Malaysian Prime Minister Datuk Seri Anwar Ibrahim departed from Melbourne today for Canberra as part of his back-to-back official visits to Australia, at the invitation of the Australian Prime Minister Anthony Albanese.

The special aircraft carrying Anwar and his wife, Datuk Seri Dr Wan Azizah Wan Ismail, landed at Canberra Airport at about 12.32pm local time (9.32am Malaysian time) for a one-day official visit.

On arrival in Canberra, Anwar, who is also the Finance Minister, is expected to deliver a public lecture at the Australian National University.

Later, he will pay a courtesy call on General David Hurley, the Governor-General of Australia, at the Government House here.

Australia is a close and important partner for Malaysia and both countries have deep cooperation in various sectors that include education, trade and investment, defence, cybersecurity as well as science and technology.

In 2023, Malaysia and Australia’s bilateral trade stood at US$18.57 billion (RM84.64 billion), solidifying Australia as Malaysia’s 10th largest trading partner.

As of December last year, Australia had approved investments in Malaysia involving 582 projects, with realised investments involving 366 projects.

Prior to his visit to this capital city of Australia, Anwar concluded a four-day official visit to Melbourne.

In Melbourne, he led the Malaysian delegation to the second Malaysia-Australia Annual Leaders’ Meeting (2nd ALM) on March 4 and the Asean-Australia Special Summit, hosted by Australia, held from March 5-6, 2024, to commemorate the 50th Anniversary of Asean-Australia Dialogue Relations.

In the meantime, as his official engagements in Australia conclude, Anwar is scheduled to depart for Malaysia this evening. 

Source: Bernama

PM Anwar embarks on back-to-back official visits from Melbourne to Canberra

The surge of expatriates in Malaysia indicates that the country is becoming more and more of a top choice for investors and international companies looking for growth and expansion prospects.

Malaysia Productivity Corporation (MPC) director general Zahid Ismail said that as Malaysia charts its path towards economic resilience and recovery, the contributions of expatriates play a crucial role in driving productivity, innovation, and economic growth.

  In 2023, the gross domestic product (GDP) of Malaysia was predicted to have benefited from the direct and indirect contributions of expatriates in the employment, investment, and consumption sectors, totaling RM75 billion. 

  This increase, according to Zahid, is indicative of the country’s tenacity and ability to become a major force behind regional economic growth. 

  Furthermore, it is projected that the influx of foreign workers bringing capital, expertise, and experience will spur the creation of over 120,000 jobs in the region, filling skills shortages and generating jobs in a number of high-growth, high-value (HGHV) industries.

“The anticipated arrival of expatriates in Malaysia underscores our dedication to driving productivity and economic growth through international collaboration and talent exchange.

“Malaysia offers a conducive environment for foreign investment, innovation, and business development, and we are poised to leverage the contributions of expatriates to further propel our nation towards sustained prosperity,” he said in a statement.

  Malaysia continues to draw international investment due to its advantageous location, stable infrastructure, and friendly business climate, all of which promote an atmosphere that is favorable to the growth of businesses.

The anticipated economic transformation reaffirms Malaysia’s position as a dynamic and competitive player in the global market, offering unparalleled opportunities for foreign investment and collaboration, Zahid said.

While promoting ease of doing business, Malaysia remains steadfast in ensuring the integrity and security of expatriate affairs.

Companies leveraging the streamlined expatriate application and approval processes via the Xpats Gateway stand to reap substantial benefits.

The Xpats Gateway serves as a centralised platform, facilitating efficient submission and tracking of expatriate applications, thus reducing administrative burdens and enhancing operational efficiency.

Source: NST

Malaysia poised for economic growth with a surge in expats

Sarawak has solidified its position as a preferred investment destination, registering a total investment of RM21.4 billion in 2023, with the manufacturing sector contributing the lion’s share, the Sarawak Public Communications Unit reported.

Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan said the manufacturing sector accounted for approximately 62 per cent of the total investment.

This achievement, he said, is a testament to the initiatives under Sarawak Premier Tan Sri Abang Johari Tun Openg, including the development of the Post-Covid-19 Development Strategy (PCDS) 2030 and the introduction of green economy elements such as hydrogen and carbon trading.

“The year 2023 saw Sarawak recording an investment total of RM21.4 billion. The manufacturing sector was the major contributor, followed by the primary sector and the services sector.

“This performance underscores Sarawak as a choice location for investments,” he said during the Sarawak International Trade and Industry, Investment (MINTRED) Appreciation Dinner 2024 on Feb 4.

Awang Tengah, who also serves as the Minister of MINTRED, highlighted that the ministry has executed numerous programmes to support the socio-economic development agenda in the state, emphasising that all efforts by MINTRED should align with achieving the objectives of PCDS 2030.

He urged continued strategic collaboration with stakeholders and partners to attract more high-quality investments to Sarawak.

“As civil servants, we must keep abreast of current global developments, such as new technologies, digitalisation, and other innovative solutions.

“I encourage everyone to continually seek new knowledge and skills, especially in areas related to our ministry,” he added.

Source: NST

Sarawak records RM21.4 bil in investments last year – Sarawak Deputy Premier

The Negri Sembilan government has achieved its 2023 investment target by securing 189 approved projects involving a total investment of RM10.1 billion, Menteri Besar Datuk Seri Aminuddin Harun said.

He said these investments approved by the Malaysian Investment Development Authority for 2023 represented a 13 per cent jump compared to RM8.9 billion in the preceding year.

“Of the total, domestic investments make up RM4.1 billion while foreign investments amount to RM6.0 billion. These investments are expected to open up 3,250 job opportunities in the state.

“The manufacturing sector is the largest contributor with RM7.6 billion, followed by the services sector at RM2.5 billion. This is the best and highest investment achievement ever recorded in the state,” he said in a statement today.

According to Aminuddin, the state government remains committed in providing the facilities and basic amenities to ensure the state continues to be a destination for domestic and foreign investors in the future.

He also expressed his appreciation for the commitment shown by all parties involved in the effort to spur investments in the state.

Source: Bernama

Negri Sembilan records RM10.1b investment in 2023: MB

Johor Menteri Besar Datuk Onn Hafiz Ghazi has held a meeting with 40 potential investor companies, including leading global companies from China such as China Telecom Global Corporation Ltd, TCL Technology Group, and Guangzhou JiuHeng Barcode Co Ltd.

He is currently leading a delegation from the Johor state government on a working visit to the Shenzhen Special Economic Zone, China, from March 2-7.

In a Facebook post, he disclosed that the parties had discussed several details and proposals regarding Johor’s direction and investors’ expectations regarding the Johor-Singapore Special Economic Zone (JSSEZ) policy, which aims to create a win-win situation for both parties.

He added that various policies and initiatives such as JSSEZ and the National Energy Transition Plan (NETR) have clearly conveyed the message that Johor is ready to welcome new industry players to expand their business ventures in the state.

Source: Bernama

Johor MB meets with 40 potential investor companies from China

Malaysia is looking to increase the number of free trade agreements (FTA) that it has as they play a significant role in Malaysia’s economy, said Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.

The minister, who part of an official delegation to Australia for a special summit with Asean countries, told business news channel CNBC that FTAs were important for countries like Malaysia which did not have a very open economy.

“We have seen how it has contributed positively to the increase in trade. So it is important but what’s also important from what we have seen today, is we need to increase the number especially within Asean itself,” he said during the exclusive interview.

He said the meeting in Melbourne was critical when it comes to trade and investment for the country to build on its network.

“With Australia, for example, we have four FTAs, you know, we have the Regional Comprehensive Economic Partnership Agreement (RCEP) and then Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). We have the US-Malaysian-Australia FTA. We also have the Australian-New Zealand-Asean FTA and one from the two major multilateral agreement that we’ve signed with the CPTPP,” he said.

Zafrul said that on the CPTPP, they had agreed during their last meeting in New Zealand to look at new entrants based on the Auckland principles to maintain the gold standard of CPTPP.

“I believe there’s around six countries today that have applied to be members and they must meet the Auckland principle, which, by the way, means that they have to be meeting the standards that have been stated in the CPTPP. And the newest member is of course UK.

“So Malaysia has no issue with any of the countries that have applied to enter to join CPTPP. But of course, as you know, it’s based on consensus, so all members have to agree,” he said.

In the interview, Zafrul also touched on Malaysia’s relationship with China and the US, saying that the government has consistently stated it would remain neutral as announced by Prime Minister Datuk Seri Anwar Ibrahim.

“I think Malaysia has always reiterated our position as a neutral country where we are friendly to both America as well as China. As you know, both countries are important when it comes to trade and investment.

“China, as well as the US, are the top two trade and investment investors for Malaysia. So I think that will continue to be the case. And we have seen recently, more investments coming in from both China and US into Malaysia,” he said.

Source: Malay Mail

Malaysia needs more free trade agreements in Asean region to boost domestic economy, says Tengku Zafrul

Major Australian companies have shown interest to invest a total of RM24.5 billion in Malaysia, including expansion of existing investments, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the Finance Minister, said the intention was expressed to him during his meeting with more than 20 Australian companies in Melbourne on Tuesday, the second day of his official visit to Australia.

Among the potential investments are from data centre operators AirTrunk and NextDC which plan to spend about RM11 billion and RM3 billion, respectively, he said.

Mining firm Lynas is also keen to invest a further RM1 billion while other companies that are potential investors include Fortescue, Macquarie Group and Arnott’s Group, Anwar said.

“This is an achievement to be proud of, (as it) shows Australia’s interest and their confidence in the policies that we have announced,” he told the Malaysian media here, adding that these potential investments would create jobs for about 1,200 skilled workers in Malaysia.

The amount of potential investments exceeds an earlier estimate made by the Ministry of Investment, Trade and Industry and Malaysian Investment Development Authority, he said.

In terms of trade, Anwar said, Malaysia has recorded potential export sales of over RM900 million to Australia, consisting of products such as urea, timber, food and electrical components, in conjunction with his visit.

He added that the government has made efforts to clarify any concerns or doubts in order to give Australian investors and businesses confidence in Malaysia’s prospects. 

Source: Bernama

PM: Australian companies keen to invest RM24.5b in Malaysia

Seven Australian companies have made commitments to boost investments in Malaysia, said Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

They told Prime Minister Datuk Seri Anwar Ibrahim this during a roundtable discussion here, which was attended by business leaders and top executives from 18 companies.

Anwar is on a four-day official visit to Australia.

“Insya-Allah (God willing), there are seven companies that are in the final stage (of negotiations). I believe there will be more companies (which will express their commitment),” said Tengku Zafrul, the investment, trade and industry minister.

Anwar is expected to attend another meeting with six Australian companies, he added.

Finalising the investments by the seven companies will take up to three years. But Tengku Zafrul said their commitment reflected confidence in Malaysia as an investment destination.

“These companies have attended meetings with Mida (Malaysian Investment Development Authority) as well as negotiations with related agencies.

“We hope that the meetings here today, especially the assurance by the prime minister, will accelerate the process (of finalising the investments).”

Tengku Zafrul said the prime minister shared his views on trade and investment opportunities in Malaysia with the industry players today.

“The prime minister also attended a meeting with companies in the digital economy, mineral-related production companies and those involved in the renewable energy sector.

“We will make an announcement after the prime minister concludes his meetings with all companies and potential investors,” Tengku Zafrul said.

At the meeting, the companies asked that Malaysia continue to make investments and trade-related processes easier.

Tengku Zafrul said they also wanted the government to increase the pool of skilled workers in renewable energy since Malaysia has already rolled out the National Energy Transition Roadmap.

Tengku Zafrul was also asked about Lynas Rare Earths.

He said Anwar, who is also the finance minister, will meet with the company about the issues that need to be resolved.

“Several (issues) have been resolved. There are two or three more new proposals that will be reviewed and taken into consideration by the prime minister and this also involves increased investments by Lynas in the country,” he said.

Source: NST

Seven Australian companies to raise investments in Malaysia

InvestKL achieved a record-setting RM8.7 billion in foreign direct investments (FDI) in 2023, marking an astounding increase of over 300 per cent from RM2.79 billion in 2022. 

According to InvestKL, 2023 marked the agency’s most outstanding year, having secured a total of RM29.79 billion in investments since its establishment in 2011. 

To date, 66 per cent of the investments or RM19.74 billion have materialised, leading to the creation of over 27,000 executive jobs.    

Currently, 74 per cent of these positions are filled, providing Malaysians with an average monthly income exceeding RM14,000. 

Chief executive officer Datuk Muhammad Azmi Zulkifli said the surge in investments underscores the solid confidence of foreign investors in Malaysia’s economic potential. 

He added that the unprecedented FDI into Greater KL showcases the city’s attractiveness across diverse sectors such as technology, healthcare, finance, and engineering, signifying a major achievement in our efforts to attract high-value activities.  

“The success demonstrates Greater KL’s maturing business ecosystem, capable of securing and supporting substantial, intricate investments. 

“The impact is profound, catalysing economic growth, strengthening local ecosystems and creating high-value employment.  

“Our strategy includes leveraging opportunities in neighbouring states to amplify these benefits, contributing to a sustainable and prosperous future for Malaysians,” he said during InvestKL media briefing here today. 

According to InvestKL, 12 leading global corporations from the Americas, Europe and Asia regions spearheaded the investments.  

From the Americas, technology and consulting services led the charge, showcasing a strong interest in Malaysia’s digital economy.  

European investments spanned healthcare technologies, financial services and infrastructure, highlighting the region’s focus on innovation and sustainable development. 

Asian contributions were notably varied, with investments in automotive, environmental services, healthcare devices as well as travel and tourism. 

InvestKL also noted that the investments generated 8,329 high-skilled jobs, a substantial rise from the 2,805 positions created in 2022.  

A significant 81 per cent of these positions were in the digital and technology sectors, which emphasised the increasing importance of tech-driven industries in shaping the economic landscape of Greater KL. 

Additionally, life sciences, healthcare and medical tech contributed six per cent of the job creation, with financial services accounting for five per cent.  

The agency said this diversity in job opportunities highlights the dynamic nature of Malaysia’s economy and showcases the array of opportunities available for skilled professionals. 

Azmi said businesses in Greater KL are ready to capitalise on the country’s strengths to broaden their regional presence.  

He noted that the International Monetary Fund and the World Bank forecast a higher gross domestic product (GDP) growth for Malaysia in 2024, projecting an increase to 4.3 per cent. 

Azmi maintained confidence in Greater KL’s ongoing enhancement as a strategic global investment hub. 

“This confidence is rooted in Malaysia’s investor-friendly policies, diverse and multilingual talent pool, and flourishing ecosystem.  

“As a leading investment promotion agency for Greater KL, InvestKL is committed to spearheading efforts to ensure the nation’s capital remains the primary destination for companies looking to expand their presence in Asia,” he added. 

He said InvestKL’s strategic direction for 2024 places significant emphasis on attracting global services from pivotal sectors such as digital and technology, engineering, health tech, renewable energy, along with human capital development. 

This is in line with the Madani Economy Framework, 12th Malaysia Plan and New Industrial Masterplan 2030.

Source: NST

InvestKL attracts record RM8.7bil FDIs from RM2.79bil in 2022

Prime Minister Datuk Seri Anwar Ibrahim engaged business leaders and top executives from 18 Australian companies on Tuesday in Melbourne in the course of his official visit to Australia, encouraging them to expand their businesses and investments in Malaysia.

Apart from a roundtable meeting session, Anwar, who is also the finance minister, engaged them on a one-on-one basis to hear them out.

The company executives were from the manufacturing sector, including medical devices and metals, as well as the services sector such as data centres, finance, and trading.

Anwar highlighted that Malaysia, under his leadership, has implemented clear and effective policies leading to unprecedented levels of investment. He said the government, which is currently stable, is a major factor in attracting investors to Malaysia. “We have introduced new policies with clarity … and as a result, we have secured both domestic and foreign trade investments, the highest ever in (Malaysia’s) history,” he noted.

Last month, Anwar announced that Malaysia’s approved investments hit RM329.5 billion last year, which was 23 per cent higher compared to 2022, the highest in the country’s history.

Of the total investment, Anwar noted that foreign investment was the main contributor, accounting for 57.2 per cent, compared to domestic investment at 42.8 per cent.

In 2023, Malaysia and Australia’s bilateral trade stood at US$18.57 billion (RM84.64 billion), with Australia being Malaysia’s 10th largest trading partner.

As of December last year, Australia had approved investments in Malaysia involving 582 projects, with realised investments involving 366 projects.

Source: Bernama

Anwar meets business leaders from top Australian companies

Malaysia will be among the first countries to receive a mission under the Australian government’s new programme to boost trade with Southeast Asia.

Australia’s Trade and Tourism Minister Don Farrell said the mission, which focuses on the abundant trading opportunities, especially in clean energy transition, will head to Malaysia and Singapore next month.

“Our government has invested over AU$19 million (RM58.3 million) through the Australia-Southeast Asia business exchange.

“This business exchange is all about getting boots on the ground, sending our world-class agriculture, mining, education, infrastructure, technology, and tourism businesses to the region to build lasting connections with customers, suppliers, investors and partners and to learn first-hand how to do business in Southeast Asia,” he said at the 2024 Asean-Australia Special Summit today.

Farrell was delivering the keynote address at the CEO Forum on the second day of the three-day summit, which also marks the 50th anniversary of Australia’s dialogue partnership with Asean.

He said Australia sees Asean not only as representing an enormous growth opportunity for Australian businesses but also as a key diversification market for its exporters.

Despite its size, growth and proximity, Southeast Asia has only received about 30 per cent of Australia’s total exports.

Meanwhile, Asean Secretary-General Kao Kim Hourn said it offers vast opportunities with a market size of 671 million people, a growing middle class, and abundant resources.

“The focus should be on creating a favourable environment for investment and leveraging diverse policies and instruments,” he said.

Asean is intensifying its sustainability efforts, particularly in economic sectors, by developing a regional approach towards carbon neutrality that creates a structured pathway for a low-carbon future.

Through its strategy for carbon neutrality, Asean is on the right path to capture the potential of the green economy in the region.

“In fact, Asean’s strategy on carbon neutrality includes transformation in several areas, including the adoption of renewable energy, sustainable agriculture, development of carbon markets, attracting green capital, as well as ensuring best practice in research and development in green technology,” Kao added.

Source: Bernama

Malaysia among first stops for Australian business exchange mission

Malaysia and Australia are exploring cooperation opportunities in emerging sectors as both nations enter a new progressive era, with three main areas identified, namely economic prosperity, community and technology, as well as defence and security.

Prime Minister Datuk Seri Anwar Ibrahim said to achieve these goals, he is prepared to work closely with Australian Prime Minister Anthony Albanese to elevate long-forged ties to a higher level.

Anwar said Malaysia and Australia, which will celebrate their 70th year of diplomatic ties next year, have already built a sold cooperation in various fields.

These ties, he said, were further strengthened by the Comprehensive Strategic Partnership (CSP) in 2021, which provides an action plan to develop cooperation in various fields including trade and investment, education, youth and sport, digital economy as well as cyber security.

“Renewable energy, green technology and definitely digital. Food security is also important to us and this has become a pressing need for many countries, including Malaysia.

“So is education. There are many (Australian) institutes of higher education and national universities which have set up campuses in Malaysia, which we welcome. It is our job and commitment to facilitate and expedite the process,” he said in a joint press conference with Albanese after the Malaysia – Australia Annual Leaders’ Meeting (ALM) today.

Anwar was earlier accorded an official welcome by Victoria Governor Margaret Gardener and Albanese at the Government House in Victoria.

This marked Anwar’s maiden official visit as prime minister to Australia, where he is leading Malaysia’s delegation to the ALM as well as the Asean – Australia Special Summit.

Malaysia and Australia also formalised four memoranda of understanding (MoUs).

Two of the MoUs are new, namely Practical Arrangements between the Government of Malaysia and the Government of Australia on Cooperation in the Areas of Science and Technology and Their Applications for the Implementation of the Comprehensive Nuclear-Test Ban Treaty (CTBT); and Cyber Security and Critical Technology.

Two others are renewable MoUs namely cooperation in the field of sports and cooperation in the field of higher education.

Also in the Malaysian delegation were Foreign Minister Datuk Seri Mohamad Hasan, International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, and Youth and Sport Minister Hannah Yeoh.

On economic prosperity, Anwar said he and Albanese agreed that there remains much to be explored to boost trade between both nations despite the impressive bilateral trade numbers recorded in the last few years.

Australia is Malaysia’s 10th largest trading partner.

“We agreed that both parties will prioritise efforts to renew and modernise Australia – Malaysia cooperation to ensure that both countries are developed, safe and digitally resilient,” he said.

“The government welcomes the participation of Australian companies in manufacturing and developing industries in Malaysia, especially in renewable energy and agro-technology, as well as establish joint ventures to develop midstream and downstream businesses,” he said.

Anwar said in the community and technology area, Malaysia and Australia affirmed their commitment to improve multi-sector cooperation as a response to changing business needs, including the vaccine ecosystem and clean energy transition.

“We expect that the MoU on higher education and Technical and Vocational Education and Training (TVET) will further boost research and high-technology-based cooperation between universities from both countries,” he said.

On defence, Anwar said both countries have agreed to continue and improve cooperation in defence and security under the Malaysia-Australia Joint Defence Programme (MAJDP), maritime cooperation, eradicating terrorism, transnational crime as well as cyber security.

“We also discussed and exchanged views on numerous regional and international issues of joint concern, especially the Palestine – Israel crisis, in which Malaysia has strong stand,” he said.

Meanwhile, on further strengthening ties between both nations, Anwar encouraged more exchange visits at all levels, from the public to private sector, to maintain the progressive momentum in the bilateral relations forged to date.

“I also encourage strengthening of relations between people of both nations through active links, especially among the youth, to forge closer friendship and understanding between both countries,” he said.

Source: NST

PM: Malaysia, Australia to explore three main areas of cooperation

Housing and Local Government Minister Nga Kor Ming said Malaysia’s economy is robust with positive fundamentals and economic prospects, supported by various economic data in the first quarter of this year.

He said the latest updates indicate that the Malaysian stock exchange has increased by 96 points, which is equivalent to a 6.77 per cent rise.

Additionally, the unemployment rate of the country has decreased to 3.4 per cent, and the inflation rate has remained stable at 1.5 per cent.

“Moreover, there has been a significant increase of 13.3 per cent in the total exports of the country,” said Nga in a statement today.

He said Bursa Malaysia was one of the three best-performing stock markets in the Asia-Pacific region this year and the increase in Bursa Malaysia’s stock market by 6.77 per cent was the first time in six years.

“The surge in the stock market means companies listed in Bursa Malaysia were recording good profits and it also showed an improved business environment in Malaysia,” Nga said.

He also said the nation’s economy is supported by the increase in Bank Negara’s international reserves to US$114.5 billion, approved investments reaching RM329.5 billion and the rapid development in the tourism industry.

“Based on statistics from the Chinese embassy, more than three million tourists from China are expected to visit Malaysia this year and contribute more to the gross domestic product (GDP),” he said.

However, Nga stressed that economic recovery requires not only an increase in revenue but also a reduction in expenditure.

He said the Madani government, under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, will bring long-term reformation by implementing a targeted subsidy policy and rationalising new civil servants’ pensions.

“Both of these policy reforms will help strengthen the country’s fiscal and financial position and allow the government to invest more resources in development such as the education, health and public infrastructure sectors.

“These are expected to provide more long-term benefits to the people and the country,” he said.

Source: Bernama

Malaysia’s economy robust, supported by various economic data — Minister

Malaysia remains committed to a more equitable and sustainable global trade network, despite the missed opportunity for all members to achieve consensus on a few major issues during the World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) held in Abu Dhabi, United Arab Emirates (UAE) from Feb 26-29 this year.

Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who led the Malaysian delegation, submitted Malaysia’s instrument of acceptance (IOA) for the agreement on fisheries subsidies (FSA), underscoring the country’s commitment to sustainable fishing practices on a global scale. 

“To date, 71 WTO members have already accepted the FSA, which emphasises the preservation of marine biodiversity and was adopted in June 2022 during the MC12 in Geneva, Switzerland,” the Ministry of Investment, Trade, and Industry (Miti) said in a statement on Sunday.

In the realm of dispute settlement reform, a priority issue for Malaysia and most of the members, Miti said the ministers unanimously agreed to continue working together to address the critical issue of the appeal review mechanism by 2024. 

Another noteworthy milestone was when 124 WTO members, including Malaysia, came together to unanimously adopt the investment facilitation for development (IFD) agreement, it said.

Commenting on the decisions, Tengku Zafrul said they demonstrated the unwavering commitment of Malaysia and WTO members to finding a resolution that is workable and acceptable to ensure a fair and effective, rules-based multilateral trading system that promotes transparency, fairness and stability globally. 

“The dispute settlement process, for example, is key to such aspirations within the WTO framework, and we see it as highly important in facilitating Malaysian exporters’ trade transactions globally,” he said.

Tengku Zafrul said Malaysia also recognises the immense value of the IFD agreement, which has the potential to create a stable and favourable investment environment by enhancing transparency in investment policies and streamlining administrative procedures.

“Coupled with Malaysia’s unique value proposition to investors and focused efforts on investment implementation, these will be crucial in not only attracting new investments but also expanding existing ones in Malaysia,” he added.

At the MC13, the ministers also agreed to uphold the existing practice of not imposing customs duties on electronic transmissions and renewed the current moratorium on the application of non-violation and situation complaints (NVSC) to trade-related aspects of intellectual property rights (TRIPS) until MC14, which is scheduled for 2026. 

“Through its involvement in these meetings, Miti has ensured that these agreements will help foster a conducive environment for the growth of digital trade in Malaysia, as well as provide a degree of stability and predictability in the international trade system,” it said.

In summary, the MC13 has yielded significant outcomes that resonate with Malaysia’s key priorities, including advancements in promoting inclusive and fair-trade practices, nurturing the growth of micro, small and medium enterprises (MSMEs), and addressing challenges associated with sustainable and responsible business practices.

“These outcomes will reinforce Malaysia’s unwavering commitment to an open, fair and rules-based trading system, contributing to a more resilient, equitable, and environmentally conscious global trade framework,” said Miti.

Source: Bernama

Malaysia remains committed to a more equitable, sustainable global trade network — MITI

Political stability, far-sighted economic policies and the green transition provide a golden opportunity for a second surge in the country’s economy after the first jump made in the early 1990s.

Deputy Minister of Investment, Trade and Industry Liew Chin Tong said the competition between China and the United States has pushed investments into the Southeast Asian region and that Malaysia plays an important role in attracting investors.

“When investors do the calculations, they know Malaysia has good logistics, a fair Common Law framework and many workers who are fluent in several languages ​​in addition to being well educated.

“This is an opportunity for Malaysia to make a second leap. The first jump was successfully made in the early 1990s when economic growth, job opportunities, wages, and the standard of living of the people were in a positive environment,” he said.

The comments were made through his blog, Liew Chin Thong, titled “The Second Surge of the Malaysian Economy” which is a sharing of his speech during the Civil Discussion: Unity Aspiration Strengthening the Bumiputera Agenda at the Bumiputera Economic Congress 2024 (KEB 2024) on Thursday (Feb 29).

Liew added that Malaysia does not need to compete with neighboring countries such as Vietnam and Indonesia to attract investments because the strength of the country’s economy has put Malaysia at a level almost on par with Singapore.

“Perhaps it would be better if we could establish cooperation through vertical integration with Vietnam and Indonesia,” he commented.

“This is because, if we want to compete with neighbouring countries, workers in Malaysia have to be paid low wages”.

Source: Bernama

Golden opportunity for a second surge of the Malaysian economy: Liew

State investment, trade, and mobility committee chairman Ng Sze Han today said the Selangor government is focusing on attracting industries that will have a spillover effect in the state.

Ng, who is also the Kinrara assemblyman, was responding to a supplementary question by Hulu Kelang assemblyman Datuk Seri Azmin Ali on why Selangor has lower total investment compared to Penang and the Federal Territory Kuala Lumpur last year.

“The most important thing is not to say that the amount of investment is not important, it is important, I agree. But it is not everything because the Selangor state government is focusing on industries that will enter and will give a spillover effect that can create job opportunities with higher wages, can create a more complete ecosystem chain so that we can bring SMEs and the manufacturing sector, services the other in Selangor will go with the investment that goes into Selangor. This is the main focus,” he said during the question time in the state legislative assembly sitting.

Ng said Penang could attract as much as RM71.8 billion last year because of its complete semiconductor ecosystem.

With that, Ng said the Selangor state government will announce its plan on the semiconductor industry in order to attract more investment to the state.

“Penang got a high investment as a result of their complete semiconductor industry. and the Selangor state government will announce a plan soon for the semiconductor sectors to be announced by the menteri besar and I am sure we can share this good news with all the Selangor residents” he said.

Yesterday, the Malaysian Investment Development Authority (MIDA) announced that Penang, Kuala Lumpur, and Selangor recorded the most investment in the country. Kuala Lumpur recorded RM58.3 billion and Selangor recorded RM55.3 billion.

Ng said as of September last year, Selangor raked in RM47.57 billion with the manufacturing sector contributing the highest.

“Since the past three years, 2021 until September 2023, a total of RM47.57 billion in foreign investment capital has entered the state of Selangor.

“Of this amount, RM21.53 billion is for the manufacturing sector and the rest is RM26.04 billion for the service sector. Overall, the total foreign investment capital in 2021 is RM1.99 billion, RM30.17 billion in 2022 and RM15.4 billion in 2023 until September. The main contributor to the manufacturing sector was electrical and electronics,” he said.

Source: Malay Mail

Exco: Selangor chasing ‘spillover’ industries, not just investments alone

The Melaka government through the state Malaysian Investment Development Authority (MIDA) and Invest Melaka is committed to fully cooperate with the Invest Malaysia Facilitation Centre (IMFC) in an effort to increase investments in the state.

Chief Minister Datuk Seri Ab Rauf Yusoh said besides supporting the aspiration of the New Industrial Master Plan 2030, the move will make Malaysia, specifically Melaka, as an investor- and business-firendly state in line with the national investment ambition.

He said for the period from 2021 until the third quarter (3Q) of 2023, MIDA had approved new and additional investments worth RM19 billion for Melaka which included 480 projects, besides creating 10,427 job opportunities in various sectors and positions.

“When I held the post of Melaka Investment, Industry and Entrepreneur Development senior exco in 2022, we succeeded in recording the highest investments valued at RM8.574 billion, hence, (the state) was recognised among the top five states to rake in the highest investment value by MIDA.

“This showed the success of the cooperation between the government and private sector which mobilised efforts to create a stable, conducive and competitive investment ecosystem,“ he told reporters after launching the Melaka Industrial Night 2024 here, last night, which was also attended by Investment, Trade and Industry Deputy Mininster Liew Chin Tong.

Elaborating further, Ab Rauf also shared Melaka’s success in attracting a total of 151 investment projects worth RM4.7 billion in 2Q 2023.

This incuded an additional investment of RM1 billion from KOA Denko Malaysia Sdn Bhd, which is also a global electronics supplier from Japan.

“Therefore, I have high hopes that we can further expand the state’s potential as a prime investment destination of choice in the region and strengthens its position to be more stable in the global value chain,“ he said.

He is also optimistc about the investors’ confidence in Melaka which has three free trade zone areas.

“On the availability of human resources, Melaka also draws attention when 23 Technical and Vocational Education Training (TVET) institution partners in the state give the confidence to high-impact investors in terms of sufficient human resources for the industries,“ he said.

At the event, some 19 companies received appreciation awards from the Melaka State Industry Committee, including Five Star Investment Award to three companies which recorded the highest investment value in 2023, namely Malaysian Refining Company Sdn Bhd, Infineon Technologies (Malaysia) Sdn Bhd and Sunpower Malaysia Manufacturing Sdn Bhd.

Source: Bernama

Melaka ready to cooperate with IMFC to increase investments – Ab Rauf

The strategic expansion of the Invest Malaysia Facilitation Centre (IMFC) into Johor reflects a progressive approach aimed at stimulating economic growth and attracting more investors to the state.

Investment, Trade and Industry (MITI) Minister Datuk Seri Tengku Zafrul Abdul Aziz stated that this initiative was approved during a meeting chaired by Prime Minister, Datuk Seri Anwar Ibrahim, marking the establishment of the first IMFC outside of Kuala Lumpur.

He said that this expansion is part of the Johor-Singapore Special Economic Zone (JS-SEZ) initiative, aimed at fostering stronger business relations between Malaysia and Singapore.

“We see IMFC as a key enabler of investment that also supports the MADANI Economic Framework and the New Industrial Master Plan (NIMP) 2030, contributing to sustainable growth initiatives while generating high-value job opportunities across Malaysia,“ Tengku Zafrul said in a statement today.

The integration of IMFC into this agenda highlights its role in fostering a business-friendly environment for mutual growth, and the JS-SEZ is expected to be a key driver of regional and national development.

“This move will create consistency in investment procedures and facilitate investment inflows into Malaysia.

“Coupled with Johor’s strategic location and natural resources, IMFC Johor will further enhance the competitiveness of this state and, consequently, Malaysia’s appeal as a preferred investment destination globally,” he said.

Tengku Zafrul said IMFC Johor is committed to delivering consulting and advisory services in line with the unique challenges and opportunities in this southern state.

He said both MITI and the Malaysian Investment Development Authority will work closely with the Johor state government to foster a dynamic, competitive and innovative economic environment that will support not only Malaysian businesses but also job opportunities for the people. 

Source: Bernama

IMFC expands to Johor to stimulate economic growth

The Malaysian government and an “important” Chinese institution are in an advanced stage of negotiations to set up a two-way foreign investment (FI) promotion, said Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.

He said the aim is to cement a cooperative agreement focused on investment promotion enhancement to bolster investment flows, encouraging Chinese firms to explore opportunities in Malaysia while similarly facilitating Malaysian enterprises to expand into China.

He also highlighted that the progress underscores a notable pivot by Chinese corporations towards Malaysia, due to the country’s strategic location and conducive business environment.

“This potential partnership is targeted at fostering investments in high-value sectors, meticulously chosen to reflect the strategic priorities of both nations, thereby promising to fortify economic ties and promote mutual growth,” said Tengku Zafrul.

The minister said this during the annual announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for 2023.

He said high-value sectors are important to supporting the creation of high-value jobs which will help to boost the middle-class group that was badly impacted during the pandemic.

Tengku Zafrul noted that the top five industries that created the highest numbers of managerial, technical and supervisory (MTS) employment were electrical and electronic (E&E), machinery and equipment (M&E), non-metallic mineral as well as fabricated metal and chemicals.

Last year, over 30,000 jobs were created within the MTS category, with Malaysians accounting for 91.7% of the individuals hired to fill these roles.

“Malaysia’s E&E industry is expected to become a powerhouse due to increasing domestic and regional demand, driven by the growth of industries such as electric vehicles (EVs), renewable energy, aerospace and the digital economy.

“All these will collectively improve Malaysia’s export competitiveness while providing higher-paying skilled jobs for our people,” he noted.

Source: Bernama

Malaysia-China two-way foreign investment promotion underway — Tengku Zafrul

Tengku Zafrul Tengku Abdul Aziz, Malaysia’s Minister of Investment, Trade and Industry (MITI), has affirmed the strength of economic relations between the United Arab Emirates (UAE) and Malaysia, noting that the two countries are close to finalising their Comprehensive Economic Partnership Agreement (CEPA).

Tengku Zafrul said the agreement is to be signed by the end of June this year, Emirates News Agency (WAM) reported Tuesday.

He said this on the sidelines of the World Trade Organisation (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi.

The Malaysian minister pointed to his three visits to the UAE in three months, highlighting the memorandum of understanding (MoU) signed by the two countries during the past period to advance their bilateral relations in all fields.

In this regard, he pointed out that an MoU was signed in January to establish a framework for investment cooperation in the digital infrastructure sector. This is alongside other MoUs signed by several Malaysian companies with Masdar, a renewable energy company during COP28 in Dubai in December.

Regarding the MC13, he said: “This crucial global event serves as a vital platform for communication, particularly amidst the challenges confronting international trade.”

Source: Bernama

Malaysia, UAE CEPA on track for June signing: Minister

The Greater Klang Valley administrative area is expected to commence this year and substantially impact the state’s economic activities, said Menteri Besar Dato’ Seri Amirudin Shari.

Upon completing the Greater Klang Valley’s establishment, the state government anticipates more well-governed cities in the region.

“In 2024, the state government will unveil efforts which will impact economic activities by introducing the Greater Klang Valley.

“We are delighted that Klang has recently been officially recognised as a royal city. As a result, the immediate combination of the four cities (Klang, Shah Alam, Subang Jaya, and Petaling Jaya) will take place.

“And InsyaAllah, by this year, a well-governed and smart administration for the four cities soon,” he said.

Amirudin was responding to a query from Port Klang state assemblyman Azmizam Zaman Huri during the Selangor State Legislative Assembly today on the state government’s planning to boost economic development in the state for this year.

The establishment of the Greater Klang Valley is crucial to, among other things, streamlining the administrative processes for businesses and residents, rejuvenating mature cities, implementing a digital twin system for government administration, and promoting public transportation.

Under the 2024 Selangor Budget tabled on November 10 last year, the Menteri Besar said the state administration will allocate RM2 million for the initiative.

Meanwhile, the Selangor State Development Corporation (PKNS) and Menteri Besar Selangor (Incorporated), or MBI, have been directed to reassess expired lease locations, with a particular emphasis on the service sector for data centres, notably in Section 50 and Section 51 of Petaling Jaya.

He said the move is crucial for data centres to have robust and high-speed connectivity, as the state needs to catch up to Johor.

Besides developing Ijok, the state government is looking for more new locations to be developed to generate more economic activities.

“Data centres require strong and fast connectivity and sufficient power supply and distribution to prevent data loss.

“This is among the actions we are taking because we are slightly lagging behind Johor as it has taken the opportunity to transition data centres from Singapore due to proximity to localities and various other reasons, including costs,” Amirudin added.

Source: Selangor Journal

Greater Klang Valley to drive economic boom with anticipated introduction this year — MB

Malaysia and Uzbekistan have expressed their commitment to enhancing cooperation, specifically focusing on expanding trade, investment and strategic relationships.

In a Facebook post, Prime Minister Datuk Seri Anwar Ibrahim stated that this was among the topics discussed during the courtesy call by Uzbekistan’s Foreign Minister, Bakhtiyor Saidov, this morning.

“In the meeting, that was also attended by Foreign Minister Datuk Seri Mohamad Hasan, we discussed efforts to enhance Malaysia-Uzbekistan bilateral cooperation and on regional issues as well.

“At the same time, we also exchanged views on regional and international issues of mutual interest, including cooperation within the OIC (Organisation of Islamic Cooperation), the situation in Gaza, and developments in Afghanistan.

“I believe the meeting will strengthen and further enhance cooperation between Malaysia and Uzbekistan,“ he said.

Saidov is currently on a three-day official working visit to Malaysia starting Tuesday, marking his first visit to the country as Foreign Minister of Uzbekistan.

In 2023, Uzbekistan became Malaysia’s second largest trading partner in the Central Asian region.

The total trade between Malaysia and Uzbekistan amounted to RM451.9 million (US$94.03 million), representing an increase of 30.9 percent compared to 2022. 

Source: Bernama

PM: Malaysia, Uzbekistan state commitment to enhance cooperation

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said the record RM329 billion in approved investments Malaysia recorded last year will help create jobs and drive economic growth to help the country weather the effects of the ringgit’s depreciation.

He said the government was aware that the Opposition planned to apply pressure in this area, adding that there was already a plan to respond to this offensive.

“We are committed to addressing the people’s issues, including legislative aspects, food material, and the depreciation of the ringgit,” he told reporters after inaugurating the Penggerak Wanita Risda (Pewaris) Programme today.

He said this was discussed during the briefing for government lawmakers held earlier today.

The DPM said the government is also planning to respond with hard data and research-driven arguments during debate in Parliament, rather than resorting to rhetoric.

On the separate topic of the development of technical and vocational education and training (TVET) for women in the country, he said there has been encouraging response, particularly in the number of women enrolling in such courses post-secondary.

He said the TVET Jelita (Job Empowerment by Learning and Inclusive Technical Advancement) scheme was aligned with the current demands of the market, and would foster more female entrepreneurs extending beyond the food and beverage sector.

On Thursday, Prime Minister Datuk Seri Anwar Ibrahim announced that Malaysia recorded approved investments of RM329.5 billion in 2023, the most ever and 23 per cent more than the previous year.

Source: Malay Mail

DPM Zahid: Record RM329b investments will buffer Malaysia against ailing ringgit

Malaysia recording its highest-ever approved investments of RM329.5 billion last year showed that global investors remained confident in the country, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the finance minister, said although the ringgit’s performance was currently weak, Malaysia’s unemployment and inflation were declining.

“If the world does not have confidence in investing in Malaysia, our investment level will surely be at a slow rate. The world and investors have confidence that we recorded the highest ever approved investment. Inflation is down, and unemployment is also down,” he said in his speech during the launch ceremony of Restu Global Quranic Arts Festival at Nasyrul Quran, Kompleks Percetakan Al-Quran, Presint 14, here.

Anwar acknowledged the ringgit’s decline against the US dollar, but said this could be mitigated by also trading in other currencies.

“Yes, this problem needs to be solved, but that is against the US (dollar), what is our step? Our biggest trade is with China, about 25 per cent or RM250 billion. With Indonesia 18 per cent and Thailand 20 per cent. When we trade in local currencies, in ringgit and baht, for example, the issue of the dollar is not affected.

“What we worry about is that when the ringgit is down, economic growth stunts, and no investment comes in, but that’s not the case.

“All numbers show that we are on the right track,” he said.

The Malaysian currency slid close to its lowest level last seen during the Asian Financial Crisis in 1998 on Thursday, which the Opposition have used as fodder to drive public criticism towards the Anwar government’s economic policy.

However, Anwar yesterday rebuffed his critics who compared the current situation to 1998, saying they were different as inflation and unemployment had been high during the AFC.

Malaysia’s FDI increased to RM926.3 billion at the end of the fourth quarter of 2023 compared to RM914.9 billion the third quarter of last year, according to official data released last week.

The ringgit fell 0.3 per cent against the dollar last Wednesday, the weakest level since 1998 when it dropped to as low as 4.885 against the greenback.

Economists have attributed the decline to China’s sluggish growth, which has hurt Malaysia’s exports.

BNM said in a statement issued Wednesday amid a growing polemic over the foreign exchange rate that the ringgit’s performance does not reflect the country’s economic strength.

BNM governor Datuk Abdul Rasheed Ghafour said the ringgit’s decline follows similar trends with other regional currencies, which he attributed to external factors like market adjustment to changing US interest rates and uncertainty around China’s economic prospects.

The central bank said it expects the ringgit to rebound this year as demand for Malaysian exports improve.

Yesterday S&P Global Ratings forecast a 9 per cent rebound in the Malaysian currency by the end of the year, adding that the weak currency did not pose a risk to the sovereign rating.

Source: Malay Mail

Record FDI in 2023 shows the world is still confident in Malaysia, says Anwar

Malaysia continued to advance as a global halal hub by signing two Memoranda of Understanding (MOUs) with Japan on Thursday to strengthen halal trade, investment and quality employment in the sector in the Land of the Rising Sun.

The cooperation also aims to enhance bilateral trade relations between the two countries in the halal industry.

The first MOU signing ceremony involved the Halal Development Corporation Berhad (HDC), an agency under the Ministry of Investment, Trade, and Industry (MITI), and AEON Co (M) Berhad to promote Malaysian halal products in Japan.

Meanwhile, HDC has also collaborated with the Japan Halal Association (JHA) to enhance infrastructure and halal certification in Japan.

HDC was represented by its Chief Executive Officer Hairol Ariffein Sahari while AEON (M) by its Deputy Managing Director, Tsugutoshi Seko and JHA by its President Hind Hitomi Lemon.

The MOUs signing ceremony, which took place here, was witnessed by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the Chairman of the Malaysia Halal Industry Development Council and HDC Chairman, Khairul Azwan Harun.

Through the collaboration with AEON (M), the company will provide business guidance to Malaysian halal industry players to penetrate the Japanese market, promote the HDC Halal Integrated Platform (HIP), and organise presentation sessions to promote halal products.

HDC will also collaborate in providing halal training programmes for Japanese halal industry players to facilitate their entry into the halal market.

Through cooperation with JHA, the focus will be on human capital development and expertise sharing to streamline halal certification processes for restaurants in Japan.

HDC and JHA gave their commitment to promoting halal integrity aspects globally and empowering local businesses as vital steps towards advancing the halal industry and supporting the Muslim community in Japan and worldwide.

Earlier, Ahmad Zahid, who is on a seven-day working visit to Japan, led a Malaysian delegation in meeting with leading Japanese halal industry players in the Roundtable Session: ‘Connecting Halal Ecosystems Between Malaysia and Japan to Enhance Trade, Investment, and Quality Employment.’

In his address at the session, Ahmad Zahid said the meeting laid a stronger foundation and marked a new chapter in empowering continuous cooperation between Malaysia and Japan, particularly towards enhancing international halal practices and standards.

He said the discussions also highlighted the importance of coordinating cooperation between industry players from both countries to meet the increasing demand for halal goods and services worldwide, which now records a value of over US$3 trillion.

He added that although the Muslim population in Japan is relatively small, the country’s halal market still offers significant opportunities for growth and cooperation in the halal industry.

“For example, Malaysia’s exports reached RM59.46 billion in 2022, with halal exports to Japan amounting to RM3.6 billion. These figures clearly reflect the tremendous potential to be explored in the halal sector trade between the two countries,” he said.

Source: Bernama

Malaysia strengthens halal trade, investment with Japan