Malaysia has successfully attracted potential foreign investments amounting to RM76.1 billion as of March this year, the result of the country’s successful trade and investment missions in Australia, Germany and France, said Prime Minister Datuk Seri Anwar Ibrahim.

He attributed the success to the collaborative efforts of several ministries and government agencies, such as the Ministry of Finance (MOF), the Ministry of Investment, Trade and Industry, the Ministry of Foreign Affairs, the Securities Commission and Bursa Malaysia.

Speaking at a gathering with the MOF’s staff here today, he said this was the result of the government’s efforts to ensure political stability, cooperation with civil servants, as well as its clear national goals and policies.

“Clarity in our economic policies is important and will help us and give us a new hope,” he said.

Anwar also highlighted the warm reception extended during his recent official visit to Germany.

“Germany boasts a robust economy, ranking as the third-largest globally. The warm reception we received as a small nation fills us with pride,“ he said.

Recently, it was reported that Malaysia had succeeded in attracting potential investments worth RM45.4 billion following the prime minister’s recent visit to Germany.

However, Anwar stressed that there is still ample room for improvement, including in terms of expediting project approvals.

“We must sustain such efforts, and if we can increase it, I think that in two or three years, Malaysia’s landscape will change,” he said.

Meanwhile, commenting on the growth figures and forecasts for this year, Anwar noted that Bank Negara Malaysia’s Economic and Monetary Review 2023 released yesterday was positive and reassuring.

“The foundation of Malaysia’s economy remains robust, and the economic outlook for 2024 is better than that of 2023 as we achieved a gross domestic product growth of 3.7 per cent despite facing various challenges and the global economic volatility.

“For this year, our economy is expected to strengthen further with growth forecasts of 4.0-5.0 per cent,“ he said.

Factors which would support the improvement in economic performance include the decrease in the unemployment rate, which fell to 3.3 per cent in January 2024, and the inflation rate which dropped to 1.6 per cent in the fourth quarter of 2023 (4Q 2023) from 2.0 per cent in 3Q 2023.

Export performance also showed signs of recovery in January this year with an increase of 8.7 per cent after declining for ten consecutive months (March to December 2023).

In addition to the positive macroeconomic figures, the prospects for national investment are also at a very promising level.

“Last year, we achieved approved investments totaling RM329.5 billion, the highest in the country’s history,“ added Anwar.

Source: Bernama

Malaysia attracts RM76.1 bln potential foreign investments as of March 2024 – PM Anwar

A total of 898 foreign investment projects valued at RM281.5 billion have been approved in the manufacturing and services sectors from 2022 to 2023, said Deputy Minister of Investment, Trade and Industry Liew Chin Tong (pix).

He said the approved foreign investment projects were expected to create 98,725 new job opportunities, of which 86,880 or 88 per cent would be for locals.

“For the manufacturing sector, 78,033 new jobs are expected to be created for locals.

“Five main subsectors with the highest new job opportunities for locals are the electrical and electronics (40,618 job opportunities), non-metallic mineral products (6,746), machinery and equipment (5,555), scientific and measuring equipment (3,791), and chemicals and chemical products (3,684),” he said during the question-and-answer session in the Dewan Rakyat today.

As for the services sector, Liew said 8,847 new job opportunities were expected to be created for locals, with the three main subsectors being support services (5,124), health-related services (1,407) and information and communication (1,022).

“Generally, investment projects take 18-24 months to be realised depending on the project scale and current economic situation.

“Based on Malaysian Investment Development Authority statistics and experience, usually 85 per cent of foreign investment projects would be realised in that timeframe,” he said.

He was responding to Datuk Larry Soon’s (PBM-Julau) query on the number of jobs that locals can benefit from by sector and industry as a result of foreign direct investment (FDI) inflow into the country for 2024.

Liew said that Malaysia currently possesses advantages such as good logistics, the skills and ecosystem, and a strong supply chain.

“This has given Malaysia an opportunity to capitalise on the tense geopolitical situation between the United States and China, and we could observe the effect last year and the year before when record-high foreign investments flowed into our country.

“We have the skills and the skilled workers. But many Malaysians are working in Singapore as gig workers. So the issue we have to resolve for creating more jobs or developing more skilled workers is to raise the salary levels in the manufacturing sector,” he added.

Liew said the global semiconductor industry needs new talent as it is experiencing a rapid shift or transformation.

“We need more people with expertise in semiconductors and artificial intelligence chips,” he added. 

Source: Bernama

Foreign investments worth RM281.5b approved in 2022-2023 to create 98,725 jobs

Malaysia and Hungary discussed efforts to strengthen ties particularly in trade and investment, agriculture, and cooperation in electro-mobility during a bilateral meeting today.

The Foreign Ministry (Wisma Putra) said Foreign Minister Datuk Seri Mohamad Hasan and Hungarian Foreign Affairs and Trade Minister Peter Szijjártó also spoke about Malaysia-European Union (EU) bilateral relations, Asean-EU Dialogue Relations, as well as regional and international issues of mutual interest during their meeting.

“The Foreign Ministers exchanged two Diplomatic Notes, namely the Bilateral Work Arrangement between both countries; and Cooperation between Malaysia’s Institute of Diplomatic and Foreign Relations (IDFR) and the Hungarian Diplomatic Academy (MDA),” it said in a statement.

Szijjártó, who is on one-day working visit to Malaysia, had earlier met Higher Education Minister Datuk Seri Zambry Abdul Kadir to strengthen cooperation in the higher education sector, including the ongoing Hungary’s Scholarship Programme — Stipendium Hungaricum.

Malaysia and Hungary have a longstanding and multi-faceted cooperation. Last year, the trade value between Malaysia and Hungary was RM3.08 billion (US$670 million), with exports amounting to RM2.38 billion (US$520 million) and imports valued at RM700 million (US$150 million).

Meanwhile, Szijjártó said increasing Hungarian agricultural exports and the fight against the world blockade were on the agenda for his visit in Malaysia.

In a his Facebook post, he added that Malaysia is the last stop on his visit to three most competitive countries in Southeast Asia, following Thailand and Singapore.

Source: Bernama

Malaysia, Hungary discuss efforts to enhance ties in bilateral meeting

Malaysia has secured potential investments worth RM46 billion and potential Malaysian exports valued at RM2.4 billion from its recent trade and investment mission to Germany and France.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who was leading the mission, said among notable companies engaged during the mission were X-Fab, Melexis, Infineon Technologies AG, Airbus Group, Schott Glass, BMW, Nexperia, B-Braun, Michelin, Institut de Soudure (IS) Groupe and Simaero.

He said these corporations shared their investment plans and interest in establishing strategic partnerships in Malaysia, which will contribute significantly to Malaysia’s economic landscape particularly in terms of technology transfer and creation of high-value jobs in the country.

In terms of export potential, Tengku Zafrul held discussions with Airbus Group, Deutsche Bahn, Safran, and X-Fab (France) to reinforce their ongoing interest in sourcing from Malaysia.

“These business interactions with German and French companies are part of our strategic engagement to update them on the implementation of the New Industrial Master Plan 2030 (NIMP 2030), our commitment to the speedy execution of projects as well as our business-friendly stance on expanding investments and trade.

“Our door is always open on hosting companies from Germany and France, two of Europe’s main drivers of economic growth and industrial powerhouse, which will pave a significant pathway towards reindustrialising our nation and revitalising our economy,” he said in a statement today.

He said these engagements were also aimed at enhancing Malaysia’s involvement in the global value chain, thus facilitating further integration into international markets.

“By fostering collaborative relationships with key players in France and Germany, Malaysia seeks to expand its footprint in global trade and solidify its position as a reliable and competitive partner in various industries,” he continued.

During the mission to France, a significant bilateral meeting took place between Tengku Zafrul and his French counterpart Franck Riester, the Minister Delegate for Foreign Trade, Economic Attractiveness, Francophonie, and French Nationals Abroad.

Both sides were engaged in a fruitful exchange of views and updates, aimed at further fortifying bilateral economic collaborations, said Investment, Trade and Industry Ministry (MITI) in the same statement.

Of particular focus were areas of mutual interest, including advancing energy transition initiatives, fostering the adoption of green economy practices, and exploring the potential to recommence negotiations for a free trade agreement with the European Union, it added.

The ministry said such discussions underscored the shared commitment to enhancing economic cooperation and leveraging opportunities for sustainable growth between Malaysia and France.

The mission, which started on March 11 and concluded yesterday, covered the cities of Berlin and Hamburg in Germany, as well as Paris, France.

The German leg of the mission was in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s official visit to Germany from March 11 to 15.

The mission’s delegation comprised of officials from MITI, the Malaysian Investment Development Authority and Malaysia External Trade Development Corporation.

These officials were engaged in high-level meetings with European companies in target sectors under the NIMP 2030 such as semiconductor, automotive, aerospace, railway, chemical, medical devices, as well as machinery and equipment.

Source: Bernama

Malaysia secures RM46 bln potential investments from trade and investment mission to Germany, France

The Northern Corridor Implementation Authority (NCIA), in collaboration with the Kedah state government, recorded RM11.6 billion in realised investments for the state in 2023.

In a statement today, NCIA, the development authority for the Northern Corridor Economic Region or NCER, said the realised investments have created over 3,400 job opportunities in 2023.

NCIA chief executive officer Mohamad Haris Kader Sultan attributed the success to close and continuous cooperation with stakeholders, including the federal government, the state government, and their agencies.

“The recorded investments comprised key sectors outlined in the NCER strategic development plan, namely manufacturing, agriculture, logistics, digital economy, and tourism.

“NCIA intends to leverage the strategic advantages of the NCER by collaborating with neighbouring countries such as Thailand via the Malaysia-Thailand Special Border Economic Zone (SBEZ) initiative,” he said.

Mohamad Haris said the cross-border advantages hold significant potential for attracting foreign investments and accelerating economic progress in the northern region.

Meanwhile, Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said the achieved value surpassed the initial target set by NCIA, which was RM8.8 billion.

This success served as an indicator of industry players’ confidence in Kedah’s future potential, he added.

Source: Bernama

NCIA, state govt realise RM11.6b in investments for Kedah in 2023, created over 3,400 job opportunities

The government will continue to encourage investments that benefit Malaysia without interfering in the geopolitics of any country, said Prime Minister Datuk Seri Anwar Ibrahim.

Although aware of the strained relations between two major powers, namely China and the United States, he said Malaysia is not interested in favouring either side.

“Only a few issues have been highlighted, such as the Palestine and China issues, because many Western countries are somewhat suspicious about why we seem to be aligning with China. My response is simple, we are a small country, we want to develop, and we prioritise the well-being of our people.

“The cumulative investment from the US is still number one and we have no problem with investors from the US, we welcome them warmly,“ he said when addressing the monthly assembly of the Prime Minister’s Department here today.

Malaysia also does not want to stir up issues with China and even though there may be slight differences in opinion, such matters are discussed amicably, he added.

“So when I’m asked about the issue of Chinaphobia or Sinophobia, my response is that there is no reason for hostility and being anti-anyone,“ he said.

Anwar added that although Malaysia may have differing opinions regarding the US stance on the Israel-Palestine conflict or the violence and injustices perpetrated by Zionist Israel on Palestinian land, particularly in Gaza, these issues are voiced clearly.

“It’s not that I choose to make harsh statements against others; I prefer to focus on correcting our country’s economy, and structure, as well as elevating our nation’s dignity.

“However, when innocent children, babies, women, and people are destroyed every day, when facing President Joe Biden, of course, I gather the strength to express my stance.

“I said I didn’t raise the issue of him recognising Israel, or supporting Israel; I said stop this oppression and killing immediately,“ he said.

Source: Bernama

Malaysia welcomes beneficial investments, not favour any country – PM Anwar

While geopolitical tensions between China and the United States and the European Union (EU) offer Malaysia opportunities to grow trade and investments, experts say consistent engagement with international partners is crucial to ensure such opportunities materialise.

Malaysia’s commitment to fostering strong international relationships and positioning the nation as a prime investment destination is exemplified by the Prime Minister Datuk Seri Anwar Ibrahim’s working trips to Australia and Germany recently.

Speaking with StarBiz, Asia-Pacific Economic Cooperation (Apec) secretariat executive director Tan Sri Rebecca Fatima Sta Maria highlighted the importance of maintaining consistent business and international relationships.

She said regular engagement in international relations and diplomacy helps foster strong partnerships.

“You must set the tone at the highest level about Malaysia’s openness for business and interest in foreign investment. So, there is absolutely no problem with the Prime Minister going on his various trip missions,” the former International Trade and Industry secretary-general told StarBiz.

In the backdrop of China-US and EU-China trade tensions, Malaysian Institute of Economic Research head of research Shankaran Nambiar said the geopolitical tensions presented greater-than-normal opportunity for countries like Malaysia as investors and companies seek alternatives to China.

“The ‘anything but China’ policy will encourage countries with investments in China to relocate to Malaysia. Even Chinese companies will want to be based in Malaysia,” he added.

Despite recognising the possibility for Malaysia to do better, Sta Maria said the government must work hard to keep Malaysia competitive at the global stage.

She stressed on the importance of having a presence and engaging with international business communities and policymakers to foster political and economic relationships.“It is important to be seen being on the ground, to get a feel about what perceptions businesses have towards Malaysia. It is important to have those interactions,” she noted.

With Malaysia set to chair Asean next year, Sta Maria expects the prospects for trade and investment to improve.

Commenting on the positives, Nambiar pointed out Malaysia’s stable political environment and abundant supply of educated and skilled workers.

“We also offer a good investment ecosystem, strong investment facilitation and we have agencies such as Malaysian Investment Development Authority that have a long tradition of being investor-friendly. Besides, our economic fundamentals are solid,” he noted.

For example in the electronics and electrical sector, he said Malaysia enjoys a competitive edge, boasting top-notch supporting services and networks in the region.

He said such advantages position Malaysia well for leveraging opportunities in the global market.

When asked if Malaysia needs a free trade agreement (FTA) or other deals with the EU or other economies to gain a competitive edge against its rivals, Nambiar said the country has attempted to sign an FTA with the EU multiple times, but failed.

Instead of engaging in long talks of FTA with the EU, he suggested turning the focus to attracting investments from them.

“Rather than engage in long, costly negotiations with the EU, as a quick fix, we should direct our attention to attracting investments from the EU.

“At a firm-level that would give us quick results. An FTA with the EU should be on the radar,” he added.

On the impact of a potential Donald Trump’s second presidency term, Nambiar suggested it might escalate trade tensions with China, potentially redirecting investments intended for China to Malaysia.

“Trump’s attempt to make America great again will make Malaysia a tiger, since investments that are destined for China could find their way to Malaysia,” he said.

Consequently, he said Trump’s policies could inadvertently bolster Malaysia’s as an investment destination.

In contrast, Sta Maria emphasised the importance of maintaining business relationships regardless of the outcome of the November US presidential election.

“Regardless of who is in the White House, maintaining the economic relationship is important,” she noted.

In a recent survey conducted by Nomura Research, about 40.7% of respondents perceive a Trump second term (2.0) will have a positive impact on Asian economies, compared with his first term.

The survey findings, which received around 60 responses, noted that 33.9% of respondents expect Trump 2.0 to have a similar negative impact as his first term, while only 25.4% anticipate it to be worse than before.

Nomura Research said the findings were intriguing as the respondents suggested that although a second Trump presidency was viewed negatively for Asia overall, a majority expected it to be less detrimental than his first term.

“Our interpretation is that investors believe Trump 2.0 will be less of a shock factor (compared to Trump 1.0), given greater familiarity with his policies. We broadly agree,” the Japanese investment bank noted.

Unlike Trump’s first presidential term, Nomura Research said Asia is more prepared this time.

It added firms and investors have become well attuned to the ongoing trends of US-China decoupling and shifts in global supply chains, and now know how to navigate the situation better.

Source: The Star

Important to maintain international business ties

Selangor government has unveiled plans designed to help businesses, especially those from abroad, establish or expand their operations in the state.

State investment, trade and mobility committee chairman Ng Sze Han said the pilot Selangor Soft Landing (SSL) initiative emerged after considering feedback from last year’s Selangor International Business Summit events.

Ng added that it was important for the state to make things easier for potential investors.

He said the initiative, orchestrated by Invest Selangor Bhd in collaboration with strategic partners, would offer unparalleled support to potential investors seeking to establish or expand their business operations in Selangor.

“SSL is designed to enhance Selangor’s investment appeal and operate with a modest budget of less than RM50,000, while aiming to significantly contribute towards Invest Selangor’s ambitious goal of securing RM50bil in investments for the state this year.

“The objectives of SSL are to provide a holistic platform and support for new and potential investors, optimise their feasibility costs and assist in accelerating the execution of their projects,” Ng said.

Investors eligible for the programme must be first-time investors in Selangor, focusing on one of seven targeted clusters: electronics and electrical, food and beverage, life sciences, transport equipment, machinery and equipment, logistic services, and digital investment.

The initiative not only caters to the pre-investment phase but also supports investors in the post-investment phase requiring a signed sales and purchase agreement or tenancy agreement within Selangor.

Ng said those who qualified for the programme would receive support and access to business ecosystems, complimentary co-working or office spaces, special rates for talent search and support as well as corporate-rate accommodation, during both the pre-investment and post-investment phases.

“This initiative underscores Selangor’s commitment to fostering a conducive investment environment, reinforcing its position as a leading economic hub in Malaysia and South-East Asia,” he added.

The SSL programme is supported by an array of government agencies and private entities, including the Malaysian Investment Development Authority, Invest Selangor, Cyberview Sdn Bhd and Selangor Information Technology and Digital Economy Corporation, and various hotels offering special corporate rates.

The programme will run until Dec 31 on a first-come, first-served basis.

For details, interested investors are encouraged to reach out to Invest Selangor via its official website or email.

Source: The Star

Incentives set to draw investors

The revival of the proposed Malaysia-European Union (EU) Free Trade Agreement (FTA) could boost investments and opportunities for Malaysian businesses, say experts.

Former deputy international trade and industry minister Ong Kian Ming said it was the right time to revive the Malaysia-EU FTA as it would allow the country to be on a par with regional competitors.

“Vietnam has signed an FTA with the EU and Indonesia is negotiating an FTA with the EU,” he told the New Straits Times.

He said this was important given the many opportunities and challenges to attract more foreign direct investments (FDI) into Malaysia.

He was commenting on Prime Minister Datuk Seri Anwar Ibrahim’s call for the restart of talks on the long-stalled Malay-sia-EU FTA.

Anwar said the FTA would allow Europe to capitalise on Malaysia as a gateway to Asia and leverage the country’s open market policies.

Ong said an FTA with the EU would allow Malaysia to have more “substantiative” negotiations in “challenging” areas, including the palm oil sector.

A number of sectors would benefit from an FTA, including in high-end electrical and electronics, palm oil, automotive and electric vehicles, logistics and financial services, he said.

“The restart of the Malaysia-EU FTA talks would provide a boost of confidence to those who have invested in Malaysia and to those who are interested in investing in Malaysia.”

Irish chamber of commerce Malaysia chairman Donal Crotty described Anwar’s push as “excellent” as the EU had been pushing for a restart of talks, which ended in 2012.

He said an FTA with the EU would boost Malaysia’s credibility and reputation as an FDI partner.

“Europe is the second largest collective economy in the world making up 29.8 per cent of global gross domestic product, and is thus a massive market opportunity for Malaysian products.”

Trade between Malaysia and EU stands at about €50.3 billion up to 2022.

“Economic results of FTAs over the past 30 years suggest a mean increase of trade of 4.5 per cent per annum.”

He said the FTA would be good in the context of environment, social and governance (ESG) in trade and foreign relations.

“The EU is a primary influencer where ESG regulations are concerned,” he said, adding that this aligned with Malaysia’s own ESG aspirations.

“This alignment may enable a significant advantage as part of any FTA agreement.”

Centre for Market Education chief executive officer Dr Carmelo Ferlito also said the time was right for a Malaysia-EU FTA.

“Given the weaker economic scenario in China and geopolitical tensions in the region, Malaysia can serve as a gateway for businesses in Southeast Asia.

“Obviously, this needs to be paired with the right set of business-friendly regulations in place,” he said, adding that this included issues related to finance, labour, licensing and immigration.

Source: NST

‘FTA with EU will put Malaysia on a par with neighbours’

Malaysia has generated new investment interest with a potential value of RM45.4 billion following Prime Minister Datuk Seri Anwar Ibrahim’s visit to Germany which ended on Friday.

Anwar said investors from Germany and other European countries have confidence in Malaysia due to its political stability, clear policies and the efficiency of the government machinery in the project approval process.

“Incentives (offered) are almost similar to those of neighbouring countries. But what they find attractive appear to be our political stability, clear policies and willingness to work as a team in expediting the approval process of projects,” he told a press conference at the end of his six-day visit to Berlin and Hamburg.

Anwar, who is also the Finance Minister, said Malaysia’s policies related to energy transition also helped to attract new investments.

“Our emphasis on, for example, green policies, energy transition and energy renewal, and hydrogen and solar research makes them interested in investing in Malaysia,” he said.

While in Berlin, Anwar had a bilateral meeting with his counterpart Chancellor Olaf Scholz and German Vice Chancellor and Economy and Climate Action Minister Robert Habeck. He also paid a courtesy call on German President Frank-Walter Steinmeier.

Anwar also said Malaysia’s pragmatic foreign policy, including good relations with the United States, Europe, China, Japan and South Korea, also helped in attracting investments.

“This is very helpful in view of the United States-China tension. They seem to think Malaysia may be an investment destination that can reduce the issue of tension between the two countries,” he added.

Anwar said he met 38 captains of industry from Germany, Belgium, France and the Netherlands who gave their commitments to either make new investments or expand their investments in Malaysia.

Among the top companies that he met in Berlin and Hamburg were X-Fab Silicon Foundries, Melexis, Infineon Technology, Schott AG, Siemens Energy, Nexperia and Airbus.

According to Anwar, X-Fab will make a large investment in Sarawak while Infineon, which has been established in Malaysia for five decades, will add a further investment of five million euros (1 euro = RM5.13).

“We were able to achieve all this due to the good relations with German leaders. Although there are differences of opinion on certain issues such as Gaza, our relations are very good from the diplomatic and economic points of view. International coverage from the Financial Times and the New York Times, which consider Malaysia a global centre in electronics and semiconductors development, also assisted in our efforts,” he said.

Anwar also noted that aerospace corporation Airbus is prepared to buy products and services worth RM1.4 billion in the next five years, he said.

On the European Union Deforestation Regulation which affects palm oil exports into Europe, Anwar said European criticism of deforestation is off the mark.

“(The critics) have not kept abreast of the latest developments. Currently, there is no widespread deforestation like there used to be. After I explained to them the current situation, they seemed to have a more positive attitude,” he said.

There are over 700 German companies based in Malaysia with nearly US$15 billion (RM70.24 billion) in investments.

Bilateral trade between the two countries was valued at RM63.5 billion in 2023, with a 1.8 per cent rise in exports to RM30.56 billion from RM30.03 billion in 2022.

A total of 486 projects involving German companies worth RM45.69 billion (US$12.08 billion) were implemented in 2023, creating 49,591 job opportunities.

Source: Bernama

PM: Political stability, transparent policies attract foreign investors

Johor Menteri Besar Datuk Onn Hafiz Ghazi announced a remarkable achievement under the state government’s administration: attracting investments totalling RM113.7 billion and creating 35,000 job opportunities within a span of two years, alongside a range of other accomplishments.

He highlighted that this accomplishment has also positioned the state under his leadership as the nation’s foremost importer and exporter.

During this period, his administration allocated a total of RM438.6 million in various aids to assist those in need, benefiting 2,647 individuals classified as hardcore poor, he added.

“The Johor Royal Family has also assisted the people of Johor, including distributing 20,000 bags of rice, food boxes, smart TVs, and smart boards to 20 selected schools, cancer patients, and disaster victims,” he said in a video uploaded on his Facebook page yesterday, marking his two years as Menteri Besar.

He noted that the state government upgraded tourist attractions such as the Royal Museum of Sultan Abu Bakar, Johor Zoo, six National Parks, Rimba Eco Park, Gunung Berlumut, hiking facilities at Gunung Lambak in Kluang, and public amenities on Pulau Besar Mersing.

Onn Hafiz mentioned that his administration upgraded 444 kilometres of roads, including Jaln Pasir Gudang, Jalan Mersing-Kota Tinggi, and Jalan Muar-Labis.

He said traffic flow improvements were implemented at the Sultan Iskandar Building, the Customs, Immigration, and Quarantine Complex, and the Sultan Abu Bakar Complex, in collaboration with the Ministry of Home Affairs by activating contra lanes for cars and pedestrians.

He stated that six sick projects and one stalled project have been completed, involving a total of 1,073 housing units valued at RM260 million, in addition to 4,278 units of Johor Affordable Housing (RMMJ) with RM1,000 RMMJ vouchers distributed to 2,000 recipients.

“A total of 13 People’s Housing Projects (PPR) and seven Government Rental Houses (RSK) have been repaired, 50 units of houses for e-kasih groups in 10 districts were provided, and the Johor State Housing System has been upgraded,” he said.

Onn Hafiz went on to list the implementation of several youth-oriented initiatives encompassing leadership, education, and sports.

This included the expansion of the Southern Volunteers to 667 Village Security and Development Committees (JPKK) and the provision of the Johor Education Loan Scheme benefiting 1,773 students.

“A total of 5,600 students received assistance from the Registration Assistance Scheme, 2,000 recipients received aid from the Johor Skills Training Fund, RM700,000 was allocated to 25 Johor institute of higher education student associations, and scholarships were awarded under the Kenangan Dato’ Onn Scholarship.

“Additionally, 400 students were enrolled in the Sijil Pelajaran Malaysia tuition programme, the “Tabung Pendidikan Sarjana Permodalan Darul Ta’zim”, and the Reading Lab programmes,” he said.

The state government, he added, has produced 450 Johor Student Ambassadors and established the Onn Leadership Accelerator programme and the Johor Youth Council.

He stated that the state government had organised numerous other programmes, including the weekly Semarak Subuh programme in all 56 state constituencies, as well as internationally acclaimed events such as the Asia Pacific Climate Week, Johor Smart City Forum, and Johor International Youth Conference, which were attended by 700 Johor youths.

Source: Bernama

Johor MB highlights RM113.7b investment, range of accomplishments marking two-year administration

Prime Minister Datuk Seri Anwar Ibrahim said his six-day visit to Germany has achieved its objective of not only strengthening the solid ties between the two countries, but also boosted trade and investment opportunities for Malaysia.

He said what was key were his lengthy discussions with German Chancellor Olaf Scholz, Vice Chancellor Robert Habeck and President Frank-Walter Steinmeier, which had touched on cooperation in investment, tourism, education as well as diplomatic issues including Gaza and Ukraine.

On investments, Anwar said Malaysia has secured new potential investment commitments totaling RM45.4 billion following meetings with 38 major companies.

The main investments, he said, would come from seven European companies which are based in Germany.

“Projects under X-Fab, Melexis and Schott Glass, which were approved in 2023 with a total investment value of RM4.45 billion, are expected to generate some 1,000 job opportunities,” he told the Malaysian media at the end of his six-day official visit to Germany today.

He said Infineon Technologies AG, Germany’s largest semiconductor manufacturer, has agreed to invest 5 billion euros in Malaysia while X-Fab will begin investing significantly in Sarawak.

He also noted that over the past week, reports from the Financial Times and New York Times has placed Malaysia as a major regional hub for the development of the semiconductor industry.

He said the visit to Germany also successfully secured an additional RM1.4 billion in potential sales of Malaysia’s export of products and services to Germany in the aerospace sector over the next 5 years to Airbus.

“Airbus, which already has a presence in Malaysia, has agreed to increase their investment in the country, with a focus on Negri Sembilan and Subang, Selangor,” he said.

The prime minister said he also met with top executives of Dutch semiconductor company Nexperia BV, including its chief executive officer Xuezheng Zhang.

Nexperia, he said, has expressed an readiness to make Malaysia their main investment destination.

Anwar said what made Malaysia an enticing investment destination for these companies were political stability and clear policies.

“Our green policies, including energy transition and renewable energy, our research in hydrogen and solar, these are among the factors which drew their attention to come and invest in Malaysia,” he said.

The prime minister said Malaysia’s participation in the SME Future Day in Berlin was also an eye-opener for German SMEs as the level of coverage accorded to the event in Malaysia was significant.

Anwar had delivered a keynote address at the event.

During his visit, the prime minister held a roundtable meeting with German captains of industry as well as private meetings with senior management of selected companies.

They included representatives from Schott AG; Siemens AG; B. Braun; X-Fab Silicon Foundries, Melexis, Volkswagen; Oldenburger Interior; PCC SE; Oryx Stainless; Fresenius; DELO Industries Klebstoffe; Airbus Asia Pacific as well as Airbus Malaysia; Infineon Technology, DHL; Bayer AG and others.

Germany has been Malaysia’s largest trading partner among European Union members since 2000, while Malaysia is Germany’s biggest trading partner in Asean.

In 2023, Malaysia’s total trade with Germany rose by 5.9 per cent to RM63.45 billion (US$13.90 billion) compared to RM59.87 billion (US$13.62 billion) in 2022.

Meanwhile, on world issues, Anwar said while Malaysia and Germany may share different viewpoints on the situation in Gaza, both nevertheless agree that a peaceful and humanitarian solution are imperative.

Anwar said he has extended invitations to Schulz and Habeck to visit Malaysia this year.

Source: NST

PM: Germany visit achieved both bilateral and investment objectives

The Northern Corridor Implementation Authority (NCIA), in collaboration with the Penang government, has facilitated a significant investment of RM13.67 billion in Penang last year, resulting in the creation of over 14,000 job opportunities.555500:10/01:59

Chief Minister Chow Kon Yeow commended NCIA for its role in attracting such substantial investments, which he attributed to investors’ confidence in Penang’s long-term prospects and the Northern Corridor Economic Region (NCER) as a whole.

Chow expressed appreciation for NCIA’s efforts to enhance Penang’s appeal to investors, particularly in areas such as technology development and skilled talent, beyond the traditional sectors of Electrical and Electronics (E&E) and Machinery and Equipment (M&E).

He highlighted the NCER Technology Innovation Center (NTIC) as an example of a program aimed at bolstering the industrial ecosystem, fostering innovative activities, research and development (R&D), and enhancing the value chain for small and medium enterprises (SMEs).

“(These initiatives) will further establish Penang as a hub for technology and innovation in the region.”

Chow made these remarks at an appreciation ceremony for companies involved in the Center of Excellence (CoE) Programme under NTIC, following a meeting of the Penang state steering committee.

He attributed Penang’s remarkable investment inflow of RM71.9 billion in 2023, the highest in Malaysia, to the state’s clear, investor-friendly, and competitive economic policies at the regional level.

“Undoubtedly, this extraordinary growth was driven by foreign direct investment (FDI) which accounted for RM61.7 billion or 85.81 per cent of Penang’s manufacturing investment inflow in the period in question.”

NCIA chief executive Mohamad Haris Kader Sultan credited the RM13.67 billion investment success to close cooperation with stakeholders, including the federal and state governments, as well as state government agencies.

He noted that investments covered focus sectors outlined in the NCER Strategic Development Plan, such as manufacturing, agribusiness, logistics, digital economy, and tourism.

Haris also highlighted the positive impact of the NCER’s talent development program, which has benefited over 4,955 micro, small, and medium enterprises (MSMEs) and created more than 16,100 job opportunities in Penang.

During the NTIC program’s certificate presentation ceremony, five companies were appointed as CoE providers for NTIC, focusing on supporting local SMEs under the NTIC CoE User programme.

“So far, there are eight SME companies in Penang that have registered for the NTIC CoE User programme.

“Twelve NTIC CoE providers from Penang have been appointed since the launch in May 2023 with a total of RM73.67 million investment recorded,” he added.

NTIC, an initiative focusing on research, design, technology, innovation, and commercialization, serves as a primary platform to attract technology-related businesses to NCER, particularly in Penang, through collaboration between local SMEs, multinational companies, and academia.

Source: NST

Penang’s economic triumph: RM13.67 billion investment, 14,000 jobs created in 2023

Deputy Premier Datuk Amar Awang Tengah Ali Hasan yesterday met several potential investors in Singapore to explore investment opportunities in Sarawak.

Among them was Kuok Group, represented by Kuok Meng Wei, to discuss the potential of the company investing in green and renewable energy projects in the state.

Kuok is also the chief executive officer and managing director of K2 Strategies.

“The Deputy Premier welcomes the interest (of investment) from the company as it is in line with the Post Covid-19 Development Strategy 2030,” said a press release issued following the visit in Singapore yesterday.

Another press release said Awang Tengah, who is Minister for International Trade, Industry and Investment, also took time to discuss with investors from UOB Group, Eastspring Investments, Two Family Office and Chemsain to explore investment opportunities in Sarawak, especially in the renewable energy as well as green and digital economy projects.

Among those present were Sarawak Timber Industry Development Corporation general manager Zainal Abidin Abdullah and advisor Datu Hashim Bojet, InvestSarawak chief executive officer Timothy Ong and Pusaka Capital Sdn Bhd chief executive officer Mohamad Nor Topek Julaihi. 

Source; Borneo Post

Sarawak deputy premier meets several potential investors in Singapore

Malaysia has begun exploring the possibility of restarting discussions on the Malaysia-European Union Free Trade Agreement (MEUFTA), which has been stalled since 2012.

The MEUFTA was among the issues discussed between Prime Minister Datuk Seri Anwar Ibrahim and German vice-chancellor Robert Habeck, who is also Germany’s federal minister for economic affairs and climate action.

Their meeting was held on the sidelines of the annual SME Day, – also known as the Mittelstand – at STATION Berlin here today.

Anwar said they were hoping for a positive outcome of the scoping exercise between technical experts of both sides.

“We hope to move forward on MEUFTA soon and for both sides to start discussions,” he said.

Negotiations on the MEUFTA were formally launched on Oct 5, 2010, with eight rounds of negotiations between Dec 2010 and Sept 2012.

However, the negotiations reached an impasse in 2012 as both sides had had exhausted their negotiating options at that time.

It was subsequently agreed that negotiations will resume when a fresh mandate and/or flexibilities become available to both sides.

Germany is Malaysia’s largest trading partner within the European Union, with a trade value of almost US$14 billion.

Total investments in manufacturing projects meanwhile totalled US$14 billion, involving companies such as Infineon, B. Braun, Osram and Bosch, creating over 70,000 jobs.

Anwar is on a six-day visit to Germany, his first since becoming prime minister. He had engagements with various companies and captains of industry from all over Germany, which have already resulted in new investments pledges amounting to 868 million Euros (RM4.45 billion).

Meanwhile, Anwar, in his talk with Habeck, also expressed concern that EU policies on climate change including its Deforestation Regulation may serve as a form of non-tariff trade measure.

The prime minister urged Germany to adopt a more inclusive and fair approach.

On March 6, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said the World Trade Organisation (WTO) panel had issued its final report and concluded that the European Delegated Act that restricted palm oil biofuels, was deemed discriminatory towards the country’s palm oil biofuel.

The dispute dates to 2018 when the EU issued regulations on the minimum amount of renewable fuels that member countries must use in their transport sectors.

The EU stipulated that the use of biofuels for which forests had been cleared for planting could not be used to achieve this target. This primarily concerned oil palm crops.

Malaysia, which has a major palm oil production industry, had defended that the measures violated fair trade practices and launched a lawsuit against the WTO in 2021.

Anwar said he also expressed to Habeck Malaysia’s interest in joining the Climate Club, a 38-member intergovernmental forum for exchange on industry decarbonisation.

Malaysia, he said, also welcomed Germany’s support in capacity-building, technology transfer and financial assistance.

On capacity building and skills enhancement, Anwar proposed a collaboration to boost skills of Micro, Small and Medium Enterprises (MSME) via joint trainings, workshops, mentorship programmes.

Source: NST

Malaysia exploring possibility of restarting discussions on Malaysia-EU FTA

Malaysia today made an open invitation to German firms, as well as businesses across Europe, to engage, invest, and partner with a dynamic, strategic and growing Malaysia.

In making the call, Prime Minister Datuk Seri Anwar Ibrahim said Malaysia has a skilled labour force, modern infrastructure, a clear regulatory environment, and huge growth potential.

“We are a dynamic economic fit for the 21st century and the perfect partner for German businesses,” he said in his keynote address at the SME Day here.

Held at the Berlin Station and organised by the German Association for Small and Medium-sized Businesses (BVMW), it brings together about 5,000 SMEs with prominent government and corporate figures.

Anwar, who is on a six-day official visit to the third largest economy in the world, said Malaysia also provides Germany with a strategic gateway into the wider Asean market. “Asean is set to emerge as the world’s fifth-largest economy by 2030. The region is primed for exponential growth,” he added.

Over the past decade, Germany has remained Malaysia’s top trading partner in the European Union, while Malaysia is now the country’s largest trading partner in Southeast Asia.

Bilateral trade has grown by leaps and bounds, at an annual average of 5.2 per cent. Malaysia continues to be an attractive destination for FDIs with German companies investing €8.5 billion (RM43.6 billion) as of 2023.

Anwar, who is also the finance minister, said foreign investors can benefit from various efforts taken by the government to ease the doing of business, build confidence in the Malaysian system, and ultimately, ensure long-term stability in the country.

SMEs and the digital economy During meetings with German businesses and investors, Anwar told them Malaysia is also a gateway to the Halal ecosystem and the digital economy. He told them as Germany aims to penetrate halal markets, Malaysia, a leader in the multibillion-dollar industry, stands as an ideal partner, offering expertise, infrastructure, and a robust halal regulatory framework.

In his speech today, the prime minister also said that both countries and their economies are built on a common foundation, which is small and medium enterprises (SMEs), although Germany’s SME sector is huge.

Anwar said Germany is a source of inspiration as it emerged strongly and confidently despite its cities being destroyed after World War Two.

He noted that more than 700 German companies are operating in Malaysia, including giants such as Siemens, Infineon, and Volkswagen. He added that German firms can work together with Malaysia to develop renewal energy.

The prime minister also took the opportunity to promote Malaysia as a tourism hub, saying that the country is rich with forests and beaches that can be visited throughout the year.

While encouraging SMEs to embrace green initiatives, including ESG practices, he said the Malaysian government is also doubling down on the digital economy, with a strong focus on promoting digital technologies to SMEs to drive export growth.

Six Malaysian companies are participating in the exhibition here through the Ministry of Entrepreneur and Cooperatives Development (MECD).

Source: Bernama

PM Anwar invites German, European firms to invest in Malaysia

Negri Sembilan should be able to match the RM10.1bil in investments it secured last year in 2024, says Datuk Seri Aminuddin Harun.

The state Mentri Besar said his administration had already received queries on potential investments, but he was not yet at liberty to divulge them.

“We have also received many queries from potential investors through Invest NS and are confident we can secure at least RM10bil,” the Port Dickson MP told reporters after chairing the state exco meeting at Wisma Negri on Wednesday (March 13).

He said potential investors could get all the necessary information from Invest NS.

“We will also provide them with technical support and speedy approvals and ensure that all processes are completed quickly and efficiently,” he said.

Invest NS is a state government investment arm entrusted with promoting investment opportunities in Negri.

Last week, Aminuddin said the state government had achieved its 2023 investment target by securing 189 approved projects with a total investment of RM10.1bil, a record achievement.

He said the RM8.9bil secured in 2022 was 13% more than the investments approved by the Malaysian Investment Development Authority for 2023.

Of the total, domestic investments made up RM4.1bil while foreign investments amounted to RM6.0bil.

The manufacturing sector is the largest contributor with RM7.6bil, followed by the services sector at RM2.5bil.

Source: The Star

Negri will attract at least RM10bil investments in 2024, says MB

Malaysia has received impressive support and recognition from Germany’s leaders and captains of industry with potential investments worth RM45.4 billion.

“We have registered a very impressive support and commitment for Malaysia, not only among political leaders but also from the businesses,” Prime Minister Datuk Seri Anwar Ibrahim said.

On Monday, Anwar held a meeting with his German counterpart, Chancellor Olaf Scholz.

The two leaders discussed the progress of Malaysia-Germany relations, particularly economic cooperation, education, environment, export of palm oil and sustainability.

They also exchanged views on the humanitarian crisis in Palestine and other global issues of mutual interest. “And the exchanges have been very frank, very fruitful and wide-ranging,” he said at a dinner event with the Malaysian diaspora here on Tuesday. 

He highlighted that the Malaysian delegation received impressive support from Germany’s captains of industry. “I was told by Tengku [Datuk Seri] Zafrul [Aziz]) that it is rare to have an impressive array of CEOs, industry captains in large [numbers] coming to meet us, some were in a group and some [came as] individuals; these exchanges have been extremely useful to us,” said the prime minister.

Potential investment of RM45.4 billion, political stability vital

Malaysia, Anwar said, has drawn potential investments of RM45.4 billion during his visit here. The potential investments are from various industries such as semiconductors, aerospace, medical devices, chemicals, and services.

All these are possible due to the political stability that Malaysia has, Anwar noted, adding that political stability is important to investors.

“People must have confidence that we are staying for years. Political stability is very important for the government to bring the right policy to enable Malaysia to bring in more investments,” said the prime minister.

Earlier on Tuesday, more than 35 captains of industry and businesses joined a roundtable meeting with Anwar, who is also the finance minister.

Among those who attended the meeting were the group chief executive officer (CEO) of Siemens AG Roland Busch, CEO of B. Braun GmbH Anna Braun, and the CEO of Melexis, Marc Biron.

Also present were the president of Airbus Asia Pacific, Anand Stanley, the managing director of Volkswagen Group Malaysia, Susanne Lehmann, and Infineon Technologies AG COO Rutger Wijburg.

Representatives from the German Chamber of Commerce, the Malaysia-German Chamber of Commerce, and the German Association for Small and Medium-sized Enterprises (BVMW) were also present.

Also present during the meeting were Foreign Minister Datuk Seri Mohamad Hasan and Investment, Trade and Industry Minister Tengku Zafrul Tengku Abdul Aziz, Malaysian Investment Development Authority (Mida) CEO Datuk Wira Arham Abdul Rahman and Malaysia External Trade Development Corporation (Matrade) CEO Datuk Mohd Mustafa Abdul Aziz.

There are over 700 German companies based in Malaysia, with the creation of 65,000 jobs.

Germany has been Malaysia’s largest trading partner among European Union member countries since 2000, while Malaysia is the largest trading partner for Germany among Asean member states. 

In 2023, Malaysia’s total trade with Germany increased by 5.9% to RM63.45 billion (US$13.9 billion) compared to RM59.87 billion (US$13.62 billion) in 2022.

Source: Bernama

Malaysia receives impressive support, recognition in Germany — Anwar

Prime Minister Datuk Seri Anwar Ibrahim said renewed investor confidence in Malaysia can be attributed to its political stability.

He said the exchanges he had with captains of industry in Germany, which has so far generated potential investment interest beyond RM44 billion, have been fruitful.

“We have had impressive support, from the politics leaders such as the German Chancellor (Olaf Scholz), and the exchanges have been frank, fruitful and wide ranging.

“Support from the captains of industry have been really good. We’ve recorded potential investment interest exceeding RM44 billion and these exchanges have been useful for us,” he said during a get together with the Malaysian diaspora in Germany here today.

Political stability, he said, was important.

“People must be confident that we are staying for years to come. It’s also important that we have clarity in our policies,” he said.

Anwar said Malaysia has “lost some time” due to the political instability but has since regained its footing to improve the economy.

“We’ve lost some time but have regained our footing. Only this way can we raise country’s dignity and improve the livelihood of all Malaysians,” Anwar told a crowd of more than 300 people.

He was accompanied by International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Foreign Minister Datuk Seri Mohamad Hasan, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.

Also present was Malaysian ambassador to Germany, Datin Paduka Dr Adina Kamarudin.

Anwar had earlier in the day held a roundtable meeting with German captains of industry. He also held private meetings with senior management of selected companies as part of his six-day visit to Germany.

Source: NST

PM: Political stability key to spurring investor confidence

IN response to global demand for green energy and desire to attain higher levels of economic growth, the Sarawak Economic Development Corporation (SEDC) is shifting its development focus from services and infrastructure to sophisticated, high-value manufacturing sectors powered by renewable energy.

This transition is among the steps being taken to ensure that low-carbon and resource-efficient manufacturing contributes to 30% of Sarawak’s gross domestic product (GDP) by 2030, SEDC chairman Tan Sri Datuk Amar Abdul Aziz Husain tells The Edge in a recent interview.

“The goal is to propel the manufacturing sector up the value chain to be able to create high-value products and generate opportunities for higher incomes.

“The state wants to be [like a] developed nation by 2030, to double our GDP by then. To me, it is not possible to achieve [that status] unless we invest heavily in the manufacturing sector and the services that support manufacturing.

“All the other sectors are supporting sectors; we still have to do tourism and agriculture but manufacturing is the one that can help the state leapfrog. Of course, we have mining and, as we discover more oil and gas, that will also contribute; that will be done by Petros (Petroleum Sarawak Bhd).”

SEDC is a statutory body set up in 1972, tasked with stimulating Sarawak’s economic development by pioneering and strategic industries. Petros is the state-owned oil and gas exploration firm.

Efforts are already underway to execute action plans set out in SEDC’s blueprint for the manufacturing sector, in particular the downstream methanol and ammonia production facilities.

SEDC’s methanol plant is slated to be operational by June this year. In February, it signed a preliminary agreement with Petronas Chemicals Group Bhd to jointly study the feasibility of setting up a world-scale blue ammonia plant.

According to Aziz, the shift in strategy means Sarawak is not just exporting raw materials, but is manufacturing value-added products for export, thus moving up the value chain to secure a robust, sustainable economic future.

“SEDC is looking at the manufacturing sector’s contribution to GDP by developing our industries in Bintulu. The idea was to produce methanol and ammonia and get Sarawak to develop the downstream [sectors] of these industries. For example, siloxane plants and the downstream silicone products … This will provide higher value to our product and provide high-level, higher-paying opportunities for the people. Of course, we need to get the people ready for the jobs,” he says.

The allure of cheap hydropower boosts prospects for hydrogen power

SEDC, and the state at large, have made significant strides in high-value sectors, Aziz says, due to the emphasis on renewable energy more than a decade ago, which saw the establishment of the Baleh and Murum dams as well as the taking over of the Bakun dam from the federal government.

The decision to harness Sarawak’s cheap hydropower led to a boost in energy-intensive industries and provided a springboard for future green energy projects. Notably, SEDC’s subsidiary, SEDC Energy Sdn Bhd, has been tasked with kick-starting the state’s hydrogen ecosystem. The corporation is involved in projects set to produce 240,000 tonnes per annum of green hydrogen, making it one of the largest producers of clean energy globally.

“We can produce much cheaper green hydrogen than anyone in the region. With sun or wind, you need to invest double the amount in order to produce the same amount of hydrogen we can,” says Aziz.

Notably, SEDC Energy oversees two hydrogen-related projects — the first being H2ornbill, with oil firm Eneos and trading house Sumitomo Corp; and the second, H2biscus, with three South Korean companies: Samsung Engineering, Posco and Lotte Chemical.

Bringing Sarawakian talents home

This shift in SEDC’s strategy has been a boon for employment opportunities, enticing skilled Sarawakians who have settled overseas to return home. SEDC, Aziz says, is keen to offer more job opportunities that align with their professional capacities.

“When we advertised the posts for our methanol plant, for example, we got over 1,000 applications, but we only needed 200 people.

“So, when we have other plants, we can train more people. And, as you can see, we don’t have a shortage [of talent. It is] just that we do not have a place for them at the moment. We have so many talented Sarawakians overseas waiting to come back.”

Other investments and social responsibilities

The hospitality and services sector still accounted for the largest portion of SEDC’s investment portfolio in 2023, at 63%, followed by the consultancy and engineering works sector. This is a stark contrast to the energy sector, which accounts for only 2%.

With a progressive shift towards high-value manufacturing and green energy, Aziz says the focus of its portfolio would only change over time.

That said, infrastructure continues to play an important role in SEDC’s development strategy.

“[Investments in] infrastructure will still be there, as we need to develop the state. Our investment in Innocement Sdn Bhd, for example, is important to stabilise cement prices.

“We have small shares in CMS (Cahya Mata Sarawak) and KKB (Engineering Bhd) and other [companies, and] will remain [invested as] those are investments for us to get returns,” Aziz says.

Overall, the asset value of SEDC and its 35 subsidiaries stood at RM2.96 billion at end-2023 (from RM830.34 million in 2020), with reserves standing at RM791 million.

Aziz says SEDC also has its eye on other sectors such as electrical vehicles (EVs) and pharmaceuticals, having established a medical glove manufacturing plant at its Sarawak Medical Innovation Technology Hub.

“To develop EVs, we need batteries. The basic materials are sodium and graphite. So, SEDC has recently tied up with Gallois (New Energy Materials (M) Sdn Bhd) to produce graphite in Sarawak.

“By having a joint venture with Petronas’ (Petroliam Nasional Bhd’s clean energy outfit) Gentari, we can later use this technology to produce fuel cells. With the fuel cells and batteries, we can develop our own EV industry,” says Aziz.

Apart from commercial profitability, SEDC is also tasked with taking on socially beneficial projects.

One example is Sarawak Metro Sdn Bhd, a wholly-owned subsidiary of SEDC set up to develop the Kuching Urban Transportation System, a project not expected to be profitable in itself but considered vital for the development of the state’s economy.

While the government fully funds the capital expenditure of such projects, SEDC handles the operational costs, reiterating its commitment to corporate social responsibility. The corporation is also focusing on food sufficiency as plans are in place to increase protein production essential for childhood development, thereby enhancing public nutrition, Aziz explains.

As SEDC strides towards achieving its ambitious targets, it acknowledges potential challenges. While Sarawak’s gross national income per capita exceeded the World Bank’s US$13,205 (RM62,500) high-income threshold in 2023, Aziz says the state is more concerned about wealth distribution.

“We can get there in terms of GDP [per capita]. The bigger challenge will be the distribution of wealth, raising everyone’s income to RM15,000 per month by 2030. We want higher-paying jobs; we need higher-value products. We are in a hurry to get there.”

Source: The Edge Malaysia

SEDC to use high-value industries to power Sarawak’s new economy

New investment interests arising from the roundtable and one-on-one meetings with Prime Minister Datuk Seri Anwar Ibrahim here today are worth a potential RM45.4 billion.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the potential investments encompassed new as well as expansion and diversification projects.

“The potential investments are from various industries such as semiconductor, aerospace, medical devices, chemicals and services,” he told Malaysian journalists after the roundtable and one-on-one meetings with Anwar.

A total of 38 captains of industry and businesses from German cities like Stuttgart, Munich, Berlin, and Frankfurt, as well as from Belgium and France, joined the meetings.

Anwar also had one-on-one meetings with officials from X-Fab, Melexis, Infineon Technologies AG, Schott AG, and Airbus.

The Prime Minister, who arrived here on Sunday, took the opportunity to assure German businesses that Malaysia remains one of the best and preferred locations for investors with business-friendly approaches.

The companies from the world’s biggest economies that came to see the premier are involved in sectors like energy, medical devices, semiconductors, electronics, machinery, automotive, and aerospace.

Tengku Zafrul said through the engagements with the companies, there are strong indications that German companies are positive and remain committed to Malaysia as their investment destination.

X-Fab, Melexis, and Schott to commence operations soon

According to the minister, X-Fab, Melexis, and Schott gave updates that their projects, with approved investments amounting to RM4.45 billion, are currently under construction and are expected to commence operations within this year.

During the one-on-one meeting with the prime minister, the chief operating officer of Infineon, Rutger Wijburg, said the company was on track to build the world’s largest 200-millimetre SiC (silicon carbide) power fab in Kulim. “Infineon and Malaysia building the world’s biggest SiC factory. Together, Malaysia and Infineon are fighting climate change,” he said.

Infineon, which has been operating in Malaysia since 1973, announced last year that over the next five years, the company will additionally invest up to five billion euros in Kulim during a second construction phase for its Module Three plan. The investment will lead to an annual SiC revenue potential of about seven billion euros by the end of the decade, together with the planned 200-millimetre SiC conversion in Villach and Kulim.

Among those who attended today’s meetings with Anwar were Siemens AG group chief executive officer (CEO) Roland Busch, B. Braun GmbH CEO Anna Braun, and Melexis CEO Marc Biron. Also present were Airbus Asia Pacific president Anand Stanley and Volkswagen Group Malaysia managing director Susanne Lehmann.

Representatives from the German Chamber of Commerce, the Malaysia-German Chamber of Commerce, and the German Association for Small and Medium-sized Enterprises (BVMW) were also there.

Also present during the meeting were Foreign Minister Datuk Seri Mohamad Hasan, Malaysian Investment Development Authority (MIDA) CEO Datuk Wira Arham Abdul Rahman, and Malaysia External Trade Development Corporation (MATRADE) CEO Datuk Mohd Mustafa Abdul Aziz.

There are over 700 German companies based in Malaysia, with 65,000 jobs created.

Germany has been Malaysia’s largest trading partner among European Union member countries since 2000, while Malaysia is the largest trading partner for Germany among Asean member states.

In 2023, Malaysia’s total trade with Germany increased by 5.9 per cent to RM63.45 billion (US$13.90 billion) from RM59.87 billion (US$13.62 billion) in 2022. 

Source: Bernama

New potential investments worth RM45.4b from Germany, says Tengku Zafrul

The Ministry of Investment, Trade and Industry (MITI) is aiming for Malaysia to have 100 local technology companies with annual revenue of RM1 billion by 2030, according to Deputy Minister Liew Chin Tong.

He said the government will continue to support local companies in research and development (R&D) and innovation by providing assistance to small and medium enterprises (SMEs) nationwide.

“Various types of assistance are being provided by MITI and its agencies including financing assistance, advisory services and business guidance to strengthen the SME value chain,” he said in winding up the debate on the Motion of Thanks for the Royal Address in the Dewan Rakyat today.

He was responding to Datuk Seri Amirudin Shari’s (PH-Gombak) proposals to enhance collaborations among states and expand the market especially for SMEs by building a national innovation system.

Liew said that MITI, through the Malaysian Investment Development Authority, is spearheading efforts to boost collaborations among Selangor, Kuala Lumpur, Melaka and Negeri Sembilan.

The effort is aimed at developing joint industrial clusters, including for the aerospace industry and global services hub.

Meanwhile, answering a query from Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) who asked about MITI’s direction in increasing strategic investments, Liew said the government will ensure that investments coming into the country comply with 12 revenue-based indicators that will be used to gauge investment quality under the New Industrial Master Plan 2030 and National Investment Aspirations.

Among the 12 indicators are strengthening efforts in high value-added activities, accelerating regional R&D activities, and creating high-skilled job opportunities.

Source: Bernama

MITI aims to have 100 local tech companies with RM1bil revenue by 2030

Prime Minister Datuk Seri Anwar Ibrahim today held a roundtable meeting with German captains of industry.

He also held private meetings with senior management of selected companies as part of his six-day visit to Germany.

The prime minister held court with representatives from almost 40 companies, whose focuses ranged from manufacturing, automotive, aerospace to pharmaceuticals.

They included representatives from Schott AG; Siemens AG; B. Braun; X-Fab Silicon Foundries, Melexis, Volkswagen; Oldenburger Interior; PCC SE; Oryx Stainless; Fresenius; DELO Industries Klebstoffe; Airbus Asia Pacific as well as Airbus Malaysia; Infineon Technology, DHL; Bayer AG and others.

Among those who had private meetings with Anwar included Marc Biron, chief executive officer(CEO) of micro-electric semiconductor company Melexis, and Rudi de Winter, CEO of X-FAB Silicon Foundries, the foundry group for analog/mixed-signal semiconductor applications.

The prime minister, following his meeting with German Chancellor Olaf Schulz at the Federal Chancellery yesterday, had invited more German businesses to capitalise on Malaysia’s strategic location in Southeast Asia and solid infrastructure to make the country a preferred investment destination.

Germany, he said, has invested close to US$15 billion (RM70.24b) in Malaysia, citing German companies such as Infineon Technologies AG which have made Malaysia their hub for centres of excellence and training.

Germany has been Malaysia’s largest trading partner among European Union members since 2000, while Malaysia is Germany’s biggest trading partner in Asean.

In 2023, Malaysia’s total trade with Germany rose by 5.9 per cent to RM63.45 billion (US$13.90 billion) compared to RM59.87 billion (US$13.62 billion) in 2022.

Anwar, who is on his maiden visit to Germany and Europe after becoming prime minister, has lined up a series of programmes during his six days in Berlin and Hamburg.

They included meetings with German government leaders, representatives of major businesses as well as captains of industry.

Source: NST

PM holds court with almost 40 German captains of industry

The Investment, Trade and Industry Ministry (Miti) will leverage on insights from the American Malaysian Chamber of Commerce’s (Amcham) Economic Impact Survey (EIS) 2022-2023 to fine-tune trade and investment policies to further enhance Malaysia’s position as a preferred investment destination.

MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said the business association’s findings reflect confidence in the Madani Government’s policies and in its earnest efforts to facilitate the investors’ journey since December 2022.

“MITI welcomes the findings from Amcham’s EIS 2022-23, notably how United States (US) manufacturing companies’ RM92.2 billion investments to date have contributed RM199.4 billion to our exports and RM23.3 billion of spillover impact to Malaysian companies and small and medium enterprises (SMEs), notably in the electrical and electronics (E&E) sector.

“These created 126,185 jobs for Malaysians, including for 232 PhD holders and 4,219 master’s degree holders,” he said in a LinkedIn post today.

Yesterday, Amcham presented the findings from the survey, which saw the participation of 81 Amcham members. Of the respondents, 65 were American multinational companies and half were manufacturing companies, with E&E manufacturers being among the largest groups of respondents.

Tengku Zafrul said Miti appreciates Amcham members’ commitment to enhancing Malaysia’s workforce, with 65 per cent of manufacturers’ offering fully funded training initiatives.

This, he said, reflects the New Industrial Master Plan 2030’s (NIMP 2030) focus on catalysing public-private collaborations for technical and vocational education and training (TVET) and science, technology, engineering, and mathematics (STEM) programmes.

“The fact that a majority of respondents will be incorporating artificial intellegence into their business activities in the next three years signals a potential uptick for the Malaysian E&E industry.

“We are also heartened by the finding that 60 per cent of American manufacturing companies are planning additional investments in the next five years,” he said.

Tengku Zafrul said that together with the RM1.92 billion research and development allocation by American manufacturing companies in 2022-23, all these collectively support the achievement of Malaysia’s key objectives to move up the global value chain while securing higher pay for local skilled workers, as outlined by the NIMP 2030.

Source: Bernama

Ministry to leverage on insights from Amcham survey to fine-tune policies — Tengku Zafrul

Prime Minister Datuk Seri Anwar Ibrahim welcomed more German businesses to take advantage of Malaysia’s strategic location in Southeast Asia and its developed infrastructure as a preferred investment destination.

“Within the European Union, Germany, of course, is our largest trading partner and you have invested a substantial amount close to US$15 billion (RM70.24 billion),” he said.

He cited Infineon Technologies AG and many other leading German companies that has chosen Malaysia as their important hub, centre of excellence and training centres.

Malaysia looks forward to greater collaboration, not only in enhancing trade and investment, but also to strengthen bilateral relations in all fields, he said at a joint press conference with his German counterpart Chancellor Olaf Scholz at the Federal Chancellory, Berlin.

Anwar, who is also the Finance Minister, said Malaysia is keen to focus on the training of students.

“We have about 1,000 students throughout Germany for training in German companies for their initial exposure.”

The Prime Minister also said that Putrajaya welcomes Berlin’s interest in terms of new investments in renewable energy and green technology.

“Renewable energy has been our focus now and we are fortunate because we are strong in solar, green energy and strong in terms of our capacity to export in renewable energy,” he said.

Anwar said Malaysia was exporting renewable energy to Indonesia’s new capital Nusantara as well as through undersea cable to Singapore.

“So, there is a huge potential that you can see in the mushrooming of data centres and AI into the region, especially in Malaysia,” he said.

On other developments, Anwar reaffirmed Malaysia’s optimism in achieving economic growth of between 4 per cent and 5 per cent in 2024, grounded in the solid foundation that is the MADANI economy framework and the reforms outlined through Malaysia’s Budget 2024.

He also highlighted that the MADANI economy framework will leverage Malaysia’s innate strengths in enhancing national competitiveness, with emphasis on fiscal sustainability measures, good governance practices and efficacious service delivery.

There are over 700 German companies based in Malaysia, creating 65,000 jobs.

Germany has been Malaysia’s largest trading partner among European Union member countries since 2000, while Malaysia is the largest trading partner for Germany among ASEAN member states.

In 2023, Malaysia’s total trade with Germany increased by 5.9 per cent to RM63.45 billion (US$13.90 billion) compared to RM59.87 billion (US$13.62 billion) in 2022.

Source: Bernama

PM Anwar woos more German businesses to invest in Malaysia