Japan has expressed its support for Malaysia as the Chair of ASEAN in 2025, while Putrajaya intends to continue its Look East Policy, particularly in education and technology transfer, said Prime Minister Datuk Seri Anwar Ibrahim.

He said that during a bilateral meeting with his Japanese counterpart, Shigeru Ishiba, they also assessed the progress of cooperation between the two countries in various fields, including trade, energy transition, security and defence, maritime, education, and culture.

“We also discussed issues related to the South China Sea and the current situation in Myanmar,” said Anwar following the meeting on Friday, on the sidelines of the 2024 APEC Summit here.

Anwar said he also gave assurance to Ishiba that Malaysia will certainly strengthen its relations with Japan during its ASEAN Chairmanship, which will begin on Jan 1, next year.

“Malaysia gives priority to its relations with Japan. I am thankful that since you assumed leadership as (Japan’s) Prime Minister, you have taken a very positive position in terms of promoting bilateral relations with Malaysia.

“Once, we assume ASEAN Chairmanship, we will certainly strengthen the relations with you,” he said.

Anwar said Japan is one of the first countries to support Malaysia’s industrial advancement and his MADANI Government intends to continue cooperation in this area.

He said he had also invited Ishiba to visit Malaysia as soon as possible.

“I hope that the relationship between Malaysia and Japan will continue to be strengthened, thereby attracting more investments for the progress and economic potential of the country,” he added.

Also present at the meeting were Foreign Minister Datuk Seri Mohamad Hasan and Malaysia’s Ambassador to Peru, Ahmad Irham Ikmal Hisham.

Japan has been Malaysia’s fourth-largest trading partner for nine consecutive years, with total trade between the two countries valued at RM156.64 billion (US$34.39 billion) in 2023.

As of 2023, a total of 2,810 projects by Japanese companies have been implemented in Malaysia, with investments amounting to RM102.11 billion (US$29.67 billion).

Source: Bernama

Malaysia-Japan bilateral meeting touches on ASEAN, look east policy – PM Anwar

A “scoping exercise” to strengthen the Malaysia-New Zealand Free Trade Agreement (MNZFTA) will cover new areas of cooperation such as digital trade and halal recognition, according to the Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

In a posting on his X account on Friday, Tengku Zafrul said he is confident that close cooperation between Malaysia and New Zealand will open up new opportunities for the people of both countries as well as strengthen regional economic competitiveness.

Tengku Zafrul, who is in Peru to accompany Prime Minister Datuk Seri Anwar Ibrahim to the 31st Apec Economic Leaders’ Meeting (AELM), met with New Zealand Trade Minister Todd McClay to discuss opportunities to strengthen economic ties between the two countries.

“We discussed opportunities to strengthen economic ties between Malaysia and New Zealand. With strong bilateral trade relations, New Zealand is Malaysia’s second largest trading partner in the Australasia region, with trade value reaching US$2.54 billion [RM11.38 billion] in 2023,” he said.

Malaysia and New Zealand are also targeting a 50% increase in bilateral trade by 2030, especially in the high-value manufacturing sector and the digital economy.

Source: Bernama

Malaysia, New Zealand committed on having ‘scoping exercise’ to strengthen FTA

Malaysia stands ready to align its policies to match new demands and ever-evolving industries in a multi-pronged approach to continuously attract high-value investments.

For instance, Malaysia is now talking about assessing the entire policy on water conservation, Prime Minister Datuk Seri Anwar Ibrahim said, citing the high demand for water by data centres.

“We have never encountered such a high demand for water except now by these data centres. I don’t know what they do with it, but they have been asking for more water, more energy,” he quipped at the session titled, “Opportunities and Challenges in the AI Revolution”, APEC CEO Summit here Thursday.

Other panellists in the session were Microsoft vice-president of Data & AI, Zia Mansoor, Vobile chief executive officer Yangbin Wang, and Google vice-president, government affairs & public policy, Karan Bhatia.

Also present at the session were Foreign Minister Datuk Seri Mohamad Hasan and International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The event took place at the Grand National Theatre of Peru and was moderated by APEC Business Council (ABAC) Canada member, Jan De Silva.

Besides this, there is also a need for skilling, up-skilling, training and exposure, changing the curriculum in universities, colleges, and schools. To this end, Malaysia is successful because the government listens, Anwar said.

“When our friends from Microsoft, Google, and Huawei come to us, we tell them to give us some time, let us listen to the requirement you have,” he said.

Hence, public policy and governments cannot assume that they can go on inviting and attracting this sort of investment without being prepared to undertake major initiatives which would allow these agencies of investment to come in, added the Prime Minister.

Anwar, who is also the Finance Minister also acknowledged that the progress the country made in attracting investments was not without its set of challenges and bottlenecks.

“We were also stuck with some bureaucratic rules and we have to be able to coordinate or bypass this. And then the system is not only the state governments, we have municipalities. So, how do you cut across all this?

“But, if we could do it with one particular major investor. Then, it would just spread out,” he explained in the 45-minute session.

On a question about how this could be done in the context of ASEAN, Anwar said it requires effective coordination.

“We have a bigger framework, somewhat similar incentives, and we complement each other because other countries have the expertise, but no water, and some have energy. So, we are keen to have this sort of collaboration more effectively.

“I am proud to say that within ASEAN, we are already talking about an ASEAN grid, that will help, for example, create or provide more energy,” said the Prime Minister.

Malaysia will be the ASEAN chair in 2025.

Source: Bernama

Malaysia stands ready to align policies to match new demands, industries – PM Anwar

As ASEAN Chair in 2025, Malaysia is committed to increasing regional integration and benefitting from stronger cooperation, including in the halal industry, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said through the latest memorandum of understanding, Malaysia will support Peru’s efforts to develop a halal certification framework, thereby strengthening Peru’s position in the rapidly growing global halal market in various industries. “I am confident that this cooperation will bring great economic benefits and open up new opportunities for the people of both countries,“ he said in a post on X today.

He said the Ministry of Investment, Trade and Industry (MITI) had held a roundtable meeting that brought together 17 Malaysian companies and 18 Peruvian companies, opening opportunities for cooperation in important sectors such as finance, renewable energy, halal, and logistics. “With a comprehensive range of free trade agreements (FTAs), Malaysia is not only the gateway to the ASEAN market, but also offers wider access to Peruvian companies to expand in the Asia-Pacific region,“ he added.

The minister is attending the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week (AELW) 2024 in Lima, Peru.

Source: Bernama

Tengku Zafrul: Malaysia committed to regional integration including for halal industry

Small and medium enterprises (SMEs) play a crucial role in driving economic growth within the Asia-Pacific Economic Cooperation (APEC) region, particularly when it comes to fostering inclusive development, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said inclusive growth is not only a kind of growth that large companies and multinationals can enjoy, but it must also be equitable.

“(This is) why we need to get the involvement of SMEs and the youth, as well as the involvement of women enterprises,” he said during a recent interview with the Heat, a daily talk show under the China Global Television Network (CGTN) America.

Tengku Zafrul said that during the APEC summit this year, inclusive growth will be among the topics to be discussed to ensure that all segments of businesses can gain market access, for example, through digital and green platforms.

The interview was uploaded to the CGTN America YouTube Channel here today.

Tengku Zafrul said that 79 per cent of Malaysia’s trade was with APEC member economies last year.

He also cited the fact that 70 per cent of Malaysia’s working population is employed by SMEs, including women-owned enterprises and micro SMEs.

With Malaysia assuming ASEAN chairmanship next year, he said the country is planning to conclude the Digital Economic Framework Agreement, which will see e-commerce as one platform with streamlined guidelines, policies, and laws, enabling small companies to participate in payments, for example, and many more.

“So, this is similar for APEC economies. We need to make sure that even urban and non-urban areas are integrated in terms of access to markets.

“And I think it is important that this (inclusive growth) is being discussed because we are always talking about growth with large countries versus smaller countries, countries that are more developed versus less developed,” said Tengku Zafrul.

However, he stressed that at the same time, the grouping needs to look at the growth of countries, within regions, between big and small companies, and other enterprises like social enterprises and women’s enterprises.

Tengku Zafrul is currently in Lima, Peru, along with the Malaysian delegation led by Prime Minister Datuk Seri Anwar Ibrahim, who is on an official visit to the capital, attending the 31st APEC Economic Leaders’ Week from Tuesday.

Today, APEC member economies represent a population of around three billion people, nearly 30 per cent of the global population.

They constitute almost 60 per cent of the global gross domestic product and facilitate nearly 50 per cent of global trade.

Source: Bernama

SMEs play crucial role in driving growth in APEC economies, fostering inclusivity – Tengku Zafrul

Malaysia’s businesses must now adapt the US regulatory and environmental, social and governance (ESG) compliance standards to remain competitive in one of the world’s largest markets.

This necessity is underscored by Malaysia’s strong trade relationship with the US, which is characterised by a 19.8% trade surplus and robust export growth, highlighting the nation’s competitiveness, according to the American Malaysian Chamber of Commerce (Amcham Malaysia) chief executive officer Datuk Siobhan Das.

During her presentation on What does it take to export to the US and participate in the US Global value chains today?, Siobhan said the US remains a critical export destination for Malaysian goods, ranging from petroleum products to machinery and palm oil.

“However, evolving consumer expectations and new regulations such as California’s SB 253 mandate [Passed in October 2024] for emission disclosures, require Malaysian exporters to realign their operations.

“If your customer demands ESG requirements, it is incumbent on suppliers to either meet those compliance areas or opt out of the market,” she said at the Malaysia External Trade Development Corporation (Matrade) webinar entitled “Remain relevant with ESG or exit US market” held on Wednesday. 

She added that Malaysian businesses must understand their customers’ needs to succeed in the US supply chain.

Highlighting the importance of due diligence, Siobhan noted that compliance issues, such as forced labour concerns and the US Customs Border Protection’s enforcement measures, could severely impact trade.

“Malaysia’s reputation as a trusted trading partner depends on adhering to these requirements,” she said, urging companies to ensure transparency and traceability in their supply chains.

New US regulations, including the Green New Deal and stricter enforcement under acts such as the Foreign Corrupt Practices Act (FCPA) and the Lacey Act, pose additional challenges, she noted.

Siobhan said Malaysian exporters must also account for emerging tariffs and sanctions amid shifting geopolitical dynamics, particularly with the potential implications of a new US administration.

“Despite these challenges, Malaysia’s role in global supply chains remains significant.

“The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) provides Malaysian exporters a competitive edge, allowing them to tap the US market,” she said.

She, however, said businesses must avoid risks associated with transshipment practices and comply with country-of-origin rules.

“Compliance is not just about fulfilling regulatory requirements. It is also about protecting Malaysia’s reputation and ensuring continued trade success to the US,” Das added.

She also emphasised the importance of leveraging technology to enhance supply chain traceability and mitigate risks.

“As the US consumer market increasingly prioritises sustainability and ethical practices, Malaysian exporters must proactively address these expectations to remain competitive.

“The alignment with ESG principles not only boosts brand reputation but also attracts new business opportunities and mitigates regulatory risks,” she said.

Earlier, Matrade senior director Raja Badrulnizam Raja Kamalzaman said in his opening remarks that ESG is no longer a peripheral topic but has become integral to corporate operations across industries.

“Businesses that fail to adopt ESG practices risk losing market share and face regulatory backlash, which could ultimately lead to their exit from the US market,” he said.

He noted that compliance with sustainable practices such as utilising eco-friendly materials and minimising waste can significantly enhance the marketability of Malaysian exporters.

Source: Bernama

Malaysian businesses urged to prioritise ESG compliance to compete in US market

Continuous investment in infrastructure projects is helping Malaysia strengthen its position as a regional trade and investment hub while boosting global competitiveness.

Deputy Economy Minister Datuk Hanifah Hajar Taib said the government remains committed to infrastructure projects such as highways, ports, and airports, aiming to achieve a gross domestic product growth target of five to six per cent under the 12th Malaysia Plan (12MP).

“The availability of robust transport infrastructure facilitates the smooth movement of goods and people, contributing to public welfare and accelerating economic activities, including tourism, travel, and import and export,” she told the Dewan Rakyat in a question-and-answer session today.

However, Hanifah noted that project distribution remains constrained by budget and financial capacity, alongside considerations such as sustainability, urgency, criticality and public safety.

She was responding to a question from Datuk Seri Doris Sophia Brodi (GPS-Sri Aman) on key infrastructure plans to support Malaysia’s economic growth and competitiveness globally.

Hanifah added that the infrastructure plan also benefits underserved areas like rural regions in Sabah and Sarawak through enhanced basic infrastructure, increased mobility, and improved digital connectivity, optimising land use for the rural economy.

“Key indicators set under the 12MP Mid-Term Review for Sabah and Sarawak include a target of 98 per cent coverage for clean water access and 99 per cent for electricity access.

“Additional indicators are the construction and upgrading of 700 km of rural roads, new sites for digital infrastructure, and increased internet connectivity points in rural schools,” she added.

Source: Bernama

Malaysia ramps up infrastructure to strengthen global competitiveness

The latest AHK World Business Outlook Fall 2024 Survey conducted among German companies in Malaysia reveals an optimistic forecast for 2025, with positive sentiment about both current conditions and prospects.

The survey highlights key insights reflecting the resilience and growth expectations of German businesses operating in Malaysia.

When asked to assess the current performance of their company, 92% of German businesses in Malaysia report conditions as “good or satisfactory”, which marks a significant increase of 10% compared to the same period last year.

Strong economic development and confidence among German businesses in Malaysia are expected to continue into next year, with 97% of respondents describing the outlook for 2025 as “favourable or stable”.

While Malaysia has always been recognised for its strong economic foundation, this year’s survey results demonstrate a significant boost in confidence, surpassing expectations from last year’s outlook and highlighting the continued resilience of Malaysia’s economy.

Reflecting this confidence, more than 63% of companies expect positive business development over the next 12 months, while 35% anticipate the current stability will be maintained. Only 1.8% predict a decline in performance, showcasing a predominantly positive outlook for the year ahead.

Additionally, four in 10 companies intend to increase investments in the coming year, suggesting a commitment to further growth within the business community.

Employment plans also appear to be promising, with almost half of the German companies in Malaysia indicating plans to ramp up hiring. An equal percentage (47%) intend to retain their current workforce, emphasising a dual approach to growth and stability in human resources.

While the survey paints a generally encouraging outlook for businesses in Malaysia, respondents identified several challenges that could potentially impact their economic development in the coming years.

Survey participants view demand, economic policy conditions, and lack of skilled workers as potential challenges. These insights underscore the need for ongoing vigilance and strategic planning as companies navigate both opportunities and uncertainties in a highly competitive and volatile global market.

Overall, the findings of the survey illustrate a strong confidence among companies in Malaysia, highlighting a positive trajectory for business development and economic growth in the coming year.

Malaysian-German Chamber of Commerce and Industry (MGCC) executive director Jan Noether said, “The results of the AHK World Business Outlook Fall 2024 Survey align perfectly with our expectations for the future of German business in Malaysia. The strong sentiment and optimism reflected in the survey highlight the positive situation we are experiencing here and underscore our confidence in Malaysia’s economic stability and growth prospects. German companies are comfortable and committed to the Malaysian market, with a clear outlook for continued success and expansion in the year ahead. Moreover, Malaysia’s stable economic environment and supportive policies play a key role in stimulating further investment, reinforcing our belief in the country as a reliable and attractive hub for business growth.”

In Malaysia, the survey was conducted between Sept 23 and Oct 16, with 111 respondents from MGCC member companies, comprising mostly German companies with branches or subsidiaries in Malaysia, primarily from the manufacturing, trade, and services sectors.

The survey is part of the broader AHK World Business Outlook, a biannual global research initiative conducted by the German Chamber of Commerce and Industry. It surveys member companies from the network of German chambers of commerce abroad (AHK), which represent more than 40,000 companies in 93 countries.

Source: The Sun

German companies in Malaysia optimistic about prospects in 2025, survey shows

Deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi has arrived in the United Arab Emirates (UAE) capital to kickstart his seven-day official work visit.

The special aircraft carrying Zahid landed at the Al Bateen Airport at 3.12pm local time.

He was welcomed by the UAE Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei and Malaysian ambassador designate to the UAE Tengku Datuk Sirajuzzaman Tengku Mohamed Ariffin.

It is Zahid’s inaugural official work visit to the UAE since becoming deputy prime minister on Dec 3, 2022.

Meanwhile, Tengku Sirajuzzaman said Zahid is expected to highlight the various initiatives under the Madani Economy Frame aimed at providing a conducive environment to attract foreign investors to Malaysia.

“He will also meet with industry players and stakeholders in the UAE that include the fields of education, artificial intelligence (AI) and natural disaster management which is Space42, as well as NAFFCO FAZO (National Fire Fighting Manufacturing FZCO – a Middle East based firefighting products manufacturer).

“Zahid is scheduled to launch the participation of Malaysia International Halal Showcase (MIHAS) in Middle East Organic and Natural Product Expo at the Dubai World Trade Centre on Nov 18.

“Malaysia’s participation will strengthen MIHAS’s status as a globally recognised trade exhibition and at the same time, position the country as a leading player in the international halal landscape,” he said in a media briefing with Malaysian reporters.

Tengku Sirajuzzaman said the bilateral relations between Malaysia and the UAE began in 1973 and since then, the ties between the two countries have grown steadily due to close economic relations, mutual respect and cooperation in various fields.

Both countries, he said, held the Joint Committee for Cooperation meeting here on June 4 this year and have recently concluded discussions on the Malaysia-UAE Comprehensive Economic Partnership Agreement.

He said the UAE is Malaysia’s second largest trading partner, the second largest export destination and the second largest import destination from the West Asia region.

Last year, Malaysia’s total trade with the UAE increased by 5.4 per cent from RM37.6 billion (USD8.53 billion) to RM39.63 billion (USD8.67 billion) compared to 2022, he said.

“The UAE is one of the largest foreign investors in Malaysia among West Asia countries and its current major investments include Mubadala Petroleum, Lulu Hypermarket, Medini Development dan Landmark Group.

“Meanwhile, Malaysian investment in the UAE is RM1.4 billion (USD375.9 million) and Malaysian companies operating in the UAE include Petronas, TNB, UEM, Eversendai Corporation, Shing Yang Shipping and Marrybrown.

“Malaysia encourages UAE investors to continue actively exploring investment opportunities in high value projects.

“Among the potential areas that can be explored together with the UAE are pharmaceuticals, digital and green economy, AI, electric and electronics, chemicals and aerospace,” he said.

Source: NST

Zahid to boost bilateral ties with UAE through trade, investment, AI, green tech

Inquiries by Chinese companies for factory and office space in Malaysia have spiked since Americans voted for Donald Trump to return to the White House, driven in part by his campaign pledge to slap 60 per cent tariffs on Chinese goods.

During his first term, Trump’s “America First” policy sparked a trade conflict with China, with tariffs imposed on US$550 billion of Chinese products. The tensions between Washington and Beijing also led to disruptions in global supply chains and fuelled uncertainty in financial markets.

With multinationals seeking alternative suppliers outside China, regional countries, including Malaysia, Thailand and Vietnam, have benefited from the diversification, especially in sectors like semiconductors and medical supplies.

South-East Asia nations are preparing for more turbulence ahead after Trump said a blanket tariff regime would be levied at 10 per cent on all imports.

In Thailand, WHA Group CEO Jareeporn Jarukornsakul told Reuters that the industrial estate giant has been flooded with phone calls from Chinese customers in anticipation of the tariff spike, prompting it to expand its Chinese-speaking sales force.

Similarly, Malaysian real estate sellers have been reporting an uptick in interest in business relocation as Trump’s return to the White House may bring a surge in Chinese companies looking to move supply chains to Southeast Asia to shield their business from the tariff impact.

“The US election results will drive new growth in Chinese business investment in Malaysia and South-East Asia,” Kashif Ansari, Group CEO of real estate firm Juwai IQI, told This Week in Asia.

The firm, which supports companies in business space expansion, has received six inquiries from Chinese entities since last week. “Chinese companies were prepared for this,” Ansari said.

A recent Juwai IQI report found that Malaysia and neighbouring countries have received significant investment so far this year in sectors such as automotive, real estate, and semiconductors, as Chinese capital shifts away from G7 economies to Asia.

The report also noted that nearly all Chinese investments so far this year have gone into building new facilities, marking a significant shift from pre-pandemic trends.

Private Chinese firms are leading the investment push, with only 10 per cent of Chinese investment in Malaysia coming from state-owned enterprises.

“They’re setting up operations here, hiring local talent, and establishing key production facilities in Malaysia,” Ansari said.

Ten Wee Seong, CEO of Seri Pajam Development, the developer of the SPD Tech Valley industrial estate in Negeri Sembilan, reported “significant interest from Chinese companies” in sectors such as semiconductors, electronics manufacturing, and renewable energy.

“Looking ahead to 2025, we anticipate a continued surge in demand for industrial spaces [from Chinese companies] within SPD Tech Valley,” he said.

In May, Hong Leong Investment Bank’s research division noted that while trade wars often harmed the global economy, Malaysia’s neutral stance has helped attract foreign direct investment.

The bank’s report highlighted that during Trump’s first term, Malaysia’s exports to the US grew at an average of 7.7 per cent annually – a faster growth rate compared with its shipments to China.

Approved foreign investments in Malaysia more than tripled to 188 billion ringgit (US$42.5 billion) between the start of the trade war in 2018 and 2023, according to the report.

In congratulating Trump on his election victory last Wednesday, Prime Minister Anwar Ibrahim noted that the US remained Malaysia’s largest source of foreign investment and a vital player in the Asia-Pacific region.

“Malaysia hopes that America will reinvigorate its engagement with South-East Asia,” Anwar said.

Source: South China Morning Post/The Star

With Trump’s victory, Malaysia sees more interest from Chinese firms for business space

Malaysia’s participation in the two Asia-Pacific Economic Cooperation (APEC) meetings in Peru and the G20 Summit in Brazil is expected to open up opportunities to strengthen Malaysia’s economic ties on the global stage.

The presence of Prime Minister, Datuk Seri Anwar Ibrahim, at these two high-profile conferences holds significant potential but also comes with challenges, according to Executive Director of the Malaysian Institute of Economic Research (MIER), Prof Dr Anthony Dass.

Dass said Malaysia should view the APEC summit as a strategic platform to enhance trade with countries in the Asia-Pacific region.

Data shows that around 82 per cent of Malaysia’s total trade in 2022 involved APEC member countries, with major exports such as electronics, palm oil, and petroleum worth approximately USD 250 billion (RM 1.1 trillion).

“The Latin American market, particularly Brazil, which is a member of BRICS, presents an opportunity for Malaysia to diversify its export markets. In 2022, Malaysia-Brazil trade was valued at about USD 3billion (RM 13.2 billion), but sectors such as palm oil, rubber, and electrical products still have significant potential for growth,” he said.

He added that the summit also provides Malaysia an opportunity to demonstrate its commitment to global issues such as climate action.

Malaysia aims to achieve carbon neutrality by 2050 and targets 31 per cent of its energy mix to come from renewable sources by 2025.

Meanwhile, Dass noted that although Malaysia’s participation in the G20 was by invitation, it allows the country to highlight its efforts in the green economy, attracting green investments estimated to reach USD15 billion (RM 66 billion) by 2025.

Additionally, the digital economy, which contributed about 23 per cent to Malaysia’s GDP in 2022, remains a key focus.

Through the MyDIGITAL framework, Malaysia plans to increase the digital economy’s contribution to 25.5 per cent by 2025.

By participating in these summits, Malaysia has the opportunity to establish partnerships with technology leaders that can strengthen its digital infrastructure, contributing an additional USD 25 billion (RM 110 billion) to the economy over the next five years.

In terms of investment, Malaysia is focusing on expanding the renewable energy sector, particularly solar energy, to achieve its target of 31 per cent electricity generation from renewable sources by 2025.

The G20 summit, which was also attended by international investors, opens up opportunities for Malaysia to attract more foreign investments in this sector.

“By 2022, Malaysia successfully attracted approximately USD 30 billion (RM 132 billion) in Foreign Direct Investment (FDI), mainly in the manufacturing sector. The presence of Anwar at APEC and G20 will help strengthen Malaysia’s position as a hub for semiconductor and electronics manufacturing,” said Dass.

However, the main challenge facing Malaysia is managing the ongoing global geopolitical tensions. The trade conflict between the United States and China, two of Malaysia’s main trading partners, requires a careful approach to ensure that Malaysia can maintain its trade networks without jeopardising the country’s projected GDP growth rate of around 4.5 per cent in the coming years.

The Russia-Ukraine conflict has also affected global energy prices, which in turn has impacted inflation in Malaysia, with an average rate of 3.3 per cent in 2023.

If this conflict persists, rising energy costs could place pressure on the country’s fiscal stability and social spending.

Malaysia also faces the challenge of aligning its priorities with the different agendas of APEC and the G20. APEC focuses more on regional trade integration within the Asia-Pacific, which aligns with Malaysia’s interests, while the G20 is more focused on global economic issues and climate change.

Source: NST

Apec to boost Malaysia’s economic ties

Malaysia is prepared to host the First Coordination Meeting between Malaysia and Saudi Arabia at the Foreign Minister level to discuss further cooperation between the two nations.

This was conveyed by Prime Minister Datuk Seri Anwar Ibrahim during a meeting with Crown Prince and Prime Minister of Saudi Arabia Mohammed Salman Abdulaziz Al-Saud in Riyadh yesterday.

“During the meeting, we touched on various aspects of Malaysia-Saudi Arabia relations that need to be expanded, particularly in the areas of trade and investment, including cooperation in new fields such as artificial intelligence (AI), the green economy, clean energy, and petrochemicals.

“We also exchanged views on regional and international situations of mutual interest,” Anwar shared in a Facebook post.

According to the Prime Minister, he is optimistic that the close relationship between Malaysia and Saudi Arabia will contribute to the prosperity of the Malaysian people as a whole.

During the meeting, Anwar also expressed appreciation for the leadership of the Saudi Arabian government regarding the organisation of the Extraordinary Arab and Islamic Summit, including continuous efforts to support oppressed Muslim communities.

“I also took the opportunity to invite the Crown Prince and Prime Minister of Saudi Arabia to attend the Asean-GCC (Gulf Cooperation Council) Summit in Kuala Lumpur,” he said.

Anwar arrived in Riyadh yesterday to attend the Extraordinary Arab and Islamic Summit.

The Prime Minister’s presence at the summit aims to bring the voice and mandate of the Malaysian people regarding the ongoing atrocities and humanitarian issues related to the actions of the Israeli Zionist regime in Palestine and Lebanon.

Anwar is scheduled to return to Cairo today to continue his four-day official visit to Egypt, which began on Saturday. 

Source: Bernama

PM Anwar: Malaysia to host inaugural coordination meeting with Saudi Arabia, with focus on trade, AI and clean energy