The East Coast Rail Link (ECRL) is anticipated to contribute a 3.8 per cent increase to Malaysia’s gross domestic product (GDP) by 2047 by enhancing trade, boosting tourism, and stimulating regional development.

Investment, Trade and Industry Minister Tengku Datuk Seri Tengku Zafrul Abdul Aziz said the ECRL project, valued at almost RM75 billion, is more than just a rail link cutting across Kelantan, Terengganu, Pahang and Selangor, but also a cornerstone for economic growth and social progress.

“The ECRL is poised to be a game changer for Malaysia, linking us more closely to the Pan-Asia railway network and enhancing our connectivity with Asean and Eurasia regions.

“Spanning 665 kilometres and connecting our east and west coasts, the ECRL represents Malaysia’s significant integration into a broader network of trade and cultural exchange,” he said in his keynote address at the Seminar on East Coast Rail Link – Economic Accelerator Project (ECRL–EAP) Business and Investment Opportunities here today.

He said by “facilitating quicker coast-to-coast movement and offering an alternate maritime gateway for cargo and passenger flow, it is poised to slash cargo vessel travel time by a significant 2.5 days between the Port Klang and Kuantan Port ports.”

“As of February 2024, the project is 62 per cent complete, with each state’s alignment progressing steadily towards the finish line,” he noted.

With a target completion date set for December 2026 and operations kicking off in January 2027, the ECRL-EAP is set to enhance Malaysia’s economic landscape and connectivity.

“On this, we see significant potential for government-linked investment companies (GLICs) and private sector players to actively participate and invest in projects along the ECRL corridor,” he said.

Prime Minister Datuk Seri Anwar Ibrahim recently announced a RM1 billion fund as part of the New

Empowerment Agenda for Bumiputera, to be managed by GLICs. This is aimed at cultivating a new generation of Bumiputera entrepreneurs in high-growth sectors.

MITI and its agencies, particularly MIDA, will continue to position Malaysia as a regional gateway for international businesses and multinational corporations (MNCs).

Source: Bernama

ECRL anticipated to contribute 3.8 pct increase to Malaysia’s GDP by 2047 – Tengku Zafrul

The Federation of Malaysian Manufacturers (FMM) seeks to improve China-Malaysia cooperation.

A Memorandum of Understanding (MOU) between FMM and the RCEP Industry Cooperation Committee (RICC) has been signed.

FMM said in a statement that its goal is to create a framework for cooperation between the federation and RICC in order to assist China’s and Malaysia’s economic development.

By utilising the Regional Comprehensive Economic Partnership (RCEP), it also aims to develop mutual understanding and cooperation between the corporate communities of both parties.

“China, being Malaysia’s largest trading partner for 15 consecutive years since 2009, this MOU will serve as a platform for businesses in Malaysia and China to further elevate trade and investment cooperation among businesses by tapping on RCEP, which is the world’s largest free trade area in terms of combined gross domestic product (GDP) and market size, accounting for almost one-third of the world’s population,” said FMM’s president, Tan Sri Soh Thian Lai.

Xu Ningning, the chairman of RICC, said he is confident that this MOU will provide the pathway for businesses in both countries to leverage RCEP for their market opening and potential cooperation in new areas such as artificial intelligence, new energy, and other fields.

Source: NST

Strengthening cooperation between Malaysia, China

Malaysia is determined to expand the country’s trade linkages by ensuring the successful implementation of the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Ministry of Investment, Trade and Industry (MITI) secretary-general Datuk Hairil Yahri Yaacob said Free Trade Agreements (FTAs) have been instrumental in facilitating businesses and ensuring that supply chains operate smoothly across the region, particularly amidst prevailing global uncertainties.

The ACFTA has been the cornerstone of ASEAN-China economic relations, and Malaysia has been committed to elevating the ACFTA to ensure that it remains comprehensive, relevant and mutually beneficial to all members. 

“As the country coordinator for ASEAN-China from July 2024-2027, Malaysia will assume a constructive role in advancing ASEAN-China relations, particularly in supporting the efforts towards the conclusion of the ACFTA 3.0 Upgrade Negotiations,” he said in his keynote address at the soft launch of the Malaysia-China Summit 2024 (MCS 2024) here today.

Furthermore, Malaysia is continuously reviewing and updating its regulatory regime, keeping pace with the changes in the global economic landscape to capture economic opportunities. 

MITI is also making every effort to position Malaysia as the globally preferred investment destination, underscored by good governance and environment, as well as environmental, social and corporate governance (ESG) goals, he said.

In enhancing industrial collaboration, Hairil Yahri affirmed the government’s commitment to bolstering industries’ capabilities, thereby reinforcing Malaysia’s pivotal role in global supply and value chains.

To solidify Malaysia’s leading position and strengthen the ecosystem, the New Industrial Master Plan (NIMP) 2030 has set a clear direction for the development of strategic manufacturing sectors in Malaysia, including the semiconductor industry. 

He noted that the NIMP 2030 outlines strategies to attract globally competitive wafer fabrication companies to set up local operations in Malaysia.

Simultaneously, the government remains proactive in encouraging investors to explore opportunities for strategic partnerships with local industries, particularly in the high-tech sector.

“This includes initiatives such as joint research and development, talent exchange, collaboration in emerging technologies, and the implementation of smart manufacturing practices to bolster production efficiency,” he said.

Hairil Yahri said MITI is set to coordinate 58 programmes under the economic pillar, including MCS 2024.

“These initiatives aim to foster dialogue and collaboration, facilitating business matching, and exploring new opportunities for growth and cooperation,” he added.

Source: Bernama

Malaysia to expand trade linkages by ensuring successful implementation of ACFTA, RECP

A total of 75 projects for the information and communications technology (ICT) industry with an investment value of RM5.42 billion were approved in Selangor from January to September last year.

State executive councillor for investment, trade and mobility Ng Sze Han said of this total, RM3.27 billion comprised local investments while RM2.15 billion were foreign investments.

“This industry contributed 22% of the total investment in the services sector in the state with 4,940 potential job opportunities created,” he added.

Ng was responding to questions by Pua Pei Ling (PH-Bukit Lanjan) on whether the digital economy has contributed to the economic and investment performance in Selangor, at the Selangor state legislative assembly on Thursday.

Ng said that based on the current trend, investment in the industry showed encouraging growth of 5% in the first quarter of 2023 and continued to chart an increase of 39% in the third quarter of the same year.

He said the positive growth reflected that the digital economic sector needs to be emphasised to ensure a sustainable expansion of the Selangor economy.

Ng added that the focus on the development of the digital economy is also encompassed in the policy and implementation of initiatives under the First Selangor Plan (RS-1).

He also stated that the establishment of the Smart Selangor Delivery Unit (SSDU) is to plan and implement digital initiatives in Selangor to boost development of the digital economy in the state.

“By leveraging technologies such as the Internet of Things (IoT), big data analytics and artificial intelligence (AI), SSDU aims to optimise the use of resources, increase efficiency and create a conducive environment to drive the digital economy,” he said.

Source: Bernama

Selangor recorded RM5.4b in ICT investments from Jan-Sept 2023, says state exco

As parties to four economic frameworks, including the Regional Comprehensive Economic Partnership (RCEP), economic relationship between Malaysia and Australia is set to strengthen further, Prime Minister Datuk Seri Anwar Ibrahim said today.

He said economic relations between Australia and Malaysia have grown from strength to strength in recent years based on mutual geo-economic interests and the pursuit of regional prosperity.

“Last year, our trade was valued at about A$27 billion (RM83.7 billion), cementing Malaysia’s position as Australia’s second-largest Asean trading partner. Globally, we are Australia’s tenth-largest trading partner,” he said in his lecture at the 2024 Gareth Evans Oration entitled “Navigating Geopolitical Currents: Malaysia and Australia’s pivotal role in Asia Pacific” at the Australian National University (ANU) here today.

Anwar, who is also the Finance Minister, said commodities such as hydrocarbons, coal, palm oil and refined copper are a significant part of the bilateral trade and underscore the trade element of geostrategic interests in the Asia Pacific.

“Malaysia and Australia are parties to four economic frameworks, including the world’s largest Free Trade Agreement (FTA), namely the RCEP, and the Indo-Pacific Economic Framework. These signal our joint interest in facilitating trade and investment across this dynamic region.

“We are also heartened by the trade-focused components of Australia’s recent Southeast Asia Economic Strategy (SEAS), which recognises the need to deepen such collaboration between Australia and Asean amid growing geopolitical uncertainty,” he said in the public lecture that was attended by more than 500 students.

Nationally, Malaysia is on track, with its New Industrial Master Plan 2030 and MADANI Economy Framework outlining similar priority areas alongside the SEAS.

Anwar pointed out that in the years to come, new opportunities will emerge for Australian investors in digitalisation, renewable energy and energy transition, agro-processing and the downstream of the chemical and mineral sectors, coinciding with Malaysia’s push towards becoming a complex, advanced economy.

“A recent hallmark in our relationship, formerly categorised as a Strategic Partnership, is its elevation to a Comprehensive Strategic Partnership, which reaffirms our strong bilateral ties, with cooperation cutting across multiple spheres, often stretching beyond the traditional economic, diplomatic, security and cultural ties.”

More importantly, it also emphasises shared regional aspirations and the intent to cooperate strategically on a multilateral level, said the Prime Minister.

Among those present at the public lecture were Australian Foreign Minister Penny Wong, Deputy Vice-Chancellor (Academic) Professor Grady Venville and Professor Gareth Evans.

The Prime Minister arrived in Canberra from Melbourne earlier today as part of his back-to-back official visits to Australia, at the invitation of the Australian Prime Minister Anthony Albanese.

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

Besides the lecture, he will pay a courtesy call on General David Hurley, the Governor-General of Australia, at the Government House here before departing for Malaysia this evening.

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

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

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

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

Source: Bernama

Malaysia, Australia strengthen economic ties through four key frameworks

Urging Australian and Asean investors and businesses to seriously consider Malaysia, Prime Minister Datuk Seri Anwar Ibrahim underscored the importance of political stability, clear policies, and good governance in creating a conducive environment for investment and economic growth in Malaysia.

In a mission to court Australia and Asean investors and businesses at the Invest Asean Conference in Melbourne on Thursday, Anwar, who is also the Finance Minister, said Malaysia currently under his stewardship is stable and strong.

“Now with political stability, we focus on good governance, and there’s clear clarity in policies – a clear plan and priority,” he said when addressing the international audience.

Anwar said the government realised that to propel the economy forward, it was essential to fast-track and accelerate the pace of priorities, for example, in the digital transformation.

“We are committed to doing whatever is necessary to ensure this happens,” he said.

Anwar stressed that the role of government was not only to facilitate but also accelerate the process and “know your priorities”.

“I think the problem with government is that sometimes we think we know everything.

“That’s why I mentioned to my colleagues in the Cabinet that even if we have charted this clarity of policy in terms of energy transition, we have to think about the future,” he said.

In response to a question on sovereign wealth funds, Anwar said that, while these funds are technically under government control, business decisions made by entities like Khazanah Nasional and Petronas, which he chairs back home, are purely business.

“Although I technically chair, I mean it very clearly. The decisions, business decisions, I provide the policy guidelines.

“Business decisions must be made purely by the business people, experts,” he said.

Source: Bernama

PM Anwar courts Australia, Asean investors with Malaysia’s conducive environment

Malaysia asserts confidence in its economic progress, signalling to the global stage that it is a top-tier investment and capital destination.

Prime Minister Datuk Seri Anwar Ibrahim said Malaysia had achieved an all-time high of investments in 2023 and he was confident the number would grow in 2024.

“Malaysia is back in business. I am so confident in Malaysia’s economic prospects and our future as a people and nation.

“For 2023, we realised a 23 per cent surge in approved investments to an all-time high of RM329.5 billion.

“We have every confidence this number will improve across 2024, with accretive benefits for the rakyat, as committed investments translate into new projects, new high-paying jobs, new opportunities for technology transfer and upskilling and yes, an improvement in the prospects for the ringgit,” he said during the Invest Asean conference 2024 today in Melbourne, Australia.

Anwar who is also the finance minister, said the transformation programme being implemented by the Madani government would allow for improved political, economic and social environment for international investors.

“Malaysia Madani is a lot more than a return to traditional values, or pure inculcation of new values. It is a comprehensive programme that seeks to develop fundamentally positive, yet transformative changes in fiscal policy, subsidy reforms and a heightened sense of governance alongside improved performance of private economic participants.

“Within our Madani transformation programme are new economic pillars: an Energy Transition Roadmap and New Industrial Master Plan, which will underpin our transformation to a greener, more sustainable and more prosperous 21st-century economy,” said Anwar, who is one of the keynote speakers at the forum.

He also shared a few key economic indicators that underscored the sound fundamentals of the Malaysian economy.

“The Malaysian economy continues to display both resilience and steady growth; in this, the IMF (International Monetary Fund) projects a 2024 growth rate of 4.3 per cent against a moderating inflation level of 2.7 per cent.

“Our unemployment rate stands at 3.3 per cent, having steadily fallen during the first year of my government, and from a high of 4.5 per cent during the worst of the pandemic.

“Additionally, our international reserves remain healthy, standing at RM529.7 billion as of Feb 15,” he said.

The prime minister told the international investment community that there was no better time than now to look at Malaysia as a top-tier investment and capital destination.

“Malaysia is a talented nation, with ambitious people, comprising 33 million-plus Malaysians of Malay, Chinese, Indian, Sabahan, Sarawakian and many other ethnicities, religions, minorities and communities, working together for a shared purpose: a future of peace and prosperity, and where Malaysia’s growing prosperity can be used to do more, for more, on the world stage,” he added.

Anwar’s speech came at the conclusion of his official visit to Australia.

The Invest Asean conference was hosted by Macquarie, Australia’s largest and most diversified financial group, and Asean Exchanges in collaboration with the stock exchanges of leading Southeast Asian economies.

Source: NST

Anwar: Malaysia a top-tier investment, capital destination

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: NST

Malaysia poised for economic growth with a surge in expats

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

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

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

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

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

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

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

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

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

Source: NST

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

Source: Bernama

Johor MB meets with 40 potential investor companies from China

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

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

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

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

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

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

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

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

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

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

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

Source: Malay Mail

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tengku Zafrul was also asked about Lynas Rare Earths.

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

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

Source: NST

Seven Australian companies to raise investments in Malaysia

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: NST

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

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

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

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

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

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

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

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

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

Source: Bernama

Anwar meets business leaders from top Australian companies

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bernama

Malaysia among first stops for Australian business exchange mission

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

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

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

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

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

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

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

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

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

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

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

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

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

Australia is Malaysia’s 10th largest trading partner.

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

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

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

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

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

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

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

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

Source: NST

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

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

Source: Malay Mail

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

Source: Bernama

IMFC expands to Johor to stimulate economic growth