MALAYSIA and China are great friends committed to strengthening their partnership and advancing the region’s economic prosperity, said Prime Minister Datuk Seri Anwar Ibrahim.

During a bilateral meeting with Chinese Premier Li Qiang yesterday, Anwar expressed Malaysia’s deep appreciation for China’s support in various areas, including Malaysia’s participation in BRICS.

“I think things are going exceptionally well. We have expanded into all areas, including cooperation in the economy, education, technical and vocational education and training, military understanding and cooperation in protecting our borders.

“We are now two great friends. I look forward to when I assume the chairmanship of Asean. I hope we can work together to strengthen

Asean-China relations and help grow the Asean economy.”

Anwar thanked Li for visiting Malaysia in June to commemorate the 50th anniversary of diplomatic relations between the two countries.

He said since the visit, discussions on several issues and major investments had progressed at an accelerated pace.

“You spent so much time exchanging ideas with the Malaysian business community, the public and academics.

“For weeks, the media will be covering that you can become a threat to the Malaysian prime minister,” Anwar said in jest.

The bilateral meeting was held on the second day of Anwar’s working trip to China. During the 30-minute meeting, the leaders exchanged views on regional and international issues of mutual concern and interest.

Present at the meeting were Foreign Minister Datuk Seri Mohamad Hasan and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

During the meeting, several memoranda of understanding were exchanged, including one on cooperation between the Malaysian National News Agency and the China Media Group.

Li’s June visit to Malaysia marked a significant step forward in bilateral relations. It was his first visit to Malaysia since taking office in March last year.

Analysts said the visit would elevate the comprehensive strategic relationship between the two nations to new heights.

Earlier in his keynote address at the opening of the 7th China International Import Expo, Anwar said as the world’s fifth largest economy, Asean had the potential to be the driving force behind inclusive socio-economic growth that leads the way to an unprecedented era of sustainable and shared prosperity.

“As you have seen here in China, where it promotes good governance and combating and rooting out corruption, as well as implementing socio-economic and industrial reform agendas, we are also leaving no stone unturned.

“We continue to be inspired by Premier Li Qiang’s extraordinary success in battling poverty, which clearly signifies a major achievement in social re-engineering.”

Anwar said Malaysia aims to enhance regional cooperation and promote an inclusive role based on the regional framework as it assumes the Asean chairmanship next year.

He said Malaysia would embrace the forward-looking and shared future principles that China championed to organise the Asean Summit.

Source: NST

Malaysia, China ties a boon for region

Several industrial firms in China are eyeing investment opportunities in Labuan, particularly within the island’s financial and development sectors.

Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa emphasised the significance of these interests, underscoring Labuan’s potential as a viable economic hub in Asia.

Dr Zaliha said her recent visit to key Chinese cities – Hangzhou, Shanghai, and Shenzhen – was instrumental in building relationships and fostering investor interest.

“During my visit, we engaged with potential investors who are keen to explore business opportunities in Labuan, particularly in financial and development fields,” she told reporters after the Labuan Para SUKMA athlete incentives presentation here tonight.

Dr Zaliha also stressed the importance of sustained engagement with these interested investors to ensure that proposed ventures come to fruition.

“Follow-ups with these parties are crucial to converting these discussions into concrete business investments that will benefit the island,” she said.

In support of Labuan’s growth, Dr Zaliha said Prime Minister Anwar Ibrahim has designated the island as a priority area within the national agenda to address basic amenities and security improvements.

Dr Zaliha said the Finance Ministry (MoF) has committed to providing funds, either directly or through various ministries, to support Labuan’s socio-economic development.

She also provided updates on several task forces set up to advance Labuan’s tourism, transhipment capabilities and connecting Labuan to Sabah via a bridge.

“The tourism task force is not only focused on enhancing Labuan’s tourism offerings but also aims to improve accessibility for tourists and locals alike.

“The transhipment task force is actively progressing, and the bridge linking Labuan to Sabah’s mainland is advancing with the Works Ministry approving a RM500,000 allocation for an initial feasibility study.

“These task forces are fully operational, and several key discussions have already taken place,” Dr Zaliha said.

Source: Bernama

Chinese investors eye opportunities in Labuan – Zaliha Mustafa

The Forest City Special Financial Zone’s 15 per cent income tax rate and streamlined visa policies are expected to attract top-tier talent, particularly in high-demand sectors.

Iskandar Investment Bhd (IIB) chief executive officer, Datuk Idzham Mohd Hashim, said the incentives will not only transform Johor’s economic landscape but will also draw investors in sectors such as technology, finance, and services.

“The lower tax burden makes Johor a more attractive option for both local and international talent, especially when compared to other regional hubs,” he told the New Straits Times yesterday, adding that the income tax rate is below the maximum rates in Singapore, Thailand, Indonesia, and Vietnam.

The Forest City Special Financial Zone (FC-SFZ) will ensure Johor gains an edge over other regional hubs, establishing the state as a prime destination for both local and international talent by reducing the tax burden and simplifying visa processes to attract skilled professionals.

Idzham said that the long-term visa options are designed to facilitate easier relocation, allowing talent to settle, work, and contribute to Johor’s economy. The policy is expected to streamline hiring for companies, enhancing the local workforce through foreign expertise and knowledge transfer.

For investors, Johor’s competitive tax rate offers significant cost-saving benefits, positioning areas like Medini as ideal locations for regional headquarters, particularly in sectors such as financial services, digital technology, and research and development.

“Johor is developing a fertile environment for both start-ups and multinationals to scale and innovate,” Idzham added, emphasising FC-SFZ’s role in attracting businesses with cutting-edge infrastructure and an expanding talent pool.

“Located close to Singapore, Johor’s strategic position, alongside the Johor-Singapore Special Economic Zone, provides businesses with a compelling alternative for regional expansion. These initiatives align with IIB’s vision to position Johor as a key player in the Asean economic landscape, cementing its reputation as a competitive investment destination within Malaysia and beyond,” he said.

Meanwhile, Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han, said that FC-SFZ is set to become a magnet for global talent, attracting professionals from high-tech and innovative sectors. This will help to transform Forest City into a hub for growth, creativity, and job opportunities.

The reduced tax rate is a core component of the government’s strategy to attract international expertise and encourage knowledge-based industries to establish operations within the SFZ.

Skilled workers in sectors such as global business services, financial technology, and information technology are expected to benefit the most, giving Johor an edge in driving innovation and boosting economic development.

This policy is designed to meet the rising demand for talent as more multinational corporations (MNCs) and start-ups look to the region for expansion.

In addition to the competitive tax rate, the introduction of multiple-entry visas is seen as a game-changer for foreign professionals. These visas will allow for easier and more flexible movement for those working in or investing in the SFZ, significantly reducing administrative hurdles.

The streamlined process will not only make it more attractive for talent to relocate but will also enable business owners and investors to engage in cross-border activities with greater efficiency.

Source: NST

New incentives in Forest City set to draw top talent and investors

Economic ties between Sweden and Malaysia have flourished over the years, with Swedish foreign direct investment (FDI) in Malaysia soaring to US$1.43 billion (US$1=RM4.37) to date from US$113 million in 2014.

Sweden’s Ambassador to Malaysia, Niklas Wiberg, is optimistic that this remarkable growth would only get better, as Malaysia’s importance as one of Sweden’s key partners in Southeast Asia was further pronounced particularly after the rebound in economic activity post-pandemic.

“Sweden’s economic ties in Malaysia are very diversified through robust trade, investment and collaboration in various sectors,” he told Bernama in an exclusive interview since his posting about two months ago.

Wiberg presented his credentials to His Majesty Sultan Ibrahim, King of Malaysia, as the Ambassador of Sweden to Malaysia on Oct 21, 2024.

His previous posting was in Rome, Italy, following which he took over his posting here on Aug 15, 2024, succeeding Dr. Joachim Bergström.

Wiberg said the trade relationship between the two nations showcased a healthy balance in 2023, with Swedish exports to Malaysia reaching about US$388 million while imports from Malaysia amounted to US$449 million.

“This trade (balance) reflects a diversified exchange, with Swedish exports to Malaysia largely consisting of machinery and mechanical appliances (29%); vehicle parts including railway parts (13%); equipment within vehicle sectors (12%); and pharmaceutical products (11%),” he said.

Swedish imports from Malaysia primarily included electrical machinery and equipment (19%); rubber and related products (14%); vegetable fats and oils (13%); as well as chemical products (13%).

“We have a robust economic exchange in industries such as manufacturing, technology, green energy, and telecommunications. After the pandemic, we have seen increased economic ties with cooperation in green technology, digital innovation and high-tech manufacturing,” he added.

Focus on the semiconductor sector

When asked about potential sectors for growth, Wiberg highlighted the semiconductor industry as a key area of growth for both countries, noting Sweden’s rising demand for Malaysian semiconductors and integrated circuits.

“I think the semiconductor area for Malaysia is perhaps an area that has been most visible where we see alternatives coming forward to the market we traditionally have had.

“There is also a great deal of competence and experience from Swedish companies within the semiconductor industry, and they are also looking at areas around Penang for further investments because this cluster has grown stronger in Malaysia,” he said.

“This is crucial for maintaining and developing Sweden’s own technology and manufacturing sectors in both Malaysia and Sweden, as well as for companies from Europe that are looking for alternatives,” he added.

The ambassador also noted that Malaysia is an appealing location for companies aiming to diversify and strengthen the resilience of their value chains or rather de-risking to diversify trade.

“We cannot rely on trade with one partner, but we have to seek several countries that have the same competence. It does not only apply to China; it applies to many countries around the world, as COVID-19 and the war in Ukraine have taught us that we must be reliable and therefore rely on several partners in order to safeguard the critical value chains,” he said.

Malaysia was able to sustain its supply of crucial semiconductor components and automotive chips to certain countries during the Covid-19 disruptions, compared to the manufacturing capacity of semiconductors in Europe.

Swedish investments and employment in Malaysia

Currently, the largest Swedish companies operating in Malaysia include IKEA, SIBS, Ericsson, Essity, Aptilo Networks, Mölnlycke, ABB, Sandvik, Volvo Trucks, Volvo Car, and Scania.

Wiberg noted that these companies collectively generate around 7,000 jobs in Malaysia, mainly in high-tech and capital-intensive sectors.

“These companies’ focus has shifted towards innovation and science, playing a vital role in Malaysia’s industrial processes,“ he said.

Future prospects and trade agreements

Wiberg expressed optimism about the future of bilateral trade relations, particularly with the impending resumption of negotiations on the stalled Free Trade Agreement (FTA) between the European Union (EU) and Malaysia.

“We believe that this is a crucial step that can lead to mutually beneficial negotiations on sustainability and other important issues,“ he said.

The renewed dialogue offers an opportunity to strengthen economic ties and support the transition towards greener technologies and digital innovation.

As such, Wiberg said Swedish companies are well-prepared to lead this transition, underlining the importance of regional trade agreements within a European framework.

On March 22, Prime Minister Datuk Seri Anwar Ibrahim, during his official visit to Germany, had said that it was about time for Malaysia and the EU to rekindle discussions on an FTA to further strengthen bilateral relations and regional integration.

Negotiations for the FTA began in October 2010, with eight rounds held until September 2012, but stalled following Malaysia’s reservations over palm oil, procurement policies, subsidies, and the EU’s sustainability clauses.

Based on EU data, bilateral trade with the EU totalled €44.7 billion (RM218.14 billion) in 2023, making it Malaysia’s fourth-largest trading partner after China, Singapore, and the United States.

Trade between both countries is dominated by industrial products, machinery and appliances.

Wiberg believes that future prospects for bilateral trade and investment are promising, as Malaysia and Sweden work toward enhancing their collaboration and reinforcing their positions in the global economy.

Source: Bernama

Sweden-Malaysia economic ties flourish, FDI soars and semiconductor sector emerges as key growth area

DYNAMIC economies worldwide are capturing the attention of western financial institutions, but a new research shows that few are creating as much excitement as Malaysia.

The South-east Asian nation, which is best known as a commodity exporter and manufacturing hub, is benefiting from companies’ determination to mitigate risks generated by ongoing trade tensions.

“Supply chain diversification is a really important global theme,” says Saif Malik, CEO, UK at Standard Chartered, who has lived and worked in Malaysia.

“Geopolitical risk has prompted many companies to re-evaluate which markets they invest in, and that is playing out in places such as Malaysia. The country’s vibrant multiculturalism is a strong advantage on the world stage.”

Research conducted by Standard Chartered in the first quarter of 2024 and based on a survey of 400 banks, investment managers and asset owners headquartered in Europe and the Americas, revealed that 25% of respondents have plans to invest or grow business in Malaysia in the next 12 months.

Out of all dynamic markets worldwide, only Mainland China and India scored more highly.

Money is already pouring into Malaysia.

In 2023, foreign investment was Rm329.5bil (Us$69.5bil), which was a record for the country and a 23% increase year on year.

Gross domestic product (GDP) growth forecasts of 4.3% in 2024 are bolstered by Malaysia’s “track record of fiscal prudence and a credible monetary policy framework”, according to the International Monetary Fund.

How Malaysia benefits from supply chain migration

“Malaysia is benefiting from supply chains migrating away from Taiwan and Southern China because it invested in creating an electronic supply chain base all the way back in the 1970s,” says Chris Clube, co-portfolio manager of the Global Emerging Markets Equity Fund at asset manager Federated Hermes.

“It has a long history of producing high-tech goods, so there is an ecosystem that already exists. Malaysia also benefits from being both Englishspeaking and Chinese-speaking.”

These attractions have led a number of manufacturing companies to establish themselves in

Malaysia for the first time or to expand their existing activities, and the semiconductor sector is a particular area of focus. Examples include US chip giants Micron and Intel, and European semiconductor companies ams

nd

OSRAM and Infineon.

Malaysia’s northern region of Penang, whose free trade zone and busy shipping port attracted Intel in 1972, continues to offer attractive tax incentives to overseas investors.

But southern Malaysia is also seeing increased investment, and the Malaysian semiconductor industry as a whole has shifted its value chain towards more advanced technology.

In 2023, Malaysia accounted for more US microchip imports than any other country in the world.

Manufacturing does appear to be an ongoing priority for investors.

In the Standard Chartered research, 53% of investors who are intending to invest in Malaysia say that manufacturing is one of the most attractive opportunities.

Green policies and political support are attracting investors

Investors are also looking at other sectors.

For example, 55% see opportunities to invest in the infrastructure sector as Malaysia’s economy expands rapidly.

And 42% see potential in renewable energy.

Malaysia has one of the most ambitious decarbonisation plans in Asia, with a target of net-zero emissions by 2050.

Consultancy Mckinsey has identified the sustainability opportunity in Malaysia as one of Asia’s most attractive, saying the country has a strong position in areas such as carbon capture and storage, renewables, biofuels and hydrogen: “Malaysia has a significant opportunity to become a major player in green business growth and sustainable development in Asia.”

Policymakers are trying to exploit this potential, according to Clube.

“The state governments are very good at making overtures towards international businesses,” he says.

“They can provide very favourable terms – whether on land, on credit or on other incentives to set up in the country.”

Investors will hope that the central government also continues to offer this kind of support.

Prime Minister Datuk Seri Anwar Ibrahim has moved in that direction by launching the New Industrial Master Plan 2030, which aims to increase the manufacturing sector’s GDP by 6.5% a year through to 2030, and the National Energy Transition Roadmap, which seeks to restructure the economy along more sustainable lines.

Such initiatives can be crucial in underpinning investors’ confidence.

According to the research, 34% of investors in Malaysia say that political stability is one of the criteria they consider when they select investment and business development destinations.

Only quality of infrastructure, which was chosen by 37% of investors and where Malaysia is also investing – is a bigger concern.

By capitalising on its strategic advantages in manufacturing and green technologies, Malaysia is positioning itself as an increasingly attractive destination for western financial institutions.

Source: The Star

How Malaysia is wooing overseas investors

Selangor’s approved investment rose to RM34.9 billion for the first half of this year, state executive councillor for investment, trade and mobility Ng Sze Han revealed.

He said this involves the manufacturing and services sectors, which have shown promising growth. 

“Up to June, approved investment value in both sectors rose to RM34.9 billion. 

“The services sector experienced a remarkable 178 per cent surge compared to last year,” he said in a Facebook post last night, after chairing a Standing Committee on Investment, Trade, and Industry meeting. 

Ng said in the meeting, he emphasised the need for all agencies to focus on facilitating investments in Selangor, especially in light of current international geopolitical uncertainties.

“This situation presents a strong opportunity for Malaysia to become a strategic destination for investors. 

“For Selangor, with advanced infrastructure such as airports, ports, a comprehensive road and rail network, the state has clear added value and advantages over other locations. 

“I hope all agencies will work together to implement policies and plans so that our investment figures and trade values continue to rise for the benefit of Selangor and its people.

Last year, Selangor recorded an overall investment of RM55.3 billion, outperforming initial forecasts and surpassing its initial target of RM45 billion, according to the Malaysian Investment Development Authority (Mida). 

Mida had said that the manufacturing sector witnessed a noteworthy year-on-year increase, with investments totalling RM19.3 billion in 2023, compared to RM12.2 billion in 2022. 

Ng had said then that Selangor has recorded a total of RM90.4 billion in domestic investment between 2021 and 2023.

During the same period, foreign investment recorded RM47.57 billion, of which RM21.53 billion was from the manufacturing sector, and the remaining RM26.04 billion was from the services sector. 

Source: Selangor Journal

Selangor approves RM34.9 bln in investments in first half of 2024

The Johor government has held meetings with several renowned South Korean companies, which can potentially bring strategic investments valued at US$190 million (US$1=RM4.38) into the state.

Menteri Besar Datuk Onn Hafiz Ghazi, who is on a four-day working visit to Seoul starting Oct 28, said the state government delegation led by him has had the opportunity to meet companies such as Hanwha Solutions Corporation, a Fortune Global 500 multinational known for innovations in clean energy and chemicals.

The delegation also met with global food company SPC Group, which has famous franchise brands such as Paris Baguette, as well as CJ CheilJedang Group, producer of halal Korean food in Malaysia, he said in a Facebook post today.

Onn Hafiz said these potential investments would create high-income jobs as well as economic spillover and development that would enhance the prosperity of the people in Johor.

“I believe all these companies have confidence in Johor’s potential as a strategic investment destination. Johor offers not only huge business opportunities but also a conducive ecosystem for long-term growth given its (strategic) position and continued support,” he said.

In a separate post, he said the delegation also participated in a seminar to discuss potential investment opportunities in Johor, especially in view of the development of the Johor-Singapore Special Economic Zone (JS-SEZ).

The seminar titled “Unlocking regional growth: Business opportunities in JS-SEZ” saw the participation of 83 renowned Korean companies from various industries, thus becoming a strong platform to promote Johor as a top choice for investors who seek a strategic and sustainable destination.

“At this seminar, I shared various strategic initiatives that the state government is or will be implementing with the cooperation of the Federal Government in relation to the JS-SEZ development in order to attract high-quality investments.

“Various preparations are being carefully made that reflect Johor’s seriousness in ensuring the success of this important agenda, such as the setting up of the Invest Malaysia Facilitation Centre Johor (IMFC-J) as a ‘one-facilitation centre’ and the development of the Johor Talent Development Council (JTDC),” he added.

Onn Hafiz also expressed confidence that Johor is the right springboard for investors to expand their business in the ASEAN region due to its strategic position as well as the attractive incentives offered by JS-SEZ, in addition to providing broad growth opportunities and direct access to the global market, which make it an ideal choice for long-term investments.

Source: Bernama

Johor stands to gain US$190 million potential investments from South Korean firms

Johor has engaged with 83 notable companies in South Korea in efforts to promote the upcoming Johor-Singapore Special Economic Zone (JS-SEZ).

Mentri Besar Datuk Onn Hafiz Ghazi, who led a delegation consisting of the state’s top officials and mayors, said he engaged with the businesses in a seminar titled “Unlocking Regional Growth: Business Opportunities in JS-SEZ” on Wednesday (Oct 30).

“Those in attendance came from various industries and the seminar was a strong platform to promote Johor as the strategic and sustainable choice destination for investment.

“We also discussed the opportunities that can be explored with the implementation of the JS-SEZ,” he said of the meeting, which was part of the state government’s working visit to South Korea.

Onn Hafiz said he also shared about the state and federal government’s collaboration in developing the JS-SEZ to attract more high-quality investments.

He added that various measures have been planned and executed to reflect Johor’s seriousness in making the JS-SEZ a success such as the establishment of the Invest Malaysia Facilitation Centre Johor as a one-facilitation centre, as well as the setting up of the Johor Talent Development Council.

“With our strategic location and attractive incentives set to be offered under the JS-SEZ, I am confident in Johor as the right location for investors to expand their business in the Asean region.

“The state is also expected to open up growth opportunities and direct access to the global market, which is ideal for long-term investments,” Onn Hafiz added.

He also hoped the visit would bear positive fruits and bring more benefits to Johoreans.

Source: The Star

Johor engages with 83 companies in South Korea to promote Johor-Singapore Special Economic Zone

Prime Minister Datuk Seri Anwar Ibrahim says Malaysia now has reached a stage at which it may be selective in terms of the type of investment coming into the country.

“Previously, we welcomed all data centres (to invest in Malaysia); now, we don’t.

“We will accept data centre investments only if they include a centre of excellence, artificial intelligence, and training exposure. Otherwise, we will not accept them.

“We have an advantage here because we have reached a point where we can be more selective about the type of investments we receive,” Anwar said at the Malaysian Madani Scholars Forum: The Energy Sector as a Catalyst for Sustainable and Inclusive Socioeconomic Growth.

He said the achievement was attributed to good relationships between Malaysia and many countries in the world.

Despite the good relations with various countries, Anwar reminded the importance for Malaysia to balance the factor with its support towards Palestine amid the conflict between the country and Israel currently.

“I know that sometimes when it comes to our stance on Gaza, we must also consider the country’s interests but to me, when young children and women are killed daily, there are limits.

“That is why I mentioned in the Cabinet meeting that on the issue of Gaza, we will still express our position strongly—whether in front of (Joe) Biden (U.S President) or (Antony) Blinken (U.S Secretary of State) —because I believe they have disregarded all humanitarian considerations.

“At the same time, we must balance this to ensure that investments can grow so that our country remains strong.

“So, we must also build internal strength.

“But building internal strength does not mean to oppose others, but rather to protect our nation’s interests, security, and future,” he said.

Source: NST

Now we can be more selective in accepting investments, says PM

The government, through the East Coast Economic Region (ECER) Development Council (ECERDC), will continue to focus on attracting private investments and realising high-value investment projects in the region, especially the Pahang Technology Park (PTP) and Gambang Halal Park (GHP).

Deputy Economy Minister Datuk Hanifah Hajar Taib said Synapse Network Sdn Bhd, a Malaysian registered entity of a Toronto, Canada-based company, has inked a 10-year lease agreement with ECERDC to transfer its existing operation from Hong Kong to PTP.

“The company plans to begin construction on 1.21 hectares (three acres) at PTP in the fourth quarter of 2024 and has submitted an application for incentives to ECERDC, which is under consideration by the Finance Ministry,” she said during a Special Chamber session in Parliament today.

Hanifah Hajar said ECERDC is in discussions with two other potential investors, including a Singapore-based company that operates six data centres in three Asian countries including Malaysia.

“This company is studying a business plan at PTP to construct and operate a 250-megawatt (MW) data centre and is expected to finalise its investment decision in the third quarter of 2025,” she said.

The other potential investor, she said, is a joint venture between a local private company and the Pahang State Development Corporation that plans to build a 3MW data centre and is conducting a feasibility study which is expected to be completed in the first quarter of 2025.

Meanwhile, Perodua plans to develop a logistics and vehicle assembly hub on 8.9 hectares (22 acres) in ECER and use the East Coast Rail Link (ECRL) Paya Besar Station as the mode of transport for distributing its vehicles in ECER, she said.

The car manufacturer also intends to use the Kuantan Port for shipping its vehicles to Sabah and Sarawak.

“The discussion between ECERDC and Perodua is ongoing, and Perodua is studying its business and development plans, which are expected to be finalised in 2025,” she explained.

On the investment status of PTP’s Cybercentre, she said ECERDC’s subsidiary Asia Centre of Excellence for Smart Technologies (ACES) is working together with charge point operator Gentari for the operation of four electric vehicle (EV) charging locations, hence supporting the national agenda to increase EV usage.

Hanifah Hajar said ACES has also collaborated with CS Medtec, a local technology company involved in the medical field through innovative 3D printing, to move from Singapore and Thailand to Malaysia, specifically Cybercentre, to meet the increasing local market demand in the medical industry.

As for GHP, she said ECERDC is holding discussions with three potential investors to develop a recreational vehicle assembly hub for the Asian market, conduct food trading and public service
activities, and develop a tropical seeds research park.

Hanifah Hajar said ECERDC also works closely with agencies such as Halal Development Corporation Bhd and the Pahang state government to bring in halal investments to GHP, especially in the food, pharmaceutical and cosmetics industries.

Source: Bernama

ECERDC To Continue Efforts To Attract High-value Investments To PTP, GHP

The Sabah government’s investor-friendly policy has shown promising results, with the state now attracting a growing number of local and foreign investors across various sectors.

Sabah Chief Minister Datuk Seri Hajiji Noor said that this response indicates the state is on the right path for growth through strategic initiatives under the ‘Sabah Maju Jaya’ roadmap.

“For example, today, we see the well-known company McDonald’s Malaysia returning to Sabah to inaugurate its latest restaurant while also announcing future business plans in the state.

“This development not only stimulates local economic activity but also creates more job opportunities for Sabah residents,” he said in his opening remarks at the inauguration of McDonald’s drive-thru Tuaran Town restaurant today.

His speech was delivered by Pantai Dalit State Assembly Member Datuk Jasnih Daya, also executive chairman of Innoprise Corporation Sdn Bhd, representing the Chief Minister at the restaurant opening.

Also attending was McDonald’s Malaysia managing director and local operating partner, Datuk Azmir Jaafar.

Sabah recorded RM11.34 billion in investments last year, making it the seventh-ranked state for investment nationwide.

Hajiji added that the Sabah government encourages joint ventures between franchise businesses and state-affiliated companies to explore mutually beneficial opportunities.

With the opening of Tuaran’s new drive-thru outlet, there are now 22 McDonald’s Malaysia restaurants operating in Sabah, employing approximately 800 people.

This aligns with the company’s commitment to expanding to 36 restaurants across the Land Below the Wind by 2030.

Source: Bernama

Sabah’s investor-friendly policy attracting more investors

The 2025 Budget will encourage further investments and demonstrates the government’s continued efforts to strengthen the country’s economic foundations, said Alliance Bank Malaysia Bhd.

Alliance Bank group chief executive officer Kellee Kam Chee Khiong said it is a progressive budget that has a prudent balance between the economy, sustainability, the adoption of digital investments and wellbeing of the people.  

“The budget is a testament to the government’s commitment to responsible fiscal management and continued priority for effective governance.

“It reflects the government’s intention to drive investments with initiatives such as the New Investment Incentive Framework, which will introduce a strategic investment fund of RM1 billion to enhance local capacity and encourage high-value activities,” he said today.  

The bank said the budget includes key features aimed at prioritising the welfare of the people, accelerating economic growth, attracting greater investments, opening pathways to new markets and fostering digital adoption.

Alliance Bank expects strong economic growth in Malaysia next year.

The government has adjusted the gross domestic product (GDP) growth forecast for 2024 to between 4.8 and 5.3 per cent, with a 2025 projection of 4.5 to 5.5 per cent, indicating positive growth momentum.

“The country’s economic growth rate is driven by healthy labour market conditions.  Positively, Malaysia’s unemployment rate in August 2024 declined further to 3.2 per cent while the labour force continues to increase resulting in a high labour participation rate of 70.4 per cent in August 2024,” it said.

Source: NST

2025 Budget to spur more investments, says Alliance Bank group CEO

Over the last decade, the economic relationship between the United States (US) and Malaysia has grown remarkably, resulting in the creation of more than 312,000 jobs, with being the leading source of foreign direct investment (FDI) in Malaysia.

According to Dave Williams, the Economic Counsellor at the US Embassy in Kuala Lumpur, American companies have announced over RM200 billion in new investments since 2021, with 72 per cent coming from Fortune 500 companies.

“Just this year, Google, Microsoft, Amazon, and Oracle have announced more than US$16 billion (US$1=RM4.34) worth of investments in Malaysia.

“These quality investments not only bolster the local economy but also create thousands of jobs for Malaysians,” he said in response to questions posed by Bernama.

He also said that the recent announcements and groundbreaking of new major investments in Malaysia underscores the strong confidence that US companies have in Malaysia as a prime investment destination.

“US companies are attracted by Malaysia’s highly skilled workforce, widespread English proficiency, strategic location, and robust network of suppliers and supply chain partners,” he said.

He added that Prime Minister Datuk Seri Anwar Ibrahim and other key Malaysian leaders’ participation in the Asia-Pacific Economic Cooperation (Apec) 2023 underscored the fact that Apec remains as important as ever.

“After his return from San Francisco, the Prime Minister announced billions in new investment commitments from US companies, highlighting the tangible benefits of Malaysia’s engagement in Apec,” he said.

On October 24, Malaysia and the US acknowledged that the development of trade and economic relations is a key aspect of strengthening cooperation between the two countries and welcomed further discussion on trade and agriculture topics.

“The US welcomed Malaysia’s briefing on its efforts to increase sustainability through recognition of sustainable certification systems, including for timber and palm oil products.

“The countries have also pledged to explore possibilities for cooperation to improve sustainability,” the governments said in a joint statement on the sixth Malaysia-US Senior Officials’ Dialogue recently.

Both countries also highlighted their interest in exploring further cooperation in science and technology by recognising potential synergies in space, biotechnology, agriculture, small and medium enterprise development, capacity-building, healthcare cooperation, and vaccine research cooperation.

The US is one of the largest foreign investors in Malaysia, with direct investments totalling US$21.53 billion in 2023.

Source: Bernama

US-Malaysia economic ties generate 312,000 new jobs – Economic counsellor

Malaysia’s recognition as one of the 13 nations officially added to BRICS presents significant economic opportunities, opening doors to trade, investment, and cooperation with the world’s largest emerging markets, including Brazil, Russia, India, China, and South Africa.

Universiti Teknologi MARA’s Malaysian Academy of SME and Entrepreneurship Development (MASMED) coordinator Dr Mohamad Idham Md Razak said the move will give Malaysia access to these economies, boosting exports and attracting foreign direct investment (FDI) in sectors such as technology, infrastructure and energy.

“Opportunities for energy and infrastructure projects could arise, particularly with China and India, both of which are major players in renewable energy and technological advancements,” he said.

Apart from Malaysia, the other 12 partner countries in the bloc are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

Mohamad Idham said Malaysia could also capitalise on the growing demand within BRICS for products like palm oil, electronics and rubber, as these countries continue to expand their industrial and technological capacities.

“BRICS membership offers tremendous potential for Malaysia to expand its export markets and diversify trade, particularly within the bloc.

“It grants Malaysia access to alternative financial and investment markets, including the use of non-traditional currencies in trade, which could reduce reliance on Western financial systems and mitigate currency risks,” he said.

Additionally, Mohamad Idham said, Malaysia could leverage its diplomatic capital and neutrality as Asean chairman to encourage member states to form strategic alliances with BRICS, serving as a bridge between the two blocs.

However, BRICS integration can be a complex process that would require Malaysia to navigate geopolitical challenges and ensure its economic policies align with both regional and global interests, he said.

“Malaysia’s trade is still heavily Western-oriented, and balancing strategic alliances with BRICS alongside Western economies could pose challenges.

“Furthermore, the BRICS economies differ in terms of economic maturity, making it difficult to align trade policies, regulatory frameworks, and foreign direct investment strategies,” he said.

These challenges, he said, may prompt Malaysia to reassess its economic strategy by focusing on diversification, strengthening global supply chains, and enhancing diplomatic and economic relations with both developing and emerging markets.

“BRICS, often seen as a counterbalance to Western-dominated institutions like the International Monetary Fund and the World Bank, would give Malaysia a stronger voice in multilateral decision-making and in shaping a new global economic order.

“Ultimately, it could spur economic growth and diversification, positioning Malaysia as a key player in the Global South,” he added.

BRICS, originally comprising Brazil, Russia, India, and China, was established in 2009 as a cooperation platform for emerging economies. South Africa joined the bloc in 2010.

The bloc has since expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates.

BRICS represents about 40 per cent of the global population and accounts for a cumulative gross domestic product (GDP) of US$26.6 trillion, or 26.2 per cent of the world’s GDP, nearly matching the economic strength of the Group of Seven.

Source: Bernama

Malaysia set to unlock economic opportunities as BRICS partner country  – Academician

The proposed extension of the West Coast Expressway (WCE) from Banting, Selangor, to Gelang Patah, Johor, is set to drive economic growth in Johor, especially in the Free Commercial Zone (FCZ).

Johor’s State Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han, noted that the Johor-Singapore Special Economic Zone (JS-SEZ) and Forest City Special Financial Zone (Forest City SFZ) are among the economic initiatives that will benefit directly from the project.

“The positive impact of this project includes increased investment and trade activities in industrial and commercial areas along the WCE route.

“The WCE also improves access between the country’s two major ports, namely the Port of Tanjung Pelepas in Johor and Port Klang in Selangor,” he told Bernama today.

He added that the highway would facilitate the flow of goods and strengthen supply chains, thus attracting more domestic and foreign investors in the logistics and manufacturing sectors.

On Oct 18, Prime Minister Datuk Seri Anwar Ibrahim, while presenting Budget 2025, announced that the Banting-Gelang Patah WCE project would be prioritised next year through a Public-Private Partnership (PPP) approach.

Aside from the WCE, other projects utilising the PPP approach are the construction of Sultanah Aminah Hospital 2 in Johor and the Juru-Sungai Dua elevated highway in Penang.

Meanwhile, Johor Truck Operators Association (JTA) president Chai Pei Yoon said that the WCE would improve logistics efficiency and reduce traffic congestion between the capital and the southern region.

She said the project could strengthen the logistics sector cooperation between Malaysia and Singapore, further boosting trade activities between the neighbouring countries.

“JTA hopes that the government will consider the logistics industry’s needs in implementing this project to ensure the smooth transportation of goods.

“We believe the WCE project will bring long-term benefits to the logistics sector and the national economy,” said Chai.

Currently, the only highway linking Johor to the Klang Valley for road transport, including trucks, buses, cars, and motorcycles, is the North-South Expressway (PLUS), which has been in operation since 1994.

Source: Bernama

WCE to support Johor’s economic growth – Exco

Prime Minister Datuk Seri Anwar Ibrahim’s visit to Russia marked a strategic effort by the Madani Government to bolster Malaysia-Russia relations, broaden Malaysia’s geo-economic influence, and elevate its global economic standing.

The Ministry of Investment, Trade and Industry (MITI) stated that Anwar’s maiden visit successfully opened a new chapter in Malaysia-Russia relations, yielding significant benefits for both nations.

“The Prime Minister’s presence in Russia for the 9th Eastern Economic Forum in Vladivostok from Sept 4 to 5, 2024, provided Malaysia the platform to present its economic development efforts to the international community, particularly to Russian investors.

“These efforts, including the incentives offered to foreign investors, position Malaysia as an attractive investment destination,“ said MITI in a written response on Parliament’s website yesterday.

The ministry noted that the visit also underscored Malaysia’s reputation as a trade-friendly nation that champions openness and business-friendliness.

MITI was responding to a question from Tan Sri Abdul Hadi Awang (PN-Marang), who inquired about the economic, trade and geopolitical outcomes of the Prime Minister’s visit to Russia.

The ministry emphasised that the working visit was crucial in reinforcing existing trade relations and enhancing market access for Malaysian goods and services in Russia.

From a geopolitical standpoint, MITI described the visit as a strategic step to ensure Malaysia maintains a favourable position amid growing global competition.

“During the bilateral meeting with President Vladimir Putin, substantial discussions were held on areas such as the economy, higher education, tourism, the halal industry, and connectivity.

“The talks also explored expanding cooperation in emerging sectors, including energy transition, aerospace, science and technology, telecommunications, and Islamic finance,“ it said.

MITI stressed the need for Malaysia, as an open trading nation, to adopt a strategic approach in navigating complex geopolitical challenges, exploring new markets while preserving and expanding existing economic ties.

“Malaysia must continue efforts to seize opportunities and foster productive, pragmatic relationships with established trading partners while exploring new markets with non-traditional trading partners,“ the ministry added.

Source: Bernama

Anwar’s Russia visit expands Malaysia’s geo-economic reach, global cooperation – MITI

Malaysia has been recognised as one of 13 nations officially added to BRICS as a partner country, a bloc that collectively accounts for one-fifth of global trade.

According to an update from @BRICSInfo on X, the bloc officially added 13 new nations to the alliance as partner countries, though not yet as full members.

Apart from Malaysia, the other 12 nations were Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.

On June 18, Prime Minister Datuk Seri Anwar Ibrahim confirmed Malaysia’s intention to join BRICS during a discussion with Brazilian President Luiz Inacio Lula da Silva.

Later on July 28, he said Malaysia had submitted an application to Russia to join the BRICS intergovernmental organisation.

Russia currently chairs the bloc, which also includes Brazil, India, China and South Africa.

BRICS, originally comprising Brazil, Russia, India, and China, was established in 2009 as a cooperation platform for emerging economies, with South Africa joining in 2010.

The bloc has since expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates.

BRICS represents about 40 per cent of the global population and accounts for a cumulative gross domestic product (GDP) of US$26.6 trillion, or 26.2 per cent of the world’s GDP, nearly matching the economic strength of the Group of Seven (G7). (US$1 = RM4.34).

The G7 is an informal grouping of seven of the world’s advanced economies, namely Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.

Economy Minister Rafizi Ramli is scheduled to deliver the country’s national statement at the BRICS Outreach/BRICS Plus Summit in Kazan, Russia, on October 24, 2024.

Source: Bernama

Malaysia officially a BRICS partner country

Iskandar Malaysia has recorded committed investments of RM40.3 billion from January to September 2024, with realised investments reaching RM22.5 billion, said Prime Minister Datuk Seri Anwar Ibrahim.

He announced these figures following the 33rd meeting of the Iskandar Regional Development Authority (IRDA) earlier today.

Anwar, who is also finance minister, said the meeting also discussed key issues regarding the region’s future direction and initiatives, particularly the Johor-Singapore Special Economic Zone (JS-SEZ), which is expected to significantly boost the national economy.

“Using the Invest Malaysia Facilitation Centre Johor (IMFC-J) as a model, I emphasised the importance of efficient implementation in processes and approval timelines, in line with the government’s strategy to facilitate business operations,” Anwar said in a Facebook post.

He also said that Johor should leverage its role as the Asean 2025 Chairmanship, as several meetings would take place in the state.

“The benefits can only be fully realised through integrated and effective planning and execution,” he added.

Source: NST

Iskandar Malaysia secures RM40.3bil in investments from Jan to Sept – Anwar

The Japan Bank for International Cooperation (JBIC) is committed to supporting the Ministry of Investment, Trade and Industry in attracting high-quality investments from Japan, particularly in the sustainable energy sector and high-tech industrial development.

Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that such high-quality investments will help accelerate Malaysia’s economic growth.

“Close cooperation with the JBIC will strengthen Malaysia’s position as a regional investment hub for green technology and digital infrastructure.

“This move aligns with the goals of Budget 2025 to drive innovation and sustainability, providing significant benefits to the people and the national economy,” he said on X on Thursday.

Earlier, Zafrul met with a JBIC delegation led by its chairman and special adviser to the Japanese government, Tadashi Maeda.

Among the discussions were strategic opportunities in areas such as green energy, digital technology, and semiconductors, which are key focuses under the New Industrial Master Plan (NIMP 2030), the National Semiconductor Strategy (NSS), and the Green Investment Strategy (GIS), Zafrul noted.

Source: Bernama

JBIC committed to supporting M’sia in attracting high-quality investments from Japan, says Zafrul

A total of eleven Trade and Investment Missions (TIM), including six official visits led by Prime Minister Datuk Seri Anwar Ibrahim from January to September 2024, have resulted in potential investments totalling RM82.6 billion.

The Investment, Trade and Industry Ministry (Miti) said that of this amount, RM30.9 billion (37.41 per cent) in investment value has been approved, while RM26.8 billion (32.45 per cent) is expected to be finalised this year.

“An investment value of RM30.4 billion (36.80 per cent) is projected to be finalised between 2025 and 2027,” the ministry said in a written response on the Malaysian Parliament website today.

Miti was replying to a query from Datuk Muhammad Bakhtiar Wan Chik (PH-Balik Pulau), who sought clarification on the value and status of foreign investments realised compared with the announced figures following the Prime Minister’s foreign visits.

Countries visited during the period include Germany, France, Italy, Australia, Saudi Arabia, the United Arab Emirates, Qatar, Japan, India, Singapore and Thailand.

Miti stated that it maintains close monitoring and engages in strategic discussions with investors, as large investments require time to materialise and involve complex processes.

“This follow-up process is critical to ensuring that every investment commitment is realised within an optimal timeframe,” the ministry said.

In 2023, Miti, together with the Malaysian Investment Development Board (Mida), conducted 12 TIMs, including eight official visits led by the Prime Minister to countries such as Japan, the United States, Italy, and Singapore.

These missions resulted in potential investments totalling RM353.6 billion.

Of this amount, RM32.8 billion (9.28 per cent) in investments has been approved, expected to create over 6,400 job opportunities.

“An investment of RM29 billion (8.20 per cent) is expected to be finalised in 2024, while RM289.4 billion (81.84 per cent) is targeted for finalisation between 2025 and 2027,” the ministry added.

Source: Bernama

RM82.6 bln potential investments reported from PM’s investment promotion missions — MITI

The Japan Bank for International Cooperation (JBIC) has expressed its commitment to enhancing existing investments by attracting more Japanese investors to Malaysia, said Prime Minister Datuk Seri Anwar Ibrahim.

He said that JBIC, a Japanese government-owned institution, is currently actively discussing investments with local companies in various industries.

Earlier, Anwar received a courtesy visit from a JBIC delegation led by its chairman cum special advisor to the Japanese government Tadashi Maeda.

“I emphasised the importance of strengthening the friendship and close cooperation between Malaysia and Japan to explore more high-quality investments.

“This is to ensure that investment cooperation, particularly in the energy sector, is realised for the benefit of the people,” he said in a Facebook post.

During the meeting, Anwar revealed that they also exchanged views on green energy development, renewable energy, and the energy market.

The discussions also included the construction of data centres and investments in the digitalisation industry.

Source: Bernama

JBIC commits to enhancing Japanese investments in Malaysia — PM

The Ministry of Investment, Trade and Industry (Miti) will remain committed to driving international trade, investments of high quality and the development of innovative industries to spur sustainable economic growth in the country.

Minister Tengku Datuk Seri Zafrul Abdul Aziz said he welcomed Budget 2025’s goals as well as the allocated Rm2.184bil that has reflected the government’s confidence in the role that Miti has played so far.

“Miti welcomes the implementation of the New Investment Incentive Framework, which is set to be introduced in the third quarter of 2025.

“We are also appreciative of the Rm200mil for the Strategic Co-investment Fund and the NIMP Industrial Development Fund,” he said in a statement.

According to Tengku Zafrul, some of the bigger plans include the Rm1bil allocation from Khazanah Nasional Bhd that will continue strengthening Malaysia’s position in the semiconductor sector that is expected to hit RM1 trillion by 2030.

He also said the expansion of tax incentives for integrated circuit design is also likely to stimulate the electric and electrical exports.

“With the aim to continue the digitisation journey, Miti welcomes the Rm10mil for the adoption of Aartificial intelligence (AI) in academia which supports the National Artificial Intelligence Office,” he said.

In the electric vehicle (EV) space, Tengku Zafrul said the Rm10mil allocation, for the extension of completely knocked down electric motorcycle usage incentive scheme which provides a rebate of up to RM2,400, will be continued by Malaysia Automotive Robotics and IOT Institute.

“The adoption of EVS by Malaysians will also be expanded through the pricing of Malaysia’s first EV, currently being produced by Perusahaan Otomobil Kedua Sdn Bhd at less than RM100,000,” he noted.

On carbon tax to be introduced in 2026, Tengku Zafrul said it would encourage the iron and steel industry to transition to low-carbon production, including carbon capture, utilisation, and storage technology.

Source: The Star

Zafrul: Govt shows confidence in the role of Miti

Almost all KPIs have been met but there is still much work to be done, says Zafrul

THE Investment, Trade and Industry Ministry is confident that it can achieve the primary targets set for the first year of the New Industrial Master Plan (NIMP) 2030.

Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said this stemmed from the fact that three key targets had shown impressive progress since last year.

“Based on the NIMP 2030 launched on Sept 1 last year, the value-added contribution of the manufacturing sector to the gross domestic product has increased by 4.7 per cent, amounting to RM4.2 billion.

“Employment has also risen by 0.9 per cent, or 200,000 workers, as of the second quarter of this year compared to the same quarter last year. Additionally, the median salary in the manufacturing sector increased by 8.2 per cent, or RM201, as of the first quarter, year-on-year.

“Almost all key performance indicators (KPIs) for 2024 have been met,” he said after presenting the ministry’s third quarter report card yesterday.

However, Tengku Zafrul said there was still much work to be done.

He said time was running short and the economic environment was becoming more challenging.

Under NIMP 2030, the ministry aims to achieve a value-added contribution of RM587.5 billion from the manufacturing sector, create 3.3 million jobs and raise the median salary to RM4,510.

According to the report card, Malaysia approved RM6.2 billion in green investments through the Malaysian Investment Development Authority in the first half, focusing on renewable energy, energy efficiency and circular economy initiatives.

The effort resulted in 436 projects that would create 3,843 jobs, with 82.1 per cent already implemented.

The ministry also said domestic investments had shown promise with significant projects like Asiabina Solar Sdn Bhd investing RM200.4 million in a solar project in Parit Buntar, Perak.

Foreign investments include a new semiconductor manufacturing facility by Silware Precision Malaysia Sdn Bhd in Penang projected to create 3,000 jobs.

The ministry also said trade performance was robust, with total trade reaching RM2.139 trillion from January to September.

This included RM1.115 trillion in exports and RM1.024 trillion in imports, resulting in a trade surplus of RM91.21 billion.

Notable trade initiatives like the Malaysia International Halal Showcase generated significant sales.

Additionally, regulatory reforms across 27 ministries led to cost savings of RM561.5 million for businesses.

Source: The Star

Ministry Confident of Hitting Main Targets

Investment, Trade and Industry Ministry will announce details of the new Investment Incentive Framework in the first quarter of next year (1Q25).

Its minister Tengku Datuk Seri Zafrul Abdul Aziz said work on the framework has already begun this year and will be presented at the National Investment Council in December.

He added that there are several reasons why the framework needs to be reviewed. This includes the need to update how investments are assessed.

He noted that investments entering the country must add value to the economic sector by benefiting local companies and providing quality job opportunities.

Tengku Zafrul said in terms of sustainability, investments must be in sectors that do not produce high carbon emissions.

“Furthermore, we must also be prepared as Malaysia is one of the countries that agreed to implement a global minimum tax of 15 per cent next year,” he told reporters after announcing the ministry’s report card for the third quarter of 2024 here today.

“Therefore, we can no longer attract investments by offering tax exemptions of up to zero percent, and there must be other incentives such as focusing on talent and green sectors. 

“So fundamentally, it is a new way to look at incentives. Incentives can no longer be given in bulk but must be targeted at industries that can genuinely help enhance the country’s economic value,” he added.

The government announced the framework during the presentation of the 2025 Budget last Friday.

It will focus on high-value activities instead of existing product-based incentives and is set to be implemented in 3Q25.

The framework aims to enhance diversity in the electrical and electronic sector through high-value-added activities such as integrated circuit (IC) design services and advanced materials, along with tax incentives to promote exports related to IC design activities.

Source: NST

Details on new investment incentive framework in Q1 2025: Tengku Zafrul

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz remains committed to increasing the productivity of his ministry to ensure that Malaysia continues to be an investor and trade-friendly country.

According to him, as a result of the Ministry of Investment, Trade and Industry’s (MITI) community, the ministry has received two certificates of appreciation from the Chief Secretary to the Government for completing the Guidelines for Self-Regulation of the Electric Vehicle and Battery Management Industry and reducing the approval period for the Regulatory Impact Statement (RIS) Process.

The approval period for RIS has been reduced from two months to 10 days, he said in a press conference to present the MITI report card for the third quarter of 2024 here on Monday.

Tengku Zafrul added that the improvement of rules and processes also saw 166 projects registered under the Bureaucracy Red Tape Reformation effort, with estimated cost savings on regulatory compliance for the citizens and businesses amounting to RM561.5 million.

“In terms of improving business regulations, as of September 2024, the Malaysia Productivity Corporation (MPC) has achieved savings of RM922 million under the Good Regulatory Practices (GRP). ”This effort will continue to increase the productivity of the agencies under the supervision of MITI,” he said.

Among the key performance indicators (KPIs) under the GRP are potential cost savings for registered projects, number of regulatory reform projects registered, number of regulatory reform projects completed and cost savings for completed projects.

Source: Bernama

Tengku Zafrul Committed To Increasing Productivity Of MITI, Agencies