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Uzbekistan Ambassador Karomidin Gadoev, accompanied by representatives from the Uzbekistan Embassy, recently visited Proton Tanjong Malim and discussed opportunities for cooperation with the national carmaker in the automotive industry.

In a statement today, Proton deputy chief executive officer Roslan Abdullah said the company is always looking for partners to expand its reach and being an international original equipment manufacturer (OEM) is one of its brand pillars.

“Therefore, we are thankful for the visit from the ambassador of Uzbekistan and his delegation, and hope there will be some positive developments to report on in the future,” he said.

Following the visit to Tanjong Malim, Gadoev said Malaysia is a long-term and dependable friend of Uzbekistan, connected by centuries-old trade and cultural ties, friendship, and spiritual closeness.

He said that in the last few years, bilateral economic relations between Uzbekistan and Malaysia have been steadily developing, and currently, 36 Malaysian companies are successfully operating in Uzbekistan, and there is one Uzbek company in Malaysia.

“By the end of 2024, three Malaysian companies will start their activities in our country and currently, negotiations with several Malaysian industry players on establishing joint investment projects are well underway,” he said.

“There is a huge untapped potential between Uzbekistan and Malaysia in terms of bilateral economic relations,” he added.

Source: Bernama

Uzbekistan ambassador visits Proton Tanjong Malim, explores cooperation in automotive industry

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Plantation and healthcare outfit TDM Bhd, a subsidiary of the Terengganu state government, has invested RM29.1 million to build two hospitals this year.

Its executive director Najman Kamaruddin said the group’s healthcare sector contributes more than 50% to the overall profits and the two new hospitals are expected to increase the profits considerably.

“An investment of RM14.1 million is allocated for the construction of the 100-bed KMI Chukai Medical Centre in Kemaman, while Razif Hospital in Klang, Selangor involves an investment of RM15 million for the takeover process.

“Both of these hospitals will be managed by TDM’s subsidiary Kumpulan Medic Iman Sdn Bhd (KMI Healthcare),” he said during a press conference after presenting RM2.9 million to the Terengganu State Heritage Trust Fund Board, which is part of the company’s joint venture profit agreement for 2022, at Wisma Darul Iman here on Wednesday.

Najman also said the group plans to expand its medical network on the East Coast in the next five years, as an effort to meet the increasing demand for the health services offered by TDM.

“So far, there are five hospitals under the KMI Healthcare network, namely the KMI Kuala Terengganu Medical Centre in Terengganu; the KMI Kuantan Medical Centre in Pahang; the KMI Kelana Jaya Medical Centre in Selangor, the KMI Taman Desa Medical Centre in Kuala Lumpur, and the KMI Tawau Medical Centre in Sabah.

“We do not have a branch in Kelantan. So, we plan to create an ‘East Coast Belt’ within the next five years to meet customer demand and continue to compete in the healthcare sector in Malaysia,” he said.

Najman said that in addition to healthcare, TDM will maintain its focus on plantations, which is the company’s second focus sector.

“The company will continue to focus on increasing sales of Certified Sustainable Palm Oil (CSPO) and Certified Sustainable Palm Kernels (CSPK) to take advantage of its high premium rate.

“In 2022, the plantation sector was the main contributor to the company’s profits, but the low price of palm oil last year caused income from the plantation sector to decrease compared to healthcare,” he said.

Source: Bernama

TDM expands healthcare network, invests RM29.1 mil for two new hospitals

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JOHOR Medical Tourism Council (JMTC) will maximise its efforts to attract medical tourists from around the world this year, says Johor tourism, environment, heritage and culture committee chairman K. Raven Kumar.

He said the council, which was set up less than two years ago, would hold a meeting soon to outline strategies for 2024.

“We will consider the views of representatives from hospitals and other industry players,” he said.

He added that the recent move to give visitors from China and India 30-day visa-free travel would further boost the sector.

“A majority of our medical tourists are from Indonesia but we also want to promote our services to other Asian countries this year.

“We will reach out to other regions too in the near future,” said Raven.

He said the council was looking into visiting other countries to promote Johor as a medical tourism hub.

“Last year, we visited Batam in Indonesia for this purpose.

“For 2024, we will look into exploring other places,” he said.

Meanwhile, Tourism Johor director Sharil Nizam Abdul Rahim said the state’s excellent hospitals and accommodation options were among the reasons attracting medical tourists to the state.

“The cost of medical services in Johor is also significantly lower compared to the cost in other countries.

“On top of that, we have a wide variety of hotels and homestays that fit the budgets of tourists from all walks of life.

“It is also easy for them to travel around the state with the availability of public transport and ehailing services,” he said.

Source: The Star

State to strengthen medical tourism sector

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BDB Land Sdn Bhd, a wholly owned subsidiary of Bina Darulaman Bhd (BDB), has forged a cooperation with Enfiniti Escapes (M) Sdn Bhd with the signing of a memorandum of understanding (MoU) to undertake developments for the eco-tourism sector in Langkawi.

BDB executive director Raja Shahreen Raja Othman said that under the MoU, both parties plan to form a joint venture to develop forest chalets or eco-tourism-concept developments at Darulaman Sanctuary, Lubuk Semilang, in Langkawi.

“The development plan is on a 4.04-hectare plot at Darulaman Sanctuary whereby BDB Land will carry out a detailed study to identify the area that will be developed while Enfiniti Escapes will focus on the overall concept as well as design development based on research implemented by BDB Land.

“To ensure that the development is in line with the objectives of conservation and sustainable environment, BDB Land will work with FRIM Incorporated Sdn Bhd to get its advisory services and expertise,” he told a press conference after the MoU signing ceremony here today.

Raja Shahreen signed on behalf of BDB Land while Enfiniti Escapes was represented by Enfiniti Group of Companies president Puan Sri Tiara Jacquelina.

Also present were Enspire Ventures chairman Tan Sri Mohd Effendi Norwawi, Langkawi district officer Mohamad Subhi Abdullah and Kedah State Development Corporation chief executive officer Datuk Isahak Murat.

Raja Shahreen said the joint-venture development is another continuing effort carried out by BDB through BDB Land to create new attractions in Langkawi which indirectly would help the state government develop the resort island.

“Hopefully, this latest joint-venture will propel the name and give value-add to Darulaman Sanctuary and Langkawi particularly involving the eco-tourism sector to local and foreign tourists,” he said.

Meanwhile, Tiara Jacquelina said the areas surrounding Darulaman Sanctuary, Lubuk Semilang could become the new attraction to offer to the public, similar to Tiarasa Escapes, Janda Baik in Pahang.

“My observation is that Langkawi still doesn’t have forest chalets like in Tiarasa Escapes, hence, this is a good opportunity and the concept is also different. We will study to see what eco-tourism products are suitable to be developed here,” she said.

Source: Bernama

BDB, Enfiniti Escapes to develop eco-tourism projects in Langkawi

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The Investment, Trade and Industry (Miti) secured a total of RM2.84 billion in potential investment and RM500 million of potential exports of Malaysian products and services from the trade and investment mission to Milan and Turin, Italy, from January 12 to 16.

In a statement, the ministry said Minister Tengku Datuk Seri Zafrul Aziz, who led the mission, met with renowned Italian companies in the automotive, aerospace, semiconductors, food, biofuel, as well as machinery and equipment sectors and achieved significant milestones in fostering economic ties, as well as attracting potential investments and trade.

Notable companies included STMicroelectronics, EDA Industries as well as Leonardo’s Helicopter and Aircraft Divisions, it said.

“During the closed-door one-to-one meetings, these companies highlighted their investment plans in Malaysia and showcased their commitment to explore new areas of growth for knowledge transfer and the creation of high-value jobs in the country.

“The mission also featured visits to both Leonardo Helicopter and Aircraft Divisions’ facilities in Milan and Turin, respectively.

“The global player in the aerospace industry expressed its keen interest to explore new ventures in Malaysia to support its future regional operations,” said the ministry.

According to Miti, in terms of export potential, Tengku Zafrul also met with Fererro International S.A, a leading food company in the production of chocolate and cocoa-based foods; and ENI Trade and Biofuels S.p.A, a subsidiary of ENI S.p.A which is one of the largest petroleum and gas companies in Italy.

Meanwhile, Tengku Zafrul said the partnerships forged will also contribute significantly to Malaysia’s journey towards becoming a regional hub for advanced technologies and innovation.

“The outcomes of the mission reflect our commitment to enhancing Malaysia’s position in the global supply chain.

“Miti and its agencies, Malaysian Investment Development Authority (Mida) and Malaysia External Trade Development Corporation (Matrade) will ensure the successful realisation of these potential investments and exports, which are key towards fostering sustainable economic growth in Malaysia, as envisaged by the New Industrial Master Plan (NIMP) 2030,” he said.

Source: Bernama

Ministry secures RM2.84bln potential investment from mission to Italy

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Malaysia and China will sign a memorandum of cooperation (MoC) to enhance smart city and smart home capabilities.

Housing and Local Government Minister Nga Kor Ming said that during his recent visit to Beijing, he met with China’s Housing and Urban-Rural Development Minister Ni Hong.

“Both countries have agreed to sign a MoC in terms of smart home features and smart cities because China has a lot of leading technology in this respect. So, it is good for us if we can get some transfer of technology, whereby it will help and improve our housing quality,” he told reporters after the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Power Chat 2.0 yesterday.

In conjunction with the 50th anniversary of diplomatic relations between Malaysia and China recently, Prime Minister Datuk Seri Anwar Ibrahim has sent a letter inviting China president Xi Jinping to visit Malaysia.

Nga disclosed that details on the MoC “are almost completed” and hoped to ink the proposed memorandum during the proposed official visit by the Chinese president.

When asked on the expected date of the visit, Nga said this matter has to be referred to the Ministry of Foreign Affairs but hoped that it would occur within the year.

Commenting on the Cabinet retreat today and tomorrow in Cyberjaya involving all ministries, he said every ministry must submit at least six new initiatives aimed to benefit the citizens and to focus on the economic development as “2024 is a very crucial and important year for the nation”.

Nga said his ministry has prepared a list consisting of 12 new initiatives involving affordable housing, circular economy, reurbanisation and renewal of dilapidated public housing, among others.

He also disclosed that China has invited Malaysia to organise and host the China-Asean housing ministerial meeting to be held in Kuala Lumpur Convention Centre. He added that “details will be announced soon”.

Meanwhile, ACCCIM president Tan Sri Low Kian Chuan said the chamber is working closely with government agencies and policy makers to tackle unnecessary bureaucracy and create conducive business environment for both domestic direct investment and foreign direct investments, to improve the ease of doing business, particularly crucial now, given the intensifying competition from the regional economies and Regional Comprehensive Economic Partnership member countries.

“In this connection, all ministries and government agencies, particularly the local authorities in various states, should act in a concerted and coordinated manner to ensure that the policies and programmes laid out at the federal government level could be implemented speedily on the ground to produce wider economic impact and benefits for the people. States, especially local authorities, must play an effective role in facilitating efforts and macro policy direction set by the federal government,” he said.

Source: The Sun

Malaysia, China to sign pact on enhancing smart city, smart home capabilities

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Selangor aims to attract RM50 billion worth of investments this year, up from last year’s RM45 billion.

Menteri Besar Datuk Seri Amirudin Shari said the target was set, given the improving economic development and the state’s ability to contribute to the gross domestic product (GDP) by up to 0.5% this year.

“If we increase our contribution from 0.4% to 0.5% to the national GDP, it would raise our share of contribution from 25% to 26%,” he told reporters after delivering his New Year’s resolution speech at the state secretariat here on Monday.

In 2022, Selangor recorded history when the state’s contribution to Malaysia’s GDP exceeded a quarter of the country’s economy at a rate of 25.5%, with an increase of 0.7% compared to the previous year.

Regarding the Shah Alam Stadium demolition, Amirudin said the relocation of the Tenaga Nasional Bhd (TNB) sub-station is being planned to avoid electricity supply disruption in the Section 13 area.

“We are negotiating with TNB to move it. If we build a new (sub-station), it will take another year before we can demolish the stadium, so we move it first.

“The demolition will be done immediately using machine tools and not explosives because it will affect the neighbourhood in that area,” Amirudin said.

Source: Bernama

Selangor sets RM50 bil investment target for 2024

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Ferrotec Holdings Corporation, a global supplier of materials, components, and precision system solutions, has opened its manufacturing facility at Kulim Hi-Tech Park, Kedah.

The Tokyo-listed company has invested about RM850 million in the project and created more than 800 job opportunities mostly for local talents, according to a joint statement issued by the Malaysian Investment Development Authority (Mida) and Ferrotec.

Ferrotec Holdings and Ferrotec Manufacturing Malaysia Sdn Bhd vice president Takeru Yamamura said the state-of-the-art production facility has been strategically designed to meet growing demand for its products and services in the dynamic Asian market.

“As Ferrotec’s first manufacturing location in Southeast Asia, the Kedah plant integrates the culmination of 44 years of engineering expertise gathered from our operations in the United States, European Union, China and Japan,” he said in the statement.

Yamamura said the establishment of the Kedah plant would propel Ferrotec to new heights as a globally recognised international supplier in the semiconductor industry.

Ferrotec held its opening ceremony on Monday to kick off production at the plant, which will be undertaking electromechanical assembly and advanced material fabrication for semiconductor equipment.

The ceremony was attended by Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, Mida deputy chief executive officer (investment development) Lim Bee Vian, and Ferrotec Holdings president and group chief executive officer He Xian Han.

Lim commended Ferrotec for its unwavering trust and support in establishing its manufacturing facility in Malaysia.

She said Ferrotec, with its extensive manufacturing footprint, symbolises the diversification of supply chains, reinforcing Malaysia’s strategic standing as a location for semiconductor operations.

“By choosing Malaysia, Ferrotec positions itself to leverage untapped opportunities, foster innovation and contribute substantially to the ever-evolving semiconductor landscape in our region,” she said.

Lim said Mida will continue to partner with leading companies to anchor high value-added manufacturing, adopt advanced manufacturing technologies, and equip its people with the requisite skill sets.

“Our partnership with Ferrotec is a good example of how we are doing this,” she added.

Meanwhile, Muhammad Sanusi said that Kedah is an excellent investment destination, not only known for tourism and agriculture, but also manufacturing.

He said the state offers a strategic location, skilled workforce and a supportive environment for companies to flourish.

“With the E10 initiative set up to ease investors’ journey and a strong track record with multinationals already present here, Kedah is no doubt a preferred state for investment,” he said.

Source: Bernama

Ferrotec’s new facility in Kulim opens for production

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ASEAN’s outlook is of oneness – one vision, one identity and one community. But it is a vision that the turbulence caused by the Fourth Industrial Revolution, rapid digital transformation and challenging geopolitics and economics is shaking.

Engendering greater trust among Asean member states in its policy tools and vision, is paramount to its progress and aspiration of developing a community of opportunities for all. One such huge opportunity is its digital economy, which it is estimated will grow from its current size of approximately US$300bil (RM1.4 trillion) to almost US$1 trillion (RM4.6 trillion) by 2030.

Asean is one of the world’s fastest growing regions with average real GDP growth forecast to reach 4.6% in 2023 and 4.8% in 2024. By 2030, it is expected to be the fourth-largest economy in the world. This dynamism is driven by a population of 700 million, composed of young, educated, increasingly online individuals and a growing middle-class.

For many people in the region, especially its youth, the integration of digital technologies into their everyday lives has changed the way they consume information, buy goods and services, use financial services and interact with government. Positively, governments regionwide have recognised the importance of harnessing the ongoing digital transformation for good and deployed policies to foster a thriving regional digital economy. Standing as a challenge to this are the region’s socio-economic differences, levels of development and disparate regulatory regimes.

Common policy tools, regulation and legislation are key means to address these challenges. Among these is the Asean Digital Masterplan 2025 and the Bandar Seri Begawan Roadmap (BSBR). The masterplan is designed to provide a vision of what Asean’s digital society and economy will look like, while the roadmap offers a plan for the region’s digital transformation agenda to accelerate its digital economy integration through the adoption of the Asean Digital Economy Framework Agreement (Defa).

With the vision and plan in place, the Asean Defa has the potential to transform the region. It’s the world’s first region-wide digital economy agreement, and as such, could offer a blueprint for how to achieve harmonisation among nations who are at different stages of digital integration. It also allows Asean to design an agreement that works for all member states, taking into consideration the different levels of socio-economic development, rather than rely on models created in other parts of the world.

Among the topics for negotiation will be digital trade, cross-border e-commerce, cybersecurity and online safety, digital ID, digital payments, data flows, competition policy, digital skills and talent mobility as well as emerging topics such as artificial intelligence. Asean member states recognise the enormous economic potential that can be reaped from the digital economy, and that digital transformation is a foundational strategy for economic growth and prosperity.

By engaging in the Defa negotiations, the grouping’s member states are building trust for business as well as investors in an inclusive and sustainable Asean digital economy, paving the way for economic development, job creation and investment opportunities.

If planned out in an inclusive way, the Asean Defa will create an environment designed to empower and connect micro, small and medium-sized enterprises (MSMEs) to regional and global markets, facilitate digital skills development and generate quality employment (including for women, youth, and rural communities) as well as strengthen collective and individual economic competitiveness and resilience.

Early progress is heartening. Countries at the subregional level already collaborate to facilitate the use of digital technologies for cross-border payments. Thailand and Singapore have been at the forefront of this; their PromptPay and PayNow systems enable instant, low-cost mobile transfers using just a recipient’s phone number.

This shows what is possible, and as Asean embarks on negotiating the Asean Defa, it is important that an inclusive process of consultations is used to ensure everyone’s voice is heard. This will help build trust in the process of building an inclusive and sustainable Asean digital economy.

To facilitate these moves, the World Economic Forum, in cooperation with the Asean -Korea Cooperation Fund, has launched the Asean Digital Economy Agreement Leadership (Asean Deal) project. This aims to support Asean member states address preparedness, overcome challenges and reap the benefits of digital economy agreements.

This is achieved through the provision of capacity building activities, an online depository of digital economy agreements, and annual business surveys and dialogue on digital economy topics. The project also offers inputs to negotiations from stakeholders in academia, civil society, the private sector, and other regions where the implementation of digital policies has shown positive results.

Creating a strong integrated digital economy will enable Asean to compete more effectively in the global economy and provide greater opportunities for its citizens. A region-wide digital economy framework will require collaboration, but will in turn, engender greater levels of trust, and if successful, will foster the goal of a stronger, unified, one Asean. — Asia News Network

Joo-Ok Lee is World Economic Forum’s Asia-Pacific regional agenda head. This article was published as part of the World Economic Forum Annual Meeting 2024 discussions.

Source: The Star

How Asean is building trust in its digital economy

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NexV Manufacturing Sdn Bhd (NMSB), a joint venture (JV) company between Careplus Group Bhd and GoAuto Group Sdn Bhd, will commence the construction of the country’s first green technology facility dedicated to the manufacture and assembly of new energy vehicles (NEVs), including electric vehicles (EVs), in Chembong, Rembau, Negeri Sembilan.

The healthcare group, which received the green light from the Ministry of Investment, Trade and Industry to manufacture and assemble energy-efficient vehicles in October last year, said the facility is expected to begin operations in the first quarter next year.

The plant will have a capacity of 30,000 vehicles per year, in which one-third will comprise the assembly of Neta models through the JV between Careplus and Intro Synergy Sdn Bhd (a GoAuto subsidiary), Careplus said in a statement on Friday.

It will also not only assemble Neta vehicles, but be open to working with other NEV brands intending to carry out completely knocked-down assembly of passenger and commercial EVs or electric motorcycles.

“The Malaysian Investment Development Authority (Mida) applauds NMSB for its commitment to innovation, green energy and industry leadership, advancing Malaysia’s status as a major player in the EV industry, while placing the nation at centre stage as a pivotal global impetus.

“We stand ready to offer our full support and facilitation to local businesses, ensuring a seamless journey for businesses aiming to thrive in our dynamic and competitive market,” according to Mida chief executive officer Datuk Arham Abdul Rahman.

Meanwhile, Careplus group CEO Lim Kwee Shyan said the group hopes that with the assembly of the Neta V model, more Malaysians will be able to accept and support products produced in Chembong.

Phase 1 of the project involves the development of an assembly plant, expected to begin in the first quarter of 2024. Meanwhile, Phase 2 will begin in 2026, and Phase 3 in 2028, expanding to an even bigger production capacity of 50,000 units per year.

The group highlighted that total investment in the plant development is about RM600 million.

At Friday’s market close, shares in Careplus traded half a sen or 1.23% lower at 40 sen, giving the group a market capitalisation of RM240.93 million.

Source: The Edge Malaysia

Careplus-GoAuto JV to build green tech facility for EV manufacturing in Rembau

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Maybank Investment Bank (IB) is optimistic the Johor-Singapore Special Economic Zone (JSSEZ) which will create more job opportunities and business in the Iskandar Malaysia area, leading to increased demand for properties.

While no further details were revealed on the JSSEZ, the memorandum of understanding (MOU) signed yesterday reaffirms the joint commitment between Malaysia and Singapore to strengthen economic cooperation.

“This will also help drive demand for both residential and commercial properties, with the higher population requiring housing,” said the research house.

Having said that, Maybank IB believes the positives have been priced in, and share prices of property stocks with landbank in Johor have run ahead of their fundamentals.

“As such, we advocate for investors to take some profit and consider switching to stocks with landbank in Penang for an exposure to the upcoming Bayan Lepas LRT project, where its alignment is expected to be finalised by the first half of 2024 (1H2024), said Maybank IB in a note today.

Maybank IB maintains buy calls for SP Setia Bhd properties and Tambun Indah Land Bhd.

Malaysia and Singapore yesterday signed a MOU to work on a JSSEZ to strengthen economic connectivity between Johor and Singapore.

Maybank IB also said that the JSSEZ will target sectors related to electronics, financial services, business-related services and healthcare.

Both countries will work towards a full-fledged agreement and provide an update at the 11th Malaysia-Singapore Leaders’ Retreat, probably in the second half of 2024.

Elsewhere, Malaysia and Singapore will also work on several initiatives that build towards the JSSEZ.

Location of the JSSEZ remains unknown while Maybank IB suspect the JSSEZ could be located at Sedenak and/or Iskandar Puteri areas.

There is a possibility that the JSSEZ could involve the whole Iskandar Malaysia region that spans 4,749km2 covering Johor Bahru, Kulai, Iskandar Puteri, Pasir Gudang and part of Pontian, benefiting all the land owners in these regions and leveling the playing field for all land owners.

Source: NST

Johor-Singapore Special Economic Zone to create more job opportunities, increased demand for properties

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IJM Corporation Bhd (IJM Corp) today announced that it is taking a 25 per cent interest in the developer of Shah Alam International Logistics Hub (SAILH) and buying a 11 acre freehold site in Hertfordshire County, England for redevelopment.

IJM’s wholly-owned subsidiary, IJM RE Sdn. Bhd., signed a share sale agreement with fully-integrated logistics provider, Swift Haulage Bhd, and Hartamas Mentari Sdn Bhd, acquiring a 25 per cent stake in Global Vision Logistics Sdn. Bhd. (GVL) which is developing SAILH.

The acquisition follows the RM653.6 million construction contract win by its construction arm, IJM Construction, in June last year, and is part of its strategy to expand into the industrial property sector.

“Our investment in GVL and SAILH is a strategic move to address the increasing demands of the logistics sector, spurred by e-commerce growth and supply chain diversification. This decision not only expands IJM’s industrial property portfolio, focusing on high-value assets that generate recurring income, but also reflects our expertise in infrastructure and construction. By integrating our investment strategies with hands-on project execution, we are enhancing our ability to meet diverse industry demands, further establishing IJM as a versatile solutions provider across diverse industries,” IJM Corp Group CEO and managing director Lee Chun Fai said in statement.

SAILH, set to be one of ASEAN’s largest and Malaysia’s first green-certified logistics hub, located on a 71-acre site in Shah Alam.

It complements IJM’s other investments in Exio Logistics Sdn. Bhd for two logistics hubs in the City of Elmina, Shah Alam and in the Malaysia China-Kuantan Industrial Logistics Park.

The first phase of SAILH, which commenced construction in September last year, includes a four-storey warehouse complex, multi-level parking and office space with ancillary buildings.

Set for completion in 2025, it will offer 2.8 million square feet of space.

Plans for the second phase are underway, bringing the total warehouse space to about six million square feet when all phases are completed.

Meanwhile, IJM’s property arm IJM Land has bought an 11-acre brownfield site, known as The Wheat Quarter (North Site), that has been approved for 811 homes and 150,000 square feet of mixed-use space.

This development follows its Royal Mint Gardens project in Central London and partnership with Network Rail.

“These investments in Malaysia and the UK reflect our strategic vision to strengthen IJM’s footprint in the logistics sector and international property development. We are committed to delivering innovative and sustainable solutions in these key markets,” Lee said.

Source: NST

IJM Corp takes 25pc interest in Shah Alam International Logistics Hub, buys 11-acre property site in England

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The Investment, Trade and Industry Ministry’s (Miti) one-day investment mission to Singapore has yielded RM2.8 billion of committed foreign direct investments (FDIs) from two companies.

In a statement today, its minister Tengku Datuk Seri Zafrul Abdul Aziz said Equinix Inc helps organisations fast-track competitive advantage across digital enablers including cloud, networking, storage, computing and software.

The global digital infrastructure company has 52 data centres across 13 cities in the Asia-Pacific region, including Australia, China, Hong Kong, India, Japan, South Korea, and Singapore.

Equinix plans to open data centres in Johor and Kuala Lumpur to provide an interconnected platform offering access to international and regional networks connecting Asia-Pacific, he said.

Tengku Zafrul also met representatives of a global food manufacturing company with a presence in Malaysia.

The company plans to expand and diversify its product portfolio and will set up a facility with an advanced manufacturing line, powered by fourth industrial revolution enablers such as the internet of things and robotics for its integrated food ingredients production.

“These companies have chosen Malaysia to either establish or expand their business. The RM2.8 billion committed FDIs are yet another endorsement of Malaysia’s efforts in easing the investor’s journey and facilitating the realisation of their investments.

“Miti, together with its agency, the Malaysian Investment Development Authority, will be more strategic in attracting the right investments from the increased inflows into Asean.

“These investments must not only grow our economy but also develop our small and medium enterprises and create jobs for our people,” he said.

Miti said Singapore views Malaysia as a viable investment destination due to various factors, including its rule of law, strategic regional location, trainable workforce, and crucial position in many regional and global supply chains.

It noted that between January and September 2023, RM20.4 billion of investment projects from Singapore were approved, making it the second-largest FDI source.

The investment mission is an important milestone to realise Malaysia’s goal to become a hi-tech, global innovation hub with a resilient and sustainable investment ecosystem, the statement said.

Source: Bernama

MITI secures RM2.8 bln FDIs in one-day mission to Singapore

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The construction of the country’s first green technology new energy vehicle (NEV) manufacturing and assembly factory located in Chembong here will create a new wave of ecosystems in the industry in Negeri Sembilan.

Menteri Besar Datuk Seri Aminuddin Harun said the new factory, which is open today in stages until 2028 can also attract more electric vehicle (EV) or commercial vehicle brands that require the local assembly (CKD) format.

“The impact of the construction of this factory is the sustainable generation of Negeri Sembilan’s economy that can be implemented at the same time offering 600 skilled job opportunities to the people of this state.

“It is hoped that this project can boost the marketing network of EVs with the NETA brand throughout the country and local socio-economic development, especially in Rembau,“ he said when officiating at the groundbreaking ceremony for the factory here today.

Also present were NexV Manufacturing Sdn Bhd chief executive officer Lim Kwee Shyan and GoAuto Group chairman Datuk SM Azli SM Nasimuddin Kamal.

Aminuddin said the construction of the factory by Careplus together with GoAuto through NexV Manufacturing Sdn Bhd was on 29.68 hectares involving an investment of RM840 million in phases.

The first phase of the project involves the development of the assembly plant in the first quarter of this year while the second and third phases will start in 2026 and 2028 respectively.

He explained that the process of building the factory also signals to all sectors of the chain related to the manufacture of EVs that Negeri Sembilan is an alternative location for any firm that wants to invest in Malaysia.

Aminuddin also said the state government always practises an open policy in welcoming the entry of investors, especially high-tech industry players.

Meanwhile, Lim said the production capacity of the factory is around 30,000 units per year and is designed to reach a maximum production capacity of 50,000 units per year.

He said the factory is not only able to assemble its own brand vehicles such as NETA but is open to other NEV brands whether passenger vehicles, commercial vehicles or CKD electric motorcycles.

He explained that the factory is constructed using an environmentally friendly system with zero water waste, no water and noise pollution and all solid waste materials will be sent for recycling.

Lim said the roof of the factory will be installed with solar panels where most of the electricity can be generated from the technology in line with the goal of expanding and exploring business potential in the field of green technology and new energy.

He also said that in order to increase the marketability of graduates, especially for Technical and Vocational Education and Training (TVET) graduates, his company also offered highly skilled job opportunities for local young people working in the green mobility industry.

“We expect the recruitment and training of manpower to be done in the third quarter of this year or as early as August.

“In addition, discussions with Institut Kemahiran Tinggi Belia Negara (IKTBN) Chembong were also held to collaborate to produce trained graduates who will then be employed with us,“ he said.

During the event, NexV Manufacturing also signed a local assembly agreement with HOZON, a NETA brand EV company from China, to make NETA V the first product to be assembled by this factory in the first quarter of 2025.

Apart from that, Zambry said that the leadership of higher education institutions (HEIs) must be bold in making changes to handle bureaucratic issues by shifting paradigms, and therefore, more flexibility should be given to the HEI leadership.

He said the aspirations will also emphasise the strengthening and empowerment of Technical and Vocational Education and Training (TVET) in line with the best industry practices that are competent and relevant to current industry developments.

“We (also) need to strengthen curriculum development and delivery in line with the Global Sustainability Agenda, particularly the Sustainable Development Goals by the United Nations and the Education for Sustainable Development agenda by UNESCO,” he said.

However, the minister said the five focus areas and 20 aspirations outlined are not permanent as amendments or changes can be made from time to time according to the needs and appropriateness that should be prioritised towards enhancing the performance of higher education.

On the Malaysia Education Blueprint 2015-2025 (Higher Education) ending next year, Zambry said it is high time for a new or a continuation of the blueprint to be formulated this year.

In realising this, Zambry said the country does not need a special commission to be established to scrutinise the achievements of higher education in Malaysia compared to regional countries such as Vietnam, Thailand, and Indonesia, and then to map out the direction of higher education for a long-term period.

“It is sufficient to establish a group of experts to study this matter. In this regard, I give the ministry 12 months to diagnose the level of achievement of our higher education comprehensively.

“We need to conduct an in-depth analysis to identify the real issues and causes of the problems that occur. This way, we will get accurate information to formulate a long-term strategy for the country’s higher education, which will be incorporated into the new national higher education blueprint,” he said.

Meanwhile, Zambry said MOHE will organise the MADANI Campus Roadshow to all public and private higher learning institutions across the country, aiming to personally observe the actual situation at the institutions and to ensure that the wellbeing of students and staff is given priority.

Source: Bernama

First new energy plant in Rembau creates new wave ecosystem of EV industry

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Sunsuria Bhd has entered into a co-construction agreement with the Fuzhou Municipal People’s Government (Gulou district) for the construction of the Asean Digital Trade Industrial Park in Fuzhou, China. The agreement was signed on Dec 21 during the First Overseas Chinese Talent Conference for Development in Fuzhou, China.

Sunsuria executive chairman Tan Sri Ter Leong Yap said: “Sunsuria, in collaboration with Fuzhou (Gulou district) to build the Asean Digital Trade Industrial Park in Fuzhou, welcomes outstanding talents and digital companies from China and Malaysia to join us and promote the developments of the digital economy in China and Malaysia.”

For the past 10 years, Ter shared that Malaysia had been one of the active Asean countries in rolling out various initiatives, such as the Multimedia Super Corridor (MSC Malaysia), Malaysia Digital Economy Blueprint and MyDigital, to promote the country’s potential and competitiveness in developing digital tourism, digital trade, digital agriculture and digital finance, among others.

Digital companies Shanghai Bridge Digital Technology Group, Haohuo Network Technology Co Ltd, Fujian HealthyWay IT Co Ltd and AMG Advance Profitable Sdn Bhd were also signatories of the agreement on Dec 21.

Source: The Edge Malaysia

Sunsuria announces partnership to build Asean Digital Trade Industrial Park in Fuzhou

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Malaysia, which has attracted leading American multinational Tesla to set up its regional headquarters here last year, plans to woo more companies like the electric vehicle (EV) giant to set up assembly plants here.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the endgame is to have the likes of Tesla build their plants in the country.

Currently, many electric vehicle (EV) makers are procuring components from Malaysia “in the billions”, he said, adding that Malaysia is doubling down on the semiconductor industry to tap the growing EV market.

“They want to realign the supply chain to ensure that the security and resiliency of their supply chain, so they are coming closer to Malaysia, and we are inviting many EV makers,” he said during an exclusive interview with CNBC’s “Squawk Box Asia” aired today.

He told the business news channel that the goal is for EV makers to expand their presence in the country, pointing out that Tesla is already one of Malaysia’s major charging station providers, while some of the largest Malaysian companies are also Tesla’s suppliers.

Last month, Tengku Zafrul said Malaysia has seen exponential growth in EV sales yearly and the government is optimistic the positive momentum would continue strongly, with more than 100,000 registered electrified vehicles recorded.

The minister said he believes that EVs would be the catalyst for the growth of Malaysia’s manufacturing industry exports.

Elaborating further, he said electrical and electronics products (E&E) is a vital part in the EV supply chain.

“Hence, there is a lot of potential in the new generation vehicles wherein more components, for example, semiconductor composites, chip components in a typical car today or even a hybrid car, (are needed at) around 1,500 chips in one car,” he said.

The National Investment Council (MPN), at its meeting recently, decided to set up the National Semiconductor Strategic Task Force (NSSTF) to allow the country to move up the value chain in the chips industry.

In a statement, Tengku Zafrul said the decision was arrived at in light of the importance of the semiconductor industry, which contributed 45.4 per cent (or RM593.5 billion) to Malaysia’s manufacturing industry export revenue.

“It is a platform specifically to develop the semiconductor ecosystem to attract strategic investments in the sector,” he said.

NSSTF, to be chaired by Tengku Zafrul, is expected to further strengthen the sector which currently contributes 13 per cent to the assembly, testing and packaging activities of chips globally and 10 per cent to the global semiconductor market.

During the interview with CNBC, Tengku Zafrul also said that the taskforce highlights the importance of the country’s semiconductor sector — which accounts for seven per cent of the country’s gross domestic product and half of its exports.

He said that the team will not only be looking at growing the semiconductor industry in Malaysia but will also seek to ensure there’s a “talent supply chain” in the country.

“Malaysia needs 50,000 electrical and electronics engineers every year, of which we (have) a shortage,” he said.

However, Malaysia is still in a good position to achieve the goal of growing its semiconductor industry.

“The good thing about Malaysia is this industry started in early ‘70s. So, it’s been here 50 years. And the foundation is strong for us today to move up the value chain,” he added.

Source: Bernama

Malaysia to continue wooing global EV brands — Tengku Zafrul

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Four prominent companies in China have shown interest in investing in Malaysia, especially in Kedah, said state Industry and Investment, Higher Education, Science, Technology and Innovation Committee chairman Dr Haim Hilman Abdullah.

During an ongoing investment mission, the Kedah state government discussed with the Chinese companies involved, he said.

“Today is the second day of our (investment mission) to promote the state of Kedah.

As of today, we have held discussions with four leading companies in China that have shown a high interest in investing in Kedah,” Haim said in a post on his Facebook page today.

He thanked the Malaysian Investment Development Board (MIDA) Shanghai representatives who formed part of the mission.

“Our desire and hope to bring more investors into Kedah will be achieved in line with menteri besar’s wish to fulfil the ‘Greater Kedah’ agenda,” he said, adding that on of the locations visited is Tashan Industry Park.

Source: Bernama

Kedah govt’s investment mission piques interest of prominent China companies

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Malaysia, Singapore and other Asean countries should work more closely towards attracting the right investments for the whole region to enhance intra-Asean trade and provide a strong economic leadership for the region, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said Malaysia started strategising for its own chairmanship of Asean in 2025 while supporting Laos’ 2024 chairmanship.

“Our agenda will be clear and purposeful, to also get the support from key Asian countries like China, Japan and South Korea for the region’s progress.

“At the same time, it must be recognised that stability is a two-way street. We have done a lot and will do a lot more to rebuild Malaysia’s credibility, politically and economically,” he said at the S Rajaratnam Endowment Dialogue held in Singapore today.

Tengku Zafrul also assured that the Malaysian government is committed to working with its Singapore counterparts to ensure the various bilateral initiatives are realised and strengthen business-to-business and people-to-people ties generally.

“There will, of course, be many opportunities for collaborations between Malaysia and Singapore.

“The only limitations are our imagination and willingness to cooperate,” he said.

The minister added that all bilateral and multilateral relationships, including with Singapore, Indonesia, Brunei, Thailand and other Asean countries require focus and effort.

Source: Bernama

Asean must capitalise on geoeconomics to boost trade, investments — Tengku Zafrul

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The signing of the Memorandum of Understanding (MoU) for the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) will bolster economic growth and strengthen bilateral ties between Malaysia and Singapore.

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said JS-SEZ is well-positioned to connect investors and business in both countries as well as foreign investors to new opportunities from the increasing border trade and rapid economic growth in the region.

ACCCIM president Senator Tan Sri Low Kian Chuan, in a statement today, said the association believed that JS-SEZ could bolster trade and investment, tourism as well as people-to-people connectivity that will mutually benefit Malaysia and Singapore partnership.

“Both Malaysia and Singapore can complement and reinforce each other to achieve optimal investment returns and economic value, leveraging both countries’ strength and resources.

“Singapore has a deep talent pool and technology, a strong innovation ecosystem and investment flows, while Johor has the manpower, cost advantages relative to Singapore, land resources, and connectivity with the rest of the states in Peninsular Malaysia.

“Johor and Singapore can identify mutual benefits and clearly define responsibilities in the proper planning and implementation of the JS-SEZ development framework,” the statement said.

He, nevertheless, stressed that a comprehensive planning and effective implementation, especially with a high level of commitment from top leadership, is imperative to ensure the success of JS-SEZ.

While both Malaysian and Singaporean governments played an instrumental role to facilitate the development of JS-SEZ, ACCCIM stressed that it is equally crucial that the task force or committee responsible of overseeing the establishment of the special economic zones to have regular constructive communications, feedback and engagement with the business community

On a related matter, Low announced the setting up of a joint steering committee between ACCCIM and its Singaporean counterpart following the signing of MoU between Malaysia and Singapore for the establishment of JS-SEZ.

Dubbed as the Joint Steering Committee for Cooperation and Consultation, he said the body isaimed at providing their contribution in the form of the sharing of feedback, ideas as well as recommendations on policies, facilities and regulations to improve the business operating environment in Malaysia and Singapore.

“ACCCIM looks forward to participating in the engagement process in the development of JS – SEZ,” he said.

Earlier today in Johor Baru, Prime Minister Datuk Seri Anwar Ibrahim and his counterpart from Singapore, Lee Hsien Loong witnessed the signing ceremony of a MoU for JS-SEZ.

The MoU was formalised by Economy Minister, Rafizi Ramli on behalf of Malaysia, and his counterpart, Singapore Trade and Industry Minister, Gan Kim Yong.

This MoU comes just two months after the 10th Singapore-Malaysia Leaders’ Retreat in October, underscoring the continued efforts to establish a comprehensive agreement on the JS-SEZ.

Source: NST

JS-SEZ will enhance Malaysia-Singapore economic cooperation, bilateral ties

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Pelabuhan Tanjung Pelepas Sdn Bhd (PTP), the operator of transshipment hub the Port of Tanjung Pelepas in Johor, is expected to continue driving the development of the logistics and port sector in Malaysia.

The MMC Group member said this was in line with the group’s commitment to invest almost RM26 billion over the next five years to undertake various developments in the Sungai Pulai area, which would generate more than 23,000 job opportunities there.

MMC Corp group managing director, Tan Sri Che Khalib Mohamad Noh, said PTP not only has world-class port facilities but also a reference for the regional maritime industry, leading in various fields including sustainability, digitisation as well as the provision of industrial vocational and technical training.

“PTP is the busiest transshipment hub in Malaysia, covering 1,900 acres of terminal and 1,600 acres of free zone area that provides services to major shipping companies and container operators. It provides shippers in Malaysia and abroad with extensive connectivity to the global market,” he said in a statement today (January 11).

PTP said MMC Group would also develop a green fuel terminal for the supply of methanol for the shipping industry, which is a game-changer initiative in line with the National Energy Transition Roadmap and Malaysia’s aspirations towards net zero, green energy development, and ensuring environmental sustainability.

It added that the investment by MMC Group would also include RM10 billion over the next five years for the development of PTP’s phase 3A terminal, and upgrading of the existing terminal in terms of automation, digitisation, and human resource empowerment.

Source: Bernama

PTP to continue contributing to development of logistics and port sector

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The signing of the Johor-Singapore Special Economic Zone (JS-SEZ) memorandum between Malaysia and Singapore will contribute to the targeted cumulative investment of RM636 billion, which is expected to spur the growth involving two economic zones in the state.

Iskandar Development Regional Authority (Idra) chief executive Datuk Dr Badrul Hisham Kassim said apart from the JS-SEZ, spillover from the signing of the memorandum will also benefit the Special Financial Zone (SFZ) in Forest City by the year 2030.

“Idra is pleased with the formalisation of the memorandum signed today between Malaysia and Singapore on the JS-SEZ.

“The implementation of JS-SEZ will bring various opportunities and advantages to Iskandar Malaysia as an investment and business destination for both foreign and local enterprises.

“JS-SZE will not only bring abundant benefits to the comprehensive development of Iskandar Malaysia, including social and environmental sectors but also will contribute to the latest cumulative investment target for the two economic zones in Johor, amounting to RM636 billion by 2030,” he said in the statement today.

Badrul Hisham added that the economic strategies outlined in the JS-SEZ are in line with the objective set under the Iskandar Malaysia Comprehensive Development Plan (CDPiii) 2022-2030.

“JS-SEZ can enhance economic cooperation by leveraging the existing investment momentum between Malaysia and Singapore.

“It will also bring significant benefits to Iskandar Malaysia and stakeholders, especially the Malaysia Investment Development Authority (Mida, Invest Johor, and partners from both government as well as the private sectors.

“Idra will fully utilise the opportunities provided by this economic zone for maximum benefit towards becoming a robust and sustainable international metropolis,” he said.

Earlier today, Prime Minister Datuk Seri Anwar Ibrahim and his Singapore counterpart, Lee Hsien Loong, witnessed the signing ceremony of a Memorandum of Understanding (MoU) for JS-SEZ between the two countries.

The MoU was formalised by Economy Minister Rafizi Ramli and his counterpart, Singapore Trade and Industry Minister Gan Kim Yong.

Source: NST

Malaysia and Singapore ink JS-SEZ memorandum, aiming for RM636 bil cumulative investment

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The Johor-Singapore Special Economic Zone (JS-SEZ) should bolster trade and investment, tourism and people-to-people connectivity, as well as foster sustainable ties between Malaysia and its neighbour across the Causeway, economists said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the zone would capitalise on each other’s strengths.

Malaysia has the landmass and talent pool, as well as energy resources, especially in the renewable energy (RE) space, where Singaporean companies can tap into these resources, he noted.

“Singapore on the other hand has the technology and capability to produce high tech products and they would require a space that is economical to produce.

“Along the way, there could be transfers of technology as their companies would be integrated with the local supply chains,” Afzanizam told the New Straits Times.

Putra Business School Assoc Professor Dr Ahmed Razman Abdul Latiff opined that the creation of a special economic zone is a win-win situation for both countries.

It will ease the business and trading activities between the two countries especially with regards to talent movement, offering of services and products supply chain movement.

This is helped by the implementation of technology applications and tools such as QR code clearance system and digitisation of cargo clearance, most likely using the latest blockchain technology.

“Of course there will always be challenges and issues when embarking on this ambitious project such as cybersecurity and the rate of digitalisation adoption but once everyone realises its overall benefits, all these challenges will be addressed with greater speed and effectively handled.

“Johor will be benefiting from this special economic zone greatly and will be able to increase its contribution to the country’s gross domestic product (GDP) higher than before.

“Singapore will be able to attract the best talents from Malaysia without them having to migrate there,” he added.

Overall, Ahmed Razman said it is going to have a positive impact as long as it has a clear vision and is managed by professionals with a high level of governance and integrity.

Iskandar Regional Development Authority (IRDA) chief executive Datuk Dr Badrul Hisham Kassim said the formation and realisation of this zone will, no doubt, bring massive opportunities and advantages to Iskandar Malaysia as an investment destination for foreign and domestic investors and businesses.

He noted that this zone, plus the Special Financial Zone in Forest City, will not only contribute towards the region’s new cumulative investment target of RM636 billion by 2030 but will have a major spillover effect on the holistic development in Iskandar Malaysia which includes the social and environmental aspects.

This strategic economic boost is aligned with Iskandar Malaysia’s latest Comprehensive Development Plan (CDPiii) 2022-2030 and is expected to help drive the fulfilment of socio-economic goals such as job creation and increase of household income average in the region.

Badrul Hisham also said JS-SEZ can improve economic cooperation by leveraging on the existing investment momentum and this will further enrich the complementary value proposition between Malaysia and Singapore.

“We see this as a tremendous benefit for Iskandar Malaysia and its many stakeholders. IRDA will certainly optimise the opportunities from the economic zone for maximum benefit of the region towards becoming a strong and sustainable metropolis of international standing that it aims to be.

“The existing Iskandar Malaysia Investment Service Centre (IMISC), under IRDA, continues to coordinate, facilitate, and be the bridge between the investors and various approving government agencies and is ready to support the implementation of the one stop centre for JS-SEZ,” he noted.

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said with its strategic location in Asean, JS-SEZ is well positioned to connect both countries’ investors and businesses as well as foreign investors to new opportunities from the increasing border trade and rapid economic growth in the region.

It added that both Malaysia and Singapore can complement and reinforce each other to achieve optimal investment returns and economic value, leveraging on both countries’ strength and resources.

“Singapore has a deep talent pool and technology, strong innovation ecosystem and investment flows, while Johor has the manpower, cost advantages relative to Singapore, land resources, and connectivity with the rest of the states in Peninsular Malaysia.

“Johor and Singapore can identify mutual benefits and clearly define responsibilities in the proper planning and implementation of the JS-SEZ development framework.

“We believe that a comprehensive planning and effective implementation, especially with a high level of commitment from top leadership will ensure the success of JS-SEZ,” it said in a statement.

ACCCIM stressed that it is crucial that the taskforce/committee overseeing it to have regular constructive communications, feedback and engagements with the business community, working together for ensuring the JS-SEZ success, leading to better outcomes.

Source: NST

Economists: Johor-Singapore Special Economic Zone a ‘win-win’ for Malaysia, Singapore

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Prime Minister Datuk Seri Anwar Ibrahim described the achievements of the Port of Tanjung Pelepas (PTP) as an extraordinary success at the international stage, becoming among the three major ports in Southeast Asia and ranked 15th in the list of major ports in the world in over 20 years.

He said the port area which was once a fishing village is now the busiest container transshipment hub in Malaysia.

The investments in PTP has resulted in economic spillovers such as high-paying jobs which benefit not only the residents in Johor but also Malaysian citizens in general, he said.

“Investments of RM8.7 billion have been spent for the PTP terminal development, which also attracts foreign and domestic direct invesments totalling RM4.4 billion, creating over 20,000 job opportunities.

“I believe this proud success is the result of good planning as well as efficient management.

More than that, PTP could not have achieved success at the level we see now without the commitment, discipline, and spirit shown by all its employees,” he said in a post on his Facebook page earlier today.

The Tambun Member of Parliament (MP) also spent around 30 minutes in a ‘Meet-and-Greet’ session with employees of PTP and MMC Group, and listened to a brief proposal on the long-term development plans for the terminal, and is prepared to give it due consideration.

“I’m stating the commitment to support and facilitate any efforts whether from government-linked companies or the private sector, specifically for industries or strategic activities that are important to the country so that these activities develop and progress and able to elevate the nation’s position and dignity,” he said.

Meanwhile in a separate statement, MMC Group stated its commitment to invest close to RM26 billion over the next five years to build various developments around Sungai Pulai.

The investment includes RM10 billion over the next five years to develop PTP terminal phase 3A and also to upgrade the existing PTP terminal encompassing automation, digitalisation and human resource empowerment at the port, it said.

The group will also develop a green fuel terminal to supply methanol for the shipping industry.

Source: Bernama

Anwar: PTP achieves extraordinary success at international stage

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Malaysia’s economy is expected to benefit from the semiconductor exports, lifted by the global technology upcycle, as well as strong momentum in the tourism sector in 2024, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He noted that the country is cautiously optimistic this year, backed by stronger macroeconomic numbers in 2023, including an expected growth of four per cent as well as lower inflation and unemployment rates, and an improving ringgit outlook.

“Also, challenges notwithstanding, the Ministry of Investment, Trade and Industry (MITI) and its agencies managed to deliver many key achievements. To cite just one example, in 2023 we were able to secure almost US$76 billion (RM354 billion) in committed foreign direct investments (FDIs),” he said in his speech at the S Rajaratnam Endowment Dialogue held in Singapore.

He said combined with the return to political stability post the 2022 general election, Malaysia has its clearest economic direction now as outlined by the Madani Economy agenda, underpinned by policies such as the New Industrial Masterplan (NIMP) 2030, National Energy Transition Roadmap (NETR), Chemical Industry Roadmap (CIR) and the National Industry ESG Framework (i-ESG).

He said MITI’s focus for 2024 will be industrial and investment reforms outlined by the NIMP 2030.

“My ministry leads on this, but its implementation involves other ministries, such as the Energy Transition and Public Utilities Ministry, Transport Ministry, Science, Technology and Innovation Ministry and Higher Education Ministry, to name a few.

“The stability has allowed us to move the reform agenda forward quickly in the past one year,” he said.

He noted that the NIMP plays a huge role in Malaysia’s second industrial and economic take-off and Malaysia must get it right.

“Indeed, reindustrialisation is a strategic imperative for our economic future,” he said.

He also said Malaysia must quickly elevate as many mid-tier companies into global supply chains as possible and ramp up the smart-factory set up under NIMP in order to be known to global investors as the destination for high-end manufacturing.

On green industry, Tengku Zafrul said Malaysia, in playing its role to mitigate climate change, has begun implementing its i-ESG to get the industries up to speed on sustainability disclosures.

“Otherwise, Malaysian manufacturers and exporters risk being shut out of major ESG-sensitive markets. On the flip side, there are also US$12 trillion worth of opportunities in the global ESG-focused market for our industries to capture,” he added.

Source: Bernama

Minister: Malaysia to benefit from higher demand for semiconductors, tourism in 2024

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Investment, Industry and Trade Minister Datuk Seri Tengku Zafrul Aziz said today Malaysia continues to view Singapore as one of its most important trading partners as the two neighbours signed a milestone agreement to develop a special economic zone (SEZ) this morning.

Tengku Zafrul said that Malaysia has capitalised on Singapore’s soaring rent and property costs in the last few months as more multinational companies are forced to leave the island republic and move across the strait to Johor Baru where land and rent is much cheaper.

The move was an example of how interdependent the two South-east Asian economies are, he said.

“I am a firm believer that what happens in Singapore is benefiting Malaysia, look at data centres and all the headquarters but because of various other cost factors, they build their operations in Malaysia… it’s an example of the strong relationship between the two countries.

“And that’s going to ease the movement not of just goods and services, but also people,” he told CNBC in a recent interview.

Malaysia and Singapore today agreed to jointly develop the SEZ in the southern Malaysian state of Johor.

The two neighbours will work towards enhancing the cross-border flows of goods and people, as well as strengthen the business eco-system within the SEZ to support investments, according to Malaysia’s Economy Ministry and Singapore’s Trade and Industry Ministry.

The move comes as Prime Minister Datuk Seri Anwar Ibrahim pledged to strengthen ties with Singapore as part of a diplomatic pivot that marked a great departure from Putrajaya’s past policies towards its southern neighbour, which can sometimes come as hostile.

Anwar and his Singapore counterpart Lee Hsien Loong were both present at the signing of the SEZ memorandum of understanding.

Anwar and Lee later graced the ceremony to celebrate the installation of the Rapid Transit System Link (RTS Link) portion that connects Johor Baru and Singapore over the straits. This is the first time the two leaders had met on the project site.

Putrajaya said the ceremony reflected the commitment of both countries to realise the multi-billion ringgit project that would link Bukit Chagar, Johor Baru and Woodlands North, Singapore through a rail four kilometres long.

Also present at today’s ceremony were Transport Minister Anthony Loke and Singapore Acting Minister for Transport Chee Hong Tat as well as Johor Menteri Besar Datuk Onn Hafiz Ghazi.

Source: Malay Mail

Tengku Zafrul: What happens in Singapore benefits Malaysia

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