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The Melaka state government is committed to positioning the state as a leading hub for electric vehicle (EV) production in Malaysia, in line with Sustainable Development Goal 13 (SDG13), which emphasises urgent action to combat climate change and its impacts.

Chief Minister Datuk Seri Ab Rauf Yusoh said the use of EVs is crucial in supporting efforts to promote low-carbon mobility practices among Malaysians, aligning with the government’s aspiration to achieve a carbon-neutral country by 2050.

“It is also a strategic and comprehensive initiative to address climate change and promote the development of renewable energy,” he told reporters after launching the Lytron Malaysia Electric Motorcycle at Encore, Kota Laksamana, here on Monday.

Ab Rauf highlighted that the opening of the first Lytron brand electric motorcycle plant in Ayer Keroh in 2022 aligns with the state’s SDG 13 efforts.

He said the factory, which operates under the supervision of Lytron Sdn Bhd and managed by M Electric Vehicle Sdn Bhd (MEVB), is involved in the production and assembly of electric motorcycles, as well as the marketing and distribution of Lytron electric motorcycles nationwide.

“So far, I understand that 1,000 units of Lytron electric motorcycles will be marketed in Melaka first for the local market, following approval from the Ministry of Investment, Trade, and Industry.

“We have asked Zhejiang Luyuan Electric Vehicle Co Ltd from China to further expand their investment in Melaka through its technology partner, MEVB, to further advance electric technology development in Malaysia,” he said.

Ab Rauf added that the electric motorcycle plant is also expected to create job opportunities for graduates of technical and vocational education and training courses from higher education institutions in the state.

Source: Bernama

Chief minister: Melaka poised to become EV manufacturing hub

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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Malaysia’s private healthcare and health tourism sector is expected to generate US$526 million (RM2.26 billion) in revenue this year, contributing an economic spillover of US$2.1 billion to other industries, according to Malaysia External Trade Development Corporation (Matrade).

Matrade deputy director Abdul Halim Mohamed Shariff said that Malaysia’s prominence in medical tourism is underscored by medical treatments, trained healthcare professionals and economic costs.

“Healthcare tourism is one of the strongest segments within the healthcare industry. As you can see, we have hospitals like IHH, where revenue has reached up to US$3.9 million,” he said in his presentation on “The Business Opportunities of the Healthcare Sector in Southeast Asia” at a press conference on International Healthcare Week 2025 (IHW 2025) today.

Meanwhile, Abdul Halim said Malaysia’s medical device market is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2028, reaching a value of US$3.64 billion by 2028. Additionally, the consumables segment in the market is projected to expand at a higher CAGR of 10.2% over the same period, reaching US$986 million by 2028.

Matrade chairman Datuk Seri Reezal Merican Naina Merican stated that Malaysia’s healthcare sector is poised for significant growth, driven by increasing life expectancy, technological advancements, and the rising need for treatment of chronic diseases.

“This optimistic outlook aligns with the projected expansion of this global industry which is expected to soar by 63% from RM2.53 trillion in 2024 to RM4.13 trillion by 2032. This significant growth presents exciting opportunities for Malaysian companies to strengthen their position in the global healthcare landscape,” he said.

He said Malaysia is well-positioned to capitalise on this growth with strategic focus on medical devices and healthcare tourism. Substantial investments in this sector’s infrastructure has solidified Malaysia’s reputation as a leading healthcare destination.

Informa Markets regional portolio director for Asean Rungphech (Rose) Chitanuwat said that as the Asean region evolves, significant growth in the healthcare market is being propelled by rising wealth, demographic shifts, technological advancements, and changing consumer expectations. “These trends will shape the future of healthcare across Asean.”

She said that with populations becoming more affluent, there is an increasing demand for personalised care options that cater to specific health needs. The region is also witnessing a demographic shift towards an older population, leading to heightened demand for healthcare services focused on chronic disease management and elderly care.

“With a collective population of nearly 700 million and being the world’s fifth-largest economy, the Asean region is poised for significant growth and presents numerous opportunities for healthcare providers and investors alike,“ Rungphech said.

There is a growing trend toward creating integrated ecosystems that connect various healthcare services – hospitals, diagnostic centres, wellness clinics, and pharmacies-aiming to improve efficiency and patient experience. This includes an emphasis on integrated care models that encompass wellness, preventive care, and chronic disease management.

“Recognising the importance of a comprehensive healthcare ecosystem, IHW 2025 will feature three co-located events: CPHI Southeast Asia, Medlab Asia, and Asia Health. These events will showcase cutting-edge technologies, products, and services from leading companies in the pharmaceutical, medical laboratory, and medical device sectors. The exhibitions will bring together over 700 exhibitors, with an expected 16,000 attendees from 50 countries, and will feature 60 industry insight conferences.” noted Rungphech.

“This convergence integrates competition and cooperation, facilitating networking opportunities that can lead to collaborative projects and partnerships. Ultimately, this strengthens the healthcare ecosystem and fosters a more patient-centric approach,” she added.

IHW 2025 is set to take place from July 16 to 18, 2025, at the Malaysia International Trade and Exhibition Centre in Kuala Lumpur. The organisers – Matrade and Informa Markets – said the event will establish Malaysia as an emerging hub in the healthcare sector, not only within Asean but also on a global scale.

They said that it will also enhance Malaysia’s reputation as a prime destination for medical tourism, recognised for its quality and affordability, thereby increasing demand for advanced medical devices and pharmaceuticals.

Source: The Sun

Malaysian private healthcare, medical tourism sector to take in RM2.2 billion revenue this year

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: NST

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

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

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

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

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

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

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

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

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

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

Source: The Edge Malaysia

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: The Star

China SMES look to invest in Penang

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For three decades, Dpstar focused on manufacturing heaters, sensors and thermocouples for local businesses. However, when the market was flooded with cheaper products from China, Ken Lim, the chief executive officer of Dpstar Group, saw growing demand for new technologies like data centres, and he swiftly pivoted the business in a new direction.

Before, Dpstar’s local clients leaned towards traditional sectors like steel and ceramic, which only a few years ago began to decline due to cheaper supplies from large exporters.

To overcome this challenge, Lim had to understand the direction of industry growth and digitalisation while moving business alongside it instead of against it.

He did this by focusing on areas of innovation at the front end of use cases, while “looking at global trends and development, and where those application use cases mostly fit for us and industries that we are in”.

Through this, Lim saw that the focus was shifting towards growth in electronics, with more projects and investments coming into areas like semiconductors and data centres.

This growth came from the US-China trade war, leading to many US companies seeking suppliers away from China and into the Southeast Asian market, which the local government was quick to capitalise on, implementing initiatives like the Malaysian Investment Development Authority committee.

“The [Malaysian] government is moving more into this direction, with a lot of investments coming from the local industries shifting their operation zone to Malaysia,” says Lim.

With this in mind, Dpstar pivoted towards digitalisation by developing their automation products in areas their business already had a presence in while adapting to new digital trends in government-focused sectors like data centres, semiconductors and life sciences.

This was not easy and something Lim says Dpstar was only able to achieve thanks to its partners and collaborators with stakeholders and industry players, such as contractors, system integrators and building companies.

“There’s an everyday kind of engagement [with these partners] where we talk about design: what works for them, what are the bottlenecks, what are the pain points, where can our products best serve them, [and] where can they optimise costs?” says Lim.

Thanks to these experiences and insights, Dpstar’s products and services have attracted not only local clients but overseas as well, securing several globally competitive contracts and partnerships.

One example was a UK aeroplane company that adopted Dpstar’s thermal solutions and a US data centre operator that took a contract for thermal sensors in data centres. Lim was unable to share the names of the two companies.

In the latter case, the data centre operator used Dpstar’s leak detection solutions alongside its critical environment monitoring solutions, like temperature sensors, among other sensors — all solutions the company developed since its shift and digitalisation.

Investing in talent as much as technology

Outside of adjusting its business strategy to ride on the global megatrends and digitalisation, another important yet overlooked aspect Lim focused on was nurturing the company’s talent for the present and possible future.

To him, ensuring employees are adequately trained, remunerated, treated fairly and have the best chance for industry growth is equally important to the business’ pivot, adapting the workforce alongside operations.

An example of this is Dpstar’s plans with the government to build the first cleanroom test facility in Malaysia for upscaling, training and developing local talent. A cleanroom is where electronics are manufactured with minimal dust and other contaminants in the air.

“[It is] a small-scale [facility] that enables students from universities, colleges, industrial professionals, end users, engineers and technicians to come and learn in terms of how they can operate [machines in this cleanroom], how they can manage [and] think about the best practices [in operating it],” says Lim.

This was made in response to how the Malaysian semiconductor industry focuses a lot on addressing the back-end side, like testing or assembly, but not on the front end. This also lines up with Malaysia’s initiative to build up the local ecosystem and talent pool.

These collaborative efforts are key to Dpstar’s strategy in digitalisation, as it ensures Lim’s team knows the technologies available and how to incorporate them into the company’s operations.

Lim recognises that other businesses are reluctant to follow this approach, attributing this towards a focus on the return on investment, and he urges other local businesses to look beyond this.

With the cleanroom, for example, Lim sees it more as a corporate social responsibility — upskilling workers, enriching the talent pool, and preparing them for a future where advanced technologies become more democratised.

Source: The Edge Malaysia

Adapting to the market digitalisation shift

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Japan’s Mitsubishi Power Ltd, part of Mitsubishi Heavy Industries Group, is eyeing hydrogen power projects in Malaysia to support the country’s transition to green energy.

Mitsubishi Power Asia-Pacific managing director and CEO Akihiro Ondo said Malaysia’s potential for energy transition lies in replacing older power stations with more efficient technologies, such as gas turbine combined cycle (GTCC) systems.

“To combine such renewable energy with a reliable baseload gas turbine combined cycle is important for energy security and sustainability in Malaysia. Therefore, we would like to be involved in this strategy for Malaysia by providing our technologies and solutions,” he told Sun Biz in an interview.

Furthermore, Ondo mentioned strong governmental support in Malaysia for energy transition initiatives.

“The Malaysian government has shown a strong commitment to energy transition. We have engaged in productive discussions with government-owned entities and agencies based on feasibility studies and other energy transition activities,” he said.

However, Ondo noted that deploying commercial-scale energy transition and decarbonisation programmes might be difficult for a single country. “We believe that intergovernmental arrangements involving Japan and other countries will be quite important. We would like to continue our dialogue with both the Malaysian government and the Japanese government.”

Ondo said their gas turbines and hydrogen production facilities can integrate with renewables to manage fluctuations in energy supply. “Malaysia has abundant resources for renewables, including hydropower in Sarawak, which can serve as a reliable baseload. We are in close communication with renewable energy providers and developers.”
Regarding competition in the hydrogen market, Ondo stressed collaboration over competition. “We are willing to work with potential partners in Sarawak to produce hydrogen based on renewable resources, which can be utilised for power generation or exported to Japan,” he said.

On the outlook for hydrogen fuels in Malaysia, Ondo expressed Mitsubishi Power’s commitment to validating and deploying technology for hydrogen and ammonia.

The company operates Takasago Hydrogen Park in western Japan, which features a gas turbine factory, a research and development centre, and a verification facility with a capacity of 550 megawatts – equivalent to the Miri-GTCC project in Malaysia.

By 2026, Mitsubishi Power plans to install four types of hydrogen production facilities at Takasago, enabling the production and storage of hydrogen on-site for use in gas turbine combined cycle systems.

The facility aims to validate technology for hydrogen combustion, with plans to increase hydrogen firing from 30% to 50% this year and eventually test 100% hydrogen firing in smaller-scale gas turbines.

“Our gas turbine, validated at Takasago, can currently fire 30% hydrogen. The commercial plant can initially operate with natural gas or LNG. Once the hydrogen supply chain is established, the plant can gradually increase hydrogen usage to achieve a complete transition,” Ondo said.

Since the 1960s, Mitsubishi Power has delivered several important power stations in Malaysia, including those in Pasir Gudang, Port Klang and Lumut, and has been involved in the construction of Tenaga Nasional Bhd’s (TNB) Tuanku Jaafar Power Station in Port Dickson.

“Recently, we secured the new GTCC project in Miri, Sarawak (in August). We will install high-efficiency and reliable technology capable of co-firing cleaner fuels like hydrogen, which is expected to be in commercial operation in 2027,” Ondo said.

He also mentioned that the company is pursuing a memorandum of understanding with TNB regarding energy transition to explore the application of cleaner fuels, carbon capture and other energy conservation measures.

Source: The Sun

Mitsubishi Power eyes hydrogen projects to support Malaysia’s transition to green energy

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

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

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

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

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

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

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

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

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

Source: NST

Anwar attributes positive investment growth to domestic contributions

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Malaysia has immense opportunities and significant responsibilities to capitalise on the rise of electric vehicles, fuelled by the global push towards decarbonisation.

Ministry of Investment, Trade and Industry (Miti) secretary-general Datuk Hairil Yahri Yaacob said industry-developed guidelines for EVs prioritise safety and environmental responsibility, helping the country align with global standards in sustainability while protecting communities and the environment.

Launching the EV and Battery Management Guideline (EVBM Guideline) during the International Greentech & Eco Products Exhibition & Conference Malaysia 2024 (IGEM 2024) on Friday, Hairil said the framework reflects Malaysia’s commitment to advancing green technology and sustainable practices.

He said that with contributions from industry representatives, regulatory bodies and government agencies, the comprehensive framework covers the entire lifecycle of EV batteries – from acquisition, usage, and maintenance to final disposal and recycling.

“The EVBM Guideline represents a cornerstone of our collective efforts to create a robust, safe and sustainable framework for EV and battery management. This is not just a set of rules but a blueprint for industry-led self-regulation, fostering a culture of responsibility, safety and environmental stewardship.

“By outlining best practices for the handling and transportation, particularly EV lithium batteries, we ensure the prevention of fire and explosion hazards. This approach also minimises environmental impact,” Hairil told delegates at the EVBM Guideline’s launch.

He recalled that the idea of having a guideline for managing EVs and batteries was mooted during the Miti Dialogue last year, reflecting the ministry’s focus on addressing the EV industry’s issues and concerns.

The idea of for a guideline was presented to the National EV Steering Committee chaired by Deputy Prime Minister Datuk Seri Fadillah Yusof. The committee recognised the urgent need to address the risks associated with lithium-ion battery handling.

Following the decision, Northport (Malaysia) Bhd, in a strategic partnership with Miti, Malaysia Productivity Corporation and Malaysian Automotive, Robotics and IoT Institute, volunteered to develop the guideline under the principle of self-regulation.

“The guideline aims to ensure public safety, environmental protection and the sustainability of Malaysia’s EV ecosystem. By prioritising safe handling, transportation and disposal of EV batteries, we are not only protecting the environment but also boosting productivity by creating a more efficient and sustainable framework for all stakeholders,” Hairil said.

The initiative is a result of collaborative efforts across the entire industry, he said, adding that it is a self-regulation approach led by the industry, where active business initiatives take centre stage.

“What is crucial here is that we have incorporated valuable input and feedback from businesses, consumers, and regulators. This ensures that the guidelines are comprehensive, effective, and reflective of the needs and concerns of all stakeholders involved.”

Hairil said the EVBM Guideline is designed to evolve with the industry. Miti, he added, looks forward to continuous collaboration with the private sector to ensure Malaysia remains a sustainable mobility leader.

Source: The Sun

Launch of EV, battery management guideline reflects Malaysia’s commitment to green mobility

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GREEN ECONOMY, aerospace and construction are among the key sectors that can address the shortage of high-skilled jobs in the country.

For example, the Human Resources Ministry (Kesuma) is focusing on the green economy, which International Labour Organisation (ILO) senior skills and employability specialist Akiko Sakamoto says to be one of the most significant sectors for developing new occupations.

Among the fastest-growing skilled jobs in the green economy globally are sustainability managers, ecologists, environmental health and safety specialists and solar consultants, according to data from LinkedIn.

Meanwhile, back in Malaysia, TalentCorp – which compiles the Critical Occupations List (MyCol) – found that some of the critical occupations in the green economy in the country include plantation managers, agricultural managers, geologists, occupational health and safety officers, waste management competence person and water technicians.

The Human Resource Ministry has recently pushed for the country’s green job market, organising a Green Jobs Fair along with training and a Green Jobs Forum with its Asean counterparts back in April.

The green economy also includes sectors such as the rapidly growing electric vehicle (EV) industry, which government efforts have heavily boosted.

Aside from the green economy, TalentCorp also noted in the MyCol 2022/2023 that the aerospace, construction and food processing industries also have a great demand for highly skilled workers, which opens up the potential to develop these industries for new areas of employment in the country.

From its engagements with industry stakeholders, it found that the key occupational group with the most demand for the aerospace, food processing and construction industries were the professional group – 71%, 69% and 58% respectively.

“This reflects the aerospace industry as a highly professional and specialised sector which requires highly skilled workers with strong technical expertise,” the report read.

The government has placed importance on this high-value aerospace industry starting from the 11th Malaysia Plan, emphasising the development of the industry, its supply chain and its competency through industry-led research and technology, according to the Malaysian Investment Development Authority.

Putrajaya has also come up with the Malaysian Aerospace Industry Blueprint 2030 to help drive the industry’s growth.

Meanwhile, Malaysian Employers’ Federation president Datuk Syed Hussain Syed Husman has listed some of Malaysia’s future high-skilled industries and jobs in demand:

i) Cybersecurity Specialist

The cybersecurity industry in Malaysia was forecasted to grow by 18.7% from an estimated RM3.9bil in 2021 to RM5.5bil in 2023. Malaysia has allocated RM60mil to CyberSecurity Malaysia to develop a 5G cybersecurity testing framework as part of the 2024 budget. Malaysia Digital Economic Blueprint (MyDigital) is targeting to produce 20,000 cyber security experts by 2025.

ii) AI & Data Science

The Industry4WRD spearheaded by MITI plays a critical role in promoting digitalisation across all sectors. Many of the fastest-growinga jobs and predicted future ones are driven by technology development, increased Internet connectivity, rapid globalisation and new business demands. Jobs like artificial intelligence specialists and data scientists are required across industries to help organisations and businesses be more efficient.

iii) Cloud Engineering

Malaysia’s Digital Economy Blueprint is also driving digital transformation in the public sector, with a target of achieving 80% utilisation of cloud computing storage. Fueled by digital transformation, increasing internet access, and smartphone adoption, the demand for robust data infrastructure has surged. The push towards remote services and cloud computing has further amplified the demand for Cloud engineers.

iv) Electrical & Electronics

E&E industries are expected to pick up in the coming years as global businesses capitalise on advancements in AI and automation, and begin demanding greater computing power. Malaysia remains a major player, cornering about 13% market share in global chip testing and assembly. Over the past year, a total of RM52bil in semiconductor investments have been secured, potentially creating 11,000 jobs in the sector.

v) Mechatronic and Robotics

Drones are widely used across industries and 3D modelling visualises building projects so workers can virtually check construction progress without going on-site. Robotics gain more interest as companies seek greater efficiencies while protecting the health and safety of their workers in dangerous environments.

vi) Digital Marketing

Digital marketing has become crucial for brands to reach prospective customers. The roles under this umbrella consist of digital marketing specialists responsible for creating marketing campaigns and reporting results; content creators for marketing purposes; video producers or graphic design artists for visual content and; search engine optimisation (SEO) specialists to ensure reachability.

vii) E-commerce

Malaysia’s e-commerce market has grown rapidly in recent years, fuelled by rising smartphone penetration and a willingness by shoppers to buy online. The e-commerce market in Malaysia is forecasted to grow at an annual growth rate of 24%. Experts in E-commerce are in great demand, as businesses seek to promote their products and build and enhance brand association and engagement channels with their customers via digital platforms.

viii) Renewable Energy and Green Technology

Malaysia is committed to green energy, aiming for approximately 40% of its power generation to come from renewable sources by 2035. Jobs in renewable energy, especially those requiring specialised skills, are expected to benefit from government investment, creating new high-skilled roles and driving up wages in this field.

ix) Financial Services and Fintech

The evolution of Malaysia’s financial services sector, especially in areas like fintech, will drive demand for high-quality skilled workers in financial technology, risk management, and data analytics. This sector is expected to offer substantial wage growth as it continues to innovate and expand.

Source: The Star

High-skilled jobs: Green and tech jobs are the way to go

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The government expects more digital investments to flow into Malaysia in 2025, said Digital Minister Gobind Singh Deo.

The minister said that as Malaysia chairs Asean in 2025, the country is well positioned to present itself as a destination for digital investments in the region.

“I think we have seen an increase in confidence shown by global technology giants in Malaysia as being a destination for their investments.

“There are ongoing discussions with many other companies, and I anticipate moving ahead next year. We will see more investments, which augur very well for the country,” he said at a press conference after the launch of the Gamuda Artificial Intelligence (AI) Academy here on Friday.

Gobind said the government is certain more investment announcements would be made after a series of new investments in the last eight months.

Earlier, Malaysia welcomed investments of US$14.70 billion (RM63.02 billion) proposed by US technology giants such as Google, Microsoft, Enovix Corporation, Amazon Web Services, Abbott Laboratories, and Boeing.

Prime Minister Datuk Seri Anwar Ibrahim conveyed the matter during his bilateral meeting with US Secretary of State Antony Blinken on the sidelines of the 44th and 45th Asean Summits and Related Summits in Vientiane, Laos.

The prime minister said Malaysia looks forward to strengthening cooperation with the US in emerging industries.

Meanwhile, Gobind said the ministry is also looking forward to cooperating with the Ministry of Education to ensure AI awareness among students in the country.

“We will cooperate with them (the Ministry of Education) to determine how we can ensure that we can bring AI awareness to all sectors, different groups, including students in this country,” he added.

Source: Bernama

Govt expects more digital investments in 2025, says Gobind

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The Investment, Trade and Industry Ministry (MITI) will launch an anti-dumping duty investigation into steel wire rods originating from or exported by China, Indonesia, and Vietnam.

In a statement today, MITI said the probe follows a petition filed by Southern Steel Bhd, a domestic producer, which alleges that imports from the countries are being sold at prices lower than domestic products.

Southern Steel also claims that the dumped imports have increased significantly causing material injury to the domestic industry, the ministry said.

The investigation was initiated under Section 20 of the Countervailing & Anti-Dumping Duties Act 1993 and Regulation 7 of the Countervailing & Anti-Dumping Duties Regulations 1994.

“A preliminary determination will be made within 120 days from the initiation date. If the preliminary determination is affirmative, the government will impose a provisional anti-dumping duty at the necessary rate to prevent further injury to the domestic industry,” it said.

MITI will distribute questionnaires and relevant documents to interested parties, including importers, foreign exporters and producers from the alleged countries, their respective governments and relevant trade associations.

Other interested parties wishing to participate in the investigation must request the questionnaires in writing to MITI by Oct 25 and submit their views, responses, and supporting evidence by Nov 9.

Source: Bernama

Miti launces anti-dumping duty probe on steel wire rods from China, Indonesia, Vietnam

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

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

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

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

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

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

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

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

Source: Bernama

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

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The 15th edition of the International Greentech and Eco Products Exhibition & Conference Malaysia (IGEM) has generated over RM5 billion in potential business leads, representing tangible steps toward a greener future for Malaysia and the region, said Minister Of Natural Resources And Environmental Sustainability Nik Nazmi Nik Ahmad.

Speaking at the appreciation hi-tea ceremony to mark the closing of IGEM 2024 held at Kuala Lumpur Convention Centre (KLCC) here today, he said this year’s event had seen unprecedented participation, with over 58,414 visitors from 55 countries and 485 exhibition booths showcasing innovative solutions.

“We were privileged to host 50 international companies from Austria, Canada, Finland, and Sweden as part of a dedicated delegation.

“I extend my heartfelt gratitude to our 13 programme partners and to our media partners and the green media network for being integral to the success of IGEM this year,” he said in his speech.

The minister said that the three-day event themed “Race Towards Net Zero; Regional Leadership for Climate Urgency” had received notable recognition, being awarded in the Malaysia Book of Records as the longest-running green technology exhibition.

The minister noted that the achievement reflected their unwavering commitment to promoting sustainable practices and the ministry’s dedication to the government agenda over the past 15 years to green technologies and sustainable solutions.

“This year, we introduced two new summits the Clean Energy TransitionAsia (CETA) Summit and the Mobility X Exhibition which showcased cutting-edge solutions and technologies.

“These events played a vital role in positioning Malaysia as a key player in the global shift towards clean energy and sustainable mobility innovation,” he added.

Nik Nazmi also said that as Malaysia prepared for participation at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, the progress made at IGEM 2024 has fortified its commitment to climate action.

He said that the soft launch of Malaysia’s pavilion for COP29 signalled their readiness to engage in crucial global climate discussions, particularly on climate finance, loss and damage and achieving the climate targets.

“We have witnessed strong international interest in Malaysia’s green technology sector with investors and stakeholders drawn to our supportive policies and incentives.

“The memorandums of understanding (MoUs) and business leads established here at IGEM are a testament to Malaysia’s attractiveness as a destination for green investments,” he said.

Above all, he said IGEM 2024 has emphasized the importance of circular economy practices, ensuring that resources are used efficiently and waste is minimized with a commitment to sustainability in production and consumption will remain central to strive to integrate circularity into the industries and communities.

Source: Bernama

IGEM 2024 generates RM5b potential business – Nik Nazmi

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bernama

Malaysia could supercharge FDIs through 2025 Budget initiatives: analysts

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Chinese company CRE International Co Ltd, a global leader in renewable energy, and InvestSarawak, an agency under the purview of the Sarawak International Trade, Industry and Investment Ministry, will jointly explore solar and other renewable energy projects in Sarawak.

The projects are for an estimated capacity of 2 gigawatts (GW).

This follows the signing of a memorandum of understanding at the ministry, witnessed by Deputy Premier Datuk Awang Tengah Ali Hasan, today.

Under the MoU, CRE International and InvestSarawak will collaborate to identify suitable locations for renewable energy projects, define commercial and financial mechanisms for collaboration and liaise with local authorities to ensure successful project implementation.

CRE International is the renewable energy arm of China National Nuclear Corporation (CNNC).

This collaboration is part of Sarawak’s broader strategy to meet net-zero carbon targets and contribute to the region’s long-term energy goals.

The MoU will also serve as a framework for further discussions, with detailed agreements to be negotiated for specific renewable energy projects.

The partnership is expected to enhance Sarawak’s renewable energy infrastructure, significantly contributing to economic growth and sustainability.

It also aims to explore potential solar and other renewable energy projects, including wind and energy storage solutions.

These projects, with a total potential investment of US$1.5 billion (RM6.44 billion), will boost Sarawak’s renewable energy sector, further advancing the region’s clean energy initiatives.

In his speech, Awang Tengah highlighted the importance of partnering with international companies like CRE International to accelerate Sarawak’s energy transition.

“This collaboration is a pivotal moment in Sarawak’s journey to becoming a leading renewable energy player in the region.

“We are committed to ensuring Sarawak’s potential is fully realised, and partnerships like this will drive us forward,” said the deputy premier, who is also international trade, industry and investment minister.

CRE International general manager Wang Qi, in his speech, expressed optimism in exploring Sarawak’s energy landscape.

“Sarawak’s rich natural resources and commitment to sustainability align perfectly with our mission to deliver innovative renewable energy solutions.

“We are excited to bring our expertise to Sarawak and contribute to its clean energy future,” he added.

InvestSarawak chief executive officer Timothy Ong said the MoU reflects Sarawak’s commitment to positioning the region as a premier investment destination in the renewable energy sector.

Source: NST

Sarawak, China work together to explore renewable energy projects

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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Communications and Information Minister Budi Arie Setiadi has admitted that global tech companies like Google and Microsoft prefer Malaysia to Indonesia as a location for data centers.

He attributed this to lower electricity costs and attractive fiscal incentives in the neighbouring country.

“In Malaysia, electricity costs just 8 [US] cents per kilowatt-hour [kWh]. They also offer tax exemptions for capital goods and provide legal certainty for investors,” Budi said on Wednesday (Oct 9), as quoted by Kontan.

Setyanto Hantoro, president commissioner at Indonesian data center operator Bersama Digital Data Centres (BDDC), highlighted that Indonesia’s electricity prices, ranging from 11 to 12 cents per kWh, were not competitive.

Budi emphasised that Indonesia’s large population and abundant renewable energy resources could make it an appealing market for modern data centres, yet the country was only expected to attract US$634 million in data centre investment this year, significantly less than Malaysia.

He underscored the need to improve the investment climate in the country and offer competitive incentives to attract global players.

“I hope we can lower the electricity costs for data centres. We must not create the impression that investing in Indonesia is difficult,” he added.

Missed opportunity Singapore imposed a moratorium on data center development from 2019 through 2022, which some described at the time as a prime opportunity for Indonesia to step into the breach as an alternative location for globally connected data centres.

However, it was Johor State in Malaysia that seized the moment, expanding its data centre capacity from 10 megawatts to 1.3 gigawatts during that period.

In contrast, Indonesia currently operates just 300 MW of data centres, despite a similar proximity to the city-state, according to the Indonesian Data Centre Association (IDPRO).

Data centre capacity is commonly measured in power consumption and hence expressed in watts.

The IDPRO had predicted that Indonesia’s data centre capacity would grow to 2.3 GW over the next decade, positioning the country as a potential regional hub due to its renewable energy resources.

However, the association stressed that, for this to happen, the government needed to offer more than just income tax breaks to attract investors and prevent them from looking elsewhere in the region.

“To be honest, Malaysia has capitalised on Singapore’s data center moratorium in a really perfect way,” Hendra Suryakusuma, chairman of the IDPRO, said in June.

On Oct 1, Google held a groundbreaking ceremony for its data centre in Malaysia, attended by Prime Minister Anwar Ibrahim, five months after the tech giant announced the plan.

The facility located around 20 kilometers east of Kuala Lumpur involves a $2 billion investment.

It is expected to contribute $3.2 billion to the country’s GDP and create 26,500 jobs by 2030.

A day earlier, the company announced a $1 billion investment to build data centres in Thailand, which are projected to create 14,000 jobs by 2029.

In May, fellow tech giant Microsoft revealed a plan to invest $2.2 billion in Malaysia over the next four years, which would include the construction of its first data center infrastructure in the country.

Source: The Jakarta Post/ANN / The Star

Indonesian tech giants prefer Malaysia for data centres, says minister

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More China-based companies have expressed interest in being off-takers to set up manufacturing facilities within UEM Sunrise Bhd’s Renewable Energy (RE) Industrial Park in Gerbang Nusajaya, Iskandar Puteri, Johor.

These companies include China Machinery Engineering Wuxi (CMEC Wuxi) Co Ltd — the manufacturing arm of CMEC, Wuxi Longmax Technology Co Ltd (Longmax), Gotion, Hopewind and Huasun.

According to a press statement issued by UEM Sunrise on Thursday, CMEC Wuxi and Longmax are already in the process of setting up local manufacturing operations here, as well as establishing solar module and combiner box production facilities within the RE Industrial Park.

Meanwhile, UEM Sunrise is in discussions with Gotion, Hopewind and Huasun to invest in the industrial park and serve as RE off-takers here.

Once finalised, together with ITRAMAS Corporation Sdn Bhd (ITRAMAS) and CMEC, these five companies will occupy a combined land size of 40 acres in the RE Industrial Park as the RE off-takers.

This announcement was made on Thursday during an agreement exchange ceremony between UEM Sunrise, ITRAMAS Corporation Sdn Bhd (ITRAMAS) and CMEC. The three parties have signed a memorandum of understanding (MOU) to set up their RE facilities in the industrial park in Beijing back in May 2024.

“We are committed to fostering an environment that promotes seamless growth, innovation, and excellence in local manufacturing. As we establish Gerbang Nusajaya as a renewable energy hub, UEM Sunrise looks forward to providing the infrastructure, resources, and bring the collaborative spirit required to bring form to this vision in a responsible and sustainable manner,” said UEM Sunrise CEO Sufian Abdullah in the statement.

The RE Industrial Park is part of the one gigawatt hybrid solar power plant project, a flagship catalytic project under Malaysia’s National Energy Transition Roadmap (NETR) to be undertaken by UEM Group through its wholly-owned subsidiary and green industries arm, UEM Lestra Bhd. This project is expected to play a pivotal role in Malaysia’s renewable energy infrastructure, fostering local and regional market growth and positioning Malaysia as a renewable energy hub in Asean.

Source: The Edge Malaysia

More Chinese companies looking to set up facilities in Johor’s RE Industrial Park

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

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

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

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

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

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

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

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

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

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

Source: Bernama

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EFTA members include Switzerland, Norway, Iceland and Liechtenstein.

Source: NST

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

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Sarawak can become a green energy regional powerhouse that exports sustainable power to neighbouring countries and beyond by 2035, said Premier Tan Sri Abang Johari Openg.

He said Sarawak’s commitment to renewable energy and the green economy was the cornerstone of the state’s economic transformation.

“With substantial hydropower capacity, the state already leads the region in clean energy production,” he told the Sarawak Future Forum here today.

He said Sarawak was expanding its renewable energy portfolio, targeting an impressive capacity of 15GW by 2035.

To reach that goal, Abang Johari said, the state was laying the groundwork for a future where financial success was aligned with environmental stewardship.

He said decoupling the state’s economic growth from carbon emissions and resource depletion would ensure long-term economic and ecological resilience.

A speaker at the forum is Joseph Stiglitz, a US economist and professor renowned for his work on inequality, information asymmetry and global economic policy. He was a recipient of the Nobel Memorial Prize in Economic Sciences in 2001.

Abang Johari said Sarawak’s economy was historically reliant on oil, gas and timber, which were finite resources.

He said Sarawak was committed to sustainable growth.

He said the state’s Post-Covid Development Strategy 2030 was a roadmap for this transformation, with environmental sustainability a fundamental component of economic progress.

He said the roadmap was the state’s vision to “build a strong, diversified and sustainable economy that benefits all Sarawakians”.

“As we continue to develop economically, we must be mindful of the impact we have on the environment and our communities.”

He said one of the goals of the roadmap was to double Sarawak’s gross domestic product from RM136 billion in 2019 to RM282 billion in 2030.

He said in that 11-year period, 195,000 new jobs would be created.

On green initiatives, Abang Johari said green hydrogen was at the forefront of the state’s clean energy strategy.

He said the zero-emission fuel could decarbonise hard to abate industries.

“Sarawak aims to become a key exporter of hydrogen, particularly to South Korea and Japan, aligning with their national net-zero strategies.”

He said to meet export targets, Sarawak was developing “a robust hydrogen transportation and storage infrastructure”, allowing for seamless export to international markets.

“By leveraging its geographical advantage and proximity to key Asian economies, Sarawak can become a major supplier of clean hydrogen, further diversifying its economy.”

At the heart of the state’s development strategy was the principle of inclusivity, he said.

“We are determined to ensure that the benefits of economic progress are shared by all segments of society.

“Social equity must be a guiding principle as we develop policies and programmes that ensure every Sarawakian, regardless of background, has access to opportunities for education, employment and entrepreneurship.

“To truly measure our success, we must ask ourselves, are we creating a society where everyone has a chance to succeed? Are we building a future where no one is left behind?

“These are the questions that must guide our work in the years ahead.”

Source: NST

‘Sarawak can become major exporter of green energy by 2035’

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The Selangor government’s commitment to environmental, social and governance (ESG) best practices goes beyond mere rhetoric; it establishes a solid framework to ensure economic development does not compromise environmental integrity and community well-being.

Menteri Besar Dato’ Seri Amirudin Shari said the ESG implementation offers long-term benefits in terms of environmental sustainability and in enhancing economic and social resilience.

“Globally, we are witnessing companies that comprehensively adopt ESG becoming more resilient in the face of economic challenges, climate change and social pressures.

“In Selangor, ESG has become a priority in all development planning, as evident in state policies like the Selangor Carbon Neutral 2050 initiative and various environmentally friendly projects,” he said at the Klang Sustainable Convention 2024 ESG for SDG here today.

The convention, organised by the Klang Royal City Council, was officiated by Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir.

Amirudin said ESG integrates environmental responsibilities with transparent corporate governance and community participation in every development process, ensuring all stakeholders — from the government and private sector to local communities — are considered in policy and planning decisions.

He said implementing sustainable development goals (SDGs) is not a light effort confined to government levels alone; it requires the comprehensive involvement of all stakeholders to ensure the integration of its goals into state and local policies positively impacts the economy, society and the local environment.

“Therefore, ESG and SDGs are not just awareness initiatives or environmental sustainability warnings; they represent a concrete framework for economic development that requires active engagement from the entire community, starting from the government to the grassroots level,” he said.

Meanwhile, Akmal Nasrullah said the adoption of SDG and ESG principles should be recognised as part of the government’s global agenda to attract investments into the country.

He said to compete effectively on the global stage, a strong commitment to ESG is crucial, as it not only enhances efficiency but also results in positive economic outcomes, such as energy savings and prolonging the lifespan of machinery and infrastructure.

“We must all recognise these two concepts are not just attractions or slogans, but real prerequisites for investors to make investments in this country,” he said.

Source: Bernama

ESG vital for economic, environmental balance — MB

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