Malaysia intends to leverage its Asean chairmanship in 2025 to position the region, and the country itself, as a vibrant hub for investment, trade and industry, particularly in helping to make global supply chains resilient.

To this end, it is effectively working on aligning itself with the region’s bigger vision of attracting the right investments into Southeast Asia, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said here on Monday. He said that Asean, which is “fiercely neutral and non-aligned, is in a truly sweet spot for attracting more investments, particularly in manufacturing.”

Manufacturing only comprised 22% cent in 2022 versus services which took up the lion’s share of almost 74% cent of investments into Asean, he said in his keynote address at the 5th World Association Presidents’ Conference here on Monday. He told participants at the conference entitled ‘Invest in Malaysia: Expand Beyond’ that Malaysia’s chairmanship will focus on upping investments in manufacturing, particularly on electric vehicles, semiconductors and the digital economy.

Tengku Zafrul also expressed optimism that Malaysia’s chairmanship in promoting cross-border investments such as with China and Middle East countries, will lead to transformative economic exchanges and innovations while driving substantial cross-regional economic growth and investments.

The theme for Malaysia’s upcoming chairmanship is “Inclusivity and Sustainability,” which “spells out Malaysia’s intention to guide Asean towards an equitable, sustainable and inclusive growth,” the minister said.

“As Asean advances its industrial goals, Malaysia’s contribution is in the form of its semiconductor capacity, which helps secure the global supply chain for this vital industry and which is recognised as the lifeblood of modern lifestyle, innovation and technological growth. This is why we came up with the National Semiconductor Strategy (NSS), which aims to strengthen Malaysia’s, and by extension, Asean’s position as a pivotal player in the global semiconductor landscape,” said Tengku Zafrul.

“Thanks to our clear policies, strong investment policies and rule of law, we have been recognised as an attractive destination for various investments such as semiconductors, medical devices and data centres,” he added. This has culminated in approved investments increasing by 18% for Malaysia as of June 2024, generating over 79,000 new jobs, he noted.

“This demonstrates Malaysia’s continued appeal to investors and resilience in the face of global economic uncertainty,” he said, adding that out of total foreign investments, 13% came from China.

“Moving forward, our vision is for both Asean and Malaysia to continue to attract global enterprises to invest in the abundant opportunities afforded by our diverse economies,” he said.

For Malaysia, at the heart of this pathway is the New Industrial Master Plan 2030 (NIMP 2030), a mission-based holistic industrial policy that aims to reform our industrial base from advancing economic complexity; to fostering digital vibrancy by integrating digital technologies across industries, and from pushing for Net Zero to safeguarding economic security and inclusivity, he said.

He said Asean’s senior economic officials were busy preparing for their upcoming meeting just two days away, on Dec 4-5 in Kota Kinabalu to finalise the Priority Economic Deliverables (or PEDs) that characterise the substantive targets for trade and investments in industry, to be achieved by the upcoming Chair or host country.

There would also be an Asean-Gulf Cooperation Council (GCC)-China Summit in May 2025, which is poised to be another landmark event on enhancing cross-regional investments, especially in sectors like semiconductors, electric vehicles, and renewable energy.

As Asean fosters stronger connections between Asia and the Middle East, “there are opportunities for all of us to help strengthen both regional and global supply chains through such multilateral dialogues.”

Malaysia’s agenda is to attract investments guided by policies such as the National Semiconductor Strategy, the New Energy Transition Roadmap, the Green Investment Strategy and its Circular Policy Framework for the Manufacturing Sector.

As chair, the minister said Malaysia will advocate for policies that promote social equity, financial accessibility, and inclusive participation in the Asean economic community.

“We aim to empower all segments of society, particularly women, youths and startups, ensuring that everyone has a chance to thrive and get a fair share of Asean’s prosperity.

Through the economic pillar, “our commitment to these goals are centred around four strategic thrusts, which are to enhance intra-Asean trade and investments, create an inclusive and sustainable future, promote the integration and connectivity of economies as well as build a digitally resilient Asean,” said Tengku Zafrul.

Source: Bernama

MITI ready to help secure global supply chains via Asean’s economic pillar — Tengku Zafrul

Perak recorded impressive investment performance from January to June this year, with total investments amounting to RM3.04 billion across 166 projects, the State Assembly was told today.

State Tourism, Industry, Investment and Corridor Development Committee chairman, Loh Sze Yee said out of the total, RM2.85 billion came from domestic investments, while RM184.2 million was from foreign investments.

He said the manufacturing sector contributed RM601.5 million from 30 projects (RM457.3 million in domestic investments and RM144.2 million in foreign investments), while the services sector accounted for RM2.44 billion from 136 projects (RM2.40 billion in domestic investments and RM40.0 million in foreign investments).

“These investments (in these sectors) are expected to create 1,560 job opportunities, with 1,249 jobs in the manufacturing sector and 311 jobs in the services sector,” he said during the question-and answer session.

Loh (PH-Jalong) was replying to a question from Ong Seng Guan (PH-Pokok Assam), who inquired about Perak’s investment performance, particularly in the industrial sector in Taiping this year.

Meanwhile, Loh noted that in Taiping alone, approved investments during the same period totalled RM272.7 million, comprising RM112.3 million in domestic investments and RM160.4 million in foreign
investments.

“These projects, managed under the Malaysian Investment Development Authority (MIDA), include 17 projects that are expected to create 277 job opportunities,” he added.

Source: Bernama

Perak draws over RM3 bln in investments from Jan-June 2024

As the ASEAN chair in 2025, Malaysia has the opportunity to boost investor confidence and continue positioning the region as a primary investment destination, said Prime Minister Datuk Seri Anwar Ibrahim.

In a post on Facebook today, he said that Malaysia is on the right track to strengthen its position as a trading nation and a rapidly growing economy despite geopolitical uncertainties.

“This afternoon, I took some time to discuss the global economic and financial situation when receiving a courtesy visit from HSBC Asia Pacific chairman Peter Wong, and HSBC Bank Malaysia chief executive officer Omar Siddiq, along with their delegation at my office.

“Insya-Allah, with the policies and direction of the MADANI government, these efforts will be integrated at the ASEAN level for the advancement and prosperity of the region,” Anwar said.

Source: Bernama

Opportunity for Malaysia to strengthen investor confidence in ASEAN – PM Anwar

We’re in a prime position to help chinese companies expand, says Wee

Malaysia is in a prime position to serve as a gateway for Chinese companies seeking to expand beyond China and tap into the Asean market, says MCA president Datuk Seri Dr Wee Ka Siong

He said Malaysia is a strategic hub in South-east Asia, which can be used by Chinese companies to expand their economic cooperation within Asean, while also leveraging it as a stepping stone to access global markets and explore further business opportunities.

“This is where the World Association Presidents’ Conference (WAPC) leverage these advantages and provide a platform for businesses from both countries to connect and cooperate,” Dr Wee said ahead of the 5th WAPC set to take place here today.

The conference, the first to be held outside China, serves as a vital platform for advancing Malaysia-china friendship and deepening cooperation within the Belt and Road Initiative (BRI), said Dr Wee.

He noted that the event will bring together more than 700 association and business leaders, facilitating the exploration of new opportunities, comprehension of emerging trends, and strategic adaptation to future challenges.

“The theme of the 5th WAPC is ‘Promoting Trade Liberalisation, Advancing Economic Globalisation’.

“Although the global economy shows signs of recovery post-pandemic, uncertainties such as trade wars persist. MCA aims to assist businesses in navigating these complexities while playing a bridging role to enhance Malaysia-china cooperation and further the BRI,” he said.

Dr Wee stressed the urgency for Malaysia to seize all available business opportunities, as neighbouring countries like Thailand, Vietnam and Cambodia are also actively vying for the lucrative Chinese market.

“We must act swiftly and strategically to ensure our competitive edge, leveraging our unique strengths to capture a significant share of the Chinese market. By doing so, Malaysia can secure its position as a key player in regional trade dynamics and maximise the benefits of its partnerships with China,” he said.

When asked about Chinese companies entering the Malaysian market, Dr Wee encouraged local businesses to remain confident and adapt to the changing landscape.

“We must seize opportunities and avoid stagnation. If they are leveraging artificial intelligence, we need to adjust accordingly,” he said.

Dr Wee also highlighted Malaysia’s strategic geographic position, robust technological foundation in the semiconductor and chip industries, and the thriving halal food sector as key assets that can drive future growth and successful collaborations with Chinese enterprises.

“With the right adjustments, we can go far. By preparing for challenges and forming strategic alliances in China’s vast market with its enormous domestic demand, we can effectively offer our products and services,” he said.

The WAPC, initiated in 2020 by China’s Hangzhou government, was created as a platform for global businesses to exchange ideas and foster cooperation during the Covid-19 pandemic.

The Malaysian edition is co-hosted by the MCA, Malaysia-china Friendship Association, and the China Enterprises Chamber of Commerce in Malaysia.

“The year 2024 marks the 50th anniversary of diplomatic relations between Malaysia and China. Both countries have always placed great importance on our bilateral ties, and we have engaged in exchanges and collaborations across various sectors.

“In September, we held in-depth discussions with the WAPC organising committee chairman Liu Jiang and his delegation, and reached a consensus to bring the conference to Malaysia,” said Dr Wee.

The conference will focus on four core areas – digital economy, healthcare, green energy and financial innovation – key sectors for global economic development and for deepening Malaysia-china cooperation.

Attendees will benefit from a comprehensive programme, including an economic forum, corporate matchmaking sessions, keynote speeches and a closed-door round-table meeting for presidents and CEOS.

Keynote speakers include Malaysia’s Deputy Prime Ministers, Cabinet ministers, and state leaders, who will discuss technology, investment, trade, Malaysia-china relations and government policies.

Business matching sessions will cover, among others, healthcare, halal industry, food and agriculture, real estate, industrial energy and digital commerce, offering targeted networking for the expected 700 entrepreneurs from Malaysia and China.

Six closed-door round-table meetings will be hosted by MCA leaders, focusing on topics such as biomedicine, green energy, food and agriculture, tourism, e-commerce and industrial parks.

Dr Wee said these sessions will provide opportunities for direct interaction with government representatives and industry leaders, facilitating new business opportunities.

“For example, our Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will brief Chinese businesses interested in expanding into Malaysia. What’s greater than finding out from the minister himself about what to expect?” he asked.

Dr Wee also highlighted the significance of MCA in organising the conference, given its key role in fostering Malaysia-china diplomatic relations.

In the early 1970s, then MCA deputy president, the late Tun Michael Chen Wing Sum, led a delegation to China for a table tennis event, which paved the way for the establishment of formal diplomatic ties on May 31, 1974, through “ping-pong diplomacy”.

“Over the past 50 years, MCA has continued to play an active role in Malaysiachina relations.

“It is apparent from the Belt and Road Committee formed in 2013 to the Malaysiachina Belt and Road Economic and Trade Information Consultation Centre formed in October this year to promote bilateral economic and trade cooperation,” said Dr Wee.

The conference will culminate in a gala dinner celebrating the 50th anniversary of Malaysia-china diplomatic relations, where Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi will deliver a keynote address.

Taking place at Wisma MCA on Jalan Ampang here, the conference will utilise the building’s notable venues, including San Choon Hall and various meeting facilities across its floors, said Dr Wee.

“Surrounded by shopping malls, parks and other attractions, the location offers a range of leisure activities for the family members of attendees, providing them with ample opportunities to enjoy their time while the conference is under way,” he added.

Source: The Star

Malaysia can be the gateway

The development of Indonesia’s new capital, Nusantara or Ibu Kota Nusantara (IKN), represents one of Southeast Asia’s most ambitious urbanization projects, with far-reaching implications for regional economic growth and investment.

For Sabah’s investors and businessmen, IKN presents a golden opportunity to engage in diverse sectors ranging from infrastructure to green energy, real estate and technology.

An overview of IKN development

Spread over an expansive 322,429 hectares, IKN is envisioned as a sustainable and futuristic capital that balances urbanization with environmental conservation. The land area is divided into:

1. Core Government Central Area (KIPP): Spanning 6,671 hectares, this zone includes key government offices, the presidential palace, and other administrative buildings.

2. Urban Development Area (KIKN): Covering 56,159 hectares, this zone integrates educational, healthcare, research and commercial hubs.

3. Sustainable Development Zone (KPIKN): Spanning 196,501 hectares, this zone focuses on ecological preservation and sustainable urban development.

IKN also includes an additional 69,769 hectares of marine areas for public and logistical use, further solidifying its vision as a multifaceted capital.

Latest milestones in IKN construction

The construction progress in IKN underscores Indonesia’s commitment to its development goals. As of late 2024:

1. Infrastructure Progress:

• The presidential palace and national plaza are nearing completion with progress rates of 95.4% and 94.3%, respectively.

• Key highways and logistic ports have achieved 100% completion in their initial phases, ensuring efficient connectivity.

• The first phase of the solar power plant (10 MW) has been completed, with an additional 40 MW underway, reflecting IKN’s commitment to renewable energy.

2. Civil Development:

• Forty-seven high-rise residential towers for civil servants and security forces are under construction, with several already completed.

• Modern healthcare facilities, including hospitals specializing in oncology, cardiovascular care, and general medicine, are operational or in advanced stages of construction.

3. Green Initiatives:

• Significant investments have been made in water treatment plants, waste management systems, and the creation of expansive green spaces.

• The Sepaku Semoi Dam has been completed, ensuring long-term water security for the city.

Investment opportunities for Sabah entrepreneurs

For Sabah investors and businessmen, IKN offers a unique chance to leverage their expertise and resources in several high-potential sectors:

1. Infrastructure Development
IKN’s ongoing and planned infrastructure projects require expertise in:

• Road and bridge construction.

• Water supply systems and sewage treatment.

• Logistics facilities, including warehouses and transport hubs.

Sabah’s construction firms, equipped with experience in large-scale projects such as the Pan Borneo Highway, are well-positioned to contribute to these initiatives.

2. Renewable Energy

With an emphasis on green energy, IKN is actively developing solar, wind and hydropower projects. Sabah’s expertise in renewable energy, particularly in solar and micro-hydro projects, aligns with IKN’s sustainable development goals. Partnerships with Indonesian stakeholders could unlock cross-border opportunities in this sector.

3. Real Estate and Housing

The rising demand for residential, commercial and mixed-use properties in IKN presents lucrative opportunities. Sabah developers can collaborate with Indonesian counterparts to deliver housing solutions that cater to civil servants, expatriates and private sector employees relocating to the capital.

4. Healthcare and Education

With plans for advanced medical facilities and educational institutions, Sabah’s healthcare providers and academic institutions can explore joint ventures in:

• Hospital management and specialized care.

• Establishing international schools and vocational training centers.

5. Technology and Innovation

IKN aims to be a smart city with state-of-the-art digital infrastructure. This opens doors for Sabah’s tech entrepreneurs to offer solutions in:

• Smart transportation and energy grids.

• E-governance platforms and cybersecurity.

• Artificial intelligence and IoT applications.

6. Hospitality and Tourism

Given its MICE (Meetings, Incentives, Conferences, Exhibitions) facilities and green spaces, IKN is poised to become a hub for business tourism. Sabah’s hospitality brands and tour operators can expand their reach by investing in hotels, resorts, and event management services in IKN.

Policy support and collaboration opportunities

Indonesia’s government has introduced investor-friendly policies to encourage private and international investments in IKN. These include:

• Tax holidays and incentives for priority sectors.

• Simplified land acquisition and project approval processes.

• Public-private partnership (PPP) models to facilitate joint investments.

Sabah’s businessmen can also leverage regional platforms such as ASEAN to strengthen trade and investment ties. Collaborative efforts with Indonesian businesses, facilitated through trade missions and forums, can further enhance bilateral economic engagement.

The strategic advantage for Sabah

Sabah’s geographical proximity to Kalimantan, combined with its established industries in agriculture, energy and construction, positions it as a key partner in IKN’s development. Furthermore, Sabah’s membership in the BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area) provides a strategic framework for cross-border trade and collaboration.

Conclusion: Building the future together

The development of IKN signifies more than just the creation of a new capital; it represents a paradigm shift in sustainable urbanization and regional integration. For Sabah’s investors and businessmen, this is a once-in-a-lifetime opportunity to participate in shaping a transformative project that promises mutual economic growth.

By leveraging existing strengths, fostering strategic partnerships and embracing innovation, Sabah’s business community can play a pivotal role in IKN’s success story. The golden opportunities in IKN await those ready to seize them — the time to act is now.

Source: Borneo Post

Nusantara unlocks golden opportunities for Sabah investors, businessmen

Johor Menteri Besar Datuk Onn Hafiz Ghazi and his delegation will leave for the United Arab Emirates (UAE) on Monday, in a strategic bid to attract more foreign direct investments (FDI) to the state.

The trip will include working visits to key entities such as Abu Dhabi’s global investment firm and energy company, the Dubai International Financial Centre, the Jebel Ali Free Trade Zone, and meetings with potential investor companies.

The delegation will feature prominent figures including Johor’s Economic, Tourism and Cultural Office chairman Datuk Hasni Mohammad, State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han, State Youth, Sports, Entrepreneur Development, Cooperatives and Human Resources Committee chairman Mohd Hairi Mad Shah, alongside representatives from Invest Johor, the Malaysia Investment Development Council (Mida), and the state’s National Sports Council.

Onn Hafiz said that this international push was a continuation of successful engagements in Singapore, China, Japan, and South Korea.

He said that a significant aspect of the trip would be a meeting with former UFC champion Khabib Nurmagomedov in Abu Dhabi to discuss Johor’s youth development programmes and the potential establishment of an official Khabib training gymnasium in the state.

Khabib, who previously expressed interest in investing in Johor, had earlier met Johor’s Regent Tunku Ismail Sultan Ibrahim in Johor Baru and had also engaged with Onn Hafiz and Prime Minister Datuk Seri Anwar Ibrahim during his recent visit to Malaysia.

Onn Hafiz said that promoting Johor on the international stage was vital for creating jobs, stimulating opportunities, and driving the state’s economic growth.

In October, he and his team engaged with 83 companies in South Korea, where they showcased the Johor-Singapore Special Economic Zone (JS-SEZ) initiatives.

They then visited Japan, where Fuji Oil Asia Pte Ltd signed a deal with Johor Plantations Group Bhd to establish a RM500 million refinery in Kota Tinggi.

In March, the delegation’s visit to China’s Shenzhen Special Economic Zone (SEZ) led to investment opportunities for Johor surpassing RM1 billion.

On the JS-SEZ, Onn Hafiz said that he recently held an online meeting with Finance Minister II Datuk Seri Amir Hamzah Azizan to finalise the agreement, which is set to be signed by Malaysia and Singapore in December.

“We are finalising incentives for all sectors and flagship areas. Execution will be our next challenge, as it’s not enough to have plans on paper,” he told the New Straits Times.

Johor is projected to achieve its highest-ever revenue this year, surpassing RM2 billion.

Onn Hafiz reiterated that the state government was committed to channelling this success into initiatives that benefit the people, ensuring economic growth translated into tangible improvements for Johoreans.

Source: NST

Onn Hafiz leads Johor’s UAE investment drive, meets MMA fighter Khabib

Malaysia’s diplomatic ties with the United States remain strong, sustaining a comprehensive partnership and cooperation, says Prime Minister Datuk Seri Anwar Ibrahim.

He noted that despite US Secretary of State Antony John Blinken’s impending departure from office, discussions and collaborations continue in areas of investment, trade, and diplomatic cooperation.

With a new US president and administration taking office, Malaysia expects these positive ties to continue.

“From January to October 2024, total bilateral trade between Malaysia and the United States saw a significant increase of 29.1% to RM264.28bil (US$57.76bil), up from RM204.78 bil (US$45.09bil), for the same period in 2023,” Anwar said during Minister Questions Time at Dewan Rakyat on Thursday (Nov 28).

He highlighted that 1,321 projects have been implemented and are ready to be managed, with a total investment amounting to US$39bil (RM173bil).

He was responding to RSN Rayer (PH-Jelutong) to ask the Prime Minister to state whether Malaysia faces any risk of trade sanctions from the United States due to the Prime Minister’s outspoken stance in defending the rights of the Palestinian people and nation.

However, the Prime Minister expressed concerns about recent developments, including tariff-related actions for Mexico, Canada, and China.

He said that these issues do not involve fundamental foreign matters but rather payment matters between the two countries where there is a deficit, as incoming US President Donald Trump announced during his campaign.

“We are now conducting all relations with the new team to the best ability.

“However, as a neighbouring and sovereign country, our position on international issues, including terrorism, injustice, oppression, and colonisation in Palestine and Gaza will continue to be voiced.

“I do not believe that economic considerations, while very important, can affect our stance or reduce or maintain our stance in voicing the rights, demands, and justice for the people of Palestine, especially in Gaza,” he added.

Source: The Star

Malaysia’s ties with US remain strong, says Anwar

Mexico and Malaysia can leverage on their respective strengths to explore collaboration opportunities across multiple sectors, said Ambassador of Mexico to Malaysia, Luis Javier Campuzano Piña.

In a statement from the Associated Chinese Chambers of Commerce and Industry of Sarawak (ACCCIS) today, he highlighted the thriving bilateral trade and investment potential between Malaysia and Mexico, during a visit to the association.

“Despite the geographical distance, bilateral trade is thriving.

“Malaysia is currently Mexico’s 9th largest trading partner, offering significant opportunities for businesses and entrepreneurs in both countries,” he said.

His visit to the ACCCIS today also discussed in depth on key areas of collaboration, including the Sarawak’s Post-Covid-19 Development Strategy 2030; renewable energy such as hydropower and solar, oil and gas; technology industries like semiconductors and aerospace, plantation, education; and the Autonomous Rapid Transit (ART) system.

The meeting fostered a friendly atmosphere, with both parties agreeing to maintain close ties and explore joint initiatives.

Among the plans discussed was an online business matching session, aimed at connecting entrepreneurs from both countries to create mutually beneficial business opportunities.

The visit underscores the commitment to strengthening the trade and cultural bonds between Malaysia and Mexico, paving the way for future collaboration across various sectors.

Present during Campuzano’s visit were ACCCIS Deputy Chairman of the Construction, Property, and Infrastructure Committee Fam Khing Foh; ACCCIS Deputy Chairman of the Commerce Committee Ho Siew Hua; ACCCIS Deputy Chairman of the Legal Affairs Committee Su Chua Phin; and ACCCIS secretary-general Dato Jonathan Chai.

Source: Borneo Post

Mexico, Malaysia can leverage strength to explore collab opportunities, says ambassador

Singapore, Australia, Japan and Malaysia lead the rankings as Asia-Pacific’s (APAC) leading lifestyle and investment hotspots, according to global real estate consultancy and estate agency, Knight Frank.

In its latest report, Quality Life-ing: Mapping Prime Residential Hotspots, Knight Frank evaluated 15 prominent markets based on five leading indicators: Economy, Human Capital, Quality of Life, Environment, and Infrastructure and Mobility.

“This comprehensive analysis aims to assist prospective movers in identifying the ideal location which aligns with their specific needs and preferences,” it said in a statement today.

According to the report, Malaysia, emerging as a hub for technological innovation, is attracting major tech companies like Oracle and Microsoft due to its favourable business climate.

“The country’s prime residential market is poised for stability and gradual growth, reflecting the broaderresilience of the APAC region’s real estate sector.

“Kuala Lumpur also remains the most affordable market in APAC, with prime residential prices at US$242 per square feet, making it a top choice for expatriate relocations,” said Knight Frank (US$1=RM4.455).

It added that despite facing challenges from rising interest rates, the Malaysian property market has shown signs of recovery, with significant transactions recorded in early 2024.

“The government’s initiatives, such as maintaining interest rates at 3.0 per cent and offering stamp duty exemptions for first-time homebuyers, are expected to stimulate demand.

“Kuala Lumpur is a focal point for this growth, where new residential projects are catering to evolving buyer preferences, particularly among single-family households seeking lifestyle-oriented developments,” said the agency.

It also said that the appeal of Malaysia’s real estate is enhanced by its strategic location and cultural richness, making it an attractive option for both local and foreign investors looking for quality residential opportunities.

Knight Frank Malaysia group managing director Keith Ooi said Malaysia’s unique position as a rising hub for technological innovation is attracting global attention, especially in the realm of digital transformation.

“The presence of major players like Oracle and Microsoft, coupled with competitive wages and a business-friendly environment, underscores the nation’s growing appeal as a strategic destination for investment,” he said.

With initiatives such as zero-tax incentives for family offices in Forest City, Ooi said Malaysia is positioning itself as an alternative wealth management hub to complement the likes of Singapore and Hong Kong.

“This momentum, combined with the country’s rich cultural heritage and affordable quality of life, makes Malaysia a compelling choice for individuals and businesses seeking long-term growth opportunities in Asia-Pacific,” he said.

Source: Bernama

Knight Frank: Malaysia among APAC’s leading lifestyle and investment hotspots

Johor has managed to secure investment potential worth more than US$190 million (RM850 million) through several prominent South Korean companies during a recent working visit, said Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han.

He said the investment potential was a result of a recent visit by Johor Menteri Besar Datuk Onn Hafiz Ghazi and a state delegation to South Korea.

“The delegation held meetings with several prominent companies there, including Hanwha Solutions Corporation, SPC Group, LG Chems and CJ CheilJedang Group. These companies have shown interest in investing in sectors such as clean energy, chemicals and the halal food industry.

“For example, Hanwha Solutions Corporation is known for its innovation in clean energy and chemical sectors, while SPC Group is a global food company that leads the market with famous brands such as Paris Baguette,” he said at the Johor state legislative assembly session in Kota Iskandar here today.

Lee (BN-Paloh) was responding to a question by Amira Aisya Abd Aziz (Muda-Puteri Wangsa) regarding the outcome of a recent state working visit to South Korea and the estimated investment that will enter Johor.

Lee said that among the locations that will be the focus for several of the proposed investments are the Tanjung Langsat Industrial Complex and the Pengerang Petroleum Integrated Complex (PIPC).

He pointed out that the two locations are very strategic and includes infrastructure as well as support facilities for the chemical and petrochemical industries.

“Apart from that, other industrial areas that are focal locations are the Ibrahim Technopolis (IBTEC), Iskandar Halal Park, Eco Business Park, Nusajaya Tech Park, AME I Park and Senai Airport City which provide good basic infrastructure.

“The state government is confident that the results of this working visit will have a huge positive impact on Johor, not only in terms of economic growth but also through the development of sustainable strategic industries.

“With a more organised investment ecosystem, Johor will continue to remain one of the most competitive states in Malaysia and the region,” he said.

The Johor government engaged in meetings with several major South Korean companies, aiming to bring potential investments worth US$190 million into the state, during a four-day working visit to Seoul on October 28.

Onn Hafiz, who led the delegation, was reported saying that the potential investments would create high-income jobs and drive economic growth, benefiting the people of Johor.

Source: Malay Mail

Johor eyes RM850m boost with South Korean investment potential in clean energy, halal sectors, state assembly told

Prime Minister Datuk Seri Anwar Ibrahim’s mission is to enhance ASEAN trade and investment, which he believes are currently insufficient, as Malaysia prepares to assume the ASEAN chairmanship in 2025.

To this end, Anwar said he would dedicate his efforts to zoom in on empowering the ASEAN Power Grid and push further for common digitalisation among regional economies.

He would also dedicate his efforts as chair of the regional grouping to bolster ties with ASEAN’s traditional allies comprising the economic giants of China, Japan and South Korea.

These initiatives would be his prime focus to make Southeast Asia a more vibrant economic region, the prime minister said in his special address at Seoul National University today.

Anwar said that such an approach was imperative as ASEAN happens to be the most peaceful and dynamic economic region in the world for which its economic potential should be fully realised.

Against such a backdrop, he said that it is timely that Malaysia is assuming the ASEAN chairmanship next year as it would be wellplaced to bolster regional trade and investments.

Anwar, who is also Finance Minister, said the collaboration and the working relations between the 10 ASEAN leaders are also excellent, something which is advantageous to making collective decisions and taking commercial linkages to a significantly higher plane.

In working with China, Japan and South Korea, he said South Korea is an important traditional ally and that Seoul has done enormously well and is known to every single household.

Anwar highlighted that with more engagements with these three countries based on friendship and trust, the more ASEAN would be able to deal with more complex issues.

Noting that Malaysia is fortunate to host major international companies such as Oracle, AWS, Google, Microsoft, Nvidia, and Infineon, the country has become a hub for their business activities.

This has enabled Malaysia to establish itself as a regional centre for data and artificial intelligence (AI).

In addition, this is positioning Malaysia as a key hub for the global semiconductor sector.“Our advantages have got us to economically engage with all countries (such as) the United States, Europe, China, South Korea and Japan,” he said.

Source: Bernama

PM Anwar’s mission to boost ASEAN trade and investment as chair of ASEAN

Prime Minister Datuk Seri Anwar Ibrahim held a meeting on Tuesday with tycoons from several family-owned conglomerates, locally known as ‘chaebols’, as part of efforts to attract more foreign direct investment (FDI) into Malaysia.

Chaebols are large, family-owned industrial conglomerates in South Korea, which have traditionally enjoyed close ties with the government.

Federal support for these entities began after the Korean War as part of efforts to rebuild the nation’s economy.

Anwar, the finance minister, is also scheduled to hold one-on-one meetings starting at 9am (South Korea time) with major corporations including Samsung Group, SK Nexilis, Posco Group and Lotte International.

These discussions align with Malaysia’s strategy to secure ‘high-value, high-growth’ investments from the Republic of Korea.

Source: Bernama

Anwar meets South Korea’s business tycoons, eyes more investments

The Malaysian delegation to South Korea led by Prime Minister Datuk Seri Anwar Ibrahim has secured RM32.8 billion in potential investments.

Anwar said meetings with chaebol (conglomerates) and several prominent South Korean companies had generated high-impact investment prospects.

“Thus far, the potential investments generated from this visit have reached RM32.8 billion, with immediate exports from Malaysia amounting to RM1.3 billion,” he said during a press conference with Malaysian media here today.

He concluded his three-day official visit to South Korea today following an invitation from President Yoon Suk Yeol.

His visit since Sunday had further strengthened bilateral relations between the two nations.

Meetings with major South Korean companies have also opened doors to attract high-impact investments to Malaysia.

In response to a question regarding Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor’s allegations of a plot to derail private investments in the state, Anwar said: “I (Anwar) am also Kedah’s agent for bringing in foreign investments.

“Even though he (Sanusi) says so, I still support Hyundai’s investment (in Kulim).

“(Although) there were other potential locations, due to the infrastructure provided and export channels via Penang Port and Penang Airport, we suggested Kulim.”

Currently, about 400 South Korean companies operate in Malaysia across various sectors, including construction.

Investment, Trade, and Industry Minister Datuk Seri Tengku Zafrul Tengku Aziz, who accompanied the prime minister on the visit, said the potential investments were in sectors such as electric vehicles (EVs), EV-related metals, biopharmaceuticals, green technology, carbon capture and storage, and green hydrogen.

“So far, only Hyundai Motor has made an official announcement, following the approval of their commitment by its board of directors,” he said.

Today, Hyundai Motor announced a USD 479 million (about RM2.14 billion) investment in Malaysia over the next five years, starting in 2025.

Hyundai Motor will collaborate with local company Inokom Corporation Sdn Bhd to upgrade its manufacturing plant in Kulim.

The upgraded facility is scheduled to begin production of Hyundai’s multi-purpose vehicles (MPVs) and Staria minivans by mid-2025.

It plans to expand its range to include medium—to large-sized SUVs.

Hyundai Motor said production would begin at 20,000 units per year, with plans for expansion.

Source: NST

Malaysia secures RM32.8bil in potential investments from South Korea

The Johor government is ramping up efforts to equip local talents for high-value job opportunities created through the Johor-Singapore Special Economic Zone (JS-SEZ).

The initiative, anchored by the state’s skills training programme Pro-Mahir, is spearheaded by the newly established Johor Talent Development Council (JTDC).

State Investment, Trade, Consumer Affairs, and Human Resources committee chairman, Lee Ting Han (BN-Paloh) said Pro-Mahir had trained 3,500 participants with RM17 million allocation since its launch in 2018.

He said the ‘train and place’ programme focused on providing technical and professional skills aligned with industry needs while ensuring job placements post-training.

It targets fresh graduates, career switchers, and those requiring upskilling to remain competitive.

It emphasises technical expertise and soft skills like communication, leadership, and problem-solving.

“Building on Pro-Mahir past success, the state government allocated RM3 million in the 2025 Budget to continue and expand the programme under JTDC.

“Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi approved RM20 million additional fund to support JTDC initiatives on Nov 3,” he said in response to questions from Mohd Yusla Ismail (BN-Senggarang) at the state legislative assembly sitting today.

Lee said the funds, managed through HRD Corp, will ensure the implementation of holistic and industry-specific training programmes.

He said JTDC will align its initiatives with the demands of industries within JS-SEZ, conducting market analyses to tailor courses to emerging job opportunities.

JTDC’s agenda includes attracting and retaining top-tier talent by promoting high-quality jobs with competitive salaries.

Johor’s premium wage initiative aims to link outstanding graduates with roles offering monthly salaries ranging between RM4,000 and RM5,000.

The initiatives are expected to reduce unemployment, boost household incomes, and position Johor as a globally competitive economic hub.

“By focusing on fields like technology and innovation, the government seeks to ensure local workers benefit directly from JS-SEZ’s rapid growth, solidifying Johor’s standing as a leader in national and international economic development,” said Lee.

Source: NST

Johor enhances efforts to empower local talents for Johor-Singapore SEZ

Malaysia and South Korea have reiterated their commitment to fostering an investment climate aligned with environmental, social, and governance (ESG) principles.

The announcement was made during a bilateral meeting between Prime Minister Datuk Seri Anwar Ibrahim and South Korean President Yoon Suk Yeol in Seoul on Monday.

In a joint statement following their meeting, both leaders highlighted the importance of advancing research and development initiatives and promoting technological exchanges between businesses in their respective countries.

“The focus areas include Fourth Industrial Revolution technologies, the digital economy, the halal ecosystem, and the green agenda,” the statement said.

The statement also underscored the shared commitment to expanding trade, investment, and economic collaboration.

“Both sides agreed to expedite the bilateral Free Trade Agreement (FTA) negotiations, which resumed in March 2024, to conclude them by 2025,” it said.

The leaders pledged to secure mutually beneficial outcomes for businesses in both nations, including small and medium enterprises (SMEs).

Through the FTA, they are committed to enhancing cooperation in trade and investment and emerging sectors such as the digital economy, green economy, and bioeconomy.

Furthermore, both sides recognised the importance of deepening cooperation on economic security, including cooperation in areas and issues such as supply chain resilience.

Noting that collaboration between SMEs and start-ups could reinforce innovation and national competitiveness, both sides agreed to provide further assistance to boost cooperation and exchanges between SMEs and start-ups.

Meanwhile, having commemorated the 40th Anniversary in 2023, both sides recognised that the Look East Policy (LEP) has contributed to enhancing the economic relations between the two countries since its inception in 1983.

Recalling the adoption of the Guiding Document of the Second Wave of the Look East Policy (LEP 2.0) in 2014, both sides reaffirmed their commitment to working together to maximise the potential of LEP 2.0 in strengthening economic and trade relations.

“Both sides further recognised the significant role of the Economic Cooperation Committee (ECC) in strengthening economic cooperation under LEP 2.0 and reaffirmed their commitment to hold ECC meetings regularly,” it said.

In terms of digital and ICT cooperation, Malaysia and South Korea recognised the importance of the digital government in increasing competitiveness and driving economic growth, with both sides agreeing to work together more closely on the digital government through knowledge sharing, joint capacity-building activities, and consultations.

The statement noted the launch of the Malaysia Digital Economy Blueprint in February 2021, with both sides agreeing to explore ways to strengthen cooperation in areas such as ICT policies, 5G, AI, and Big Data based on the Memorandum of Understanding on Information and Communications Technology Cooperation signed by the two countries in November 2019.

“Both sides highlighted the value of ICT in achieving equitable, inclusive, and sustainable economic growth and noted with satisfaction the successful completion of the IT cooperation project on AI-based smart farms,” it added.

Source: Bernama

Malaysia, South Korea to foster ESG investments, technological collaborations

Malaysia and South Korea have elevated their bilateral relations to a Strategic Partnership, marking a significant milestone in their decades-long cooperation.

The announcement was made during a bilateral meeting between Prime Minister Datuk Seri Anwar Ibrahim and South Korean President Yoon Suk Yeol in Seoul on Monday.

In a joint statement issued after the meeting, both leaders reaffirmed their commitment to enhancing collaboration in four key areas: peace and security, economic development, culture and education, and regional and global cooperation.

“This Strategic Partnership signifies the shared determination of Malaysia and South Korea to expand cooperation to new horizons in promoting freedom, peace, and prosperity while addressing pressing global challenges,” said the statement.

The two leaders agreed to deepen defence and security ties, including cooperation in the defence industry and efforts to tackle non-traditional security issues such as cybercrime and drug trafficking. They also acknowledged the importance of regular high-level exchanges to strengthen mutual trust and strategic relations.

On the economic front, both sides committed to accelerating Free Trade Agreement negotiations to conclude them by 2025.

They also pledged to strengthen collaboration in emerging sectors such as the halal economy, digital technologies, and the green agenda.

The leaders highlighted the legacy of Malaysia’s Look East Policy, which has bolstered cultural and educational exchanges over the past 40 years.

They intended to sign a new Memorandum of Understanding to deepen bilateral tourism cooperation.

Yoon also reiterated South Korea’s support for Malaysia’s ASEAN Chairmanship in 2025, underscoring the importance of regional and global collaboration to address shared challenges.

The Joint Statement further condemned the use of ballistic missile technology by North Korea and called for strengthened international efforts to address humanitarian crises, including the situation in Gaza.

“The Strategic Partnership reflects our shared commitment to addressing regional and global issues through collaboration within ASEAN and other multilateral platforms,” the statement added.

The Strategic Partnership extends to healthcare and medical science, with both nations committing to enhancing preparedness for potential future outbreaks.

Drawing from lessons learned during the COVID-19 pandemic, they agreed to share policies, foster research and development, and expand partnerships in areas such as vaccines, pharmaceuticals and healthcare technology.

“The Memorandum of Understanding (MoU) signed in November 2019 serves as a foundation for promoting the health of our peoples and advancing our healthcare industries,” the statement noted.

Addressing climate action, both sides reaffirmed their dedication to reducing greenhouse gas emissions and advancing clean energy technologies, including hydrogen energy and small modular reactors (SMRs).

The launch of the ROK-Malaysia Climate Change Dialogue in 2023 was welcomed as a platform for enhancing bilateral efforts to combat climate change.

Cultural and educational exchanges were also prioritised, with both leaders acknowledging the success of the Look East Policy (LEP) in strengthening ties.

Malaysia and South Korea agreed to promote student exchanges, expand vocational education cooperation, and deepen cultural collaborations under a MoU signed in 2020.

“Both sides also decided to work together to foster Technical and Vocational Education and Training (TVET) cooperation involving various participants, including central and local governments, TVET institutions, and corporations,” said the statement.

In tourism, the leaders celebrated the resurgence of visitors between the two nations and committed to signing a new MoU to further facilitate bilateral travel and strengthen consular cooperation.

Agriculture was also highlighted as another critical area, with both countries agreeing to advance research and development in smart agriculture and mechanisation while promoting collaboration in halal food production.

Digital cooperation was also discussed, with both sides agreeing to enhance collaboration in 5G, artificial intelligence (AI) and Big Data.

Notable projects, such as the AI-based smart farms initiative, underscore the success of such partnerships.

Earlier, both leaders will also witness the exchange of three Memoranda of Understanding on Cooperation in the Field of Higher Education, Cooperation in the Field of Carbon Capture and Storage and Cooperation in Cooperative Approaches Under Article 6, Paragraph 2 of the Paris Agreement.

Anwar arrived here on Sunday for a three-day official visit to South Korea to further strengthen bilateral relations between Malaysia and South Korea.

Both countries will be celebrating the 65th anniversary of the establishment of diplomatic relations in 2025.

Source: Bernama

Malaysia, South Korea elevate relations to strategic partnership

Prime Minister Datuk Seri Anwar Ibrahim has welcomed investors from South Korea to explore the various opportunities available in Malaysia and to collaborate in efforts to boost and achieve mutual prosperity.

Anwar who also the Finance Minister said he had met with several chief executive officers during the C-Suite Insight Session as well as delivered a speech at the Malaysia-Korea Business Forum 2024 after meeting with South Korean President Yoon Suk Yeol today.

“This event (meeting) stressed on the close relationship between Malaysia and South Korea, besides highlighting our commitment to innovation and sustainable growth,“ he said in post on X platform today.

In his speech at the forum, Anwar also welcomed the presence of over 200 participants representing 147 South Korean companies from various sectors including semiconductor, electric vehicle, green technology, and artificial intelligence (AI).

“In this same space, I shared Malaysia’s policies under the MADANI Economic Framework, supported by initiatives such as the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and the Semiconductor Strategic Plan,“ he said.

Anwar said the C-Suite Platform provided a space for Malaysia to engage directly with leading South Korean companies such as Samsung, SIMMTECH, Poongsan Corporation, Lotte Energy Materials, and Kumho Petrochemical.

“These companies presented their plans for Malaysia, including investments in sectors such as semiconductor, renewable energy, rare earth processing, and the halal industry.

“Their commitment to Malaysia is exciting and reflects their confidence in Malaysia’s stability, policies, and as a strategic investment destination,“ he said.

Anwar and his delegation arrived in Seoul yesterday in conjunction with his three-day official visit to South Korea to further strengthen bilateral relations between Malaysia and South Korea.

Both countries will be celebrating the 65th anniversary of the establishment of diplomatic relations in 2025.

Source: Bernama

PM Anwar encourages South Korean investors to explore opportunities in Malaysia

Negeri Sembilan has the potential to be developed into an industrial state, which could significantly boost its revenue, says Chennah assemblyman Anthony Loke.

The Transport Minister noted that Malaysia was increasingly attracting foreign investors, with major corporations expressing interest in investing, and states should capitalise on this opportunity.

“Negeri Sembilan must seize this advantage by intensifying efforts to attract investors and focusing on how to draw them in. The state government should also identify a specific area or site suitable for industrial development.

“Previously, Nilai and Enstek were identified as the nation’s logistics hubs…I am confident that more industrial zones can be established, turning Negeri Sembilan into an industrial state,“ he said during the debate on the 2025 Supply Bill at the Negeri Sembilan State Assembly in Wisma Negeri here, today.

Loke also highlighted plans for a container port in Pasir Panjang, Port Dickson, and called for the development of large-scale industrial areas in the district to enhance the port’s operational efficiency.

“Port Dickson offers ample opportunities to be developed into a competitive and advanced industrial zone. This would increase the state’s revenue, including land premiums and assessment taxes, if more industrial areas are established.

“With increased revenue, we can reinvest in the people through more initiatives for their benefit,“ he said, lauding Menteri Besar Datuk Seri Aminuddin Harun’s announcement of a balanced RM590 million 2025 State Budget on Friday.

Aminuddin’s budget presentation focused on nine key pillars, including economic resilience, food security, and education.

Meanwhile, Saiful Yazan Sulaiman (BN-Johol) called for increased allocations for the Orang Asli community in Negeri Sembilan to ensure that the over 4,000 residents from 43 registered villages are not left behind.

He also urged the state government to improve infrastructure and expand Technical and Vocational Education and Training (TVET) programmes to benefit the Orang Asli community.

Datuk Mohd Zaidy Abdul Kadir (BN-Jeram Padang) concurred, advocating for TVET expansion in rural areas and better dissemination of programme information to ensure it reaches students in these regions.

“Information on TVET is not reaching its intended audience. I believe wider promotion is needed. The MADANI Government prioritises TVET, and it would be a missed opportunity if we neglect this,“ he said.

The state assembly sitting continues tomorrow.

Source: Bernama

Negeri Sembilan tipped for industrial development to boost state revenue

Perak has good potential to be a contributor to the national economy compared to other states, Economic Affairs Minister Rafizi Ramli said.

He said it was clearly seen through several planned projects at the federal and state level, including the Lumut Marine Industrial City (LuMIC), Perak Halal Industrial Park (Perak HIP), Silver Valley Technology Park (SVTP), Kerian Integrated Green Industrial Park (KIGIP) and the Automotive High Technology Valley (AHTV).

“In terms of development planning, the industry nodes have been set, one in the north, one in central, another in the south, and then in the west. These are national-scale projects with the potential of bringing in industry clusters.

“Then in terms of workforce, Perak has a good foundation, that’s why I feel if given focus and brought together with planning between the Perak and Federal Government to complete the infrastructure to support these nodes, actually Perak has comprehensive industrial planning from north to south, till the west,” he said at a media conference after an 13th Malaysia Plan (13MP) engagement session with the Perak state government here today.

He said that in the next two to three years when more projects achieve physical progress, Perak might be in a better position than currently in terms of contribution to the national economy.

“I think (Perak) is currently the seven largest contributor to the national GDP (Gross Domestic Product), and it has the potential of overtaking other states with this existing plan,” he added.

Source: Bernama

Perak has potential to be good contributor to national economy – Rafizi

Malaysia must strengthen its collaboration with other countries to mitigate the risks posed by a fragmented global supply chain, especially amid escalating US-China trade tensions, following Donald Trump’s return to the US presidency, Deputy Investment, Trade and Industry Minister Liew Chin Tong said on Monday.

“We are concerned about this issue (US-China trade tensions). There is an intentional attempt to bifurcate the global supply chain — the US for the US, China for China. 

“We need to work with the middle [powers] to avoid the risks,”  Liew told reporters after inaugurating the Malaysia Semiconductor Industry Association’s (MSIA) National E&E Forum.

According to Liew, the Malaysian government and MSIA have signed a memorandum of understanding (MOU) with Brazil’s semiconductor industry, involving key organisations such as the Brazilian Association of the Semiconductor Industry and the Brazilian Association of the Electrical and Electronics Industry.

Additionally, the government is in discussions with the Netherlands government to strengthen ties with semiconductor equipment giants like ASML Holding, he said. 

In addition, Liew urged Malaysia to move beyond its traditional role as a manufacturing hub and focus on higher-value sectors such as research and development, innovation, and advanced technology production, particularly as the world shifts towards artificial intelligence (AI).

“Creating our own technology is not easy. We must rethink our approach. Too often, the conversation revolves around securing more government grants, lamenting insufficient funds, or seeking foreign direct investment,” he said. 

Liew called for a broader approach, suggesting the adoption of a flexible industrial policy framework, emphasising that it does not need to be fully fledged. 

“As a trading nation with an open economy, we have limitations, but we must broaden our thinking to explore what tools we can utilise from the industrial policy toolbox.

“Secondly, we also will need to look at how to marry public funds and private funds. It is important that each of these investments shouldn’t be just grant-based,” he added. 

Malaysia’s first Edge AI system 

The National E&E Forum also witnessed the signing of an MOU between Penang-based design companies Elliance Sdn Bhd and SkyeChip Sdn Bhd, as well as an MOU between Elliance, Kaltech Sdn Bhd, and Estek Automation Sdn Bhd, to jointly develop Malaysia’s first Edge AI system.

Edge AI involves the deployment of AI applications on devices in the physical world. The AI computation is performed near the user, at the edge of the network, close to where the data is located, rather than centrally in a cloud computing facility or private data centre.

“This partnership bears significant meaning for Malaysia, as it is the building block towards Malaysia’s first locally designed and manufactured Edge AI system, including Malaysia’s AI chip,” MSIA president Datuk Seri Wong Siew Hai commented. 

“Many more Malaysian companies will be involved in different stages of development and production, which will bring more opportunities to them. The increased confidence that propagates throughout the local AI ecosystem will soon put Malaysia on the AI world map,” he added. 

Malaysia is the world’s sixth largest exporter of electronics and semiconductors, and it plays a critical role in the global E&E supply chain.

For perspective, the country is responsible for 7% of semiconductor trade flows, as well as 13% of back-end operations globally, including chip testing and packaging.

Source: The Edge Malaysia

MITI: Malaysia to work with middle powers to address bifurcation of supply chain amid US-China trade war

Prime Minister Datuk Seri Anwar Ibrahim is scheduled to meet leaders of South Korean conglomerates, or “chaebol”, to attract more foreign direct investments to Malaysia.

Malaysian ambassador to the Republic of Korea Datuk Mohd Zamruni Khalid said a series of meetings with key corporate figures and businessmen of the country’s giant companies will be held on the second day of the official visit.

The Prime Minister is scheduled to arrive in Seoul at 10 pm tonight (9 pm Malaysian time) for an official visit to the country for three days starting today until Nov 26 at the invitation of South Korean President Yoon Suk Yeol. In addition, Mohd Zamruni said the Prime Minister would also speak at a business forum that is expected to be attended by more than 180 South Korean companies.

“In general, this official visit is expected to further strengthen bilateral relations between Malaysia and South Korea through agreements that will be sealed on many regional and international issues of mutual interest, including the strengthening of trade and investment initiatives,“ he told the Malaysian media here today.

Until October 2024, the total trade between Malaysia and South Korea is RM91.1 billion (US$19.8 billion).

Malaysia’s total exports to South Korea were valued at RM43.95 billion (US$9.6 billion) while Malaysia’s total imports from South Korea were worth RM47.1 billion (US$10.3 billion) this year.

“South Korea is the seventh largest trading partner for Malaysia while Malaysia is the 11th largest trading partner for South Korea. Total investment is RM61 billion with 616 projects,“ he noted.

This is Anwar’s first official visit to the country since he was sworn in as Prime Minister on Nov 24, 2022.

During the three-day visit, Anwar, who is also the finance minister, is scheduled to hold a bilateral meeting with Yoon at the Office of the President of the Republic of Korea.

“During this meeting, the two sides are expected to discuss several matters that include bilateral cooperation in the economic field such as trade and investment as well as cooperation in the field of defence and security. Apart from that, cooperation in the field of infrastructure, energy transition and the environment, agriculture and food, and in relations between people, including education, cultural exchange and the tourism sector are also expected to be discussed,“ the ambassador said.

In addition, Mohd Zamruni said the two leaders are scheduled to witness the exchange of four memorandums of understanding, among them involving cooperation in the carbon capture and storage (CCS) and the higher education sectors.

He said Yoon will host a luncheon in honour of the prime minister and that Anwar will also meet Malaysians who work in South Korea, in addition to being interviewed by Chosun Ilbo and Chosun TV, an influential Korean-language newspaper and television station, on Tuesday. In the interview, he said Anwar would touch on Malaysia-South Korea bilateral relations, trade and investment as well as Malaysia’s ASEAN chairmanship in 2025.

He added that the Prime Minister is also expected to meet with local Muslim community leaders from the Korea Muslim Federation (KMF), an official body recognised as the parent body to represent the Muslim community in the Republic of Korea, during which a donation of copies of the Al-Quran with English and Korean translations to KMF will be made.

The Prime Minister is also scheduled to deliver a special public lecture entitled “Strategic Partners in a Complex World: Malaysia, Korea, and the Future of Asia” at Seoul National University (SNU), a top Korean university.

“The Prime Minister’s visit this time is very significant to reflect the close relationship between Malaysia and the Republic of Korea. What’s more, the two countries will celebrate the 65th anniversary of diplomatic relations in 2025,“ the ambassador noted.

The two leaders are expected to affirm the commitment of both countries to strengthening bilateral relations through more comprehensive cooperation, especially in economy and investment, defence, education and tourism.

Source: Bernama

PM Anwar will meet South Korea’s chaebol leaders, attract foreign investment

Malaysian Prime Minister Datuk Seri Anwar Ibrahim will undertake an official visit to South Korea from November 24 to 26 to further strengthen bilateral ties as the two nations prepare to celebrate 65 years of diplomatic relations in 2025.

In a statement, the Foreign Ministry said Anwar’s first official visit to South Korea since assuming office in November 2022, is at the invitation of South Korean President Yoon Suk Yeol.

The ministry stated that during the visit, Anwar is scheduled to hold a bilateral meeting with Yoon at the Yongsan Presidential Office.

“Both leaders will take stock of Malaysia-South Korea bilateral relations that have significantly progressed, in scope and substance, since the establishment of diplomatic ties in 1960.

“They are also expected to discuss regional and international issues of mutual concern, and exchange views on Malaysia’s Chairmanship of ASEAN and South Korea’s Chairmanship of Asia-Pacific Economic Cooperation (APEC), in 2025,” the statement read.

According to the Foreign Ministry, Anwar and Yoon will witness the exchange of three Memoranda of Understanding (MoUs) on Cooperation in the Field of Higher Education, Cooperation in the Field of Carbon Capture and Storage, and Cooperation in Cooperative Approaches (under Article 6, Paragraph 2 of the Paris Agreement).

Anwar is also scheduled to attend the Malaysia-South Korea Business Forum and meet with captains of industry from major South Korean companies.

Additionally, the prime minister is set to deliver a special address titled “Strategic Partners in a Complex World: Malaysia, Korea, and the Future of Asia” at the Seoul National University.

He will be accompanied by Foreign Minister Datuk Seri Mohamad Hasan, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Science, Technology and Innovation Minister Chang Li Kang, National Unity Minister Datuk Aaron Ago Dagang, and senior government officials.

From January to September this year, Malaysia’s trade with South Korea was valued at RM81.61 billion (US$17.63 billion). From 1980 to June 2024, a total of 392 manufacturing projects with South Korean participation have been implemented with total investment worth RM43.10 billion (US$11.50 billion).

In 2023, South Korea was Malaysia’s 8th largest trading partner with trade valued at RM111.07 billion (US$ 24.35 billion). Malaysia was South Korea’s third largest trading partner among ASEAN Member States and 12th largest globally.

Malaysia and South Korea will celebrate the 65th anniversary of the establishment of diplomatic relations in 2025.

Source: Bernama

PM Anwar to strengthen Malaysia-S.Korea ties during official visit

Sabah is keen to see Chinese investors explore new opportunities in the state’s Blue Economy sector, says Chief Minister Datuk Seri Hajiji Noor.

He said the initiative offers immense investment opportunities in fisheries and aquaculture, logistics, tourism, renewable energy, mineral resources, biotechnology and pharmaceuticals.

“We are pleased that Sabah has remained a sought-after destination for China visitors, both for leisure and for business.

“Sabah’s exports to China amounted to RM7.6bil or 19.5% of the state’s total exports in 2023 with key exports including palm oil, timber, seafood, and rubber while imports included machinery, electronics, and various manufactured goods,” he said after officiating at the Malaysia (Sabah)-China Business Summit on Friday (Nov 22) night.

His speech was delivered by Deputy Chief Minister Datuk Seri Dr Joachim Gunsalam.

The Blue Economy is an initiative that promotes sustainable practices in using ocean resources for economic growth, comprising four main components namely harvesting of living resources, extraction of non-living resources, commerce and trade in and around the oceans; and response to ocean and river health challenges.

Hajiji said there were also opportunities to explore under the Blue Carbon initiative, waste management and pollution control, research and development, and marine infrastructure.

“We see vast potential in green technology and high-tech agriculture, smart cities, manufacturing, renewable energy, e-commerce and education.

“Similarly, the energy sector presents significant opportunities while oil and gas (O&G) remain important revenue streams for Sabah. We welcome investors to also explore solar and storage technologies, hydro, geothermal, and carbon market opportunities,” he added.

Hajiji said that Chinese investments in the Kota Kinabalu Industrial Park (KKIP) have created jobs and spurred economic growth particularly in solar glass, food, and rubber manufacturing.

“We welcome advanced technologies like drones to optimise logistics and manufacturing while exploring other sectors to drive sustainable economic development,” he added.

To ensure a skilled workforce, Hajiji said the state government also encouraged partnerships for twinning programmes and cultural exchanges.

“We aim to promote joint educational programmes and cultural exchanges that will build bridges of trust and understanding between the people of Sabah and China,” he added.

Source: The Star

Sabah keen on Chinese investment in Blue Economy sector, says Hajiji

Prime Minister Datuk Seri Anwar Ibrahim’s recent diplomatic engagements in Egypt, Brazil and other global platforms have positioned Malaysia as a key player in balancing ties between the Global South and Western powers,

Universiti Malaya (UM) Security and International Relations analyst Collins Chong Yew Keat said Malaysia’s foreign policy, rooted in its non-aligned stance, is gaining momentum as the country expands its economic and diplomatic horizons.

“Malaysia has always been staunch in its stance on the foreign policy approach of non-alignment and has been free to dictate orientations and approaches in foreign policy direction.

“The orientation of late with the recent momentum has been quite clear, with efforts to increase fallback capacity and options with trade and economic diversification in a greater focus and courting of the Global South, while trying to maintain current economic, defence ties and capacities with the West,” he told Bernama when contacted.

Anwar concluded his 11-day international tour, which included participation in multilateral platforms such as the Arab and Islamic Summit in Riyadh, Saudi Arabia; the APEC Economic Leaders’ Week (AELW) in Lima, Peru; and the G20 Summit in Rio de Janeiro, Brazil.

During Anwar’s visits to the Middle East and Latin America, Chong pointed out that Malaysia continued its push to play a larger role beyond conventional ASEAN-centric mode.

“The overtures to and the trips to the Middle East and Latin America are seen as a continuation of Malaysia’s efforts to play a bigger role at the wider arena beyond the scope and limitations of regional power settings,” he added.

The engagements also align with the Madani framework, which seeks to integrate Malaysia’s economic transition with societal advancement.

“These overtures are part of the overall momentum to increase the parallel focus in advancing the economic transition of Malaysia with the new focus on digital economy, energy transition, and the role as a power balancer and stabiliser,” the analyst said, adding that Malaysia’s efforts aim to position the nation as a hub for investments and high-technology industries.

On ASEAN’s leadership, Chong specifically highlighted that the outcomes of Malaysia’s recent meetings are expected to give the country greater diplomatic leverage.

“New agenda setting of new causes and the affirmative, constructive, and practical action plans and policies being pledged and undertaken will be critical in ensuring that Malaysia is not only seen as the vocal and emerging power in bringing to light the strategic regional and global challenges and issues but being both pragmatic and bold in designing new approaches and solutions to both global and regional issues,” he said.

This approach, the analyst noted, involves portraying the ASEAN perspective while expanding partnerships with regions such as the Gulf Cooperation Council (CC) and the European Union (EU).

“This has been done with the courting of the GCC in further expanding the role and reach of ASEAN at the wider level, apart from the traditional ties with the EU and other established powers,” the analyst added.

Concurring with Chong, the Deputy Executive Director of Asia-Europe Institute (AEI) at Universiti Malaya, Associate Professor Dr Roy Anthony Rogers, said the Prime Minister’s recent official visits to several key nations and participation in major international summits signal Malaysia’s readiness to solidify its presence on the global stage.

He dubbed the move as a “shuttle diplomacy” to strengthen Malaysia’s bilateral and multilateral engagements, marking a proactive approach to advancing national interests.

“Anwar has adopted the shuttle diplomacy to enhance Malaysia’s national interest bilaterally by visiting the relevant countries and reaffirms our commitment to multilateralism by participating in the APEC and G20 Summits,“ he told Bernama.

Roy Anthony said the Prime Minister’s initiatives are also seen as groundwork for Malaysia’s chairmanship of ASEAN in 2025.

“The visits definitely help in promoting Malaysia’s interest that includes economic and business, diplomacy, voice heard and Malaysia as the Chair of ASEAN in 2025,“ he said.

Source: Bernama

PM Anwar’s global outreach boosts Malaysia’s diplomatic and economic positioning

The State Government will continue to attract more Chinese investments to set up factories in Sabah, increasing bilateral trade volume, said State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe.

Phoong said after hard work in recent years, Sabah’s manufacturing sector’s Gross Domestic Product (GDP) grew by 4.4 percent in 2023, the highest among all states for the year.

He said the sector’s GDP contribution had nearly fallen below seven percent, which meant that Sabah almost had no industry at all, but fortunately, the figure has now climbed to 7.3 percent.

“We succeeded in achieving the fastest GDP growth rate for the manufacturing sector last year, but we cannot stay there. We cannot be rich without jobs.

“A state’s economy will not be prosperous without an industry or if the industry is not large enough,” he told reporters after officiating the Malaysia (Sabah) – China Business Summit Economic Forum and Expo at the Sabah International Convention Centre here today.

Phoong said the State Government does not need to set specific goals for recruiting investments from China, and the most important thing is to create more platforms and opportunities so that local companies can make use of them.

“It is impossible to double the amount of Chinese investments you attract within one year.

“You build the business slowly and attract more investments. That’s what trade is like,” he said.

He said that the State Government’s industrial development areas will be expanded for renewable energy, and they are also committed to agriculture, transportation and Blue Economy.

The minister also hoped for more Chinese companies to set up factories in Sabah and cooperate with local companies to promote Sabah’s industry.

Regarding the Malaysia (Sabah) – China Business Summit, he expressed gratitude to the participants from various parts of China as well as other countries in commemorating the 50th anniversary of Malaysia – China diplomatic relations.

Phoong said the theme of the event, “Sabah: A Future Together”, was set in the belief that in creating more space to work together on investment, business opportunities and trade, a better future can be built not only for Sabah, but all the entrepreneurs who had gathered for the summit.

He hoped that it will be a fruitful and successful session throughout the three-day event, with various activities prepared for the participants such as an economic forum with seven topics including agriculture, tourism and Smart City, an expo, as well as a cultural night show on the third day, November 24.

“Sabah may be best known for its beautiful sunsets and Mount Kinabalu, but now, it has become a promised land that is filled with opportunities and potential investments.

“With that, we hope that every one of the participants of this summit will have a wonderful session throughout it, as we strive to build stronger ties together,” he said.

Source: Borneo Post

Sabah continues to attract more Chinese investments