Malaysia is actively seeking support from BRICS member countries for its bid to join the economic bloc, Deputy Investment, Trade and Industry Minister Liew Chin Tong said.

Foreign Minister Datuk Seri Mohamad Hasan has sent an official letter to the nine BRICS foreign ministers, confirming Malaysia’s intention to join, Liew added.

“The presence of a senior Malaysian minister at the BRICS Outreach/BRICS Plus Summit at the end of October presents a valuable opportunity to garner support from BRICS leaders,“ he told the Dewan Rakyat during a question-and-answer session on Thursday.

Liew was responding to a query from Aminolhuda Hassan (PH-Sri Gading) regarding Malaysia’s proposal to join BRICS and its potential economic impact.

He said Malaysia’s desire to join BRICS aligns with the country’s position as an independent nation committed to openness in international cooperation, which he argued would further bolster BRICS’ policy of neutrality and multilateralism.

Liew noted that BRICS members such as Brazil, Egypt, and the United Arab Emirates (UAE) also pursue neutral foreign policies.

He rejected suggestions that Malaysia’s application to join BRICS could harm its economic relations with Western nations.

“This year, we welcomed investments from Western giants such as Google, Oracle, and Amazon.

“This demonstrates that our neutral stance is recognised by Western companies and accepted by all parties,“ he said.

Liew added that Malaysia’s BRICS membership would complement its roles in regional and international economic groups, including ASEAN, the Asia-Pacific Economic Cooperation (APEC), and the Organisation of Islamic Cooperation (OIC).

He also noted that Prime Minister Datuk Seri Anwar Ibrahim has announced Malaysia’s interest in joining the Organisation for Economic Co-operation and Development (OECD) as part of broader efforts to maintain strong relations with all trading partners.

“Furthermore, in line with Malaysia’s commitment to promoting the Global South agenda, participation in BRICS offers a platform to address specific issues and challenges facing South-South nations,“ he added.

Source: Bernama

Malaysia actively seeks BRICS support for membership – Liew Chin Tong

Malaysia is expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) by the end of this year, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Tengku Zafrul said his ministry completed the discussion with the country last week and is now finalising the agreement with the Attorney-General’s Chambers.

“God willing, at the end of this year, we will be able to sign the first FTA with a Gulf Cooperation Council (GCC) nation.

“The opportunity is indeed huge in terms of trade and investments, so we need to focus on the GCC,” he told Bernama after participating in and officiating the Bernama Radio & MITI Fun Run programme here today.

He said under the agreement, companies in the country would benefit from lower tariffs or tariff-free trade.

“In terms of investment, we also have ‘mutual’ incentives, and this will give more companies based in Malaysia access to the UAE market, then throughout the GCC as the UAE is the hub of the GCC and Dubai is the gateway to enter the GCC (market),“ he said.

Moreover, Tengku Zafrul said that being the ASEAN Chairman next year, Malaysia will also strive to build trade lanes between the GCC and this region.

Next year, the country will organise the ASEANGCC+China conference, which covers all ASEAN countries, six Gulf countries including Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the UAE as well as China.

Meanwhile, during the programme, Tengku Zafrul also presented souvenirs to Bernama staff who will celebrate the Deepavali festival at the end of this month.

The inaugural programme involving a 2.5-kilometre run starting from Wisma Bernama to the Titiwangsa Lake was organised in conjunction with National Sports Day held in October every year to promote a healthy lifestyle among the public.

Source: Bernama

Malaysia expected to sign FTA with UAE by year-end – Tengku Zafrul

Malaysia plans to diversify its trading partners to explore new solar export markets amid geopolitical tensions and the ongoing trade war between China and the United States, according to the Investment, Trade and Industry Ministry (MITI).

Its minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised that Malaysia, as the fifth largest economic bloc, maintains strong relationships with all parties regarding trade, investment and diplomatic matters.

“As a trade-based nation, we adopt a neutral and non-aligned stance, given that both the US and China are crucial for trade and investment in ASEAN countries,” he told Bernama.

Tengku Zafrul noted that Malaysia’s position as Chairman of ASEAN 2025 provides an advantage in addressing these issues.

Recently, the US imposed a tariff of 9.13 per cent on solar cell imports from Malaysia, while other Southeast Asian nations faced different rates: Cambodia at 8.25 per cent, Thailand at 23.06 per cent, and Vietnam at 2.85 per cent.

He reiterated Malaysia’s objection to the solar import duty and argued that companies with a minimum of 40 per cent local content should be exempt from the tariff.

“Solar is an affordable solution that supports the global effort to achieve net zero emissions. Therefore, I urge the US to give due consideration to solar companies based in Malaysia,” he added.

Source: Bernama

Malaysia needs diverse trading partners to explore new solar market – MITI

Longstanding and stable relations with China are a key consideration for investors seeking to expand into South-East Asia, with the strength of China-Malaysia ties making Malaysia a top destination for Chinese enterprises, analysts said on Thursday (Oct 17).

Malaysia has a longstanding relationship with China and Chinese investors seeking to extend their businesses to Malaysia have found a welcoming environment in the country, Yin Hong (pic), head of JLL Logistics & Industrial (China), a global real estate services firm, told Xinhua in a press briefing hosted by JLL.

“Hard factors such as infrastructure, connectivity and resources are easy to understand and quantify, but enterprises making inquiries before investing in Malaysia carefully consider the relationship with China. This soft factor consideration is especially important, namely language, culture and people-to-people and bilateral ties,” he said.

Yulia Nikulicheva, head of JLL Research and Consultancy, noted that the Malaysian government is enhancing the country’s trade connectivity and infrastructure, focusing on ports, airports, logistics hubs, and road and rail links.

“Chinese companies are considering Malaysia due to several factors that contribute significantly to a manufacturing company’s long-term success and sustainability. These include labour, infrastructure, environmental regulations, proximity to suppliers and customers and political stability,” she said.

“Overall, Malaysia offers competitive business costs compared to other countries in the South-East Asian region. It also boasts a skilled workforce proficient in English, as well as a significant Chinese-speaking population. Furthermore, Malaysia’s developed road, seaport and airport infrastructure, along with its business-friendly environment, make it an attractive location for potential investors,” she added.

Derek Yap Shein Hang, industrial and logistics sector team lead of JLL’s Malaysia firm, said the East Coast Rail Link (ECRL), the Chinese-built mega rail project that connects Malaysia’s largest transport hub Port Klang located on the country’s west coast to Kuantan Port, and the Malaysia-China Kuantan Industrial Park on the east coast is a “major game changer.”

“If your (manufacturing hub) is located on the east coast and you want to export via Port Klang on the west coast, you do not have to use trucks or ships to get to Port Klang. You cut the travel time and greatly streamline your logistics and supply chain (with the ECRL),” he said.

For his part, Terrance Choo Ker Seang, the firm’s senior manager for the northern sector, said the rapid adaptability and flexibility of Malaysia is an advantage for companies seeking to set up operations in Malaysia.

“Penang is a hotspot for investment and manufacturing. It has gone beyond developing a semiconductor industry and is now drawing investments as a manufacturing hub for electric vehicle batteries and other products,” he said.

Source: Bernama-Xinhua / The Star

Strong China-Malaysia ties key factor in driving investments: Analysts

The Northern Corridor Economic Region (NCER) has realised investments totalling RM48.25 billion this year, said Prime Minister Datuk Seri Anwar Ibrahim.

He said this marked a 60 per cent increase compared with the same period last year.

He said this data was shared at the 32nd Northern Corridor Implementation Authority (NCIA) meeting today (Oct 16).

“These realised investments have created 10,529 jobs in the NCER,” he said in a Facebook post.

He said the meeting discussed initiatives to support the investment ecosystem in the NCER, in line with the NCER Strategic Development Plan 2024-2030, which includes developing a technology innovation centre, an agro-food hub and an energy transition plan.

He said planning was important to ensure the NCER continued to attract investments in impactful, high-value industries.

In August, NCIA chief executive Mohamad Haris Kader Sultan said the agency and the Investment Development Board had secured RM31.38 billion in investments for Penang in the first half of the year.

He said this achievement reflected investors’ strong confidence in the long-term potential of the NCER, particularly in Penang.

Later that month, Haris said Kedah had attracted RM15.26 billion in investments that created 1,700 jobs in the first seven months of the year.

He said this surpassed the RM5.43 billion in realised investments in the same period last year.

Source: NST

NCER sees 60pc rise in realised investments to RM48.25 billion

The Johor-Singapore Special Economic Zone (JS-SEZ) will enable Johor and Singapore to build on each other’s complementary strengths to better compete for global investments together, the republic’s Parliament was told today.

Minister of State for Trade and Industry Alvin Tan said these investments could come from a range of sectors, including manufacturing, transport and logistics, the digital economy, and energy.

“The JS-SEZ offers twinning opportunities for businesses to establish complementary operations in Johor. Businesses can tap into Singapore’s offerings as a tech business and a financial hub while also using Johor’s land and resource advantages.

“Secondly, the SEZ can serve as a gateway for Singapore businesses to better serve their clients in Malaysia,” he said, adding that businesses can look forward to moving both goods and talent across the border in a shorter time, which will enhance operational efficiency.

He was responding to Nominated Member of Parliament Neil Parekh Nimil Rajnikant’s questions on the sectors in Johor that Malaysia and Singapore’s business owners can collaborate on in the JS-SEZ and Singapore’s concerns about the infrastructural and operational issues in that economic zone.

Tan said the ministry raised issues highlighted by Singapore businesses via the Singapore Business Federation’s report released in July 2024 in its discussions with the Malaysian government.

“Businesses surveyed on the JS-SEZ expressed a desire to see operational and infrastructural improvements that would enhance investment facilitation, labour availability, and the cross-border movement of goods and people.

“We have prioritised these issues in our discussions with the Malaysian government,” he said.

Source: Bernama

JS-SEZ to foster collaboration between Johor and Singapore for global investments

Malaysia is set to leverage its 2025 Asean chairmanship to position itself as the region’s premier investment destination, said Prime Minister Datuk Seri Anwar Ibrahim in Parliament today.

Anwar said Malaysia’s Asean leadership will be used as an opportunity to attract greater economic partnerships and showcase its potential to global investors.

“The 2025 Asean Summit will mark a historic moment as we engage with key economic partners, including the Gulf Cooperation Council (GCC) and China. 

“This will be the first time Asean is formally engaging with the GCC, which includes Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait. Such engagements will help expand Asean’s economic reach and strengthen partnerships moving forward,” Anwar said during the Prime Minister’s Question Time in Parliament, here, today.

Anwar was responding to a supplementary question by Tampin MP Datuk Mohd Isam Mohd Isa on how Malaysia would leverage its chairmanship of Asean to benefit the country and the region.

Anwar further explained Malaysia’s plans to involve all states in the country in various ministerial meetings, ensuring that the economic benefits are felt nationwide. 

Similarly, he said private sector-led events, in collaboration with international organisations such as the World Economic Forum and Bloomberg, will further amplify Malaysia’s investment potential without relying on government funding.

On the South China Sea, Anwar reaffirmed Malaysia’s stance on freedom of navigation, underscoring the importance of abiding by the United Nations Convention on the Law of the Sea (Unclos) 1982.

“Malaysia will not back down from our claims in the South China Sea. Our exploration activities will continue, including at Kasawari, despite concerns from other nations. However, we remain open to discussions and emphasise resolving disputes through dialogue, in accordance with Unclos,” he said.

Anwar also addressed Malaysia’s handling of overlapping claims and recent naval incursions, reiterating that while Malaysia stands firm on its claims, the nation is committed to diplomacy and peaceful negotiations.

This is in response to Kota Bharu MP Datuk Seri Takiyuddin Hassan who questioned the prime minister on the administration’s approach to addressing the overlapping claims in the South China Sea.

Earlier, Gombak MP Dato’ Seri Amirudin Shari asked Anwar what was discussed during the recently concluded 44th and 45th Asean Summits and Related Summits held in Vientiane, Laos. 

The Selangor Menteri Besar had questioned what is Asean’s “moral compass” and how it can act as a stabilising force amidst rising geopolitical tensions as well as conflict within Asean states, such as the turbulent political situation in Myanmar.

Anwar said the regional bloc remains committed to its consensus-driven approach and affirmed that it will not be drawn to international conflicts.

“Asean has maintained its consensus-driven approach, especially in handling the Myanmar situation through the five-point consensus. While we do not recognise the current Myanmar regime, we are open to informal discussions to engage Myanmar inclusively. 

“Asean centrality ensures that our relations with global powers remain balanced, without the region becoming a battleground for major powers. 

“Previously, it was the US versus the Soviet Union; today, it’s the US and China. This is why we continue to strengthen our ties with China and other partners like BRICS,” he said.

On the possibility of Asean adopting a model similar to the European Union with initiatives like open borders, Anwar said while such integration is not on the immediate horizon, Asean continues to progress on energy connectivity and digital transformation, particularly through the Asean Power Grid and the Asean Digital Economy Framework Agreement.

“Asean’s focus remains on sustainable economic growth and ensuring long-term stability and prosperity for all member states,” he said

The 44th and 45th Asean Summits and Related Summits also addressed key global issues, including the situation in Myanmar, Palestine and Lebanon, as well as the Russia-Ukraine conflict and North Korea’s nuclear disarmament. 

Malaysia, Anwar said, continues to advocate for peaceful resolutions through dialogue and international cooperation.

Source: Selangor Journal

Malaysia to leverage Asean chairmanship to attract global investments — PM

The government is targeting the creation of nearly 40,000 skilled jobs in high-value industries for local talents, said Economy Minister Rafizi Ramli.

He said to achieve this, targeted interventions were necessary in strategic, high-impact industries, particularly those identified in the 12th Malaysia Plan mid-term review.

“The government is committed to creating skilled job opportunities for local talent.

“This is because Malaysia needs to stimulate growth in key industries to ensure the creation of skilled jobs and the development of talent to meet industry needs, as well as to increase the number of highly qualified individuals entering the workforce.

“For instance, the government is setting a target of creating 30,000 jobs in the aerospace industry, 6,000 in logistics and 2,844 in global services.”

Rafizi said this in response to a question from Datuk Mohd Shahar Abdullah (Barisan Nasional-Paya Besar), who asked the minister to state the government’s plans to stimulate growth in high-skilled sectors and to ensure sustainable job opportunities for future generations.

Rafizi said in April this year, the government had rolled out initiatives under the KL20 Action Plan to create a competitive ecosystem for start-ups and to strengthen the network of collaboration among potential local and international investors.

This, he said, was expected to position Kuala Lumpur in the top 20 in the global start-up ecosystem by 2030 and create 100,000 skilled jobs for locals.

He added that the venture capital ecosystem would also be strengthened to promote entrepreneurship and innovation, which would create a dynamic environment for enhanced global competitiveness.

“The Energy Transition Roadmap (NETR) projects the creation of 310,000 jobs by 2050 across six energy transition drivers.

“NETR also outlines capacity development initiatives through the establishment of green skills in taxonomy, reskilling and upskilling programmes, and strategic partnerships with local universities in the field of energy transition.

“Additionally, the New Industrial Master Plan 2030 aims to bolster the manufacturing sector, targeting the creation of 700,000 new skilled job opportunities with a median salary of RM4,510 per month for workers in the manufacturing industry.”

Rafizi also said the government aimed to create 500,000 new job opportunities in the digital economy, especially in the data centre industry, which would support investments by major cloud service providers such as Amazon Web Services, Microsoft, Nvidia and Google.

He said these data centres, apart from creating job opportunities for data scientists, would also open up doors for those skilled in artificial intelligence.

“This will ensure that the target for skilled job composition reaches 35 per cent by 2025, in line with the country’s aspiration to achieve a high-income nation status,” he said.

Source: NST

Govt aims to provide 40,000 skilled jobs, says Rafizi

The government is looking at having a clear scorecard focused on high-quality investment and incentives to align with the New Industrial Master Plan 2030 (NIMP 2030), said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

He also said that this is being carried out in collaboration with Bank Negara Malaysia, the Securities Commission, the Ministry of Investment, Trade, and Industry (Miti), and the Ministry of Finance (MoF).

“The government, through the work done by SC, Bank Negara, Miti and MoF, is now seriously looking at having a clear scorecard, especially for investment and for incentives, to move to the NIA (National Investment Aspirations) scorecard, and also based on the New Industrial Master Plan,” Liew said in his keynote address at the Securities Commission-World Bank Conference 2024 and the launch of ESG Disclosure Assessment of Malaysia’s Listed Companies today.

The aim of this initiative, he explained, is to ensure that incentivised companies do not need to constantly justify their contributions to Malaysian innovation, technology development, and R&D efforts.

“We must focus on building Malaysia’s R&D capabilities, advancing our technological expertise, and funding the potential for innovation in the country,” he said.

Liew pointed out that over the years, different segments of the Malaysian economy have acted almost in different spheres. “Malaysia Investment Development Authority (Mida) focuses on growing manufacturing, often via foreign direct investment.”

However, he said, government-linked investment corporations and government-linked corporations mostly shy away from manufacturing.

“The capital markets have not been at the forefront of manufacturing either. The New Industrial Master Plan 2030 is a notable attempt at collaboration between Miti and the Securities Commission,” he said.

The third challenge, he added, is to grow Malaysian technology, and more importantly, globally relevant Malaysian technology companies. “We must admit that despite having a head start in the semiconductor industry, Taiwan and Shenzhen, Penang and Malaysia have not built their TSMC, Samsung, Huawei, or BYD,” he said.

For Malaysia to be like South Korea through the second takeoff, Liew said, the country must grow Malaysian technology companies, starting with MSMEs, and especially mid-tier companies that are owning their technologies or adapting technologies innovatively.

“For Malaysia to reach the next level and to have high yet sustainable growth, the capital market and everyone else will have to collaborate to seize the once-in-a-generation opportunity of the second takeoff to make Malaysia a regional economic powerhouse,” he said.

The conference explores synergies within the capital market and Islamic capital market to bridge funding gaps for micro, small and medium entrepreneurs and mid-tier companies.

At the event, the SC and the World Bank launched a joint report titled “ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development” which provides a baseline on environmental, social and governance reporting practice in Malaysia, offering key insights for companies and investors to enhance sustainability reporting to align with international best practices and remain competitive.

It aims to analyse the current state of ESG disclosure amongst listed companies and institutional investors, given the growing prominence of ESG and sustainability investments globally. It also provides reflections and recommendations for policymakers in the Malaysian capital market to foster improved ESG reporting, ensuring relevance and consistency globally.

Source: The Sun

Govt looking at having ‘scorecard’ on high-quality investments, incentives: Liew

The Ministry of Investment, Trade and Industry (Miti) said more horizontal linkages should be established, so that micro, small and medium enterprises (MSMEs) can be included in the global supply chain as a result of foreign direct investment (FDI) into the country.

Deputy Investment, Trade and Industry Minister Liew Chin Tong said FDI related to manufacturing serving the global supply chain may not be felt by MSMEs in the country currently, as local supply chains may be vertically integrated globally but not necessarily horizontally. 

“This (establishing horizontal linkages) is a challenge that [Miti] and Mida (the Malaysian Investment Development Authority) will now have to start thinking about, because when you have horizontal linkages, [only] then MSMEs have a place [in the global supply chain],” Liew said in his keynote address officiating the Securities Commission Malaysia (SC)-World Bank Conference 2024 on Tuesday.

“Without horizontal linkages, MSMEs will not be linked to FDI-driven manufacturing in Malaysia,” he added. 

In a value chain, vertical linkages between firms at different levels of the value chain serve as channels for the exchange of information, technical, business and other services between firms.

Conversely, horizontal linkages refer to long-term partnerships between firms that rely on interdependence, and shared resources to work together towards achieving common goals.

To establish horizontal linkages, Liew said capital support is required from both the capital market and government-linked investment companies to integrate MSMEs. 

This is in line with the National Industrial Master Plan 2030, which highlights the need to improve financing access, strengthen entrepreneurship ecosystems, and foster sustainable practices for MSMEs, he added.

Liew highlighted that the integration of MSMEs into both the manufacturing and technology supply chains will be integral to Malaysia’s prospects in achieving a high economic growth trajectory in the long term. 

He noted that as the global supply chain relocates away from China, Malaysia will need to tackle the horizontal linkage issue, in addition to the task of attracting foreign investment. 

“We have to rethink where we want to head. In this whole journey, it is important that we become technologically capable, that we become a nation that founded itself on innovation, and not just on land and natural resources,” Liew added. 

The fifth iteration of the SC-World Bank Conference is themed “Empowering MSMEs: Cultivating Compassionate Growth through The Capital Market”, highlighting the critical role of MSMEs in driving economic growth and inclusive development.  

The SC’s Five-Year Roadmap for Catalysing MSME and MTC (Mid-Tier Company) Access to The Capital Market (2024-2028) launched back in May aims to grow the MSME capital market to RM40 billion by 2028.

The road map outlined 36 initiatives built upon five guiding principles and nine strategies to enhance MSME and MTC access to the capital market.

Source: The Edge Malaysia

Establish horizontal linkages to include MSMEs in global supply chain — Liew

The government is looking at having a clear scorecard focused on high-quality investments and incentives to align with the National Investment Aspirations (NIA) and New Industrial Master Plan (NIMP), said the Investment, Trade and Industry Ministry (MITI).

Its Deputy Minister Liew Chin Tong said this effort requires collaboration with agencies including Bank Negara Malaysia, the Securities Commission, MITI, and the Finance Ministry (MOF).

“Companies we incentivise will have to explain to the government its contribution to Malaysia’s innovation and technology.

“Whatever we do today we must build Malaysia’s research and development (R&D). We must build Malaysian technological capability,” he said in his keynote speech at the SC-World Bank Conference 2024 today.

He said the measure of high-quality investments involves several pillars of the NIA, namely, increasing economic complexity, creating high-value job opportunities, extending domestic linkages, developing new and existing economic clusters, and improving inclusivity and environmental, social, and governance (ESG) standards.

Meanwhile, the conference explores synergies within the capital and the Islamic capital market to bridge funding gaps for micro, small and medium entrepreneurs (MSMEs) and mid-tier companies (MTCs).

At the event, the SC and the World Bank launched a joint report “ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development” which provides a baseline on ESG reporting practice in Malaysia. The report offers insights for companies and investors to enhance sustainability reporting to align with international best practices and remain competitive.

It aims to analyse the current state of ESG disclosure among listed companies and institutional investors, given the growing prominence of ESG and sustainability investments globally.

It also provides reflections and recommendations for policymakers in the Malaysian capital market to foster improved ESG reporting, ensuring relevance and consistency globally.

SC executive director of Islamic Capital Market Sharifatul Hanizah Said Ali emphasised the importance of strengthening ESG disclosures amid growing global demand for sustainable investments.

“This joint report reflects our ongoing commitment to fostering a more sustainable capital market. Improved ESG disclosure practices are expected to strengthen investor confidence and ensure that our market remains competitive and future-ready,” she said in her welcoming remarks.

The report highlights that most Malaysian listed companies had demonstrated good corporate disclosures and a solid overall approach to managing governance and social issues.

However, the report also points out gaps in specific environmental indicators, especially those related to climate change and biodiversity.

“Through our knowledge-based collaboration, we aim to support effective policy design and implementation to address the MSME and climate financing gaps.

“I look forward to further leveraging the World Bank’s global expertise to support the Malaysian government, financial regulators, and the private sector in developing a more robust and resilient financing ecosystem for MSMEs,” said World Bank country director for the Philippines, Malaysia, and Brunei Dr Zafer Mustafaoglu. 

Source: Bernama

Miti: Govt plans investment ‘scorecard’ focusing on ESG, job creation and economic complexity to evaluate investments, drive high-value growth

The East Coast Economic Region (ECER) has recorded RM13.3bil in realised investments, says Prime Minister Datuk Seri Anwar Ibrahim.

“I was informed that for the first three quarters of this year, ECER managed to record a total of RM13.3bil in realised investment against the target of RM10bil,” he said in a post on his Facebook account on Tuesday (Oct 15).

He added that this amount involves 21 projects that are capable of creating 8,700 job opportunities in various industries, including steel manufacturing, petrochemicals, biomass products and tourism.

Anwar added that he was told this when he chaired the East Coast Economic Region Development Council (ECERDC) Meeting Number 2 of 2024 and added that the government will continue to streamline its development framework for the next five years.

He said this is so that efforts to bridge the development gap between regions and attract more investments to the east coast can be realised.

Anwar said that the main drivers of growth for the region include the food basket, tourism, manufacturing (hard-to-abate) and marine industries.

He added that the success is in line with the wishes of the Madani Government which always emphasises the importance of monitoring and facilitating the implementation of announced investments.

Source: Bernama

ECER records RM13.3bil in realised investments, says Anwar

The Investment, Trade and Industry Ministry (MITI) and the Malaysian Investment Development Authority (MIDA) are supervising investments of RM17.9 billion from China approved in the manufacturing sector from 2023 to the first half of 2024.

These investments involve 110 approved projects and will generate 14,343 job opportunities, MITI said on Parliament’s website today in response to Roslan Hashim (PN-Kulim Bandar Baharu) who asked MITI the amount of investment realised from the estimated RM170 billion investments in the trade and investment mission (TIM) to China last year, along with investment details.

“Of the total, 54 projects (49.1 per cent) with an investment of RM3.8 billion have been realised, creating 5,303 jobs.

“This is an encouraging achievement considering that the implementation of approved manufacturing projects usually takes 18 to 24 months to be realised, depending on the project’s scale and the current economic situation,“ he said.

Source: Bernama

RM17.9b investments from China approved from 2023 until 1H2024 – MITI

Implementing initiatives under the New Industrial Master Plan 2030 (NIMP) and applying to join BRICS are among the government’s strategies to overcome the effects of prolonged geopolitical conflicts.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz said the government is also prioritising supply sources from the ASEAN region through the “nearshoring” approach to ensure the stability of the supply chain while reducing dependence on raw materials from abroad.

He said these initiatives included strategies to ensure the continuity of the local industry supply chain in the face of future economic or global health crises.

“The implementation of these strategies has yielded results in strengthening existing trade relations and attracting foreign investors, as well as increasing Malaysia’s attractiveness as a reputable international trade centre for the long term.

“This is proven when the Pioneer Index of Economic Indicators released by the Department of Statistics Malaysia in July 2024 showed the country’s economic performance recorded 5.2 per cent, reaching 115.1 points compared to 109.4 points in the same month of 2023.

“This illustrates the resilience of Malaysia’s economy at a time when the world is facing current geopolitical challenges, such as the wars in Ukraine and the Middle East,“ the minister said during a question-and-answer session on the first day of the Dewan Rakyat’s current session today.

Tengku Zafrul added that although the current geopolitical tensions do not have a significant impact on Malaysia in the short term, the government should not underestimate the long-term risks if the conflicts continue. He said MITI will continue to play a strategic role in strengthening the country’s resilience and competitiveness, especially in priority sectors such as semiconductors.

At the same time, MITI will also strengthen trade diplomacy with trading partners and explore new strategic economic opportunities to improve the country’s ability to face current geopolitical challenges.

Tengku Zafrul also pointed out that Russia and Ukraine are not the country’s main trading partners with Malaysia’s bilateral trade with the two countries last year making up only 0.5 per cent of the country’s total international trade. The value of trade with individual Middle Eastern countries is also low.

Source: Bernama

NIMP initiatives strengthen competitiveness, investment amid rising geopolitical risks – Tengku Zafrul

Malaysia is actively broadening trade strategies and sources of investments to avoid being affected by growing geopolitical tensions, the Dewan Rakyat was told today.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysia is not experiencing significant short-term effects from the crises. But it should not underestimate the impact in the long term.

He said Malaysia is intensifying investment and trade promotion missions to existing partners such as Asean members, the United States, China, the European Union, Japan, South Korea and India.

“We are also enhancing economic cooperation with non-traditional trading partners like the United Arab Emirates, Saudi Arabia, Pakistan, Kazakhstan and Uzbekistan, Brazil, Peru and Mexico, as well as countries in Africa,” he said in reply to Datuk Seri Hamzah Zainudin (PN-Larut).

Hamzah had asked about the steps taken by the government to ensure Malaysia’s economy remains resilient to prolonged geopolitical tensions.

Tengku Zafrul said Russia and Ukraine, which are involved in a conflict, are not Malaysia’s main trading partners.

Bilateral trade with both countries in 2023 accounted for only 0.25 per cent of Malaysia’s total international trade.

He said bilateral trade with Middle Eastern countries, which are also in turmoil, is also low.

Tengku Zafrul said the government is also encouraging industries to increase the use of domestic resources and reduce dependency on imported raw materials.

“This includes prioritising supply from the Asean region through a ‘nearshoring’ approach.

“We are also implementing initiatives under the New Industrial Master Plan 2030. These include strategies to ensure the continuity of domestic supply chains in the face of economic or global health crises.

“Others measures include several new free-trade agreements, such as the Malaysia-United Arab Emirates Comprehensive Economic Partnership Agreement and the Asean-Canada Free Trade Agreement. We are upgrading the Asean Trade in Goods Agreement and the Asean-China Free Trade Agreement for a more stable and competitive Malaysian export sector.

“The implementation of these strategies has strengthened trade relations, attracted foreign investors and enhanced Malaysia’s appeal as an international trade hub for the long term.”

Source: NST

Malaysia expanding investment, trade partners to hedge against crises, says Zafrul

Malaysia is currently negotiating several new free trade agreements (FTAs) that would help to diversify its trade and investments, and mitigate the impact of conflicts in the Middle East and the Russia-Ukraine war.

The FTAs under negotiation include the Malaysia-United Arab Emirates Comprehensive Economic Partnership Agreement and the Asean-Canada FTA, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told the Dewan Rakyat on Monday.

“In addition, Malaysia is also in negotiations to upgrade the Asean Trade in Goods Agreement and the Asean-China FTA to open markets for more stable and competitive Malaysian exports,” he said.

Malaysia has signed and implemented 16 bilateral and regional FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that covers 11 countries from Australia to Mexico.

The government is also in talks for a Malaysia-European Free Trade Association Economic Partnership Agreement.

Zafrul emphasised that current geopolitical tensions had minimal short-term impact on Malaysia, as Russia and Ukraine accounted for only 0.5% of Malaysia’s total trade in 2023, while trade with Middle Eastern countries involved in conflicts is also relatively low.

“Malaysia adheres to a non-aligned policy, avoiding alignment with any economic or military bloc in addressing geopolitical issues,” he said. “However, as a trade-dependent country, international geopolitical tensions have the potential to affect the economy in the long term.”

To blunt the impact, Malaysia is strengthening ties with major trading partners such as Asean, the US, China and the EU, as well as exploring new markets in Central Asia, South America and Africa, Zafrul said.

He added that the government is also encouraging local industries to increase the use of domestic resources and reduce reliance on foreign imports, particularly through Asean nearshoring — the outsourcing of business processes to a nearby country.

Source: The Edge Malaysia

Malaysia in talks for new free trade deals to blunt impact of geopolitical conflicts — Zafrul

Some 50 small and medium enterprises (SMES) from China are seeking opportunities to expand their businesses in Penang following the influx of over Rm400mil into the state.

Malaysia Extra Low Voltage Association (Melvian) assistant secretary Cheah Chaw Son said that the Chinese companies want to explore opportunities in home furnishings, bio pharmaceuticals, technologies, advertising services, and ecommerces with local partners.

Melvian is an industry body that comprises companies providing ICT, audio and visual, security, and data network infrastructure solutions.

The SMES from China are set to take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners, that is being organised by Melvian

“In the first half of 2024, Penang attracted Rm411.8mil in investment from China. For the past decade, Penang roped in Rm13.2bil investments from China that formed 6.8% of Penang’s total foreign investments, with a 50.5% compounded annual growth rate.

“The influx of these funds into Penang attracted the companies’ attention. The Silicon Island development and the upcoming light rail transit project connecting Komtar and Bayan Lepas on the island also enhanced the state’s competitive edge as a pivotal investment hub,” he added.

Cheah is confident that Malaysia’s projected gross domestic product (GDP) growth for 2024 and 2025 will continue spur investors’ interest in the state due to the country’s robust economic health.

“The Socio-economic Research Centre has projected that Malaysia would close the year with 5.4% GDP growth, sustaining at healthy clip of 5% in 2025,” Cheah said.

The companies would take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners.

Tan Sri Tengku Razaleigh Hamzah will officiate the event jointly organised by Melvian, Small and Medium Enterprises Association, Meta Ex, and Honor Innovation Sdn Bhd.

“The event is also to commemorate 50 years of Malaysia-china Diplomatic Relations,” he said.

“In the first half of 2024, Penang attracted Rm411.8mil in investment from China.” Cheah Chaw Son

Source: The Star

China SMES look to invest in Penang

Prime Minister Datuk Seri Anwar Ibrahim attributed this year’s positive investment outcomes to domestic investment.

“We are fortunate to have foreign investment; however, domestic investment is also very high.

“Hence, when we say we have achieved good success this year, it’s not just because of foreign direct investment, but also because of the growing interest, confidence, and commitment from our domestic players.

“Domestic investment has increased phenomenally and for that, I thank you (the industry players).

“Given this impressive domestic investment, I should not discourage you (the industry players); I should not tax you too highly,” he said, which received applause from the guests.

Anwar said this in his speech at the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) 78th annual general meeting today.

Present were Deputy Investment, Trade and Industry Minister Liew Chin Tong, the Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor president Datuk Ng Yih Pyng and ACCCIM outgoing president Tan Sri Low Kian Chuan.

Meanwhile, in his speech that also touched on the upcoming Budget 2025, Anwar said alongside business and economic opportunities, special focus would be given to small and medium enterprises and macro, small and medium enterprises, as detailed in the Madani economic framework.

“We will also address any administrative weaknesses, with our newly appointed chief secretary to the government prioritising these concerns,” he said.

Source: NST

Anwar attributes positive investment growth to domestic contributions

Malaysia, which will take on the ASEAN chairmanship next year, will step up efforts to attract investments from and boost trade with the bloc’s member countries and dialogue partners.

Prime Minister Datuk Seri Anwar Ibrahim said that towards that end, Malaysia will leverage international cooperation under the East Asia Summit which involves 18 participating countries, including the 10 ASEAN member states, Australia, China, India, Japan, New Zealand, Russia, South Korea, and the United States.

“Malaysia intends to ensure all these meetings would help attract investments and grow trade, including increasing sales of oil palm products,” he told the Malaysian media on the final day of the 45th and 46th ASEAN Summits and Related Summits here today.

According to the prime minister, Malaysia will launch the ASEAN Community Vision 2045, a strategic framework aimed at supporting regional cooperation over the next two decades.

“This is a very good opportunity and has been agreed on,” he said.

In a separate development, Anwar said Malaysia will assist in expediting the process of Timor-Leste being accepted as a full member of the bloc.

However, he said, the country would still have to meet several set conditions.

“But through the Foreign Ministry, we will try to expedite the process and assist (Timor-Leste). Most of the obstacles are related to economic regulations; and Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz will assist in terms of securing approval for several required preconditions,” he added.

Source: Bernama

Malaysia to step up trade and investment efforts with ASEAN members, dialogue partners

Malaysia could supercharge its foreign direct investment (FDI) through Budget 2025 by offering bold tax incentives, streamlined regulations, and targeted sector support, said analysts.

SPI Asset Management managing partner Stephen Innes said cutting corporate taxes for key industries like technology, renewable energy, advanced manufacturing, and expanded research and development (R&D) credits would attract long-term investments.

Digitising government processes and simplifying compliance would reduce operational hurdles. Tax breaks, carbon credits, and clean energy incentives should boost green projects, Innes added.

“Training grants and business-education partnerships could build a skilled workforce, while expanded special economic zones with enhanced infrastructure and tax exemptions would support export-driven businesses,” he told Bernama.

Innes also said that the digital economy would thrive with artificial intelligence, automation, and digital infrastructure tax perks while easing taxes on repatriated earnings and dividends would enhance long-term investment appeal.

“Stronger intellectual property protections and new bilateral investment treaties would provide legal certainty, while infrastructure bonds and public-private partnerships would lure foreign participation in large-scale projects.

“These measures would create an attractive, forward-looking investment environment, in line with global trends,” he added.

Malaysia’s total trade remained on a double-digit growth path in August 2024, boosted by a thriving global economy.

Total trade in August this year increased to RM252.7 billion, a jump of 18.6 per cent from RM213 billion in August 2023, primarily driven by 26.2 per cent growth in imports, which reached RM123.5 billion, and exports by 12.1 per cent, valued at RM129.2 billion.

While tax-sensitive sectors may feel a pinch, Innes said Malaysia’s strong economic fundamentals, strategic location, and the fact that regional competitors would implement the same global minimum tax (GMT) should keep Malaysia firmly on investors’ radar.

“In short, the GMT is not expected to disrupt Malaysia’s status as a top FDI destination,” he added.

The Malaysian government has announced plans to implement the GMT based on the Global Anti-Base Erosion (GloBE) Rules in 2025.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Malaysia has a decent infrastructure that is cost-effective to attract new FDIs and the availability of a talent pool and pro-business government policies are some of the main attractions.

“It would be great if there is an incentive for foreign companies to transfer some of their technology to the local players. This could be done by promoting collaboration with local universities in areas related to research and development and being able to commercialise the idea.

“Also, allowing our micro, small and medium enterprises (MSMEs) to be integrated into the global supply chain would accelerate the development of the MSME sector. If foreign companies do this, they could receive some tax incentives,” he added.

On the implementation of GMT next year, Mohd Afzanizam said that adhering to this measure would put Malaysia on par with the participating countries.

“I suppose it is the right measure as a country should compete beyond tax to attract foreign investors. That way, it will promote ease of doing business and the government would strive to reduce bureaucracy to attract investment.

“Some studies say tax is not the only consideration when foreign investors are scouting for a place to invest. So, I suppose it’s a good move,” he added.

Source: Bernama

Malaysia could supercharge FDIs through 2025 Budget initiatives: analysts

Malaysia sees prospects to introduce cooperation with Canada in the halal sector, said Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz.

With over 1.15 million Muslim residents in Canada, the demand for halal products is on the rise, he stated in an Instagram post on Friday.

Zafrul noted that the Canadian halal market, valued at C$1 billion (RM3.12 billion), offers significant potential for Malaysian producers, particularly in food and beverage products. 

“Malaysia can play an important role in meeting the needs of this market through strategic cooperation and increased investment in the halal industry, thus strengthening Malaysia’s position in this global industry,” he added. 

Zafrul was also present during the meeting between Prime Minister Datuk Seri Anwar Ibrahim and his Canadian counterpart Justin Trudeau, on the margins of the Association of Southeast Asian Nations (Asean) Summit in Laos on Thursday (Oct 10).

During the meeting, Anwar emphasised the desire to strengthen cooperation in the economic sector.

Economic cooperation between Malaysia and Canada is increasingly robust, with total bilateral trade reaching RM8.05 billion as of August 2024, an increase of 41% compared to the previous year.

Zafrul mentioned that bilateral trade between the countries had increased by 25% after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), opening duty-free access for trade in goods.

This increase is driven by a 68.1% rise in Malaysia’s exports to Canada, and a 16.8% rise in imports from Canada. 

Sectors such as clean technology, agriculture and aerospace continue to be major contributors, he noted.

Source: Bernama

Zafrul: Malaysia sees prospects to establish cooperation with Canada in halal sector

Malaysia has welcomed the proposed US$14.7 billion (US$1 = RM4.29) investment by United States (US) technology giants – Google, Microsoft, Enovix Corporation, Amazon Web Services, Abbott Laboratories, and Boeing.

This was conveyed by Prime Minister Datuk Seri Anwar Ibrahim during his bilateral meeting with US Secretary of State Antony Blinken on the sidelines of the 44th and 45th Asean Summits and Related Summits here today.

Anwar said Malaysia also looks forward to strengthening cooperation with the US in emerging industries.

On another note, the prime minister welcomed the US delegation to the next Senior Officials Dialogue in Putrajaya at the end of October, as the two countries celebrate the 10th anniversary of the Malaysia-US Comprehensive Partnership.

“Malaysia appreciates the US’ leading role in United Nations Security Council (UNSC) Resolution 2735 and urges the US to use its influence to swiftly implement the resolution,” he said.

Resolution 2735, passed on June 10, 2024, called for an immediate ceasefire of all hostilities in Gaza.

Meanwhile, the US State Department, in a statement on the meeting, said Blinken emphasised the US’ support for Malaysia’s upcoming Asean chair year and discussed opportunities for increasing cooperation to boost regional stability in support of a free, open, secure, resilient, and prosperous Indo-Pacific region.

“Secretary Blinken and Prime Minister (Anwar) Ibrahim underscored the importance of the US-Malaysia Comprehensive Partnership on its 10th anniversary and a commitment to strengthening people-to-people, economic, and security ties,” said the statement posted on the department’s website.

According to the statement, Blinken and Anwar further emphasised the critical need for a ceasefire, the release of all hostages, and an urgent influx of humanitarian assistance, as well as the launch of reconstruction efforts in Gaza.

Anwar and Blinken later attended a gala dinner hosted by Asean chair Laos’ Prime Minister Sonexay Siphandone and his wife, Vandara Siphandone, in conjunction with the summits.

Source: Bernama

Malaysia welcomes proposed US$14.7bil investment by US tech giants: PM

Malaysia’s foreign direct investment (FDI) inflow outlook is expected to remain positive in the second half of 2024 due to good traction from China, Europe, the US, Japan and South Korea, said UBS Global Research.

UBS said the FDI inflow is concentrated in the electrical and electrical and electronics (E&E) space, but there is also interest in chemicals, green technology, machinery and metal fabrication.

“If Malaysia becomes a regional data centre hub, this will be a major draw for companies at the forefront of technological innovation to deepen investments in Malaysia,” it said today.

UBS said Malaysia has become increasingly attractive to foreign investors due to several factors, such as the country’s political stability and track record in exercising fiscal responsibility. 

Malaysia’s competitiveness in the E&E sector, as well as energy policies leading to net zero targets are other factors attracting investors.

“The country also has a deep talent pool with a high number of STEM graduates, numerous free trade agreements and good scores regarding ease of doing business factors.

“Localisation of FDI has been fairly successful in Malaysia. For example, the E&E ecosystem had benefitted from demand from large multinational company investments; the positive spillovers also extended to construction companies and the labour market,” it said.

Meanwhile, UBS said the implementation of the global minimum tax of 15 per cent in 2025 would have a negligible impact on competing for FDI.

Although de-globalisation trends have intensified, it said with many countries seeking to reshore companies through subsidies, it would not stop large players from expanding globally.

Notwithstanding this, Malaysia has implemented a 40 per cent local content criteria, which is in line with World Trade Organisation standards.

“From a business owners’ perspective, FDI into Malaysia has benefited companies greatly, especially with regard to sub-industries supporting the E&E industry, which saw a large inflow of FDI,” it said.

On the trade and international relations, UBS said Malaysia is set to assume the chairmanship of Asean in 2025 which could see opportunities in improving intra trade within Asean countries which only make up 23 per cent of trade currently.

In terms of free trade agreements, the firm said Malaysia could restart negotiations with the European Union on the stalled Malaysia-European Free Trade Association (EFTA) Economic Partnership Agreement.

EFTA members include Switzerland, Norway, Iceland and Liechtenstein.

Source: NST

US, Europe, China & other key Asian economies to provide FDI traction in Malaysia: UBS

Malaysia has become increasingly attractive to foreign investors due to several factors, including the country’s political stability and track record in exercising fiscal responsibility, said UBS Global Research.

It said Malaysia’s competitiveness in the electrical and electronics (E&E) sector, as well as energy policies leading to net zero targets are other factors attracting investors.

UBS analyst Nicole Goh said the country also has a deep talent pool with a high number of STEM graduates, numerous free trade agreements and good scores regarding ease of doing business factors.

“Localisation of foreign direct investment (FDI) has been fairly successful in Malaysia. For example, the E&E ecosystem had benefitted from demand from large multinational company investments; the positive spillovers also extended to construction companies and the labour market,” she said in a note today.

Goh believes the implementation of the global minimum tax of 15 per cent in 2025 would have a negligible impact on competing for FDI.

Although de-globalisation trends have intensified, with many countries seeking to reshore companies through subsidies, it would not stop large players from expanding globally.

“Notwithstanding this, Malaysia has implemented a 40 per cent local content criteria, which is in line with World Trade Organisation standards.

“From a business owners’ perspective, FDI into Malaysia has benefited companies greatly, especially with regard to sub-industries supporting the E&E industry, which saw a large inflow of FDI,” she said.

Goh added that the outlook for FDI inflows in the second half of 2024 is positive, with good traction from China, Europe, the United States, Japan, and South Korea.

The FDI inflow was concentrated in the E&E space, but there is also interest in chemicals, green technology, machinery, and metal fabrication.

Apart from E&E, green technology, machinery, and metal fabrication were also sectors of interest, and there remained strong interest in data centre investments.

“If Malaysia becomes a regional data centre hub, this will be a major draw for companies at the forefront of technological innovation to deepen investments in Malaysia,” she said.

With Malaysia assuming the chairmanship of Asean in 2025, there could be opportunities to improve intra-trade within Asean countries, which only make up 23 per cent of the bloc’s current trade.

“In terms of free trade agreements, Malaysia could restart negotiations with the European Union on the stalled Malaysia-European Free Trade Association’s (EFTA) Economic Partnership Agreement, which is an economic partnership agreement between Malaysia and EFTA members including Switzerland, Norway, Iceland, and Liechtenstein,” Goh said.

Source: Bernama

Malaysia increasingly attractive to foreign investors — UBS Global Research

Malaysia and the United Arab Emirates (UAE) have successfully concluded the negotiations for a Comprehensive Economic Partnership Agreement (CEPA), set to eliminate or reduce tariffs, lower trade barriers, foster private-sector collaboration, and create new investment opportunities.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the CEPA, as Malaysia’s first free trade agreement (FTA) with a Gulf Cooperation Council (GCC) nation, will enhance trade, boost investments, and deepen Malaysia-UAE economic ties.

“We view the UAE as a strategic hub for Malaysian exporters to access markets in the Middle East, North Africa and certain parts of Europe, particularly as Malaysian exports, such as electrical and electronics, machinery, jewellery, prepared foodstuff, tropical fruits, palm oil, cocoa and rubber, will immediately enjoy zero import duties when this agreement comes into force.

“The CEPA is also a strategic leverage for UAE-based companies to optimise Malaysia as a gateway into the ASEAN market, which, in turn, will provide tremendous opportunities for our businesses – particularly small and medium enterprises (SMEs) – through integration into regional supply chains, capacity-building and knowledge sharing via the UAE investors.

“The Ministry of Investment, Trade and Industry (MITI) looks forward to working closely with UAE Minister of State for Foreign Trade Dr Thani Ahmed Al Zeyoudi and the UAE Ministry for Foreign Trade to ensure the swift ratification and implementation of the CEPA,” he said in a statement today.

Meanwhile, Thani said the CEPA reflects the productive ties that have developed between the UAE and Malaysia, as well as Southeast Asia as a whole.

“Malaysia is a long-standing and trusted trade partner that, like the UAE, is seeking to enhance its economic prospects through increased trade and targeted investment.

“As the fourth largest economy in the Southeast Asia region, and with economic growth in 2024 set to outstrip forecasts, Malaysia offers substantial opportunity for our exporters, industrialists and business leaders, especially in high-growth sectors such as energy, logistics, manufacturing and financial services,” he said.

According to MITI, the UAE’s CEPA initiative aims to elevate its non-oil foreign trade to US$1 trillion (US$1 = RM4.29) by strengthening relationships with key markets worldwide.

“This ambitious strategy not only enhances ties within the ASEAN bloc but also positions Malaysia as a key player in this economic landscape, benefiting from existing CEPAs with Indonesia and Cambodia that further stimulate bilateral trade opportunities,” it said.

MITI added that the CEPA also underscores the strengthening economic relationship between Malaysia and the UAE, with bilateral non-oil trade surpassing US$4.9 billion in 2023.

In the first half of 2024, non-oil trade reached US$2.5 billion, reflecting a 7.0 per cent increase from the same period in 2023.

“The UAE is Malaysia’s second-largest trade partner in the Arab world, constituting 32 per cent of Malaysia’s trade with Arab countries, while Malaysia ranks as the UAE’s 12th-largest trading partner in Asia and fifth among ASEAN nations.

“The UAE is a vital market, accounting for 40 per cent of Malaysia’s merchandise exports to the Arab World, highlighting Malaysia’s strong trade presence in the region,” MITI said.

Source: Bernama

Malaysia, UAE enhance trade prospects after concluding CEPA negotiations – Tengku Zafrul