Prime Minister Datuk Seri Anwar Ibrahim said he has encouraged Japan and Qatar to explore investment opportunities in Kelantan.

As the country’s leader, he said that he will always strive to help develop all states in Malaysia.

“Even though I do not have a mandate from the Kelantan state government, I consider it my responsibility to do my utmost to help the people.

“For example, during my visits to Japan and Qatar previously, I suggested to the leaders of those countries to also consider Kelantan as an investment location, alongside other states,” he said at the Madani 2024 Aidilfitri Celebration at the Rural Transformation Centre (RTC) in Tunjong, near here on Thursday night.

Also present were Minister of Agriculture and Food Security, Datuk Seri Mohamad Sabu and Natural Resources and Environmental Sustainability Minister, Nik Nazmi Nik Ahmad.

Anwar also expressed hope that the Kelantan government would ease the land acquisition process to enable large-scale development of the agriculture industry in the state.

Source: Bernama

PM encourages Japan, Qatar to explore investment in Kelantan

Prime Minister Datuk Seri Anwar Ibrahim’s recent working visit to Saudi Arabia has been successful not only in terms of investments but also in building confidence in Malaysian companies to ensure they are given opportunities to participate in large projects in the kingdom.

In the “Soal Jawab Perdana Menteri” programme broadcast tonight by several TV stations including Bernama TV, he said Malaysia was accorded high recognition and honours by the Saudi Arabian government.

The Prime Minister said he also took the opportunity to explain to interested investors about Malaysia as well as its initiatives and the available incentives.

Anwar, who is also Finance Minister, said that traditionally, the country received foreign investors from the United States, Europe including Germany, China and India; but the government is also looking at potential investments from the Gulf Arab states such as the United Arab Emirates, Saudi Arabia and Qatar.

“In the case of Saudi Arabia, there is support from the kingdom’s Crown Prince and Prime Minister Mohammed bin Salman for energy company ACWA Power to green-light investments worth more than US$10 billion starting in Melaka and Kerian (Perak) and perhaps at one or two other locations of their choice,” he said.

In addition, he said there were discussions with other companies and collaborations in other areas.

“We have also requested that they (Saudi Arabia) take a look at our capable companies not only in investments but also for them (to be given opportunities to secure) development, construction and information technology contracts in Saudi Arabia.

“This means being given present opportunities – for example, large projects in Neom. It seems that Malaysia is being considered. That’s why I am of the view that personal support from foreign leaders is vital for them to pay attention to Malaysia,” Anwar said during the programme.

Launched in 2017, Neom is a mega project being built in the Tabuk region in northwestern Saudi Arabia.

The project, estimated to cost US$500 billion (about RM2.24 trillion), is expected to be fully completed by 2030.

To recap, the Prime Minister undertook a three-day working visit ending Monday (April 29) to Riyadh to attend the World Economic Forum Special Meeting.

Anwar’s visit was at the invitation of His Royal Highness Mohammed bin Salman.

He was accompanied by Foreign Affairs Minister Datuk Seri Mohamad Hasan and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

The Prime Minister also participated in a panel session titled “A Global Vision for Global Development” alongside leaders of other countries during the opening of the Special Meeting.

Anwar also delivered opening remarks at the Joint Regional Strategy Dialogue on ASEAN – Gulf Cooperation Council (GCC) held especially to highlight Malaysia’s role as ASEAN chair in 2025.

The almost hour-long interview with the 10th Prime Minister of Malaysia was hosted by presenters Sayed Munawar Sayed Mustar of RTM, Pasha Abdul Rahim (Bernama TV), Muhammad Zulfitri Yusof (Awani) and Azaria Tagaya (TV3).

Source: Bernama

PM Anwar’s working visit helps build confidence in Malaysian companies’ capabilities to participate in large Saudi projects

Johor must push for a higher rate of automation and adoption of new technologies as well as higher wages across the board to capitalise on the Johor-Singapore Special Economic Zone (JS-SEZ), Deputy Investment, Trade and Industry Minister Liew Chin Tong said.

There is not much point complaining that Malaysian firms are losing workers to Singapore. The firms should be creating more quality jobs with better pay for the Malaysian workers, he said in his Facebook posting today.

Liew, who is also the Iskandar Putri Member of Parliament, said JS-SEZ is a major effort by the federal government to create new developmental impetus in Johor by working closely with Singapore.

“Johor is at the forefront of Malaysia’s national economic takeoff. The world has shifted its attention towards Southeast Asia and Malaysia is the lynchpin in Southeast Asia.

“Within Malaysia, Johor is the second economic capital in the making, like Osaka to Japan, Melbourne to Australia and Busan to South Korea,” he said.

However, he said Investments alone is not enough and efforts must be put in to improve wages, productivity and technology adoption.

“Investments, whether domestic or foreign, are brought in because we want to create better jobs with better pay, and to create stronger Malaysian businesses and industrial capabilities,” he said.

He said the country, in general, needed to move away from the vicious cycle of low pay, low productivity and low adoption of technology.

“We should instead be in the virtuous cycle of higher wage, higher productivity and higher adoption of technology,” he added.

Source: Bernama

Johor must push for higher automation, technology adoption and wages — Deputy MITI Minister

Malaysia and Saudi Arabia are in discussions about new investments, says Prime Minister Datuk Seri Anwar Ibrahim.

“We will be announcing some new investments with the Kingdom of Saudi Arabia,” he said after witnessing the signing of a memorandum of understanding between the Securities Commission Malaysia and the Islamic Development Bank (IsDB) Group.

Anwar, who is in Saudi Arabia for a three-day working visit, held a series of bilateral meetings with his counterparts from Pakistan, Iraq and Bangladesh on the sidelines of the World Economic Forum Special Meeting and the IsDB annual meeting.

“I am having a private meeting with Saudi Crown Prince Mohammed bin Salman today (yesterday).

“There are also some new ventures with the Kingdom in terms of digital technology and energy transition, which gel with Malaysia’s priorities,” said the Prime Minister, Bernama reported.

In March, the board of IsDB approved the US$100mil (RM477mil) Pengerang Energy Complex project for Malaysia under the bank’s public-private partnership programme.

The project aims to develop a sustainable, energy-efficient, state-of-the-art aromatics complex in Pengerang, adding value to Malaysia’s downstream oil and gas chain and economic growth.

Malaysia joined the IsDB on Aug 12, 1974. It has a capital subscription of 1.55% worth 868.18 million in Islamic Dinar, which is equivalent to one special drawing right of the International Monetary Fund.

The IsDB has funded 166 projects in Malaysia worth a total of US$963.2mil (RM4.58bil).

Of these, 160 projects have been completed and the other six are ongoing.

Meanwhile, Saudi Arabia-based renewable energy giant ACWA Power has expressed interest in investing more than US$10bil (RM47bil) in Malaysia over 10 years via a collaboration with local company Cypark Resources Bhd.

This was conveyed by ACWA Power chairman Mohammad A. Abunayan, who called on Anwar on the sidelines of the World Economic Forum Special Meeting.

Cypark Resources executive chairman Datuk Ami Moris said the collaboration in the renewable energy project is in the final stages of discussion and is expected to be finalised by the end of the year.

“ACWA Power, one of the world’s largest renewable energy companies, is keen on investing in Malaysia, implementing technology transfer and sharing its renewable energy expertise for industrial parks in Jasin, Melaka, and Kerian, Perak, to power up green data centres,” she told reporters after the meeting.

Also present during the 30-minute call were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz as well as the senior management of Bursa Malaysia-listed renewable energy firm Cypark Resources and its major shareholder, Jakel Group.

Jakel Group managing director Datuk Seri Mohamed Faroz Jakel said Jakel Capital, which is Cypark Resources’ biggest shareholder, would also be involved in the renewable energy project.

“We came to Riyadh to discuss how to implement the collaboration and Jakel also has several large parcels of land that can be developed into solar farms to supply energy to Cypark,” he said.

Source: The Star

Saudi to invest more here

The cooperation between Malaysia and Saudi Arabia will help support growth in trade and investment in both countries by capitalising on the strengths of each nation in specific industries, said Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The Investment, Trade, and Industry Minister was speaking in a a post on X (formerly Twitter), in conjunction with the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia.

He said that during his meeting with Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhoreyaf, the two discussed cooperation opportunities in various industrial sectors particularly in high-growth sectors.

Themed “Global Collaboration, Growth and Energy for Development”, the two-day WEF Special Meeting from April 28 to April 29 convenes over 1,000 global leaders from 92 countries, including heads of state and government, thought leaders from public and private sectors, as well as international organisations, academic institutions, and non-governmental organisations.

Source: Bernama

Malaysia, Saudi Arabia trade can be strengthened through cooperation — Minister

Sarawak is setting its sights on becoming the second-largest contributor to Malaysia’s Gross Domestic Product (GDP) before the next state election,said Sarawak Premier Tan Sri Abang Johari Openg.

Currently, Kuala Lumpur leads as the primary GDP contributor, followed by Selangor, with Sarawak now in third place, having recently surpassed Johor.

“We have to be confident and organise a strategy so that our GDP is high, and I am confident that we will be able to surpass Selangor.

“Whether this is possible or not, it is up to us to organise our economic strategy, and this is what we are aiming for before the next state election,” Abang Johari said during the Parti Pesaka Bumiputera Bersatu (PBB) Supreme Council Ramah Tamah Aidilfitri programme.

Abang Johari also said the ambitious goal serves to demonstrate to Sarawakians that the leadership of the Gabungan Parti Sarawak (GPS) government is progressing effectively.

Also, he mentioned PBB’s commitment to nurturing young leaders to continue the party’s legacy and to spearhead the state’s future development, emphasising the importance of steering clear of pitfalls like money politics.

“The situation will always change, the political landscape will also change with the economic sector being managed in a new way,” he added, underlining the dynamic nature of political and economic management.

Source: NST

Sarawak sets goal to become second largest contributor to Malaysia’s GDP

Malaysia believes there is a need to revisit commitments to sustainable development, efficient global resources and fair and balanced trade among countries, said the Ministry of Investment, Trade and Industry (MITI).

Its minister Tengku Datuk Seri Zafrul Abdul Aziz said countries must have shared values which will result in trade policies that can contribute to equitable and sustainable development.

“However, this should not be used as non-tariff measures to restrict trade flows.

“The proliferation of trade-related environmental measures such as the threat of environmental, social and governance (ESG) by developed countries is among the most important aspects of international trade,” he said during the meeting of the equitable transition alliance.

The meeting was organised in conjunction with the World Economic Forum held in Riyadh, Saudi Arabia.

Tengku Zafrul said the proliferation of trade-related measures has emerged as potential protectionist tools that could unfairly discourage global production and trade, particularly to the developing countries.

“These measures can manifest as border instruments and compliance with these measures will undoubtedly be complicated and perhaps too costly for most developing country-exporters,” he added.

Tengku Zafrul stressed that leaving the matter unattended could potentially erode developing and least developing countries’ trade competitiveness and investment attractiveness.

Citing a report by the World Trade Organisation, environmental goods and services face an average tariff of 4.3 per cent along with numerous non-tariff measures.

“The cost of compliance, including certification, can be prohibitively expensive, especially for small and medium enterprises from developing nations.

“Such barriers necessitate a collaborative approach where developed countries not only impose these standards but also facilitate the means for compliance through technical and financial support,” he added.

Tengku Zafrul went on to say that in light of the complexities posed by ESG standards as non-tariff barriers and the significant need for capacity building and fair trade policies, a comprehensive approach is essential to ensure both environmental sustainability and economic justice, particularly for developing nations.

“Therefore, Malaysia supports and welcomes discussions on establishing effective multilateral trade rules on trade and sustainable development.

“Our commitment is evident through national policy initiatives such as the New Investment Policy, New Industrial Master Plan 2030, National Energy Transition Roadmap, and the ESG Industry Framework, which all aimed at achieving sustainable economic growth,” he said.

Source: Bernama

Trade-related and ESG measures must be fair to developing countries – Tengku Zafrul

Malaysia’s strong and solid policies has helped it become not only among the world’s most peaceful countries but also among the fastest growing economies, says Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia, he said, adopts a ‘very fierce’ foreign policy that has enabled the country to not only maintain and foster strong bilateral ties with Western superpowers such as the United States (US) and European nations but also China, Japan as well as other leading countries in the Asean region.

“We adopt a very fierce foreign policy on our position to engage and depend on the support, collaboration, investments from the West, the US and Europe.

“At same time, we maintain excellent bilateral relations with South Korea, Japan and more importantly with China, because of the (economic) potential.

“And of course, we have to grapple with sensitive issues, which is not our problem but a problem for others,” said Anwar during the opening plenary session of the World Economic Forum (WEF) Special Meeting in Riyadh today.

It was previously reported that the country’s economy is projected to grow between four per cent and five per cent this year from the continued expansion in domestic demand and improvement in external demand.

Bank Negara Malaysia, in its Economic Monetary Review 2023 (EMR 2023), said possible growth will be driven by resilient domestic expenditure, with additional support from the expected recovery in exports.

Malaysia is the world’s sixth largest semiconductor exporter and holds 13 per cent of the global semiconductor packaging, assembly and testing market.

Over the last 50 years, Malaysia has been involved in the “back end” of the semiconductor manufacturing supply chain namely packaging, assembling and testing chips.

It is now shifting towards the front end of a US$520 billion global industry with higher value activities such as wafer fabrication and integrated circuit design.

On the semiconductor industry, Anwar said Malaysia had in the past always been on the ‘back end’.

“But with new investments coming in from the US, Germany and China, the focus has shifted to the ‘front end’, which means new challenges.

“We have to refocus on issues, technological, technical training and Technical and Vocational Education and Training (TVET), which was somewhat ignored in the past. We have to excel in some of the research areas, which are challenging and new.”

Meanwhile, on another subject, the prime minister said a country cannot progress without good governance and fiscal responsibility.

He highlighted the importance of learning from its previous flaws in order for the country to move forward.

“We have to learn from the flaws of endemic corruption, gross inequality between the rich and the poor, the propensity to adopt unbridled capitalism to the extent that you ignore the plight of the masses deprived of basic opportunities.

“So, we have to steer that policy, the issue of governance or fiscal responsibility.

“At the same time, do not lose sight of the key priorities, which is relevant in this session, such as issue of globalisation,” he said.

On geopolitical issues, Anwar said that despite the complex situation affecting the Middle East, particularly the anger and frustration over the Gaza crisis, the economies of Muslim countries should not be affected.

Anwar also commended Saudi Arabia for hosting the meeting and urged the kingdom to continue playing a role in engaging with developing and emerging economies, especially those within the Muslim community.

“The issue (Palestine) is important and is fundamental to us, but at the same time, we have to survive. The economy has to be strong and the fundamentals need to be built,” he said.

Source: NST

Anwar shares Malaysia’s success story at WEF

Malaysia is on a mission to explore various economic opportunities and attract new investments at the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia which will last two days starting Sunday.

Prime Minister Datuk Seri Anwar Ibrahim said the Malaysian delegation at the meeting will also share the country’s policies and direction besides emphasising the country’s stance on regional geopolitical issues before world leaders.

“God willing starting today, I along with senior ministers and other Malaysian delegates will attend the conference and hold several important meetings with world leaders and global corporate heads.

“This meeting and conference will, among other things, touch on matters related to national interests, starting with the Opening Plenary session on the theme of New Vision of Global Development this morning where I will deliver a speech,” he said in a post on Facebook today.

Anwar, who arrived in Riyadh at 10.25 pm Saturday local time or 3.25 am Sunday morning Malaysia time, also asked for prayers for the success of the Malaysian delegation in the mission.

Meanwhile, in the same post, Anwar also shared his concerns about the culture of reading materials such as Dewan Masyarakat magazine which is not popular among young people in schools and universities.

“Thinking about finding the best way to invigorate the culture of iqra (reading) and nourish the tradition of aqliyyah (the tradition of knowledge),” he said, who made Dewan Masyarakat a reading material on the flight to Riyadh.

Anwar shared his admiration for the language, the quality of the work and the choice of interesting articles with the theme of ‘argument debate’ which is an effort to encourage fresh discourse based on arguments and facts and reject bigotry and slander.

“Referring specifically to the Dewan Masyarakat, articles on bigoted politics, argumentative debates, review of the book ‘The History of Java’ and the prominence of George Santayana is a careful and valuable treatment. Hopefully it can capture the interest of the audience

“The selected poem ‘Bahasa Tanpa Kasta’ by Abizal (Miri) turns out to flow with clarity of mind, cooling the heart of every human being, crossing the boundaries of continents, ages and eras,” he said.

Source: Bernama

Mission to explore economic opportunities, attract new investments at WEF

Malaysia is making extensive use of the free trade agreements (FTAs) inked with external economies, with a free on board (FOB) value of RM41.03 billion achieved during the first quarter (1Q) of this year, said the Ministry of Investment, Trade and Industry (MITI).

Its minister, Tengku Datuk Seri Zafrul Abdul Aziz, said during the period under review, a total of 85,062 certificates of origin (COs) were issued.

“The COs issued in 1Q is higher than COs issued in the same period of last year, whereby FOB generated last year stood at RM64.38 billion and COs were 82,997,” he told a press conference after announcing MITI’s 1Q report card here today.

The COs allow exporters to enjoy preferential treatment through lower or zero import duties.

Tengku Zafrul highlighted that the top three FTAs benefiting Malaysian exporters are the ASEAN Trade in Goods Agreement, ASEAN-China Free Trade Area and ASEAN-Korea Free Trade Area.

Elaborating further on MITI’s initiatives to enhance trade in the 1Q 2024, the minister said MITI’s agency, the Malaysia External Trade Development Corporation (MATRADE), spearheaded missions to the Arab Health 2024 and Gulfood 2024.

MITI’s trade section, on the other hand, spearheaded the resumption of Malaysia-Republic of Korea FTA which posed benefits for Malaysian exporters.

“We see potential exports of RM291 million, which include 14 companies and 1,077 business enquiries at the four-day Arab Health 2024 healthcare trade show. We joined Gulfood 2024, which has a potential export of RM1.49 billion.

“There were nine memoranda of understanding signed between Malaysian companies and global companies.

“The resumption of the Malaysia-Korea FTA will potentially increase the two countries’ trade and investments in emerging sectors including supply chains, digital economy, bioeconomy, green hydrogen and industrial alleviation,” he added.

Source: Bernama

MITI: Extensive utilisation of FTAs generates FOB worth RM41.03b in 1Q

Investments from Japan to Malaysia are expected to expand further into new areas of retail, green and sustainable energy, digital industry as well as increase in capacity in traditional areas in the manufacturing sector.

Japanese ambassador to Malaysia Katsuhiko Takahashi told Bernama Japanese companies view Malaysia as an attractive investment hub and are eager to do business in Malaysia.

While Takahashi may not be able to divulge the number of Japanese investments coming into Malaysia this year, he said based on recent trends, there will be a growth from an investment inflow of RM5.272 billion last year.

“Japanese companies are attracted to invest in Malaysia based on its cultural diversity, religious tolerance, good command of the English language and no major earthquake, tsunami or other disasters.

“As a result of the Look East Policy, there are many Malaysians that can speak Japanese.”

According to Takahashi, there are now 1,600 Japanese companies operating in Malaysia.

“We are the fourth largest investor in Malaysia after Singapore, Hong Kong and the US.”

He said Japanese firms are interested in expanding into the green energy sector, particularly in addressing climate change, in line with Malaysia’s aspirations to be carbon neutral by 2050.

He said carbon capture, utilisation and storage in clean energy is another potential area that Japan and Malaysia can collaborate.

The retail sector, according to Takahashi, has also attracted Japanese investors with the expansion of retail names such as Jonetz by Don Don Donki concept stores and Tsutaya bookstore.

Source: The Sun

Japan firms eager to do business here: Envoy

The Iskandar Regional Development Authority’s (IRDA) target to achieve cumulative investments of RM636 billion by 2030 is among Iskandar Malaysia’s strategies to assist the country in becoming one of the top 30 global economies and the top 12 in global competitiveness.

Prime Minister Datuk Seri Anwar Ibrahim said that during the same period, IRDA also aims for a gross domestic product (GDP) growth rate of 5.5-6.5 per cent and a GDP per capita of RM58,800.

“I believe that the growth targets for Iskandar Malaysia will also be driven by initiatives such as the Johor-Singapore Special Economic Zone (JS-SEZ) and the Forest City Special Financial Zone,“ he said in a statement on X today.

Earlier today, the Prime Minister chaired the 32nd IRDA Members’ Meeting, which, among other things, examined its future direction as the Corridor Authority and the coordination of the Iskandar Malaysia Comprehensive Development Plan III (2022-2030) under the MADANI Economy agenda.

“The meeting also discussed strategic initiatives to improve the Iskandar Malaysia Investment Service Centre and enhance socio-economic development through equitable job matching,“ said Anwar, who is also the Finance Minister.

He added that this is in line with the government’s decision to restructure the country’s investment promotion agencies, starting with the alignment of functions and roles of investment-related regional economic corridors.

The meeting was also attended by Johor Menteri Besar, Datuk Onn Hafiz Ghazi; Economic Minister Rafizi Ramli; and Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

During the launch of the MADINI Economy in July last year, Anwar said that the government aims to propel Malaysia to become one of the top 30 economies in the world within 10 years, up from its 37th ranking in 2022 based on World Bank data.

The government aims to achieve this by focusing on greater regionalisation and competitiveness, prioritising economic complexity and moving up the value chain.

Source: Bernama

IRDA’s RM636b investment goal to help propel Malaysia into top 30 global economies

The World Bank anticipates that the New Industrial Master Plan (NIMP) 2030 will expedite a rise in private investments in Malaysia, as the long-term pattern has indicated a decline in numbers.

The World Bank’s Malaysia Economic Monitor reported that Malaysia recorded net foreign direct investment (FDI) inflows of RM 39.5 billion for 2023.

Its lead economist for Malaysia Apurva Sanghi said the significance of assessing the long-term trend is due to the reduced public and private investments.

“NIMP 2030 is seen as a driver to increase the FDI/GDP ratio, provided it is implemented well, including paying attention to opening up certain service sectors that are more restricted in Malaysia than in comparable countries,” he told Bernama after a media briefing to launch its Malaysia Economic Monitor themed “Bending Bamboo Shoots: Strengthening Foundational Skills” here today.

Apurva emphasised that Malaysia should proactively liberalise services, which will be the key to NIMP’s successful execution.

During the briefing, Apurva said the World Bank has maintained Malaysia’s economic growth forecast at 4.3 per cent this year, driven by domestic consumption.

“Public consumption will contribute 0.4 per cent to the real GDP while private consumption is at 3.4 per cent whereas net exports see a 0.4 per cent contraction,” he said.

He explained that growth in Malaysia’s FDI position slowed to 5.4 per cent in 2023 (2022: 12.4 per cent), which is in line with Asean’s FDI trends in 2023.

“East Asia and the Pacific were the main contributing region, with Singapore and Hong Kong contributing 55.7 per cent and 39.2 per cent of the increases in net FDI inflows,” he said.

East Asian and Pacific countries grew faster than the rest of the world in 2023, albeit slower than in the pre-pandemic period.

The ongoing recovery in tourism benefitted the region, he said. 

Source: Bernama

World Bank: NIMP 2030 to accelerate net FDI inflow into Malaysia

The KL20 Summit 2024 is strategically designed to introduce significant reforms, aimed at attracting high-quality, high-value investments from across the globe, while concurrently empowering local entrepreneurs to go global and seize emerging opportunities.

Prime Minister Datuk Seri Anwar Ibrahim noted that Malaysia’s stable government and good governance, pro-trade legacy and neutral stance meet the demands of trading partners at a polarising time.

Anwar, who is also Finance Minister, said the summit marks a comprehensive effort to catalyse the technology ecosystem.

“KL20 fits strategically into the central governing economic philosophy of this government, under the MADANI Economic Framework.

“(This is) underscored by the principle that economic growth and distribution are compatible and that government correction must be in harmony with market forces,” he said during the official opening ceremony of KL20, here today.

He said technology has been a societal equaliser and productivity booster, providing jobs and livelihoods that did not exist previously.

“While we acknowledge the unintended consequences of technology and unbridled growth of ventures, we once again see a synthesised position in the middle: embrace technology while upholding the duty to our country, environment, and the global community,” he added.

Meanwhile, Anwar noted that the continuing trend of confidence from investors in all parts of the start-up ecosystem gives a real chance for Malaysia to create cutting-edge technology ventures.

He announced that 12 international venture capital firms will be setting up offices and new funds in Kuala Lumpur, with assets under management worth billions and illustrious investment track records.

Additionally, a number of high-tech companies will set up operations, research and development facilities, as well as regional headquarters to serve the Asian and Southeast Asian markets.

As for the semiconductors sector, he said Malaysia’s substantial hold on the backend has made it conducive to pursue high-value front-end work, chiefly in the integrated circuit (IC) design category.

To this end, he announced plans to build Southeast Asia’s largest IC Design Park, which will house world-class anchor tenants and collaborate with global companies such as British chipmaker, Arm Holdings.

“This is done with the backing of the Selangor Information Technology and Digital Economy Corporation (SIDEC) and the Selangor state government.

“Additionally, to make Malaysia a true gateway to major economies, we will also witness the city-to-city connection between Kuala Lumpur and Hangzhou so that the capital, talent, and market access will no longer be a barrier to success,” said Anwar.

He added that the government is positioning Malaysia as an axis for leaders in semiconductors, clean energy, agritech, and Islamic fintech.

“Doubling down on our edge will tap into the higher value effort necessary to create new growth verticals and transform our fortunes,” he added. 

Source: Bernama

KL20 Summit 2024 to attract high-quality investments – PM

Prime Minister Datuk Seri Anwar Ibrahim said Malaysia has gained world attention as a premier investment destination due to its political stability and clear economic policies.

Anwar said policies such as the Digital Transformation, National Energy Transition Roadmap and New Industrial Master Plan 2030 are helping investors see the country’s strengths.

“Malaysia is now attracting investments from companies like Infineon, Nvidia and dozens more, requiring around 30,000 engineers that we cannot fully fulfil.

“Therefore, the focus of parents and Malay children must be in the fields of science and mathematics and TVET (Technical and Vocational Education and Training), which are being vigorously pursued by Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi to enhance their capabilities,“ he said.

He was speaking at the Melaka state-level Aidilfitri MADANI 2024 celebration at the Melaka International Trade Centre (MITC) in Ayer Keroh here tonight.

Also present were Melaka Yang Dipertua Negeri Tun Mohd Ali Rustam, Ahmad Zahid and Chief Minister Datuk Seri Ab Rauf Yusoh.

Therefore, Anwar called on all parties at all levels to make changes in attitude and mindset to prevent the country from falling behind in various aspects.

“I truly hope there will be a change in attitude and mindset. If not, we will lag behind because we are fighting and quarrelling over small matters at the expense of the core issues. We will not only fall behind among competing races but also among developed countries.

“I don’t want our people to be left behind because we are grappling with trivial matters, and we will be defeated in this competition,“ he said.

Anwar said the government intends to establish a new faculty based on AI at Universiti Teknologi Malaysia (UTM) following his previous meeting with a Taiwan-based company.

Source: Bernama

PM: Malaysia gains prominence as investment destination due to political stability

Japan looks to forge a closer relationship with Malaysia in line with a new chapter of the Look East Policy (LEP) based on the current economic and social situation.

Japanese Ambassador to Malaysia Katsuhiko Takahashi said while the LEP has made a significant contribution to shaping the Malaysian automotive industry, there is now a need to move into new emerging industries, such as healthcare for the ageing society and disaster prevention, in which Japan has the expertise.

“The LEP started 42 years ago with the sending of students and trainees to Japan to bring back their know-how and expertise from Japan to be implemented in Malaysia for economic development.

“This relationship was created based on the exchange of people and has become a strong foundation for the Japan-Malaysia relationship.

“Now, we are looking at new economic areas for Japan to further collaborate which include cyber security, information technology, resilience of supply chain and energy transition,“ he said in an interview with Bernama.

He elaborated that Japan is also keen to enhance cooperation in artificial intelligence, robotics and green technology, as well as technology that addresses climate change.

According to Takahashi, the policy will also need to move in line with recent developments in the Malaysian economy, which has experienced remarkable growth.

“We can now work as a partner on equal footing in both the public and private sectors,” he said.

He stressed that this is also in line with the elevation of the strong bilateral relations of both countries to a Comprehensive Strategic Partnership (CSP) that was announced in December last year during Prime Minister Datuk Seri Anwar Ibrahim’s visit to Japan.

The CSP, he noted, covers a wider range of issues that include peace and security cooperation, economic prosperity, science, technology, innovation and environment, society, cultural and people-to-people exchange, as well as regional and global cooperation.

Takahashi described the bilateral relations between Japan and Malaysia as a big river that flows and expands smoothly, premised on 67 years of diplomatic and economic ties that can be developed wider and deeper to benefit both nations.

“Since the Malaysian independence, we have (established) good relations, and the cooperation through Asean and enhancing relations through the LEP have contributed a lot in strengthening the Japan-Malaysia relationship,“ he said.

Cooperation through Asean and Regional Initiatives

Takahashi said this is because Japan fully supports Asean initiatives as espoused during the 50th year of the Asean-Japan Friendship Cooperation celebration last year in four areas under the Asean Outlook on the Indo-Pacific (AOIP) framework.

The AOIP is an Asean initiative to promote collaboration in the Indo-Pacific region and covers cooperation in maritime, connectivity, United Nations Sustainable Goals 2030 and economic as well as other possible areas of cooperation.

“For Malaysia and Japan, our common areas are that we are maritime nations, surrounded by the sea and prosper through free trade and the rule of law, and therefore we are looking forward to enhancing collaboration in these areas as well as security in the region,” according to Takahashi.

Malaysia and Japan have established economic partnerships via the Malaysia-Japan Economic Partnership Agreement, Malaysia’s first comprehensive trade agreement that came into force on July 13, 2006.

Subsequently, the Asean-Japan Comprehensive Economic Partnership agreement came into force for Malaysia on Feb 1, 2009, and includes market access through lower tariff concessions and rules of origin.

Similarly, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and the Indo-Pacific Economic Framework for Prosperity initiatives also enhance regional economic cooperation for both countries.

“Japan and Malaysia can also cooperate together to provide development assistance to other countries that need assistance like Afghanistan, any country in Africa, or Palestine,” he said.

Source: Bernama

Japan looks to forge deeper cooperation with Malaysia – Ambassador

The Ministry of Investment, Trade and Industry (MITI) is optimistic that South Korea will climb up the ranks as among the main sources of foreign direct investments (FDI) into Malaysia soon.

This is because most of the investments from South Korea are in the chemical and petrochemical sector, which is one of the focus sectors under the New Industrial Master Plan (NIMP 2030), said its minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said that of the 11 priority segments, the chemicals segment has been identified as one of the high-impact, high-growth sectors that would contribute to the NIMP 2030 overall targets.

“The specialty chemicals market is substantial. And there is an opportunity for Malaysia to capture that business by producing specialty chemicals domestically, capturing both domestic market demand and export opportunities.

“Our strategies are also laid out in our Chemical Industry Roadmap 2030, which aims for our chemical industry to be ranked first in Asean in terms of FDI inflow by 2030,“ he said in his speech during the launch of the new OCI Holdings regional headquarters here today.

In 2023, the country’s main sources of FDIs were Singapore, the United States, China and Japan.

Tengku Zafrul said that collectively, since 2017, OCI Malaysia (OCIM) and its joint venture partners have committed close to RM16 billion in Malaysia.

“We value your support in helping us develop greater industrial linkages domestically and abroad.

“We also appreciate OCIM’s latest investments amounting to RM7 billion, which I was informed will be used to produce polycrystalline silicon for semiconductor and solar cells as well as epichlorohydrin (ECH).

“The manufacturing of ECH in Malaysia will strengthen the value chain of epoxy manufacturing, contributing towards increasing the competitiveness of the chemical industry in Malaysia,” he said.

South Korea-based energy and chemical company OCI Holdings has announced the official opening of its regional headquarters here, marking a significant milestone in its commitment to expand its presence in the region.

OCI Holdings chairman Lee Woo Hyun said the new OCI M Sdn Bhd office is located in a thriving economic hub in Southeast Asia and will serve as a pivotal centre for the company’s operations, facilitating closer collaborations with stakeholders, partners, and clients across the region.

Tengku Zafrul said OCI’s move reaffirms the nation’s attractiveness as a preferred destination for foreign investment and underscores the confidence that global companies have in the economy, infrastructure, and skilled workforce.

“It demonstrates our country’s ability to provide a conducive environment for companies to thrive, innovate, and expand their operations,” he said.

Source: Bernama

MITI optimistic South Korea to be among main sources of FDI into Malaysia – Tengku Zafrul

The Invest Malaysia Facilitation Centre (IMFC) will play a crucial role in the economic development of Johor, says Datuk Onn Hafiz Ghazi.

The Johor Mentri Besar said establishing the IMFC was among the issues discussed with Prime Minister Datuk Seri Anwar Ibrahim on Thursday (April 18).

“Three matters were discussed during the special Johor development meeting chaired by Anwar in Forest City.

“They are the Johor-Singapore Special Economic Zone (SEZ), Special Financial Zone (SFZ) and the establishment of the IMFC.

“We discussed various details, including the current development of the SEZ’s draft policy; investment prospects; location of choice; and suitable investment initiatives and packages to be offered,” he said in a Facebook post on Friday (April 19).

He added that the main objective of the initiatives was to ensure that Johoreans and Malaysians are given better job opportunities.

“On top of that, the establishment of the IMFC as a one-stop facilitation centre, which provides consultation services and to ease business affairs, is also very important,” he said.

Malaysia and Singapore signed a memorandum of understanding to set up the SEZ on Jan 11.

The IMFC one-stop centre is one of the initiatives that Malaysia and Singapore agreed to look into to support the SEZ.

Other initiatives include the implementation of a passport-free QR code clearance system on both sides and adopting digitalised processes for cargo clearance at land checkpoints.

Source: The Star

Invest Malaysia Facilitation Centre a crucial cog in Johor’s development, says MB

Malaysia has demonstrated its ability to turn approved investments into actual investments, with as much as 78.7 per cent of the total approved investments from 2018 to June 2023 already realised, said Malaysian Rating Corporation Bhd (MARC).

With the New Industrial Master Plan (NIMP) 2030 expected to attract more foreign investments, attaining net benefits from external collaborations towards higher value-added exports should be prioritised, it said in a statement today.

MARC noted that the materialisation of foreign investments over time will raise Malaysia’s net foreign direct investment (FDI) inflows-to-GDP ratio, which, at 3.6 per cent as of 2022, is ahead of most of its peers in the region.

“Facilitating technological diffusion requires absorptive capacity supported by well-designed investment policies, high quality infrastructure and continuous human capital investment.

“This is required to facilitate the timely implementation of approximately RM188 billion worth of approved foreign investments in 2023, a 15.3 per cent increase over those recorded in 2022,” it said.

According to MARC, Malaysia’s medium- and high-tech exports as a share of total manufacturing exports (ME) declined from 76.4 per cent in 2000 to 62.0 per cent in 2021, due to regional competition.

Additionally, there has been a decline in the attractiveness of Malaysia’s exports, alongside receding interest in the country as a base for outsourcing, it added.

“In response to these challenges, the NIMP 2030 outlines medium-term strategies to progress towards producing high-value and competitive goods, building upon past industrial master plans that have developed a mature yet recently plateaued electronic industry.

“While the goal includes increased employment, higher wages and greater value add in the manufacturing sector, successful execution remains a key challenge,” it said.

Source: Bernama

Malaysia capable of turning approved investments into actual investments — Rating agency

The government is looking at the need to formulate policies and amend any relevant legislation so that Malaysia is always investor-friendly and can support the development of artificial intelligence (AI) infrastructure, said Prime Minister Datuk Seri Anwar Ibrahim.

However, he said data security should be given priority.

“Malaysia needs to quickly adapt the current economic landscape to continue to grow so that it is always competitive in the region by attracting investment from companies in the technology, AI and blockchain sectors,” he said in a post on Facebook today.

He noted that Malaysia has the National Artificial Intelligence Roadmap 2021-2025 and National Blockchain Technology Roadmap 2021-2025 that have the potential to accelerate the adaptation of AI in the public and private sectors.

“The Madani government is committed to driving the development of the country’s economy, especially in high impact and innovation sectors and providing a conducive business environment,” he said.

The prime minister made these remarks following a discussion held virtually this morning via video conference with Tools for Humanity (TFH) company co-founders Sam Altman and Alex Blania, as well as Ole Ruch from Nordstar.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Digital Minister Gobind Singh Deo also participated in the meeting.

The discussion of around 30 minutes touched on several matters related to the rapid development of technology.

“TFH also informed the development of the Worldcoin project, the latest initiative related to identity and the global and inclusive financial network by prioritising the characteristics of confidentiality and providing protection to private information,” Anwar said.

Source: Bernama

Govt mulls investor-friendly policies that support AI development

Nine in 10 investments in Penang announced by the Malaysian Investment Development Authority (Mida) have been realised within a few years, said Penang Chief Minister Chow Kon Yeow.

He said the realisation rate of investments in Penang is high at between 85 per cent and 90 per cent.

“I would say that investments that were announced in Penang are realised 90 per cent of the time, such as this facility by LEM Malaysia, the groundbreaking ceremony was held two years ago and today, it is the opening of the plant,” he said at the official opening of LEM Malaysia’s first facility in Malaysia at Penang Science Park here.

Chow said the strong supply chain in Penang will benefit investors and new multinational companies (MNCs) setting up here.

“The presence of MNCs such as LEM will also enhance the local supply chain,” he said.

He said the manufacturing sector in Penang is the largest contributor to the state’s economic growth.

The state recorded RM63.4 billion in approved manufacturing investments last year, topping the list nationwide.

He said the state’s electronics and electrical products sector also remained the top in the state, with RM54.7 billion in approved manufacturing investments last year.

“To solidify Penang’s position as a hub for advanced manufacturing, the state government has placed a special emphasis on attracting companies with strong commitments to developing cutting-edge technologies and sustainable investing,” he said.

He said Penang will remain committed to sustaining the manufacturing ecosystem in the state to support the needs of industrial players in next-generation technologies.

Source: Malay Mail

Majority of investments announced in Penang realised, says Kon Yeow

Johor is expected to become the most advanced state in Malaysia in the next two years following the establishment of two special economic zones (SEZ), said Prime Minister Datuk Seri Anwar Ibrahim.

He said that the Johor-Singapore Special Economic Zone (JS-SEZ) and the Forest City Special Financial Zone (SFZ) will drive the country’s economic growth further.

“These two special economic and financial zones will drive the country’s economic development more rapidly.

“There is no target at the moment, but the most important thing is that these two zones exist to assist

“The economic growth in Johor is expected to pick up at a faster pace compared to other states in the next year or two,” Anwar told reporters after attending the state-level 2024 Madani Aidilfitri celebration held at the Angsana Mall Johor Baru here today.

Present at the event were Defence Minister Datuk Seri Mohamed Khaled Nordin and Johor Menteri Besar Datuk Onn Hafiz Ghazi.

The Johor 2024 Madani Aidilfitri celebration is jointly hosted by the Defence Ministry and the state government.

Anwar, who is also the finance minister, had earlier chaired the Johor state development meeting at Forest City in Iskandar Puteri.

In his speech, Anwar said the existence of the special economic and financial zones is a sign that Johor is poised to record very rapid growth soon.

“The past year has been a good year for Johor.

“Not only is the Yang di-Pertuan Agong Sultan Ibrahim, who is also the 17th Agong, from this state, but it is also led by young leaders. They have managed to develop Johor well and the state’s economic development is among the best in the country,” he said.

In January, Anwar and his Singaporean counterpart Lee Hsien Loong witnessed the signing of the JS-SEZ Memorandum of Understanding (MoU) between the two countries.

The idea of establishing the zone was first mooted by Economy Minister Rafizi Ramli after a meeting with the Johor government in Iskandar Puteri last May.

Following the meeting, both Malaysia and Singapore agreed to establish a special task force to study the viability of establishing the special economic zone.

Last September, Onn Hafiz said the establishment of the JS-SEZ would be modelled after the Shenzhen Economic Zone in China, which managed to record a Gross Domestic Product (GDP) of RM1.93 trillion in 2021.

Last August, Forest City, a mixed development mega project on four artificial islands in Johor’s western waters, was announced as an SFZ.

The designation will see more than 2832.79 hectares in Forest City allocated to the SFZ as part of foreign investment to boost the economic development of the area.

Source: Malay Mail

PM Anwar: Special financial and economic zones to drive Johor’s growth further

High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and Special Financial Zone (SFZ) in Forest City can spur Johor’s economy to outpace that of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.

“Both JS-SEZ and SFZ will ensure a more rapid growth (for Johor). They are still being formulated but will help in accelerating the economic growth,” he told reporters during the Johor-level MADANI Aidilfitri celebration at Padang Begonia, Angsana Johor Bahru Mall, here today.

Also present were Defence Minister Datuk Seri Mohamed Khaled Nordin; Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz; Johor Menteri Besar Datuk Onn Hafiz Ghazi; Deputy Works Minister Datuk Seri Ahmad Maslan; and former Deputy Prime Minister Tun Musa Hitam.

Earlier in his speech, Anwar said Johor continues to drive growth and record among the best progress and development in Malaysia.

“We are establishing a special economic zone that can develop a close relationship with Singapore and we are setting up a special financial zone in Forest City. These indicate that Johor will record a very rapid growth,” he said.

He noted that Johor also has a low hardcore poverty level with fewer than 2,000 individuals, and this can be resolved in the short term with hardcore poverty being abolished in the state.

In addition, other programmes such as flood mitigation are also prioritised to address problems that are faced by the people.

“We cannot just strive for big growth. Floods are also sizeable so the flood mitigation programme is given priority. I want the leaders and officials to monitor to ensure that the project is carried out swiftly so that the problem faced by the people is resolved,” he said.

Therefore, he added, leaders in Johor must ensure the state’s administration is free from corruption and the people’s interest is safeguarded.

Meanwhile, Anwar said the development in any state should be in tandem with the human development so that the people’s well-being is safeguarded.

“Do not focus (just) on buildings, industries and highways, while trivialising people.

“What is the meaning of development if we neglect the poorest people who lack opportunities, whether they are Malay, Chinese, Indian or Orang Asli? They are all Johoreans and must be given a place and afforded the utmost protection,” he added.

Some 5,000 people attended the celebration organised by the Defence Ministry together with the Johor state government as host.

Johor is the first of seven states to hold the Aidilfitri MADANI 2024 celebration, to be followed by Sabah (April 20), Melaka (April 22), Kelantan (May 2), Kedah (May 4), Penang (May 5) and Terengganu (May 9).

Former deputy prime minister Tun Musa Hitam, who celebrates his 90th birthday today, was also honoured at today’s event.

Source: Bernama

PM: JS-SEZ, SFZ can help Johor surpass other states economically

Sabah received investments amounting to RM11.34 billion last year, the seventh highest in Malaysia, said the Yang diPertua Negeri Tun Juhar Mahiruddin.

He said of that amount, RM1.51 billion was from the manufacturing sector which was very encouraging and underscores the sector’s growth and importance as a state economic driver.

Citing SK Nexilis Malaysia Sdn Bhd as an example, he said the company invested RM300 million via subsidiary Curix Sdn Bhd to manufacture copper granules in its Kota Kinabalu Industrial Park factory.

“The State Government will empower the manufacturing investment task force in 2024 to realise and accelerate all approved investments.

“Industrialisation and investments continue to drive the state’s economy,“ he said in the State Government policy speech at the 16th Sabah State Legislative Assembly opening here today.

Tun Juhar said focus will continue to be given to implement initiatives to raise investor confidence in green technology products, biomass and mineral resources downstream sector, food processing and manufacturing, and medical devices sector.

“Other initiatives include drawing up and implementing the policy direction for the manufacturing sector, including preparing a development master plan for two new industrial parks in Kota Belud and Kimanis, and implementing Sabah’s Oil Palm Biomass Industry Policy,“ he said.

He said the Sabah government collected revenue totalling RM6.974 billion in 2023, the highest in history, surpassing 2022’s record collection of RM6.960 billion.

Apart from manufacturing, he said the tourism sector showed encouraging recovery in 2023 with tourist arrivals rising to 2.61 million versus 1.72 million recorded in 2022.

Tun Juhar said the state government is targeting three million arrivals this year and will accelerate implementing various high-impact initiatives and programmes including incentivising industry players.

“The State Government will continue its aggressive tourism promotion and marketing campaign by focusing on various high-impact and high-visibility programmes to develop high-yielding niche market segments.

“The state government has also focused on developing and providing infrastructure and facilities in tourism areas, especially outside the city, including Sabah Parks and Sabah Museum areas to prepare for the Visit Malaysia Year 2026,“ he said.

Source: Bernama

Tun Juhar: Sabah receives RM11.34b investments in 2023

The Johor-Singapore Special Economic Zone (SEZ) is set to catalyse equity valuations in both Malaysia and Singapore under five themes.

These themes, as identified by Maybank Investment Bank (Maybank IB) Research, are optimising hinterland access; stimulating north-south supply chain shifts; fast-tracking the net-zero transition; expanding infrastructure and property investments; and broadening the small and medium enterprise or SME economy.

Among the sectors that could benefit are banking; property and real estate investment trusts (REITs); industrials; renewables; technology; and telecommunications, according to the brokerage.

“While details are limited, early official statements point to SEZ initiatives focused on better cross-border integration, foreign direct investment facilitation, talent development and entrenching renewables,” Maybank IB Research said in its report yesterday.

Maybank IB Research pointed out that the SEZ could create a regionally differentiated value proposition by its combination of capital access, infrastructure and policy stability.

It noted multiple sectors across Malaysia and Singapore would stand to benefit from the SEZ initiatives.

“Banks are key given already entrenched cross-border positioning, enabling share gain from higher wholesale and retail credit demand and fees from trade.

“Increased infrastructure investments as well as housing and commercial facilities demand could be a boon to Singapore and Malaysia property developers and REITs,” it explained.

“Data centre establishment should be positive for Singapore and Malaysia telecommunications as well as Singapore and Malaysia electronics manufacturing players.

“Increased renewable capacity should spur Singapore industrials and Malaysia renewables,” it said, adding easier travel could ease labour pressures and widen the mass market for Singapore gaming.

Maybank IB Research said its SEZ dozen top picks are those that could potentially see earnings and multiple upgrades from their medium-term gearing to the five investment themes.

Of the brokerage’s SEZ dozen picks, the six that were listed on Bursa Malayia were Axis-REIT, CIMB Group Holdings Bhd, ITMax System Bhd, Solarvest Holdings Bhd, S P Setia Bhd and Telekom Malaysia Bhd.

The remainder were Singapore-listed companies, namely, Frasers Capital Trust, Frencken Group Ltd, Genting Singapore Ltd, OCBC Bank Ltd, Sembcorp Industries Ltd and Singapore Telecommunications Ltd.

The economies of Singapore and Malaysia are already closely integrated, Maybank IB Research said, noting Singapore accounted for nearly 25% of Malaysia’s foreign direct investment (FDI), and it is Malaysia’s second largest trading partner.

“Globally, SEZ’s success is determined by right locations, smooth logistics and strong policy frameworks. Historically, entrenched ties between Johor Baru and Singapore already augment the locational advantage,” it said.

“Now a robust policy framework needs to be established that backs easier movement of capital and people.

“This should bolster Singapore’s role as a financial centre and logistics hub. Concurrently, Johor Baru could unlock substantial value from its access to land, labour and energy,” it added.

The SEZ could make it easier and more attractive for Singapore companies, multinationals and SMEs to invest in Johor, and it can also complement and sharpen Singapore’s FDI competitiveness.

Similarly, investors will have access to Singapore’s world-class financial centre and logistics infrastructure, as well as Johor’s more affordable labour pool, abundant land and cheaper energy resources, Maybank IB Research said.

Source: The Star

SEZ set to catalyse equity valuations