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Chile’s move to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) opens up a big opportunity for Malaysian businesses, said Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz.

The agreement will enter into force for Chile, a country in the western part of South America, on Feb 21, 2023.

“Chile has ratified the CPTPP. The agreement will enter into force for Chile on Feb 21, 2023.

“A big opportunity for Malaysian businesses to take advantage of the preferential duty rates for goods that are exported to and imported from Chile,” he tweeted today.

The CPTPP is a trade pact between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The trade deal came into effect for Malaysia on Nov 29, 2022, and its comprehensive scope includes traditional market access areas as well as factors such as labour, environment, state-owned enterprises, government procurement, intellectual property, electronic commerce, and small and medium enterprises.

Source: Bernama

Chile ratifies CPTPP, a big opportunity for Malaysian businesses: Tengku Zafrul

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Samaiden Group Bhd’s wholly-owned subsidiary, Samaiden Capital Management Sdn Bhd’s first solar investment project at Sunway Nexis has commenced operation today.

In a statement, the clean energy solution specialist said it would operate and maintain the rooftop solar photovoltaic (PV) system with an installed capacity of 531 kilowatt-peak (kWp) for a duration of 20 years.

Based on the generation of 12.5 million kilowatt hour (kWh) over the 20-year period, this can reduce approximately 8,400 tonnes of carbon emissions.

Group managing director Chow Pui Hee said: “As part of the diversification plan for our group, we are delighted to see the completion of this first investment project, in which the power purchase agreement (PPA) was signed with Perbadanan Pengurusan Sunway Nexis (Sunway Nexis Management Corporation) back in December 2021.”

“This is a remarkable milestone for us as this facility will contribute positively to our revenue and cash flow on a recurring basis for 20 years,” she added.

Meanwhile, Sunway Nexis Management Corporation chairman Teo Poh Heng said Sunway Nexis was happy to partner with Samaiden as the solar PV investor as this will certainly help to raise awareness of renewable energy (RE) and its benefits to the owners and tenants of the building.

“I must thank Samaiden for taking this bold initiative to invest in Solar PV for Sunway Nexis as this is in line with our nation’s initiative on implementing environmental, social and governance (ESG) principles in the workplace. It starts with wise and timely corporate decisions that has long-term repercussions for all concerned.”

Source: The Star

Samaiden starts operation of 531 kWp rooftop solar PV plant

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Sumitomo Corporation is exploring investment opportunities in Sarawak by leveraging on green hydropower to produce green fuel and in turn manufacture green products, said Datuk Amar Awang Tengah Ali Hasan.

The Deputy Premier revealed this in a statement following his meeting with Sumitomo Corporation on the third day of his official visit to Tokyo, Japan.

“Such investments are welcomed as they are in line with our Post Covid-19 Development Strategy.

“The government will facilitate the investments,” he said.

Awang Tengah, is Minister for International Trade, Industry and Investment (Mintred) and Second Minister for Natural Resources and Urban Development.

The statement said Sumitomo Corporation has a presence in Sarawak through involvement in other projects and is familiar with the comparative advantages that Sarawak has to offer.

Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has said Sarawak will continue with its green economy approach as part of the state’s contribution to help reduce global warming due to climate change.

Source: Borneo Post

Japan’s Sumimoto Corporation exploring green investments in Sarawak

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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), among others, improves access to a wider range of competitively-priced raw materials and intermediate goods from CPTPP countries, which feed into finished products that are either exported or sold domestically.

“As such, the rakyat as consumers will also be able to enjoy quality products at competitive prices,” the Ministry of International Trade and Industry (Miti) said in a statement today.

The CPTPP came into effect in Malaysia on Nov 29, 2022.

A total of eight countries have implemented the agreement, namely Australia, Canada, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.

The ministry said the deal would also facilitate capital flows into the country, which in turn would create quality and high-skilled jobs as well as economic opportunities for Malaysians.

“Better investment ecosystem through capacity-building which will enhance Malaysia’s attractiveness as an investment destination. Improved protection, predictability and transparency for Malaysians to invest in CPTPP countries,” it said.

It said the agreement would also give Malaysian professionals’ the ability to export their services through mutual recognition of professional qualifications, licensing or registration, through the Guidelines for Mutual Recognition Agreements (MRA) or Arrangement for Professional Services.

“Better facilitation of cross-border movement of appropriately qualified professionals in several service-based sectors that are of key interest to Malaysia, such as accounting, engineering, architectural, legal, medical and dental services,” it said.

In particular, it said the facilitation mechanisms offered by the CPTPP would effectively reduce barriers encountered by business professionals at the borders of CPTPP countries.

It said this would facilitate business travel or relocation on a temporary basis for specific categories of professionals involved in trade and investment activities.

“Equally important are the technical assistance and capacity-building programmes incorporated in the agreement, which will help develop local capabilities in sectors such as automotive, electrical and electronics, chemicals, optical and scientific equipment as well medical devices,” it said.

It said as a full Party to the Agreement, Malaysia is now able to participate effectively in the ongoing accession negotiations with the United Kingdom.

Additionally, it said given the imminent accession by China, Chinese Taipei, Ecuador, Costa Rica and Uruguay, Malaysia has the right to participate in the accession talks with these countries to obtain maximum benefits for the country.

It added that all agencies within Miti’s ecosystem are also ready and well-equipped to assist Malaysian exporters, producers; investors and services suppliers; business communities and professionals; as well as small and medium entreprises (SMEs) to harness the full potential and benefits of the CPTPP.

Source: Bernama

CPTPP to benefit consumers with competitive prices, quality

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Penang, as the Silicon Valley of the East, will continue to benefit from the evolvement of technology and supply chain reconfiguration due to the strong ecosystem and strong track record in investment attraction, says InvestPenang.

Datuk Seri Lee Kah Choon, special adviser to the Chief Minister of Penang, said that sharp policies and quick implementation are key in enabling Penang to seize the opportunities arising from the megatrends and becoming more vertically integrated into the world map of technology.

“While we continue to uphold Penang’s competitive edge by strengthening our existing semiconductor clusters, strategies are also in place for Penang to penetrate into the upstream activities such as integrated circuit design and front-end equipment manufacturing as well as to enhance the robustness of our semiconductor supply chain.

“Looking at the past, there is much to be encouraged about, and to motivate us to do even better in the coming year. The state’s well-developed industrial ecosystem not only enable us to move up the value chain, but also opens up countless opportunities in other areas,” he said in a press conference titled ‘Year 2023: Seize opportunities towards the next leap’ here today.

He said Penang aspires to be a global innovation hub and it is making significant progress with the growing presence of global leaders that have opted for Penang to conduct their research, design and development activities.

On top of that, he said Penang is also seeing an emergence of knowledge-based solution providers that brings efficiency and flexibility to the traditional business models.

Aside from food manufacturing, Lee said Penang has been nurturing players in the foodtech and agritech sectors to drive farming efficiencies and to ensure their sustainability, which includes the use of sensors, data analytic applications, water and waste management solutions, among others.

“Despite uncertainties in macroeconomic environment, Penang, being the economic powerhouse of the country, is in a good position for its stakeholders to unleash greater potential and progress steadily.

“The massive investment inflows into Penang have demonstrated investors’ continued confidence in the state. Particularly, Penang has garnered a total of RM149 billion approved manufacturing investment over the past 10 years (2012 – 2021) and recorded its all-time high of RM76 billion in 2021,” he added.

Source: Bernama

Penang to continue benefitting from tech evolvement, supply chain reconfiguration

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Malaysia and Japan will be working together on energy transition and other pertinent issues, including climate change and ageing society, said Japan’s ambassador to Malaysia, Takahashi Katsuhiko.

In his latest post on Twitter, Takahashi said he met Economy Minister Mohd Rafizi Ramli and these issues were discussed.

“Good discussion on energy transition as well as other issues such as digital, climate change, disaster risk reduction and ageing society.

“Looking forward to working closely together on these issues,” he said.

According to data from the Ministry of International Trade and Industry, Japan is one of Malaysia’s top sources of foreign direct investment in terms of implemented manufacturing projects, with a total investment value of US$688 million (US$1=RM4.405) recorded from January to June this year.

In October 2022, trade with Japan jumped 21.8 per cent year-on-year to RM15.92 billion and accounted for 6.5 per cent of Malaysia’s total trade.

Source: Bernama

Japan, Malaysia to cooperate on energy transition, various issues, says ambassador after meeting Rafizi

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Malaysia has retained its first place in the overall ranking of global Islamic Finance Development Indicator (IFDI) for the tenth consecutive year, said the Malaysia International Islamic Financial Centre (MIFC).

In a statement, MIFC said according to the recently published Islamic Corporation for the Development of the Private Sector (ICD)-Refinitiv IFDI Report 2022, Malaysia also ranked first in four sub-categories, namely financial performance, governance, awareness and sustainability.

The report also covers the industry’s growth prospects. The global Islamic finance industry has total assets worth US$4 trillion (US$1=RM4.43) in 2021. This is expected to reach US$5.9 trillion by 2026, the statement said.

According to the report, Malaysia ranked first with a total IFDI 2022 score of 113 points, ahead of Saudi Arabia in second place at 74 points, Indonesia (61 points), while Bahrain and Kuwait both shared 59 points.

The IFDI provides Islamic finance stakeholders such as governments and financial institutions a detailed analysis of the key factors driving the growth and development of the industry worldwide.

The global IFDI 2022 measures the performance of 136 countries in five categories, namely financial performance, governance, sustainability, knowledge and awareness.

“The average score for the 136 countries is nine; 38 countries scored above the average while the majority fell below nine.

“Due to the change in the IFDI methodology this year, the scores and rankings are not comparable with previous years,” said the report.

The report highlighted that Malaysia’s biggest Islamic finance ecosystem strengths are awareness, knowledge and sustainability. Saudi Arabia followed closely after Malaysia.

Indonesia showed a strong performance in knowledge and scored well in governance, it secured third place.

The other countries in the top 10 include Bahrain, Kuwait, United Arab Emirates, Oman, Pakistan, Qatar and Bangladesh.

Source: Bernama

Malaysia top of the chart in global Islamic finance ranking for 10th year

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The Gamuda Bhd and John Holland Pty Ltd joint venture has been awarded a A$1.03bil (RM3.03bil) design and construct job for the M1 Motorway extension to Raymond Terrace: Black Hill to Tomago Works, by Transport for New South Wales (NSW), Australia.

Based on the 60:40 (John Holland/Gamuda) respective revenue sharing deal, Gamuda’s revenue portion would be A$411mil (RM1.21bil).

In a Bursa Malaysia filing, Gamuda said the job involved 10km of greenfield dual carriageway motorway between the M1 Motorway at Beresfield and Tomago.

It will also involve major interchanges at Black Hill, Tarro and Tomago, and the construction of nine bridges including a 2.6-km viaduct across the Hunter River and flood plain.

Gamuda added that planning and detailed design would start immediately, with site investigations and utilities work in mid-2023.

“The project is expected to contribute positively to the revenue and earnings of Gamuda for the financial year ending July 31, 2023 (FY23),” said the group.

John Holland is one of Australia’s leading building, infrastructure, rail and transport companies.

John Holland’s parent company, CCCI, is a wholly owned subsidiary of China Communications Construction Company Ltd (CCCC), one of the world’s largest infrastructure and engineering companies.

Meanwhile, Seymour Whyte Constructions will build the 5km northern section that bypasses Heatherbrae (for the new M1 Pacific Motorway extension to Raymond Terrace).

A statement by Transport for NSW said the project is being delivered using two collaborative design and construct contracts to ensure innovation, efficiency and value for money in bringing this extension to life.

The Australian and NSW governments are jointly funding the A$2.1bil (RM6.27bil) M1 Pacific Motorway Extension to Raymond Terrace project on an 80:20 basis.

The extension is expected to be open to traffic in mid-2028.

Meanwhile, in a recent report, TA Research said following the disposal of the toll business, Gamuda is now left with two engines of growth – the construction and property divisions.

“With a record high outstanding order book and strong property unbilled sales, we expect the group to continue posting decent earnings performance in the upcoming quarters,” said the research unit.

As of end-October 2022, Gamuda’s outstanding construction order book improved from RM14bil a quarter ago to another record high of RM14.8bil.

“The strong outstanding order book can provide earning visibility up to FY27.

“The overseas projects accounted for 78.4% of the outstanding order book,” said TA Research.

Meanwhile, Gamuda’s management maintains its ambitious new job win target of a total of RM25bil over the next two years.

On the domestic front, despite the recent change in the new government, the group is confident that both the Mass Rapid Transit 3 or MRT3 and Penang South Islands projects will proceed eventually.

For the overseas market, Australia is expected to be a major source of order book over the next decade.

Also, the group intends to increase its exposure to green infrastructure investment.

“A RM2bil budget has already been allocated for investment in this space over the next five years.

“In addition, the group has started to look for renewable energy opportunities in oversea markets,” said the research unit.

As for Gamuda’s property division, it recorded a 43% year-on-year drop in sales to RM480mil in the first quarter of FY23.

This was because the top-selling projects such as OLA and Celadon City were almost fully sold.

“The management remains confident that the property division can hit the sales target of RM4.5bil for FY23.

“This is thanks to newer projects,” said TA Research.

Unbilled property sales eased slightly from RM6.2bil a quarter ago to RM5.8bil.

Source: The Star

Gamuda JV wins RM3bil Aussie project

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The Ministry of International Trade and Industry (Miti) is prepared to assist and support Malaysian industries and exporters and help the rakyat reap the numerous benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into effect on Nov 29, 2022 for Malaysia.

The CPTPP free trade agreement (FTA) came into effect for Malaysia on Nov 29, 2022 and its comprehensive scope includes traditional market access areas as well as factors such as labour, environment, state-owned enterprises, government procurement, intellectual property, electronic commerce, and small and medium enterprises (SMEs).

In a statement on Thursday, Miti said Malaysia would benefit from preferential duty rates for goods that are exported to and imported from the eight CPTPP member countries — Australia, Canada, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam — that have implemented this agreement.

It said that the preferential duty rates taking effect immediately would be:

(a) Full duty-free treatment to all Malaysian exports entering Singapore and Australia.

(b) Duty-free treatment on 96% of our exports and tariff lines to New Zealand presently, which is set to increase to 100% by 2024. Notably, Malaysian products across all sectors can enter the New Zealand market at zero duty, except for products such as textiles and processed wood which will become duty-free by 2024.

(c) Malaysian exports to Japan are subject to duty-free treatment for 86% of tariff lines, which will increase to 100% by 2038.

(d) Duty-free treatment for 88% of Malaysian tariff lines to Vietnam, set to be at 100% by 2033.

Miti said the CPTPP would allow Malaysian exporters to benefit from duty-free treatment for the majority of tariff lines to three new markets, Canada, Mexico and Peru, with whom Malaysia did not have any prior FTA.

“Canada will progressively eliminate duties on the remaining tariff lines by 2029, while Mexico and Peru by 2033,” it said.

Miti said notable Malaysian exports that would clearly benefit from zero duty include automotive parts and components, textiles and footwear for the Mexican market.

“Other sectors are cocoa-based products, rubber products, palm oil and plastics for the Peruvian market,” it said.

Miti said for Malaysian businesses to enjoy CPTPP preferential tariffs, they must obtain a Certificate of Origin (CO) from the ministry.

“To qualify for the CO, Malaysian exporters to CPTPP countries are required to comply with the corresponding Rules of Origin (ROO) requirements,” it said.

Miti said inputs and raw materials sourced from all CPTPP countries are recognised as originating content.

“This enables companies to tap into diverse, more efficient and cost-effective regional supply chains.

“In facilitating ROO compliance, the CPTPP also presents exporters with multiple choices of Regional Value Content (RVC) calculation methods,” it added.

Source: Bernama

MITI ready to help industries, exporters reap CPTPP’s numerous benefits

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DUFU Technology Corp Bhd’s wholly owned unit, Dufusion Sdn Bhd, has entered into two sale and purchase agreements with Merbau Sejati Sdn Bhd to acquire manufacturing plants in Penang for RM45.37 million in total.

In a stock exchange filing today, Dufu said the properties, which has a combined land area of 21,732 sqm, comprise two units of single-storey detached factory with a double-storey office building.

Dufu said the acquisition enables it to increase its production capacity to expand its existing business activities in metal fabrication, machining and assembly.

Dufu pointed out that the group’s production space at the existing Bukit Minyak plant has been well utilised, leaving minimal room for expansion.

“In addition, the acquisition will place Dufu group in a better position to take up more business opportunities. Dufu group will also enjoy an increased competitive edge by increasing its production capacity and derive economic value through improved economic of scale,” it added.

Dufu said the acquisition is expected to be completed within 36 months from the date of the agreement.

Source: The Malaysian Reserve

Dufu Technology buys manufacturing plants in Penang

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Taiyo Yuden Co Ltd’s (Taiyo Yuden) continued expansion in Sama Jaya here will make Sarawak the largest of its global manufacturing bases, said Deputy Sarawak Premier Datuk Amar Awang Tengah Ali Hasan.

The Minister for International Trade, Industry and Investment and Second Minister for Natural Resources and Urban Development also said Taiyo Yuden’s expansion in Sama Jaya is a reflection of their confidence in the Sarawak government.

“We welcome Taiyo Yuden’s investment and assure the company that the Sarawak government will facilitate their expansion to ensure the project can be successfully implemented in Sarawak,” added Awang Tengah in a statement today.

Following the plans by Taiyo Yuden for Sarawak, Awang Tengah met with president and chief executive officer of Taiyo Yuden, Shoichi Tosaka, at its plant in Niigata, Japan.

During the second day of Awang Tengah’s official visit to Japan, he was given a tour of Taiyo Yuden facilities in Niigata, which deploys Taiyo’s most advanced manufacturing process and which will be replicated at Taiyo Yuden’s new Sarawak plant.

“On behalf of the Sarawak government, I would like to thank Taiyo Yuden for its huge reinvestment in Sarawak, even during this period of global economic uncertainties and geo-political tensions,” said Awang Tengah.

Awang Tengah thus welcomed Taiyo Yuden’s investment and assured the company that the Sarawak government will facilitate their expansion to ensure the project can be successfully implemented in Sarawak.

Apart from Sarawak and Japan, Taiyo Yuden has operations in South Korea and China, to produce multi-layered ceramic capacitors to meet global demand for the electronic products.

Also present during Awang Tengah’s visit in Niigata were Sarawak Deputy Minister for International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh, Ministry of International Trade, Industry and Investment Sarawak advisor Datuk Mohd Naroden Majais, Sarawak Ministry of Natural Resources and Urban Development permanent secretary Datu Zaidi Mahdi, Land and Survey Department director Datuk Abdullah Julaihi and other officials from Sarawak.

Source: The Borneo Post

Awg Tengah: Sarawak to be Taiyo Yuden’s largest global operating base

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Demand for electric vehicles (EVs) is expected to grow sharply in 2023, due to tax incentives as well as potential launches of more accessibly priced EVs.

Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad noted that as at October 2022, a total of 2,093 units of EVs had been registered.

In a recent note, Fitch Solutions forecast passenger EV sales in Malaysia to grow rapidly in 2023, albeit from a low base, due to government tax incentives to boost adoption.

The research unit expects passenger EV sales in Malaysia to jump 45.6% in 2023 to 4,449 units.

“MAA believes we can reach this (Fitch Solutions’ forecast) sales in 2023, with the current tax incentives on completely knocked-down (CKD) and completely built-up (CBU) vehicles,” Aishah told StarBiz.

In Malaysia, there are import and excise duty exemptions for battery electric vehicles (BEVs). The exemptions will last until Dec 31, 2025 for locally assembled models, but only until the end of 2023 for CBU vehicles.

In the recently tabled Budget 2023, there was a proposal to extend the exemptions for CBUs by another year.

Meanwhile, International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz also said recently that the government strongly supports the EV agenda.

Tengku Zafrul was quoted as saying the government was driving efforts to attract EV investments and aims for EVs and hybrid vehicles to consist 15% of total industry volume (TIV) by 2030, and 38% of TIV by 2040.

Tengku Zafrul added that the government wants 10,000 public charging stations for such green vehicles by 2025.

Aishah said such targets are achievable, provided all tax incentives for EVs remain and the government’s plans for public charging stations installation throughout Malaysia are implemented, as well as all needed infrastructure for the growth of the EV segment is put in place as targetted in 2023 and beyond.

“I do hope the current government continues to emphasise and encourage EV sales,” she said.

Tradeview Capital Sdn Bhd CEO Ng Zhu Hann also said he is positive on the outlook for BEVs and green vehicles in Malaysia.

“It is still at its nascent stage, but increasingly, we are seeing the private sector leading the adoption of BEVs in the country. The car makers are also bringing in new models, in line with the favourable government tax incentives and policies which make prices competitive, hence attracting consumers interest,” said Ng.

He also noted that there was rising awareness about climate change and the importance of the green agenda, which are shifting consumers’ preferences.

“Apart from buying BEVs for the sleek design and futuristic features, doing good and contributing back to the society in terms of lowering carbon emission do resonate with people,” said Ng.

On the government’s target of increasing sales of EVs and hybrid vehicles, Ng said this is possible considering that the past year’s sales performance have not taken into account of the recovery from semiconductor components shortage.

“This means, if the supply chain disruption in the EV sector can be resolved, these automakers should be able to fulfill orders quicker with shorter turnaround time.

In addition, there is an important factor that will help with mass adoption. The rollout of EV charging infrastructure is the key to spur wider adoption,” he said.

However, Ng pointed out that “range anxiety” or the limited travel range for BEVs on a single charge remains a concern for car buyers, especially for frequent inter-state motorists.

“If the government can work hand in hand with the private sector to alleviate such concerns, I believe BEVs’ growth in the coming years will remain intact. We are seeing initiatives such as Tenaga Nasional

Bhd’s Elektron, Petronas’ Gentari, and Shell ReCharge coming up and hopefully, more will enter the industry to ensure easy access and convenience for BEV road users,” he said.

Meanwhile, Fitch Solutions also forecasted that plug-in hybrid electric vehicles (PHEVs) would lose some market share in Malaysia in 2023, due to more launches of battery electric vehicles (BEVs).

The research unit said EV sales in Malaysia could exceed 1% of total industry volume (TIV) by 2024, as growing demand for both PHEVs and BEVs accelerates EV adoption.

Fitch Solutions added that Malaysia is well positioned to increase the assembly of battery packs as companies take advantage of higher demand for EV batteries.

Also, the research unit noted that Kuala Lumpur City Hall (DBKL) has ordered 60 electric buses from SKSBus Group, which will be delivered in stages starting 2022, while MAN Truck & Bus (M) Sdn Bhd,

beginning in 2023, will offer zero-emission, all-electric bus chassis as well as conventional bus chassis powered by low-emission Euro V engines as the company continues to drive changes in Malaysia’s public

transportation sector toward sustainable mobility.

Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad had said recently that the government will look into ways to bring affordable electric vehicles (EVs) priced less than

RM100,000 into the local market to benefit the people.

Nik Nazmi noted that the prices of most EVs in the local market are beyond the means of the vast majority of Malaysians.

Bernama had reported Nik Nazmi as saying that Proton would be introducing Geely produced EVs and such vehicles may be offered at lower prices if they are locally assembled.

Nik Nazmi added that the expansion of the EV industry in the country was also part of the government’s efforts to achieve a low-carbon future, and the ministry would look into ways to improve Budget 2023

or Budget 2024 to include incentives for more Malaysians to own EVs.

Meanwhile, Maybank Investment Bank (IB) Research said in a recent report that electrification will continue to be a key agenda for Malaysia’s automotive sector – a key magnet to attracting new foreign direct

investments (FDIs).

“Malaysia’s EV push is gaining momentum. The adoption rate is improving post the EV tax incentives support, with increasing new BEV, hybrid electric vehicle (HEV), and PHEV model launches as well as

faster rollouts of fast public chargers (DCFCs),” said the research unit.

Maybank IB Research pointed out that the country’s xEVs’ adoption rate is at 2.6% currently.

xEV is the generic name for electromotive vehicles such as HEVs, PHEVs and fuel-cell electric vehicles (FCEVs).

“The four-wheelers xEVs and BEVs adoption rate as at October 2022 stood at 2.6% and 0.3% respectively, which is decent compared with Asean peers,” said Maybank IB Research.

The research unit pointed out that EV policies need to be continuously updated to future-proof growth.

“While Malaysia’s goals are relatively decent and achievable for a start, a more defined, continuously strong, progressive, competitive and forward-looking policy will see a greater push towards electrification, which, in our view is still lagging its Asean counterparts, such as Thailand, Indonesia and Singapore for now,” said Maybank IB Research.

Source : The Star

EV demand seen to soar in 2023

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The new Perlis government will continue to turn the state into a logistics hub by capitalising on its strategic position bordering Thailand and the existing railway facilities.

Menteri Besar Mohd Shukri Ramli said his administration has identified several aspects that could be developed to improve the state’s socioeconomic landscape.

“Through a cooperation between the state government and the North Corridor Implementation Authority (NCIA), we will continue with the Perlis Inland Port (PIP), a high-impact strategic project in realising the vision to turn Perlis into a logistics hub.

“The PIP is a catalyst to develop an investment ecosystem with the support of other mega projects such as the Chuping Valley Industrial Area, the Universiti Kuala Lumpur Asia Sustainable Transportation Institute and the Northern Corridor Highway (NCH).

“To support all these, the state government will also focus on the development of human capital by equipping local talents with skills, particularly the youths,” Shukri (Perikatan Nasional-Sanglang) said during the 15th Perlis State Legislative Assembly meeting here today.

He was responding to a question from Mohd Ridzuan Hashim (Perikatan Nasional-Guar Sanji) on the PN government vision in developing infrastructure and human capital in Perlis.

Shukri said it was imperative to develop local human capital so that the people of Perlis could reap benefits from developments in the state.

“The state government set a vision of ‘Perlis as a High-Income State by 2030’.”

The state is working with NCIA on human capital development programmes for the people in Perlis.

“The programmes include the NCER Talent Enhancement Program, the empowerNCER Programme — Skills and Entrepreneurship Training, the NCER entrepreneur and the Entrepreneur Development Programme through Investors/Holding Companies (training and contract entrepreneurs).

“In order to strengthen the civil service in this state, several programmes and projects to develop human capital were designed and implemented such as the Mentoring Programme, Workplace Attachment Programme, Availability of Civil Servants in the Digitalisation Era and Innovation Culture Empowerment.

“We are also encouraging the people to equip themselves with business knowledge and venturing into business,” he said.

Source : New Straits Times

Perlis state government committed to logistics hub agenda

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Malaysia has to embrace Industrial Revolution 4.0 (IR4.0) wholeheartedly and not in a piecemeal fashion if the country wants to move into a 21st-century-based economy.

Universiti Tun Abdul Razak economist Dr Barjoyai Bardai said when people speak about IR4.0, it may seem confusing to them, but to put it simply, it is about adopting technology which can help them move onto the next stage.

He said the government has been talking about a 21st-century economy for a long time, but it has been very slow in adopting and promoting it.

“IR4.0 is about the Internet of Things, artificial intelligence (AI) and Big Data Analytics. The country lacks the expertise and manpower to quickly implement IR4.0.

“The bulk of the workforce, or about 60%, are unskilled. So, the government needs to upskill them while simultaneously introducing IR4.0. The country needs to invest in digital skills if it wants to move forward.”

Barjoyai said to cut reliance on foreign workforce, for example, plantations and the government can invest in robots to harvest oil palm brunches, adding that huge investments are needed to build, operate and maintain such robots, and many companies are reluctant to make such investments, which are part of IR4.0.

“They feel they can continue to rely on cheap labour, which can be dangerous in the long term. As the world moves forward, we too need to move in tandem by placing importance on technology.”

He pointed out that 3D printers can help companies reduce costs. Machinery parts need to be imported from abroad, but with a 3D printer, the foreign supplier can simply send the parts as a programme that can be downloaded and produced using the 3D printer.

Barjoyai said today, changes are happening fast with IR4.0. With simple instructions, a programme can develop a webpage for content and marketing.

Economy Minister Mohd Rafizi Ramli said Malaysia needs to shift to a 21st-century economy based on digital technologies, added value, creativity, and innovation from an economy based on commodities and low-value manufacturing.

On Monday, he expressed hope that within the next five years, we can shift the government’s dependence from only a few financial sources to a combination of stronger, sustainable, diverse and progressive sources of income.

Mohd Rafizi said Malaysia needs to build an economic ecosystem that is fair to workers and offers wages that are commensurate with qualifications and experience so that the country has mobility and marketability opportunities up to the international level.

SME Association of Malaysia president Ding Hong Sing said his association realises the importance of IR4.0 but many SMEs are small-scale operations that do not have the funds to invest in it.

He said state-of-the-art machines can take SME production to a higher level, but the cost of such machines is about RM500,000, which is beyond the affordability of SMEs.

“The government must help SMEs transit to IR4.0. At the moment, most SMEs are at 1.0 and need to move to 2.0 before getting involved in IR4.0, which could take a few years.”

Ding said the government needs to provide finance to SMEs to help them buy IR4.0 machines and tools.

Universiti Utara Malaysia economics professor Dr K. Kuperan Viswanathan said IR4.0 technologies are developing at such a fast pace that at present, it is a catch-up game for not only Malaysia but also many other countries.

He said the pace of technology development is so fast that even highly educated people and those who know about IR4.0 are finding it hard to keep up with the changes.

It is important for the Education Ministry to determine how it can help students embrace IR4.0 and its rapid advances.

“The 21st-century economy is all about the digital economy and how a country can harness it and sell services created by IR4.0 to a worldwide audience. The digital economy can cover the medical, education and services sectors too. If the country has specialised tutors in certain fields, content can be created and sold to those who lack such expertise.”

He said today, it is all about doing things in real time, which forms the core of IR4.0.

Kuperan added that to get Malaysians to embrace the digital economy, the government needs to improve workers’ skill sets to help meet the coming challenges.

“The government needs to make funds available to SMEs to help them enter the IR4.0 age and ensure the funds reach those who need them.

“The cost of investing in IR4.0 technology is very high. Therefore, SMEs must find ways to share the machines when there is downtime to help reduce purchase costs.”

Source : The Sun Daily

Embracing Internet of Things, AI and Big Data Analytics the way forward: Economists

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ACE Market-listed Sersol Bhd is venturing into electric scooters business.

Its wholly owned unit Sersol Energy Sdn Bhd inked a three-month memorandum of understanding (MOU) on Tuesday (Dec 20) with China-based Chongqing Beidou Jiean Neo-Energy Technology Ltd (Beidou) to sell, distribute and produce electric scooters and related accessories, which include charging of the electric scooters.

Sersol Energy entered into the agreement via its joint venture companies, namely Sersol Takuni (M) Sdn Bhd, Sersol Takuni (Thailand) Co Ltd and PT Sersol Takuni (collectively referred as ST). Beidou is a technological company specialised in providing total solutions for new energy technology and its application for various industries.

The MOU is to pave the way for ST and Beidou to collaborate with each other exclusively in Malaysia, Thailand and Indonesia, said Sersol in a Bursa Malaysia filing.

“ST will assist and facilitate Beidou in conducting and to accomplish all business activities in Malaysia, Thailand and Indonesia including but not limited to show rooms, product on-road certification and essential stocks.

“Beidou will provide the products of Beidou, including technology transfer and patent licensing when parties want to set up the manufacturing base in either Malaysia or Thailand,” it added.

Sersol is principally involved in the coatings business relating to buildings, furniture, electrical and electronic products.

It has been a loss-making company since the third quarter ended Sept 30, 2021 (3QFY2021).

For 3QFY2022, its net loss widened to RM542,000 versus RM87,000 a year earlier mainly due to higher raw material costs and expense incurred on corporate exercise. This was despite quarterly revenue increasing to RM5.56 million from RM3.3 million amid higher demand for its products.

At Wednesday’s noon break, Sersol slipped half a sen or 2.56% to 19 sen. At the current price, it was valued at RM113.02 million.

Source : The Edge Markets

Sersol ventures into electric scooters business

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Japan-based microchip component maker Koa Denko (Malaysia) Sdn Bhd will raise its capital investment to RM750 million within five years starting next year to include the construction of a new factory in Ayer Keroh.

Senior state executive councillor for investment, industry and entrepreneur development Datuk Seri Ab Rauf Yusoh said the rise in capital expenditure translates to a total investment of about RM1 billion from the company since it started operations in Malacca about 50 years.

He was speaking to the media after a memorandum of understanding (MoU) signing ceremony between Koa Denko (Malaysia) Sdn Bhd and PDG Asset Sdn Bhd involving the rental of the new Ayer Keroh Industrial Zone workers’ dormitory.

He said 20% of Koa Denko Malaysia’s global microchip output helped support the development of new technology which were exported to the United States, Hong Kong, China, Germany, Singapore and Vietnam among other countries.

“Demand and supply for this industry is so good that it has decided to expand operations by building a new factory and workers’ dormitory in Ayer Keroh.

“We expect the production value of this factory, currently RM180 million a year, to increase to RM1 billion in the next five years after the new factory is completed,“ he said.

Ab Rauf said the new factory is also expected to generate about 2,000 job opportunities, particularly among the Malacca community. So far, its Batu Berendam factory has 823 workers including 565 locals.

He said local companies also have the opportunity to become vendors supplying equipment or machinery to the factories.

“I was informed that Koa Denko Malaysia is expected to establish a logistics centre in the state as a distribution hub for microchips produced by this factory, especially for use in electric vehicles,” he said.

In another development, he said Malacca aims to attract investments, particularly from foreign investors, in the automotive, glass and data centre sectors amounting to RM6 billion next year.

“We are optimistic about achieving our investment target of RM6 billion next year since we have almost reached our RM5 billion target this year.

“The foreign investors expected to confirm their investments are from Taiwan, Germany and South Korea,“ he said.

Source : Bernama

Koa Denko ups investment to RM750m in Malacca

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Given the ongoing global challenges and the importance of Asian regionalism in the 21st century today, South Korea foresees the Look East Policy (LEP) framework it established with Malaysia in 1983 could be further upgraded.

Entering its 40th anniversary next year, the policy which first made waves with Japan in 1982, South Korea is optimistic the policy it shared with Malaysia could boost more robust growth at this particular juncture.

Despite all the achievements and fruitful results since its launch, South Korean Ambassador to Malaysia Yeo Seung Bae told Bernama in an exclusive interview recently that people-to-people exchanges and industrial cooperation had continued to expand, growing at a level that could not have been imagined when the policy was initiated 40 years ago.

The ambassador said with more South Korean companies ramping up investments in Malaysia, both in terms of quantity and quality, over the past two years, next year’s 40th commemoration of the LEP is envisaging an elevation of bilateral ties.

“South Korea is a country that achieved industrialisation from the ashes of war, transforming from an aid recipient into a donor. There are great hopes it will play an even greater role, fulfilling the expectations and playing an even fuller role at the global level.

“Given that Malaysia has been working together with South Korea through the LEP, all the while sharing experiences and promoting mutual development, there is huge potential for cooperation between the two sides.

“With that in mind, I hope that next year we can look back on the achievements we have made under the LEP, find areas for cooperation for the next 40 years, and ‘leap’ together going forward, making 2023 a Year of a ‘Look East Again Policy’,” he said.

Yeo said that both nations are continuing discussions to elevate ties to the strategic partnership level, covering political, economic and cultural fields, as well as defence and the defence industry sectors.

“Establishing a strategic partnership is something that goes beyond mere declaration. It is about strengthening shared efforts, focusing on generating new momentum to take bilateral ties to a higher level.

“Hopefully, we can announce it at a suitable time next year, perhaps during high-level visits or through some other avenues. I am confident that 2023 will open a new chapter for South Korea-Malaysia relations,” he added.

Bilateral trade between Malaysia and South Korea surpassed US$20 billion for the first time, exceeding US$23 billion for the first 10 months of 2022, a significant increase driven by the semiconductor, electrical and electronic products industry and petrochemical products.

The republic is Malaysia’s ninth-largest trading partner.

LEP was introduced in 1982 by Tun Dr Mahathir Mohamad, who was Prime Minister then, to learn about nation-building and development from South Korea and Japan.

In conjunction with the 40th anniversary celebration next year, the South Korean Embassy recently launched a new logo with the flag colours of both countries to reflect the robust bilateral linkage.

Asean-South Korean Framework

In line with South Korea’s foreign policy vision of becoming a “Global Pivotal State”, the key concept of its new Indo-Pacific Strategy introduced by President Yoon Suk Yeol, Yeo said Asean is one of the most important partners to promote that strategy. President Yoon introduced the Indo-Pacific Strategy at the Asean-Republic of Korea Summit in Cambodia last month,

He said with an Asean-specific plan called the Korea-Asean Solidarity Initiative (Kasi), the direction of cooperation should further encompass security to establish regional peace and stability, trade promotion and high-technology to promote shared prosperity and growth.

“President Yoon has stressed that we live in an era of the Indo-Pacific region, a part of the world that accounts for 65 per cent of the world’s population and 60 per cent of the global gross domestic product.

“Thus, joint efforts are needed to address emerging regional and international challenges such as climate change, the environment and healthcare. All of these areas of collaboration are equally important in the bilateral relations between South Korea and Malaysia.

“It is imperative to continue to find ways to effectively align South Korea’s Indo-Pacific Strategy, Kasi, and Malaysia’s Look East Policy,” he said, noting Malaysia is the republic’s third-largest trade partner in Southeast Asia.

Yeo said the South Korean government had announced the plan to double the funding for Asean Cooperation Funds, including the ROK-BIMP-EAGA Cooperation Fund.

“Since the BIMP-EAGA Facilitation Centre is located in Malaysia, I believe that there will be a greater need for cooperation with Malaysia regarding this matter as well,” he said.

BIMP-EAGA is the Brunei Darussalam–Indonesia–Malaysia–Philippines East Asean Growth Area cooperation initiative established by the four countries in 1994 to spur development.

South Korea has become one of Malaysia’s largest foreign investors over the past 40 years in terms of implemented projects, with a total investment value of more than US$10 billion last year.

Source : Bernama

Elevate South Korea-Malaysia ties to strategic level with ‘Look East Policy’ anniversary – Ambassador

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Sirim Bhd’s subsidiary, Sirim Tech Venture Sdn Bhd (STV), has collaborated with Gaia Pebbles Sdn Bhd (GAIA) to drive medical device technology transfer to local industry players.

Under the agreement, STV is transferring the portable procedure station (PPS) technology to boost GAIA business diversification in the medical device industry.

Sirim president and group chief executive officer Datuk Dr Ahmad Sabirin Arshad said the agreement, among other things, will provide GAIA with knowledge in medical device technology and position GAIA as an industry player for PPS in Malaysia.

“Additionally, GAIA has direct access to available technology solutions in SIRIM and external sources.

“This significant agreement, among other things, will provide GAIA with knowledge in medical device technology and position GAIA as an industry player for PPS in Malaysia.

“Additionally, GAIA has direct access to available technology solutions in SIRIM as well as external sources,” he said.

PPS is a portable equipment made of medical-grade stainless steel 304 to facilitate wound cleansing, especially in emergencies.

It will minimise patient complications and cross-infection risk while providing a safe and hygienic environment.

Sirim said government hospitals and health clinics are the primary target market, as those are where most emergency cases will be referred.

However, it is not limited to private hospitals and clinics as they are also the potential target market, it added.

The engagements between GAIA and STV commenced in June 2022 with several discussions and negotiations, which led to the signing ceremony of the outright sale agreement between STV and Gaia recently.

Source: NST

Sirim collaborates with Gaia Pebbles to drive medical device technology transfer to local industry players

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The palm oil industry must always be prepared to embrace changes in terms of new technologies amid these challenging times, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

Fadillah, who is also the plantation and commodities minister, said this includes the adoption of the Fourth Industrial Revolution concept, and the usage of artificial intelligence and the Internet of things, such as digitalisation and automation technologies to improve the current manufacturing process.

“The concept of smart palm oil mills based on zero discharge is the direction of the palm oil industry, and this can give a new dimension in the manufacturing sector, especially in terms of efficiency and continuous operational monitoring and being user-friendly,” he said at the opening of the National Seminar on Oil Palm Milling, Refining, Environment and Quality 2022 here on Tuesday (Dec 20).

His speech was read by the ministry’s secretary general Datuk Zurinah Pawanteh.

He said smart palm oil mills would be developed through the initiative of the Malaysian Palm Oil Board (MPOB) in collaboration with the industry, namely with Fusionex Group.

“With the development of environmentally friendly products becoming a demand of the international market, I suggest that efforts to reduce the carbon footprint of palm products be emphasised.

“Malaysia is committed to achieving the net zero greenhouse gas emissions target as early as 2050,” he said.

He said the palm oil industry has an important role in this effort, especially in increasing biogas capture in palm oil mills.

“For that purpose, the MPOB has developed biogas capture technology, and cooperated with the industry to expand the application of biogas.

“According to the MPOB’s data, 135 oil palm factories have installed biogas systems as of 2021, which is 30% of total existing oil palm factories, while 15 factories are in the process of construction, and 130 factories are in the process of planning for the installation of biogas systems,” he said.

In that regard, Fadillah said he hopes that factories that do not yet have a biogas system would also increase their efforts to do so.

Meanwhile, he said sludge palm oil or palm acid oil has also become very popular for the export market recently, especially to European countries as a raw material for biofuel production.

“Low-quality palm oil from palm oil mills should be separated not only to improve the overall quality of palm oil, but also to provide additional income by exporting the sludge oil.

“The sludge oil can also be used as a raw material for the production of biodiesel and biojet for the aviation industry, and with this effort, the quality of palm oil can be improved, and the issue of contaminants in refined palm oil can be addressed together by the industry and the Government using the technology that is available,” he added.

Source: Bernama

Palm oil industry must be ready to accept new technology changes, says Fadillah

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olvo Trucks Malaysia has collaborated with the Malaysian Green Technology and Climate Change Corporation (MGTC) to accelerate the adoption of green technology in the Malaysian transport industry.

MGTC is an agency of the Ministry of Natural Resources, Environment and Climate Change (NRECC) mandated to drive the agenda of Green Growth, Climate Change Mitigation and Green Lifestyle adoption in the country.

Volvo Trucks today signed a memorandum of understanding (MoU) with MGTC for the plans.

Volvo Malaysia Sdn Bhd managing director Anthony O’Connell said all parties should work together to make this green and sustainable vision a reality.

O’Connell said industry leaders must push and integrate government support for Volvo Malaysia’s customers to adopt green technology.

“We, as truck manufacturers, will also play our part to ensure a smooth transition in leading the charge towards sustainability that will only benefit the nation and its transportation industry to be future-proof,” he said in a statement.

Volvo Trucks has been leading the nation’s progress towards embracing electromobility and renewable energy in the commercial vehicle space in Malaysia since its conception.

Volvo Trucks will now join hands with MGTC to accelerate the adoption of green technology by promoting green logistics through EV adoption, providing hands-on training, and registering under the MyHijau directory.

MyHijau directory is a government initiative led by MGTC to promote the sourcing and purchasing green products and services by various industry players in Malaysia.

Being part of the MyHijau mark, companies purchasing Volvo Electric Trucks would be eligible to benefit from green technology tax incentive programs such as the Green Investment Technology Allowance (GITA).

Source: NST

Volvo Trucks Malaysia collaborates with MGTC to accelerate green technology adoption

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ABOUT 70% of foreign direct investment (FDI) Johor has received in the manufacturing sector is from Singapore, says state investment, trade and consumer affairs committee chairman Lee Ting Han.

Speaking during the state assembly sitting in Kota Iskandar, he said a large part of this was because of the Johor Economic, Trade and Cultural Office’s (Jetco) success in engaging with various agencies in Singapore to attract more investors into the state.

The foreign injection was also aided by Malaysian Investment Development Board (Mida) and Invest Johor, he said.

“As at June, FDI for the manufacturing sector was RM5.65bil, where about 70% or close to RM4bil came from Singapore, mostly in the electric and electronics (E&E) as well as medical equipment sectors.

“So far, Jetco has held 15 discussion and three familiarisation sessions where we bring investors from Singapore to visit the state.

“We will intensify our efforts to bring more investors to Johor next year,” he said in response to R. Vidyananthan (BN-Kahang) who wanted to know about Jetco’s effectiveness in bringing in investors from Singapore.

Lee said Jetco, established in October 2020, carried out various initiatives through collaboration with agencies in Singapore this year to get more investments for Johor.

“Apart from dialogue sessions involving about 15 agencies from Singapore, Jetco has also participated in three tourism and trade expos in the island republic.

“Officers from Jetco were also involved in Johor Mentri Besar Datuk Onn Hafiz’s visit to Singa-pore in April this year,” Lee added.

To ensure better coordination of initiatives next year, Jetco organised focus group discussions with the relevant agencies last month.

“Based on the discussions, several initiatives have been planned, including collaboration to increase food production, training more educators in science, technology, engineering and mathematics (STEM) and sharing of best practices on sustainable city and community,” said Lee.

He was replying to a question from Datuk Seri Hasni Mohammad (BN-Benut) on initiatives to be carried out by Jetco to increase collaboration between Johor and Singapore, especially in terms of sustainable development.

Source: The Star

Johor gets most FDI in manufacturing from Singapore

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The Malaysian economy needed to be shifted to a 21st-century economy based on digital, technology, added value, creativity and innovation from an economy based on commodities and low-value manufacturing, Minister of Economy Mohd Rafizi Ramli said.

“I hope that within these five years, we can shift the government’s dependence from only a few financial sources to a combination of stronger, sustainable, diverse and progressive sources of income,” he said at the debate on the motion for a vote of confidence for Prime Minister Datuk Seri Anwar Ibrahim at Parliament today.

Rafizi said Malaysia also needed to build an economic ecosystem that is fair to workers and offered wages that commensurated with qualifications and experiences so that the country has mobility and marketability opportunities up to the international level.

Therefore, he said the government or the grouping of those who have the ability to make decisions to implement difficult strategic shifts in this five-year period is important amid the difficult and challenging global and domestic economic conditions.

“We need political stability because we have to make some very difficult decisions in this global economic situation,” he said.

Mohd Rafizi said at the same time, the country also needed a government that has arbitration and is free to carry out its respective duties including judicial institutions, parliament and the government in addition to protecting, empowering and striving for the independence of these institutions.

Meanwhile, Member of Parliament for Titiwangsa Datuk Seri Johari Abdul Ghani said he is concerned about the country’s economic growth shrinking in the period from 2018 to 2021.

He said that based on data, the number of graduates produced by the country compared with the number of new jobs offered by the private sector in the four years clearly does not show sustainable economic growth.

“In developing economic growth, we cannot ignore the elements of investment growth and expanding consumption but when looking between these two elements, the number of new graduates and new jobs is shrinking,” he said.

He said in 2018, the number of graduates produced was 299,000 compared with 101,000 new jobs; in 2019 there were 386,000 new graduates and 103,000 new jobs; 2020 with 294,000 new graduates and 73,000 new jobs; and 2021 as many as 286,000 new graduates with only 69,500 new jobs offered.

Besides that, Johari said he is also concerned about the increasing amount of national debt, which increased by almost RM400 billion in the period of 2018-2021 to reach RM1.2 trillion.

“In 2017, we paid only RM27.9 billion in interest but in 2022, interest payments will reach RM43 billion. What worries me is that it will affect the country in the next five to 10 years.

“If we do not manage this matter (debt) carefully, the fate that befalls the Malaysian government will not be different from what we saw happen to Sri Lanka,” he added.

Johari was previously the Deputy Minister of Finance in 2015 and subsequently the Minister of Finance II after the cabinet reshuffled in 2016.

In the 15th General Election, he regained the Titiwangsa Parliamentary seat after losing it in the previous election.

Source; Bernama

Malaysia needs to shift to an economy based on technology, digital and innovation – Rafizi

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Malaysia has the advantage to emerge as a preferred business events destination owing to its many well-known qualities such as the hospitality of its people and many unique attractions that will make events even more satisfying, fruitful and memorable.

Hence, its meetings, incentives, conventions and exhibitions (MICE) and business events (BE) industries have the potential to elevate the entire economy, creating cooperation between disparate elements, businesses, and individuals.

Sarawak, in particular, boasts the perfect venues and experiences for business events, while the state’s capital city Kuching itself is well known for its unique cultural identity to Malaysia and Borneo.

Kuching residents furthermore are keeping the cultural and heritage stories alive through food — which is why Kuching is the first city in Malaysia to receive Unesco’s City of Gastronomy accolade under the Unesco Creative Cities Network.

Popular dishes in the state include Sarawak laksa, kolo mee, sayur midin belacan, tomato mee, linut and ayam pansuh.

Additionally, the state is popularly known for its delicious Sarawak layer cake dessert, and each ethnic group has its own delicacies with different styles of preparing, cooking and consuming food.

From a business perspective, Kuching is the epicentre of economy, knowledge and trade in Sarawak and fast becoming a central point for national and international business event leaders.

Business events are substantial economic activities in Kuching with infrastructures growing and the ability to accommodate larger world conventions and exhibitions and incentive experiences.

There are many business event venues that Kuching can offer such as The Waterfront Hotel, Pullman Kuching, Riverside Majestic Hotel, Grand Margherita Hotel, Hilton Kuching, Borneo Convention Centre Kuching and Imperial Hotel Kuching, to name a few.

At the forefront of this effort is Business Events Sarawak (BESarawak), a specialist bidding services organisation that provides comprehensive support and services to connect meeting planners with the right connections and resources to plan and organise meetings, incentives, conventions and exhibitions.

BESarawak CEO Amelia Roziman said the business events industry is one of the key drivers for the tourism industry’s development in the state.

“This industry is an important generator of income, employment and investment — effects that go beyond the tourism impact,” she said during the Business Events Tribal Meet Familiarisation Trip organised by BESarawak.

Amelia said Sarawak business events cities include Kuching, Sibu and Miri, all of which have the right infrastructures and facilities for conventions, exhibitions, corporate meetings and corporate incentive events of all sizes.

“Sarawak is a leading choice for convention and exhibition planners from around the world because of its vast resources, from research units to state-of-the-art meeting facilities.

“The business events industry receives strong support from the Sarawak government which empowers planners to organise and execute more impactful events,” she said.

Amelia said that BESarawak also focuses on how sectors can advance and how communities can benefit from the knowledge and connections driven by business events.

“We are also offering various consultation services and providing aid to organisations in crafting a one-of-a-kind legacy impact programme that is tailor-made to your (client’s) specific needs,” she said.

BESarawak readily welcomes all stakeholders and the general public to embark on the journey for Sarawak as a business event destination in 2023 and beyond.

What does the industry say about it?

BESarawak organised a Business Events Tribal Meet Familiarisation Trip from Nov 27 until Dec 1 to introduce and familiarise participants with the city of Kuching as a business event destination.

Singapore-based Asian Society of Paediatric Anaesthesiology (ASPA) secretariat Jessie Tan said she likes Kuching and it can be her second home if the opportunity arises.

“I like to experience the different cultures and variety of foods that are available here in Sarawak and not forgetting the state is safe too.

“Nowadays, flights from Singapore to Sarawak are more frequent, and the state has the facilities and capacity to organise world-class events at a reasonable cost,” she said.

Tan also said her organisation has already held a business event in Sarawak since 2018, which is the fifth ICU rehabilitation conference.

“The next event will be held in July 2024, that is the ASPA conference,” she said.

Another industry player is World Travellers DMC Sdn Bhd and its general manager Annie Chia said that as the largest state in Malaysia, Sarawak has many things to offer to business events delegates such as its unique culture and diverse biodiversity.

“I believe Sarawak can hold international business events since the facilities are nearby from each other such as the hotel and the event venue.

“Many nice hotels are also just within walking distance from attractions like the Sarawak River and other attractions, and many amenities such as food and beverage outlets are also a short walk away,“ she said.

Chia also said that she is inspired by BESarawak’s effort to put legacy impact and sustainability at the forefront of Sarawak’s business events.

“I am planning to bring about 200 event participants to Sarawak next year,” she added.

Source: Bernama

Sarawak to emerge as a preferred business event destination in 2023

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Deputy Minister of Trade and Industry (MITI) Liew Chin Tong hopes that he can help the ministry to bring Malaysia’s economy to a better level.

“I hope to be able to help the MITI Minister, together with ministry officials, to develop industries, increase domestic and foreign investments and strengthen trade with foreign countries,” he told the media after his clocking-in ceremony at Menara MITI here today.

Liew started his duty as the MITI deputy minister last week by attending the Asean-European Union (EU) Business Summit, which is part of the agenda of the Asean-EU Summit.

He noted that there had been major changes in the past two to three years, in terms of policies by the EU and the United States (US) due to the Covid-19 pandemic and the war between Ukraine and Russia.

“Therefore, we in Malaysia need to understand the changes happening in other countries, especially in the EU, US and China because our economy needs these large blocs to grow,” he said.

Source: Bernama

MITI deputy minister hopes to elevate Malaysia’s economy

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The Asia-Pacific region is set to remain the world’s fastest-growing region despite ongoing stressors exacerbated by the Russia-Ukraine conflict and global financial volatility, according to Knight Frank’s latest report, Asia-Pacific Outlook Report 2023: Pivoting Towards Opportunities.

The report said even as growth momentum continues to normalise across much of the region, domestic-oriented economies such as emerging Southeast Asia and India are forecast to remain supportive of overall regional growth in the upcoming year.

Asia Pacific head of research Christine Li said with much of the known risks largely priced in and likely to have overshot on current negativity, there remains scope for fundamentals to surprise on the upside, underpinned by the marginal easing of zero-COVID strategy and the lower-than-expected terminal interest rates.

Chinese authorities have currently lowered the duration of quarantine for inbound travellers, a step in the right direction that could set the tone for more calibration and an eventual exit in 2023/2024.

“We can afford to be sanguine given that nascent signs of inflation peaking have crept into the Federal Reserve’s data watch. While it remains to be seen if these can be sustained, the prevailing macroeconomic and policy uncertainties, once rolled back, will narrow bid-ask gaps and pave the way for higher investment activity,” she said.

At a sector level, the report predicts that the market conditions in 2023 will continue to favour tenants as high-amenities office buildings with sustainable credits are being completed and ready for occupancy.

Rents in the logistics sector are forecast to increase by 5.5 per cent, while office rents will rise by 2 per cent across the region.

Overall, real estate offers good diversification benefits with a relatively low correlation to equities and bonds.

Therefore, risk-adjusted returns for direct real estate are unlikely to re-price to the same extent as indirect, it said.

Meanwhile, Knight Frank Malaysia group managing director Sarkunan Subramaniam said the global macroeconomic headwinds will impact upon Malaysian markets.

“However, we are still hopeful that the newly-elected unity government will be able to outline clear and consistent policies in driving economic investments into our country, and encourage all direct measures to revitalise and sustain the growth of the property sector.

“Malaysia needs to bring back investors’ trust and faith in our economic growth, in order to see recovery across all sectors,” he said.

The independent global property consultancy firm also hoped the government will introduce green incentives to property buyers, landlords and developers who are aligned with the nation’s target of becoming a net zero nation by 2050.

It added that it encourages an extension of existing incentives to incorporate tax reliefs or grants to industry players who include green features into their developments, especially renewable energy like solar panels and water harvesting as well as sustainably-built properties from timber and low-carbon cement in place of high-emission materials.

Source: Bernama

Knight Frank report: Asia-Pacific to remain world’s fastest growing despite ongoing challenges

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