Market”, highlighting the critical role of MSMEs in driving economic growth and inclusive development.  

The SC’s Five-Year Roadmap for Catalysing MSME and MTC (Mid-Tier Company) Access to The Capital Market (2024-2028) launched back in May aims to grow the MSME capital market to RM40 billion by 2028.

The road map outlined 36 initiatives built upon five guiding principles and nine strategies to enhance MSME and MTC access to the capital market.

Source: The Edge Malaysia

Establish horizontal linkages to include MSMEs in global supply chain — Liew

The government is looking at having a clear scorecard focused on high-quality investments and incentives to align with the National Investment Aspirations (NIA) and New Industrial Master Plan (NIMP), said the Investment, Trade and Industry Ministry (MITI).

Its Deputy Minister Liew Chin Tong said this effort requires collaboration with agencies including Bank Negara Malaysia, the Securities Commission, MITI, and the Finance Ministry (MOF).

“Companies we incentivise will have to explain to the government its contribution to Malaysia’s innovation and technology.

“Whatever we do today we must build Malaysia’s research and development (R&D). We must build Malaysian technological capability,” he said in his keynote speech at the SC-World Bank Conference 2024 today.

He said the measure of high-quality investments involves several pillars of the NIA, namely, increasing economic complexity, creating high-value job opportunities, extending domestic linkages, developing new and existing economic clusters, and improving inclusivity and environmental, social, and governance (ESG) standards.

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

At the event, the SC and the World Bank launched a joint report “ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development” which provides a baseline on ESG reporting practice in Malaysia. The report offers 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 among 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.

SC executive director of Islamic Capital Market Sharifatul Hanizah Said Ali emphasised the importance of strengthening ESG disclosures amid growing global demand for sustainable investments.

“This joint report reflects our ongoing commitment to fostering a more sustainable capital market. Improved ESG disclosure practices are expected to strengthen investor confidence and ensure that our market remains competitive and future-ready,” she said in her welcoming remarks.

The report highlights that most Malaysian listed companies had demonstrated good corporate disclosures and a solid overall approach to managing governance and social issues.

However, the report also points out gaps in specific environmental indicators, especially those related to climate change and biodiversity.

“Through our knowledge-based collaboration, we aim to support effective policy design and implementation to address the MSME and climate financing gaps.

“I look forward to further leveraging the World Bank’s global expertise to support the Malaysian government, financial regulators, and the private sector in developing a more robust and resilient financing ecosystem for MSMEs,” said World Bank country director for the Philippines, Malaysia, and Brunei Dr Zafer Mustafaoglu. 

Source: Bernama

Miti: Govt plans investment ‘scorecard’ focusing on ESG, job creation and economic complexity to evaluate investments, drive high-value growth

The East Coast Economic Region (ECER) has recorded RM13.3bil in realised investments, says Prime Minister Datuk Seri Anwar Ibrahim.

“I was informed that for the first three quarters of this year, ECER managed to record a total of RM13.3bil in realised investment against the target of RM10bil,” he said in a post on his Facebook account on Tuesday (Oct 15).

He added that this amount involves 21 projects that are capable of creating 8,700 job opportunities in various industries, including steel manufacturing, petrochemicals, biomass products and tourism.

Anwar added that he was told this when he chaired the East Coast Economic Region Development Council (ECERDC) Meeting Number 2 of 2024 and added that the government will continue to streamline its development framework for the next five years.

He said this is so that efforts to bridge the development gap between regions and attract more investments to the east coast can be realised.

Anwar said that the main drivers of growth for the region include the food basket, tourism, manufacturing (hard-to-abate) and marine industries.

He added that the success is in line with the wishes of the Madani Government which always emphasises the importance of monitoring and facilitating the implementation of announced investments.

Source: Bernama

ECER records RM13.3bil in realised investments, says Anwar

The Investment, Trade and Industry Ministry (MITI) and the Malaysian Investment Development Authority (MIDA) are supervising investments of RM17.9 billion from China approved in the manufacturing sector from 2023 to the first half of 2024.

These investments involve 110 approved projects and will generate 14,343 job opportunities, MITI said on Parliament’s website today in response to Roslan Hashim (PN-Kulim Bandar Baharu) who asked MITI the amount of investment realised from the estimated RM170 billion investments in the trade and investment mission (TIM) to China last year, along with investment details.

“Of the total, 54 projects (49.1 per cent) with an investment of RM3.8 billion have been realised, creating 5,303 jobs.

“This is an encouraging achievement considering that the implementation of approved manufacturing projects usually takes 18 to 24 months to be realised, depending on the project’s scale and the current economic situation,“ he said.

Source: Bernama

RM17.9b investments from China approved from 2023 until 1H2024 – MITI

Implementing initiatives under the New Industrial Master Plan 2030 (NIMP) and applying to join BRICS are among the government’s strategies to overcome the effects of prolonged geopolitical conflicts.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz said the government is also prioritising supply sources from the ASEAN region through the “nearshoring” approach to ensure the stability of the supply chain while reducing dependence on raw materials from abroad.

He said these initiatives included strategies to ensure the continuity of the local industry supply chain in the face of future economic or global health crises.

“The implementation of these strategies has yielded results in strengthening existing trade relations and attracting foreign investors, as well as increasing Malaysia’s attractiveness as a reputable international trade centre for the long term.

“This is proven when the Pioneer Index of Economic Indicators released by the Department of Statistics Malaysia in July 2024 showed the country’s economic performance recorded 5.2 per cent, reaching 115.1 points compared to 109.4 points in the same month of 2023.

“This illustrates the resilience of Malaysia’s economy at a time when the world is facing current geopolitical challenges, such as the wars in Ukraine and the Middle East,“ the minister said during a question-and-answer session on the first day of the Dewan Rakyat’s current session today.

Tengku Zafrul added that although the current geopolitical tensions do not have a significant impact on Malaysia in the short term, the government should not underestimate the long-term risks if the conflicts continue. He said MITI will continue to play a strategic role in strengthening the country’s resilience and competitiveness, especially in priority sectors such as semiconductors.

At the same time, MITI will also strengthen trade diplomacy with trading partners and explore new strategic economic opportunities to improve the country’s ability to face current geopolitical challenges.

Tengku Zafrul also pointed out that Russia and Ukraine are not the country’s main trading partners with Malaysia’s bilateral trade with the two countries last year making up only 0.5 per cent of the country’s total international trade. The value of trade with individual Middle Eastern countries is also low.

Source: Bernama

NIMP initiatives strengthen competitiveness, investment amid rising geopolitical risks – Tengku Zafrul

Malaysia is actively broadening trade strategies and sources of investments to avoid being affected by growing geopolitical tensions, the Dewan Rakyat was told today.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysia is not experiencing significant short-term effects from the crises. But it should not underestimate the impact in the long term.

He said Malaysia is intensifying investment and trade promotion missions to existing partners such as Asean members, the United States, China, the European Union, Japan, South Korea and India.

“We are also enhancing economic cooperation with non-traditional trading partners like the United Arab Emirates, Saudi Arabia, Pakistan, Kazakhstan and Uzbekistan, Brazil, Peru and Mexico, as well as countries in Africa,” he said in reply to Datuk Seri Hamzah Zainudin (PN-Larut).

Hamzah had asked about the steps taken by the government to ensure Malaysia’s economy remains resilient to prolonged geopolitical tensions.

Tengku Zafrul said Russia and Ukraine, which are involved in a conflict, are not Malaysia’s main trading partners.

Bilateral trade with both countries in 2023 accounted for only 0.25 per cent of Malaysia’s total international trade.

He said bilateral trade with Middle Eastern countries, which are also in turmoil, is also low.

Tengku Zafrul said the government is also encouraging industries to increase the use of domestic resources and reduce dependency on imported raw materials.

“This includes prioritising supply from the Asean region through a ‘nearshoring’ approach.

“We are also implementing initiatives under the New Industrial Master Plan 2030. These include strategies to ensure the continuity of domestic supply chains in the face of economic or global health crises.

“Others measures include several new free-trade agreements, such as the Malaysia-United Arab Emirates Comprehensive Economic Partnership Agreement and the Asean-Canada Free Trade Agreement. We are upgrading the Asean Trade in Goods Agreement and the Asean-China Free Trade Agreement for a more stable and competitive Malaysian export sector.

“The implementation of these strategies has strengthened trade relations, attracted foreign investors and enhanced Malaysia’s appeal as an international trade hub for the long term.”

Source: NST

Malaysia expanding investment, trade partners to hedge against crises, says Zafrul

Malaysia is currently negotiating several new free trade agreements (FTAs) that would help to diversify its trade and investments, and mitigate the impact of conflicts in the Middle East and the Russia-Ukraine war.

The FTAs under negotiation include the Malaysia-United Arab Emirates Comprehensive Economic Partnership Agreement and the Asean-Canada FTA, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told the Dewan Rakyat on Monday.

“In addition, Malaysia is also in negotiations to upgrade the Asean Trade in Goods Agreement and the Asean-China FTA to open markets for more stable and competitive Malaysian exports,” he said.

Malaysia has signed and implemented 16 bilateral and regional FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that covers 11 countries from Australia to Mexico.

The government is also in talks for a Malaysia-European Free Trade Association Economic Partnership Agreement.

Zafrul emphasised that current geopolitical tensions had minimal short-term impact on Malaysia, as Russia and Ukraine accounted for only 0.5% of Malaysia’s total trade in 2023, while trade with Middle Eastern countries involved in conflicts is also relatively low.

“Malaysia adheres to a non-aligned policy, avoiding alignment with any economic or military bloc in addressing geopolitical issues,” he said. “However, as a trade-dependent country, international geopolitical tensions have the potential to affect the economy in the long term.”

To blunt the impact, Malaysia is strengthening ties with major trading partners such as Asean, the US, China and the EU, as well as exploring new markets in Central Asia, South America and Africa, Zafrul said.

He added that the government is also encouraging local industries to increase the use of domestic resources and reduce reliance on foreign imports, particularly through Asean nearshoring — the outsourcing of business processes to a nearby country.

Source: The Edge Malaysia

Malaysia in talks for new free trade deals to blunt impact of geopolitical conflicts — Zafrul

Some 50 small and medium enterprises (SMES) from China are seeking opportunities to expand their businesses in Penang following the influx of over Rm400mil into the state.

Malaysia Extra Low Voltage Association (Melvian) assistant secretary Cheah Chaw Son said that the Chinese companies want to explore opportunities in home furnishings, bio pharmaceuticals, technologies, advertising services, and ecommerces with local partners.

Melvian is an industry body that comprises companies providing ICT, audio and visual, security, and data network infrastructure solutions.

The SMES from China are set to take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners, that is being organised by Melvian

“In the first half of 2024, Penang attracted Rm411.8mil in investment from China. For the past decade, Penang roped in Rm13.2bil investments from China that formed 6.8% of Penang’s total foreign investments, with a 50.5% compounded annual growth rate.

“The influx of these funds into Penang attracted the companies’ attention. The Silicon Island development and the upcoming light rail transit project connecting Komtar and Bayan Lepas on the island also enhanced the state’s competitive edge as a pivotal investment hub,” he added.

Cheah is confident that Malaysia’s projected gross domestic product (GDP) growth for 2024 and 2025 will continue spur investors’ interest in the state due to the country’s robust economic health.

“The Socio-economic Research Centre has projected that Malaysia would close the year with 5.4% GDP growth, sustaining at healthy clip of 5% in 2025,” Cheah said.

The companies would take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners.

Tan Sri Tengku Razaleigh Hamzah will officiate the event jointly organised by Melvian, Small and Medium Enterprises Association, Meta Ex, and Honor Innovation Sdn Bhd.

“The event is also to commemorate 50 years of Malaysia-china Diplomatic Relations,” he said.

“In the first half of 2024, Penang attracted Rm411.8mil in investment from China.” Cheah Chaw Son

Source: The Star

China SMES look to invest in Penang

Prime Minister Datuk Seri Anwar Ibrahim attributed this year’s positive investment outcomes to domestic investment.

“We are fortunate to have foreign investment; however, domestic investment is also very high.

“Hence, when we say we have achieved good success this year, it’s not just because of foreign direct investment, but also because of the growing interest, confidence, and commitment from our domestic players.

“Domestic investment has increased phenomenally and for that, I thank you (the industry players).

“Given this impressive domestic investment, I should not discourage you (the industry players); I should not tax you too highly,” he said, which received applause from the guests.

Anwar said this in his speech at the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) 78th annual general meeting today.

Present were Deputy Investment, Trade and Industry Minister Liew Chin Tong, the Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor president Datuk Ng Yih Pyng and ACCCIM outgoing president Tan Sri Low Kian Chuan.

Meanwhile, in his speech that also touched on the upcoming Budget 2025, Anwar said alongside business and economic opportunities, special focus would be given to small and medium enterprises and macro, small and medium enterprises, as detailed in the Madani economic framework.

“We will also address any administrative weaknesses, with our newly appointed chief secretary to the government prioritising these concerns,” he said.

Source: NST

Anwar attributes positive investment growth to domestic contributions

Malaysia, which will take on the ASEAN chairmanship next year, will step up efforts to attract investments from and boost trade with the bloc’s member countries and dialogue partners.

Prime Minister Datuk Seri Anwar Ibrahim said that towards that end, Malaysia will leverage international cooperation under the East Asia Summit which involves 18 participating countries, including the 10 ASEAN member states, Australia, China, India, Japan, New Zealand, Russia, South Korea, and the United States.

“Malaysia intends to ensure all these meetings would help attract investments and grow trade, including increasing sales of oil palm products,” he told the Malaysian media on the final day of the 45th and 46th ASEAN Summits and Related Summits here today.

According to the prime minister, Malaysia will launch the ASEAN Community Vision 2045, a strategic framework aimed at supporting regional cooperation over the next two decades.

“This is a very good opportunity and has been agreed on,” he said.

In a separate development, Anwar said Malaysia will assist in expediting the process of Timor-Leste being accepted as a full member of the bloc.

However, he said, the country would still have to meet several set conditions.

“But through the Foreign Ministry, we will try to expedite the process and assist (Timor-Leste). Most of the obstacles are related to economic regulations; and Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz will assist in terms of securing approval for several required preconditions,” he added.

Source: Bernama

Malaysia to step up trade and investment efforts with ASEAN members, dialogue partners

Malaysia could supercharge its foreign direct investment (FDI) through Budget 2025 by offering bold tax incentives, streamlined regulations, and targeted sector support, said analysts.

SPI Asset Management managing partner Stephen Innes said cutting corporate taxes for key industries like technology, renewable energy, advanced manufacturing, and expanded research and development (R&D) credits would attract long-term investments.

Digitising government processes and simplifying compliance would reduce operational hurdles. Tax breaks, carbon credits, and clean energy incentives should boost green projects, Innes added.

“Training grants and business-education partnerships could build a skilled workforce, while expanded special economic zones with enhanced infrastructure and tax exemptions would support export-driven businesses,” he told Bernama.

Innes also said that the digital economy would thrive with artificial intelligence, automation, and digital infrastructure tax perks while easing taxes on repatriated earnings and dividends would enhance long-term investment appeal.

“Stronger intellectual property protections and new bilateral investment treaties would provide legal certainty, while infrastructure bonds and public-private partnerships would lure foreign participation in large-scale projects.

“These measures would create an attractive, forward-looking investment environment, in line with global trends,” he added.

Malaysia’s total trade remained on a double-digit growth path in August 2024, boosted by a thriving global economy.

Total trade in August this year increased to RM252.7 billion, a jump of 18.6 per cent from RM213 billion in August 2023, primarily driven by 26.2 per cent growth in imports, which reached RM123.5 billion, and exports by 12.1 per cent, valued at RM129.2 billion.

While tax-sensitive sectors may feel a pinch, Innes said Malaysia’s strong economic fundamentals, strategic location, and the fact that regional competitors would implement the same global minimum tax (GMT) should keep Malaysia firmly on investors’ radar.

“In short, the GMT is not expected to disrupt Malaysia’s status as a top FDI destination,” he added.

The Malaysian government has announced plans to implement the GMT based on the Global Anti-Base Erosion (GloBE) Rules in 2025.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Malaysia has a decent infrastructure that is cost-effective to attract new FDIs and the availability of a talent pool and pro-business government policies are some of the main attractions.

“It would be great if there is an incentive for foreign companies to transfer some of their technology to the local players. This could be done by promoting collaboration with local universities in areas related to research and development and being able to commercialise the idea.

“Also, allowing our micro, small and medium enterprises (MSMEs) to be integrated into the global supply chain would accelerate the development of the MSME sector. If foreign companies do this, they could receive some tax incentives,” he added.

On the implementation of GMT next year, Mohd Afzanizam said that adhering to this measure would put Malaysia on par with the participating countries.

“I suppose it is the right measure as a country should compete beyond tax to attract foreign investors. That way, it will promote ease of doing business and the government would strive to reduce bureaucracy to attract investment.

“Some studies say tax is not the only consideration when foreign investors are scouting for a place to invest. So, I suppose it’s a good move,” he added.

Source: Bernama

Malaysia could supercharge FDIs through 2025 Budget initiatives: analysts

Malaysia sees prospects to introduce cooperation with Canada in the halal sector, said Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz.

With over 1.15 million Muslim residents in Canada, the demand for halal products is on the rise, he stated in an Instagram post on Friday.

Zafrul noted that the Canadian halal market, valued at C$1 billion (RM3.12 billion), offers significant potential for Malaysian producers, particularly in food and beverage products. 

“Malaysia can play an important role in meeting the needs of this market through strategic cooperation and increased investment in the halal industry, thus strengthening Malaysia’s position in this global industry,” he added. 

Zafrul was also present during the meeting between Prime Minister Datuk Seri Anwar Ibrahim and his Canadian counterpart Justin Trudeau, on the margins of the Association of Southeast Asian Nations (Asean) Summit in Laos on Thursday (Oct 10).

During the meeting, Anwar emphasised the desire to strengthen cooperation in the economic sector.

Economic cooperation between Malaysia and Canada is increasingly robust, with total bilateral trade reaching RM8.05 billion as of August 2024, an increase of 41% compared to the previous year.

Zafrul mentioned that bilateral trade between the countries had increased by 25% after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), opening duty-free access for trade in goods.

This increase is driven by a 68.1% rise in Malaysia’s exports to Canada, and a 16.8% rise in imports from Canada. 

Sectors such as clean technology, agriculture and aerospace continue to be major contributors, he noted.

Source: Bernama

Zafrul: Malaysia sees prospects to establish cooperation with Canada in halal sector

Malaysia has welcomed the proposed US$14.7 billion (US$1 = RM4.29) investment by United States (US) technology giants – Google, Microsoft, Enovix Corporation, Amazon Web Services, Abbott Laboratories, and Boeing.

This was conveyed by Prime Minister Datuk Seri Anwar Ibrahim during his bilateral meeting with US Secretary of State Antony Blinken on the sidelines of the 44th and 45th Asean Summits and Related Summits here today.

Anwar said Malaysia also looks forward to strengthening cooperation with the US in emerging industries.

On another note, the prime minister welcomed the US delegation to the next Senior Officials Dialogue in Putrajaya at the end of October, as the two countries celebrate the 10th anniversary of the Malaysia-US Comprehensive Partnership.

“Malaysia appreciates the US’ leading role in United Nations Security Council (UNSC) Resolution 2735 and urges the US to use its influence to swiftly implement the resolution,” he said.

Resolution 2735, passed on June 10, 2024, called for an immediate ceasefire of all hostilities in Gaza.

Meanwhile, the US State Department, in a statement on the meeting, said Blinken emphasised the US’ support for Malaysia’s upcoming Asean chair year and discussed opportunities for increasing cooperation to boost regional stability in support of a free, open, secure, resilient, and prosperous Indo-Pacific region.

“Secretary Blinken and Prime Minister (Anwar) Ibrahim underscored the importance of the US-Malaysia Comprehensive Partnership on its 10th anniversary and a commitment to strengthening people-to-people, economic, and security ties,” said the statement posted on the department’s website.

According to the statement, Blinken and Anwar further emphasised the critical need for a ceasefire, the release of all hostages, and an urgent influx of humanitarian assistance, as well as the launch of reconstruction efforts in Gaza.

Anwar and Blinken later attended a gala dinner hosted by Asean chair Laos’ Prime Minister Sonexay Siphandone and his wife, Vandara Siphandone, in conjunction with the summits.

Source: Bernama

Malaysia welcomes proposed US$14.7bil investment by US tech giants: PM

Malaysia’s foreign direct investment (FDI) inflow outlook is expected to remain positive in the second half of 2024 due to good traction from China, Europe, the US, Japan and South Korea, said UBS Global Research.

UBS said the FDI inflow is concentrated in the electrical and electrical and electronics (E&E) space, but there is also interest in chemicals, green technology, machinery and metal fabrication.

“If Malaysia becomes a regional data centre hub, this will be a major draw for companies at the forefront of technological innovation to deepen investments in Malaysia,” it said today.

UBS said Malaysia has become increasingly attractive to foreign investors due to several factors, such as the country’s political stability and track record in exercising fiscal responsibility. 

Malaysia’s competitiveness in the E&E sector, as well as energy policies leading to net zero targets are other factors attracting investors.

“The country also has a deep talent pool with a high number of STEM graduates, numerous free trade agreements and good scores regarding ease of doing business factors.

“Localisation of FDI has been fairly successful in Malaysia. For example, the E&E ecosystem had benefitted from demand from large multinational company investments; the positive spillovers also extended to construction companies and the labour market,” it said.

Meanwhile, UBS said the implementation of the global minimum tax of 15 per cent in 2025 would have a negligible impact on competing for FDI.

Although de-globalisation trends have intensified, it said with many countries seeking to reshore companies through subsidies, it would not stop large players from expanding globally.

Notwithstanding this, Malaysia has implemented a 40 per cent local content criteria, which is in line with World Trade Organisation standards.

“From a business owners’ perspective, FDI into Malaysia has benefited companies greatly, especially with regard to sub-industries supporting the E&E industry, which saw a large inflow of FDI,” it said.

On the trade and international relations, UBS said Malaysia is set to assume the chairmanship of Asean in 2025 which could see opportunities in improving intra trade within Asean countries which only make up 23 per cent of trade currently.

In terms of free trade agreements, the firm said Malaysia could restart negotiations with the European Union on the stalled Malaysia-European Free Trade Association (EFTA) Economic Partnership Agreement.

EFTA members include Switzerland, Norway, Iceland and Liechtenstein.

Source: NST

US, Europe, China & other key Asian economies to provide FDI traction in Malaysia: UBS

Malaysia has become increasingly attractive to foreign investors due to several factors, including the country’s political stability and track record in exercising fiscal responsibility, said UBS Global Research.

It said Malaysia’s competitiveness in the electrical and electronics (E&E) sector, as well as energy policies leading to net zero targets are other factors attracting investors.

UBS analyst Nicole Goh said the country also has a deep talent pool with a high number of STEM graduates, numerous free trade agreements and good scores regarding ease of doing business factors.

“Localisation of foreign direct investment (FDI) has been fairly successful in Malaysia. For example, the E&E ecosystem had benefitted from demand from large multinational company investments; the positive spillovers also extended to construction companies and the labour market,” she said in a note today.

Goh believes the implementation of the global minimum tax of 15 per cent in 2025 would have a negligible impact on competing for FDI.

Although de-globalisation trends have intensified, with many countries seeking to reshore companies through subsidies, it would not stop large players from expanding globally.

“Notwithstanding this, Malaysia has implemented a 40 per cent local content criteria, which is in line with World Trade Organisation standards.

“From a business owners’ perspective, FDI into Malaysia has benefited companies greatly, especially with regard to sub-industries supporting the E&E industry, which saw a large inflow of FDI,” she said.

Goh added that the outlook for FDI inflows in the second half of 2024 is positive, with good traction from China, Europe, the United States, Japan, and South Korea.

The FDI inflow was concentrated in the E&E space, but there is also interest in chemicals, green technology, machinery, and metal fabrication.

Apart from E&E, green technology, machinery, and metal fabrication were also sectors of interest, and there remained strong interest in data centre investments.

“If Malaysia becomes a regional data centre hub, this will be a major draw for companies at the forefront of technological innovation to deepen investments in Malaysia,” she said.

With Malaysia assuming the chairmanship of Asean in 2025, there could be opportunities to improve intra-trade within Asean countries, which only make up 23 per cent of the bloc’s current trade.

“In terms of free trade agreements, Malaysia could restart negotiations with the European Union on the stalled Malaysia-European Free Trade Association’s (EFTA) Economic Partnership Agreement, which is an economic partnership agreement between Malaysia and EFTA members including Switzerland, Norway, Iceland, and Liechtenstein,” Goh said.

Source: Bernama

Malaysia increasingly attractive to foreign investors — UBS Global Research

Malaysia and the United Arab Emirates (UAE) have successfully concluded the negotiations for a Comprehensive Economic Partnership Agreement (CEPA), set to eliminate or reduce tariffs, lower trade barriers, foster private-sector collaboration, and create new investment opportunities.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the CEPA, as Malaysia’s first free trade agreement (FTA) with a Gulf Cooperation Council (GCC) nation, will enhance trade, boost investments, and deepen Malaysia-UAE economic ties.

“We view the UAE as a strategic hub for Malaysian exporters to access markets in the Middle East, North Africa and certain parts of Europe, particularly as Malaysian exports, such as electrical and electronics, machinery, jewellery, prepared foodstuff, tropical fruits, palm oil, cocoa and rubber, will immediately enjoy zero import duties when this agreement comes into force.

“The CEPA is also a strategic leverage for UAE-based companies to optimise Malaysia as a gateway into the ASEAN market, which, in turn, will provide tremendous opportunities for our businesses – particularly small and medium enterprises (SMEs) – through integration into regional supply chains, capacity-building and knowledge sharing via the UAE investors.

“The Ministry of Investment, Trade and Industry (MITI) looks forward to working closely with UAE Minister of State for Foreign Trade Dr Thani Ahmed Al Zeyoudi and the UAE Ministry for Foreign Trade to ensure the swift ratification and implementation of the CEPA,” he said in a statement today.

Meanwhile, Thani said the CEPA reflects the productive ties that have developed between the UAE and Malaysia, as well as Southeast Asia as a whole.

“Malaysia is a long-standing and trusted trade partner that, like the UAE, is seeking to enhance its economic prospects through increased trade and targeted investment.

“As the fourth largest economy in the Southeast Asia region, and with economic growth in 2024 set to outstrip forecasts, Malaysia offers substantial opportunity for our exporters, industrialists and business leaders, especially in high-growth sectors such as energy, logistics, manufacturing and financial services,” he said.

According to MITI, the UAE’s CEPA initiative aims to elevate its non-oil foreign trade to US$1 trillion (US$1 = RM4.29) by strengthening relationships with key markets worldwide.

“This ambitious strategy not only enhances ties within the ASEAN bloc but also positions Malaysia as a key player in this economic landscape, benefiting from existing CEPAs with Indonesia and Cambodia that further stimulate bilateral trade opportunities,” it said.

MITI added that the CEPA also underscores the strengthening economic relationship between Malaysia and the UAE, with bilateral non-oil trade surpassing US$4.9 billion in 2023.

In the first half of 2024, non-oil trade reached US$2.5 billion, reflecting a 7.0 per cent increase from the same period in 2023.

“The UAE is Malaysia’s second-largest trade partner in the Arab world, constituting 32 per cent of Malaysia’s trade with Arab countries, while Malaysia ranks as the UAE’s 12th-largest trading partner in Asia and fifth among ASEAN nations.

“The UAE is a vital market, accounting for 40 per cent of Malaysia’s merchandise exports to the Arab World, highlighting Malaysia’s strong trade presence in the region,” MITI said.

Source: Bernama

Malaysia, UAE enhance trade prospects after concluding CEPA negotiations – Tengku Zafrul

Malaysia has expressed its desire to resume discussions on the Malaysia-EU free trade agreement (FTA), said Prime Minister Datuk Seri Anwar Ibrahim.

In a bilateral meeting with European Council President Charles Michel, Anwar also shared several views on the EU’s Deforestation-Free Regulation (EUDR), which has a direct impact on the nation’s palm oil industry.

“I used this meeting to strengthen bilateral relations between Malaysia and the EU, in addition to exchanging views on regional and international geopolitical developments.

“Among other things, we agreed to work towards enhancing Asean-EU strategic cooperation, particularly during Malaysia’s chairmanship of Asean next year,” he said.

The bilateral meeting took place on the sidelines of the 44th and 45th Asean Summits and Related Summits at the National Convention Centre (NCC) here.

Last month, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that Malaysia is officially ready to resume FTA negotiations with the EU, aiming for a final agreement.

He said the government would ensure that the negotiations result in a win-win situation for both parties.

Negotiations on the FTA began in October 2010, involving eight rounds of discussions up until September 2012, but were put on hold due to Malaysia’s concerns over several aspects, such as palm oil, procurement policies, subsidies, and the EU’s sustainability clauses.

Meanwhile, Anwar today also received a courtesy call from a delegation of the World Economic Forum (WEF), led by its executive chairman, Professor Klaus Schwab, who is also the prime minister’s long-time friend.

“Our discussions touched on various important issues concerning regional and global economic developments.

“Prof Schwab also extended an invitation for me to attend the WEF in Davos in January next year. InsyaAllah, I will consider it,” he said.

Source: NST

Anwar: Malaysia seeks to resume FTA talks with EU

Malaysia is aiming to strengthen economic cooperation with Vietnam by exploring opportunities for private sector involvement in emerging industries.

Prime Minister Datuk Seri Anwar Ibrahim emphasised that Vietnam’s rapid industrial growth presents significant potential for partnerships that would benefit both economies, particularly as global demand for advanced technologies rises.

“Malaysia is keen to explore opportunities for private sector involvement in emerging value chains, particularly in the electric vehicle (EV), electronics, semiconductor, and advanced materials industries,“ Anwar said in a statement on Thursday.

Anwar had earlier held a bilateral meeting with his Vietnamese counterpart, Prime Minister Pham Minh Chinh, on the sidelines of the 44th and 45th ASEAN Summits in Vientiane, Laos.

He also stated that Malaysia is ready to assist Vietnam in enhancing its fisheries monitoring, control, and enforcement systems by sharing best practices.

Another area of collaboration discussed was the halal industry, with Malaysia, a global leader in halal certification, expressing its readiness to work closely with Vietnam.

“Malaysia is prepared to offer expertise in halal certification and compliance, which could open new opportunities for Vietnam in the global halal market,“ he said.

Hanoi is Malaysia’s 12th-largest trading partner globally and its fourth-largest trading partner in ASEAN, after Singapore, Indonesia and Thailand.

In July, it was reported that the two countries agreed to strive for a bilateral trade turnover target of US$18 billion as soon as possible, by creating favourable conditions for products and services, including halal goods, to enter the consumer markets of both nations.

Source: Bernama

Malaysia eyes stronger economic ties with Vietnam in emerging industries – PM Anwar

Malaysia is on track to achieve the status of a developed and high-income country, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

His remarks followed the World Bank’s revision of Malaysia’s economic growth forecast for this year, reflecting stronger-than-expected household consumption, improved investment and trade performance.

“After nearly two years since the establishment of the Unity Government, we have witnessed substantial progress, particularly in economic growth.

“This success is driven by effective government policies, strengthened investment and trade, and the political stability we have fostered,” he said.

He noted the encouraging performance of the ringgit, which appreciated by 2.5% against the US dollar in July 2024, significantly outperforming the Singapore dollar, Thai baht and Indonesian rupiah, which recorded average increases of only 1%.

Ahmad Zahid made these comments during the Rural and Regional Development Ministry’s monthly assembly here on Wednesday.

He highlighted that approved investments surged to RM160 billion in the first half of this year, marking an 18% increase compared to the same period in 2023.

Additionally, trade value rose by 18.6% in August, the highest growth in 22 months.

The inflation rate decreased to 1.9%, and the unemployment rate stabilised at 3.3%, with 190,000 job opportunities created in the second quarter of this year.

“There are still many achievements [that] we can be proud of, as Malaysians.

“Bursa Malaysia has seen gains, trading values have soared, Bank Negara Malaysia’s reserves have increased, and diesel smuggling has been curbed, among other successes,” he added.

The World Bank Group announced on Tuesday (Oct 8) that it had raised Malaysia’s economic growth forecast to 4.9% for 2024, up from the 4.3% projected last April.

Its chief economist for Malaysia, Dr Apurva Sanghi, attributed the upward revision to both domestic and external factors, noting that the global economy performed better than expected in the past six months.

Source: Bernama

Malaysia poised for high-income status following World Bank revision of nation’s economic growth forecast

MALAYSIA’S economy, reliant as it is on exports, is heavily dependent on Foreign Direct Investments (FDIs).

Little wonder that the government is working very hard on making the country an attractive destination for such investments.

And it shows. In March, the Global Opportunity Index 2024 (GOI) report by the Milken Institute, an American think tank, ranked the country at number 27, even way ahead of China, which is perched at 39.

It is not easy for Malaysia to be among the leading FDI destinations in Asia, especially with economic giants like China and India in the continent.

According to a PwC report, there are more than 5,000 foreign companies from over 50 countries doing business in the country, an evidence that lends support to Milken Institute’s ranking.

But this doesn’t mean Malaysia can rest on its laurels.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz acknowledged as much, though not in those words, to news agency Bernama when commenting on the GOI report.

The recognition by the Milken Institute, he said, would spur the government to deliver better service to investors to make Malaysia a gateway to Asia.

On Monday in Vientiane, where he is attending the 44th and 45th Asean summits, Zafrul outlined three selling points for attracting FDIs into Asean: inclusivity, openness and sustainability.

By this he means trade with all and be friends with all, too. Asean must maintain its neutrality to boost regional investment, he told his peers gathered in the Laotian capital, in the face of geopolitical tensions that are tearing the world apart.

What works for Asean must work for Malaysia.

Geography has blessed us by placing Malaysia in a strategic location, with all 10 Asean member countries within reach by air, sea or road.

Nature has favoured us in more ways than one. Highly skilled workforce is a plus here, too.

But attracting FDI are all of these and more.

The more is about reducing “key pain points along the investors’ journey”, as Zafrul put it to Bernama in March.

This has become more crucial now that more and more countries are competing for the same investment dollars.

Malaysia has aggressive competitors and they are doing very well.

The World Competitiveness Ranking (WCR) by the International Institute for Management Development released in June ranks our neighbours better.

Malaysia ranked 34 out of 67 countries, earning itself a spot behind Thailand and Indonesia for the first time since the ranking began in 1997.

Interestingly, Singapore topped the table, beating Switzerland and Denmark in that order.

Analysts may take issue with the ranking giving much weight to the size of population and gross domestic product, but still the WCR is a good benchmark for identifying areas for improvement.

What is more, it is partly based on what business executives — investors in the final analysis — perceive Malaysia’s competitiveness to be.

This shows that there is still some work to be done in relieving investors’ pain points.

Improving FDI processes to assist investors must be given precedence for Malaysia to remain an attractive investment destination.

Source: Bernama

Boosting Malaysia’s FDI appeal

The World Bank says the Malaysian economy is in a “good place” with sustainable growth and believes that if the current per capita output can be sustained for the next three to four years, the country could achieve high-income status by 2028.

The World Bank’s lead economist for Malaysia, Dr Apurva Sanghi, said the local economy’s strong first half (1H24) growth beat expectations, leading the international multilateral lender to revise its real gross domestic product (GDP) growth projection up by 14% or 0.6 percentage point to 4.9% for the year from 3.7% in 2023.

“The Malaysian economy is in a rather good place. Growth is back. The second quarter (2Q) growth of 5.9% exceeded expectations. Inflation is less than 2%. It’s higher than in recent quarters, but still moderate.

“Investments are on an uptick. Year-on-year investment grew in 1H24, both in terms of approved foreign direct investment (FDI) and domestic direct investment (DDI). There’s been a turnaround in exports in both the electrical and electronics (E&E) and non-E&E sectors due to the global economic upcycle.

“The ringgit has become the best-performing currency in Asia and real median wage growth is strong,” he said at a media briefing yesterday.

The World Bank expects GDP to grow 4.5% in 2025 and 4.3% in 2026.

When looking at growth per capita in real terms, per capita output in Malaysia was outperforming many of its regional peers and was 12% higher than Covid-19 pandemic levels.

“This means that high-income status is within reach. Based on our assumption with the US dollar-ringgit rate of 4.54 and average growth rate of 4.3%, we expect Malaysia to reach high-income status by 2028.

“If the exchange rate stays at the current level of about 4.2, then the high-income goal reached would be a year earlier in 2027,” Apurva said, adding that high income is not the same as high development.

Apurva warned there’s always a risk of reversal in the income fortunes as witnessed in countries without the right policy support, such as Argentina and Russia.

Increasing political stability and a conducive policy environment, in particular, had been boosting confidence and mobilising investments, Apurva said.

However, he said that the bulk of FDI had been in manufacturing and the government may want to consider undertaking reforms to attract FDI into the upstream sectors such as services.

“In Malaysia, the holy grail is to improve productivity growth. Relaxing the restrictiveness in the upstream sectors can bring about even more FDI and quality investments and lead to productivity growth in downstream sectors,” he said.

DDIs’ were also crucial and would be supported by an initiative that will see six government-linked investment companies investing RM120bil over the next five years, which equalled some 6.6% of GDP.

Although quality DDI would be helpful, the World Bank warned that policy makers should remain vigilant against potential market distortions and inefficiency.

Apurva said the government’s plan to set up the Johor-Singapore Special Economic Zone (SEZ) should take into consideration global experiences and have harmonised customs, trade and labour regulations.

“Engaging the private sector early, supporting workforce training and building sustainable practices are really important success factors, which SEZ’s like the Panama SEZ and the Suzhou Industrial Park did well.

“It is also important to establish robust monitoring and evaluation systems right from the beginning,” he said.

The multilateral institution said a comprehensive fiscal strategy that enhanced the efficiency of government spending and increased revenue without adversely impacting the poor would be crucial for restoring fiscal space to sustainably finance the country’s longer-term spending needs.

Fiscal reform efforts must be complemented by effective policy communication to secure broad-based public support for reform.

Malaysia at present was not collecting enough revenue to meet its steady needs amid prospects of an ageing population, slowing productivity growth and climate challenges.

Age-related public expenditures are expected to increase by 0.8% of GDP to almost 1% of GDP yearly between now and 2030, and then an additional 0.5% of GDP every year.

“That’s a lot of money. Talking about climate challenges, for flood resilience alone, building adaptation measures would cost about 0.2% of GDP annually. To basically future-proof Malaysia’s public finances requires a proper assessment of the cost of these structural tensions,” Apurva said.

“Hence, the country needs to future-proof its public finances. Ultimately, it’s about raising revenues and subsidy rationalisation is a very good measure to support,” he added.

Another option is to improve governance and service delivery, Apurva said. “The goods and services tax would be an option to revisit, but will require engagement with the public as taxes are never popular with anyone.”

He advised subsidy rationalisation of RON95 petrol be done gradually with middle class buy-in, as this group will be impacted the most.

Source: The Star

Malaysia on track to hit high-income status

Asean must maintain its neutrality in the face of global geopolitical tensions to stimulate foreign investments in the region, said Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

He emphasised that the bloc’s inclusivity and openness should serve as key selling points to attract investments, while also stressing the importance of sustainability.

“We trade and maintain friendships with all European countries, the West, and BRICS nations such as China and Russia.

“At the same time, the global economy is facing challenges, with global gross domestic product growth appearing to be slower than expected,” he said during a meeting with the Malaysian media here yesterday.

Tengku Zafrul and his delegation arrived in Laos on Oct 6 to attend the 44th and 45th ASEAN Summits, as well as related meetings, which run from today until Oct 11.

He also participated in the 24th ASEAN Economic Community (AEC) Council Meeting yesterday.

Despite global economic and geopolitical uncertainties, Tengku Zafrul noted that ASEAN continues to attract significant investments, even as global foreign direct investments decline.

“We are bucking the trend, which is a positive sign. However, another issue is the possibility of tariffs being imposed to protect certain markets.

“This is why ASEAN must continue dialogues with other blocs, particularly through multilateral platforms like the World Trade Organisation,” he added.

Meanwhile, Tengku Zafrul said the AEC’s Strategic Plan for 2026-2030, currently being developed, is expected to be presented in May 2025 when Malaysia assumes the ASEAN Chairmanship.

He highlighted the plan’s significance in ensuring ASEAN’s economy continues to grow by 4.0-5.0 per cent by 2030, positioning it as the world’s fourth-largest economic bloc.

“Right now, we are the fifth-largest economic bloc, with a population of 680 million, nearly half of whom are under 30 years old.

“Therefore, we need to focus on the post-2025 agenda, strengthening ASEAN and showcasing our unique proposition as a bloc,” he said.

During the AEC Council Meeting, Tengku Zafrul also stressed the importance of increasing intra-ASEAN trade, which currently stands at just 23-24 per cent.

He urged ASEAN to prioritise micro, small, and medium enterprises, which make up around 89 -99 per cent of the region’s total companies.

Prime Minister Datuk Seri Anwar Ibrahim is expected to arrive later tonight to attend the summit.

Laos, the current ASEAN Chair, will officially hand over the chairmanship to Malaysia on Oct 11. 

Source: Bernama

Asean must remain neutral to boost regional investment – Tengku Zafrul

The East Coast Economic Region Development Council (ECERDC) has realised investments totalling RM10.2 billion in Pahang year-to-date, far exceeding its initial target of RM5.7 billion.

In a statement today, ECERDC said that 80 per cent of these investments came from the manufacturing sector, followed by oil and gas and the property sector, generating 3,342 job opportunities and fostering 158 entrepreneurial ventures.

Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail expressed the state’s commitment to enhancing its attractiveness to investors, acknowledging that ECERDC’s efforts have been instrumental in this progress.

“We are implementing proactive measures to streamline investment processes, enabling quicker approvals, and driving the growth of industries that benefit the people,” he said.

He also noted that the completion of the 29km interstate water supply project from Kemaman, Terengganu, to Gebeng, Pahang, will ensure a reliable water source for industrial growth, attracting more investments and enhancing business operations in Gebeng’s industrial parks.

“Looking ahead, the East Coast Rail Link, set to begin operations in 2027, will further enhance connectivity, positioning Gebeng as a beacon of economic development on the East Coast and establishing it as a major hub for future industrial growth,” he said.

Meanwhile, ECERDC chief executive officer Datuk Baidzawi Che Mat emphasised ECERDC’s commitment to intensifying its reskilling and upskilling programmes to ensure the local workforce is equipped with the technical skills required by industries.

These initiatives are crucial to enhancing employability, aligning with the needs of investors seeking skilled and adaptable talents, he noted.

“We believe that by empowering the local workforce with the right skills and knowledge, Pahang will become an even more attractive destination for investors, particularly in high-tech and advanced manufacturing sectors.

“The focus on upskilling and reskilling will contribute to the region’s long-term economic resilience and ensure that Pahang remains competitive on a global scale,” he added.

According to ECERDC, several key infrastructure and industrial projects are currently underway.

These include Phase 3 of the Malaysia-China Kuantan Industrial Park, scheduled for completion by July 10, 2025, which is expected to attract RM1.5 billion in investments by 2027.

The ECERDC is also currently overseeing the revitalisation of Pekan, the historic royal town, which includes restoring old buildings and their surroundings.

This project is set for completion by Nov 14, 2024, with tourism to Pekan expected to reach 400,000 visitors by 2025.

Meanwhile, the upgrading of Cherating’s Turtle Conservation Centre, expected to be completed by April 2025, aims to raise awareness about turtle conservation and attract 120,000 visitors to the complex by 2025, it added.

Source: Bernama

ECERDC Exceeds 2024 Investment Target With RM10.2 Bln Realised Investments In Pahang

Malaysia will explore cooperation opportunities on smart city and technology investment with China, said Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa.

She said the cooperation areas would be stated in her six-day official working visit to China starting today.

She said she and a team from the Federal Territories Department will be visiting three main cities in China, namely Hangzhou, Shanghai and Shenzhen.

“The visit to Hangzhou follows a series of collaborations through the Letter of Intent between Kuala Lumpur City Hall (DBKL) and the Hangzhou Municipal Government that was signed in April regarding the KL20 project.

“God willing, I am scheduled to meet with Mayor Yao Gaoyuan, the Mayor of Hangzhou in a lunch which will be hosted by him to discuss more in depth the areas of collaboration,“ she said in a post on her official Facebook page today.

In Shanghai, Zaliha said the visit would focus on the potential of ‘twin city’ cooperation between Putrajaya and Shanghai which had been presented to the Cabinet previously.

The delegation which also involved Putrajaya Corporation president Datuk Fadhlun Mak Ujud will exchange expertise related to the smart city concept since Shanghai is ahead in that aspect.

“Lastly in Shengzhen, our focus is more focused on cooperation with ‘prominent industry players’ in the field of technology such as Huawei,“ she said.

She said recently, Huawei has expressed its intention to invest in Labuan in smart city technology.

“Apart from Huawei, we will also discuss with other technology conglomerates such as Tencent, BYD and Baidu to find a collaboration space with them.

“It is hoped this visit will bear fruits and attract more potential companies to invest either in Kuala Lumpur, Putrajaya or Labuan,“ she said.

Source: Bernama

Malaysia to explore cooperation on smart city, technology investment with China – Zaliha

Malaysia will focus on strengthening economic cooperation in ASEAN and enhancing regional trade and investment at the 44th and 45th ASEAN Summit and Related Summits that will begin tomorrow in Laos.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who arrived in Vientiane late last night, said Malaysia will also prioritise finding solutions to regional challenges.

In a post on X, he said that both he and his team from the ministry’s team had held a pre-council meeting to ensure all key agendas were smoothly aligned.

The summit will be held at the National Convention Centre (NCC) in the Laotian capital from Oct 8-11.

More than 2,000 delegates are expected to attend the summit, including heads of state and government from ASEAN member countries, dialogue partners, and external partners, as well as representatives from regional and international organisations.

The ASEAN Foreign Ministers’ Meeting will officially kick off the summit on Oct 8, followed by the opening ceremony of the 44th and 45th ASEAN Summits and Related Summits on Oct 9.

Prime Minister Datuk Seri Anwar Ibrahim is expected to deliver Malaysia’s statement during the summit.

On Oct 11, Laos will officially hand over the ASEAN Chairmanship to Malaysia.

Source: Bernama

Malaysia to focus on strengthening economic cooperation, attracting investments in ASEAN Summit