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The value added gross domestic product (GDP) for the manufacturing sector increased to RM97.4 billion in the third quarter of 2024 compared to the same period in 2023, said the Ministry of Investment, Trade and Industry (Miti).

The ministry said the amount showed an increase of 5.5% or RM5.1 billion from the RM92.3 billion recorded last year.

“Since the New Industrial Master Plan 2030 (NIMP 2030) was launched over a year ago, Malaysia has achieved impressive success in the manufacturing sector.

“The number of jobs also increased by 1.4% or 40,000 in the third quarter of 2024 compared to the same period last year,” it said in a written reply on the Dewan Negara website on Thursday to a question by Senator Dr A Lingeshwaran on the achievements of the NIMP 2030 so far.

Miti said the median salary also increased by 5.6% or RM145 to RM2,745 in the first half of 2024 compared with the same period in 2023, which was RM2,600.

In addition, Miti said several projects and flagship initiatives under NIMP 2030 have also started and are showing progress.

Among them is the launch of the National Semiconductor Strategy (NSS) in May 2024, which has successfully attracted investments of RM34 billion involving 22 semiconductor-related projects.

Also starting and showing progress are chemical and petrochemical based products which recorded an investment of RM3.1 billion between January 2024 and August 2024, compared with RM1.7 billion in the same period in 2023, making it the country’s fourth largest investment subsector.

Source: Bernama

Value added GDP of manufacturing sector increases 5.5% to RM97.4 bil in third quarter of 2024 — MITI

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Pahang aspires to become the assembly and manufacturing hub for electric vehicles (EVs) in the East Coast, said State Investment, Industry, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Najib.

He said the latest statistics from the Department of Statistics Malaysia showed a dramatic increase in EV sales and in the first half of 2024, as many as 10,663 electric cars were sold, double the 4,409 EVs sold over the same period in 2023.

“The surge in EV usage marks a clear shift in the automotive market. In fact, states on the West Coast such as Selangor, Negeri Sembilan and Melaka have become the choice of electric vehicle manufacturers to build assembly and manufacturing plants due to logistics factors.

“We also want to see Pahang become a hub for the assembly and manufacturing of electric vehicles in the East Coast. If logistics is a major criterion, then we will strengthen the promotion of the logistics network and the East Coast Rail Link (ECRL) which connects Port Klang and Kuantan Port,“ he said.

He said this when winding up debate on the 2025 Pahang Budget at the State Legislative Assembly at here today.

Additionally, Mohamad Nizar informed that this year saw a collaboration between Perbadanan Setiausaha Kerajaan Pahang to develop 50 EV charging stations throughout Pahang with an estimated investment of RM250 million.

He said the Bentong district was chosen as the pilot district with the construction of the first charging station out of 12 stations to be built in the district.

Meanwhile, Pahang Consumer Affairs and Human Resources Committee chairman Sim Chon Siang said the amount of local rice produced in Pahang is 14,000 metric tonnes per year and is insufficient for the state’s population.

“Sufficient rice for the people of Pahang is 130,000 metric tonnes, this is not including foreign workers working here,“ he said.

Elaborating further, he said to meet the difference in the amount of rice produced, the government has taken the approach of importing 45 percent of the required rice compared to 55 percent of the existing amount marketed by producers in the country.

Meanwhile, he informed that the number of MADANI Rahmah Sales Programmes in Pahang so far is 433 with 156 locations implemented on-premises, off-premises (33) and mobile (244).

Source: Bernama

Pahang aims to be East Coast’s EV assembly, manufacturing hub

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ASEAN countries have the potential to capitalise on significant opportunities in the digital economy, manufacturing, and supply chains led by BRICS countries, which are dialogue partners of the region, said the Ministry of Investment, Trade and Industry (MITI).

Its Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the digital economy sector holds great potential, particularly due to rapid advancements in technologies such as artificial intelligence (AI), as well as the demographic trend in ASEAN where nearly half of the population is under 30-years-old.

“If we look at the cooperation with BRICS countries in the field of e-commerce, we can see that financial technology and digital innovation can open new pathways to strengthen trade initiatives in our efforts with other ASEAN countries and BRICS,” Tengku Zafrul said during the Minister’s Question Time session in the Dewan Rakyat today.

He was responding to a supplementary question from Young Syefura Othman (PH-Bentong) on how Malaysia can leverage the market potential controlled by BRICS members (whose membership has grown from Brazil, Russia, India, China, and South Africa to also include Egypt, Ethiopia, Iran, and the United Arab Emirates) and which sectors present the biggest opportunities for ASEAN.

Tengku Zafrul also said that as the chair of ASEAN in 2025, Malaysia will also have the opportunity to create synergies with dialogue partners, including BRICS countries.

“The manufacturing value chain in Malaysia and ASEAN can be enhanced through cooperation with BRICS countries, China, and India.

“Therefore, the government plans to enhance free trade agreements (FTA) with dialogue countries, including China and India, during the ASEAN chairmanship next year,” he said.

Additionally, the ASEAN chairmanship in 2025 will also discuss knowledge transfer and resource sharing, said Tengku Zafrul.

“Thus, strengthening supply chain resilience can be achieved through diversification in the manufacturing sector, and we aim to reduce disruptions caused by geopolitical uncertainties, thereby boosting the region’s competitiveness,” he added.

Source: Bernama

ASEAN has potential in digital economy, manufacturing, and supply chains led by BRICS members – MITI

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Southeast Asia’s largest superapp Grab has selected Amazon Web Services (AWS) as its preferred cloud provider, to drive innovation and growth across its operations in eight countries.

The partnership is expected to enable Grab to reduce operational costs, enhance efficiency, and scale securely, with AWS’ infrastructure supporting the demands of its vast ecosystem.

Grab, which serves 41.9 million monthly transacting users and 13 million driver and merchant partners, processes more than 100 transactions per second across its platform.

“At Grab, our strategy for growth is anchored on constant innovation to outserve the needs of our users and partners,” Grab chief technology officer Suthen Thomas Paradatheth said in a statement on Thursday.

“This requires rapid experimentation, while ensuring security and stability, along with the ability to fully harness the potential of the latest tech like GenAI (generative artificial intelligence). We are pleased to extend our partnership with AWS as our preferred cloud partner to continue to support us on this journey,” he added.

Grab has operations in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam, where AWS is now its preferred cloud provider.

With a long-standing relationship since 2012, AWS has played a central role in Grab’s evolution from a ride-hailing startup to a superapp encompassing logistics, food delivery, and financial services.

According to Grab, AWS’ infrastructure allows it to dynamically allocate resources to match fluctuations in demand, particularly during peak periods like holiday seasons, while scaling down during off-peak times to save costs.

Beyond operational stability, Grab has adopted AWS’ Graviton2 processors, enabling it to migrate over 400 back-end services from traditional virtual servers to the processors for greater cost and energy efficiency.

“Cost optimisation is one of the three pillars of our technology strategy,” Grab head of engineering for technical infrastructure Mohan Krishnan said during a virtual media briefing. “The others are scaling securely and swiftly, and harnessing data and AI to improve the quality of experiences we offer our customers.”

Grab has also leveraged AWS’ toolset for its AI initiatives. Grab’s machine learning model platform, Catwalk, is built on AWS’ Elastic Kubernetes Service (EKS) and supports over 1,000 AI models in production.

These models underpin core functions such as pricing, route optimisation, and fraud detection, while also powering customer-facing features like tailored food recommendations and AI-generated menu descriptions for merchants.

“Grab’s AI journey is about experimentation, building, and delivering models that enhance their ecosystem. Catwalk, built on EKS, has allowed them to deploy AI capabilities across use cases such as logistics, pricing, and fraud detection, which are critical to their business,” said AWS’ Asean managing director of commercial enterprise, digital and SMB, Gunish Chawla.

While AWS is the preferred cloud provider, Mohad said Grab will continue to maintain relationships with other cloud providers, including Microsoft Azure and Google Cloud.

“Running multi-cloud takes effort,” he said. “But we feel that this strategy of still leveraging multiple clouds has the benefit of actually being able to use the best capabilities from different cloud providers.”

“And what we have been trying to pursue at Grab is trying to maximise both in terms of simplifying our multi-cloud setup by picking AWS as our preferred choice — so the bulk of our workloads go there — but in cases where using different clouds has some advantages, we leverage that too,” Mohad added.

Source: The Edge Malaysia

Grab picks Amazon Web Services as preferred cloud provider to accelerate innovation across SEA

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The electrical and electronics (E&E) segment has recorded the highest realised investment performance of RM4.8 billion during the period from January to June 2024, according to the Ministry of Investment, Trade and Industry (Miti).

The ministry said the investment performance was equivalent to 69.5% of the investment value realised for the manufacturing sector which recorded a total of RM9 billion manufacturing projects realised in the same period.

Miti also said that for future-driven industries involving green technology, from 2021 until June 2024, a total of RM42 billion projects involving renewable energy was approved.

It said of that amount, RM28.2 billion projects (equivalent to 67.1%) have been realised.

“From the perspective of digital investments involving digital infrastructure, based on current records, from 2021 to 2023, a total of RM68.9 billion investment has been implemented,” it said in a written reply published on the Dewan Negara website to Senator Datuk Lim Pay Hen’s question regarding the percentage of investments involving future-driven industries that have been realised so far.

In the meantime, Miti and the Malaysian Investment Development Authority (Mida) will continue to be proactive in introducing policy reforms to further increase investor confidence and strengthen Malaysia’s position as a preferred investment destination.

“The implementation of the various initiatives will help the country achieve the goal of highly competitive investments which in turn can benefit the people and the country,” it added.

Source: Bernama

E&E segment records realised investments of RM4.8 bil as of June 2024

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United Overseas Bank (UOB) forecasts Malaysia’s economy to grow 4.7 per cent for 2025, reflecting normalisation from a high base effect, strong trade diversification and supportive domestic drivers.

UOB senior economist (Malaysia) Julia Goh said Malaysia continues to have strong domestic levers supported by its stable labour market conditions, ongoing investments, energy transition efforts, implementation of national masterplans and regional development despite higher external risks.

“With a total expenditure budget of RM421 billion or 20.2 per cent of gross domestic product (GDP) for next year, the fiscal engine remains expansionary despite a narrower fiscal deficit target of 3.8 per cent of GDP.

“Potential investments in the pipeline include RM25 billion by government linked-investment companies (GLICs) alongside several public-private partnership projects, and more than RM40 billion worth of government construction projects to commence in 2025,” she said at UOB Global Economics and Market Research’s 2025 Macroeconomic Outlook virtual media briefing today.

Ringgit outlook

Goh said that despite sound economic and financial fundamentals, the ringgit is vulnerable to external developments, especially the potential upcoming Trump tariffs which is expected to weigh on Asian foreign exchange.

“The ringgit which is closely correlated to the yuan will likely take direction from the latter. There should be more efforts to encourage more consistent inflows by government linked companies (GLCs) and Malaysian corporates,” she said.

She also expected the Qualified Resident Investor programme to offer flexibility for resident corporates to reinvest abroad after repatriation of foreign funds, and the liberalisation of foreign exchange policies for multilateral development banks and non-resident development financial institutions to issue ringgit-denominated debt securities for use in Malaysia and provide ringgit financing to resident entities.

Source: Bernama

UOB projects 4.7 pct GDP growth for Malaysia in 2025, driven by strong domestic levers, investments

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United States envoy Edgard D. Kagan has today downplayed the impact of the upcoming Donald Trump presidency on the country’s ties with Malaysia, saying it will continue to benefit both sides.

However, the US ambassador to Malaysia conceded that the exact details of the new administration’s policies will not be known until it takes over in January next year.

“I think that it’s very clear, and this has been true from both candidates, that there is a strong desire to increase manufacturing jobs in the United States, and there’s an effort to look for a mix of policies that will do that.

“I think that that is very, very clear that that is going to be an important goal for the incoming administration, based on what they’ve said during the campaign,” he told reporters after delivering a talk on the US-Malaysia economic partnership at the Penang Institute here.

“I feel very confident that you’re not going to see a fundamental destruction or major change in the relationship,” he added, when explaining how the trade ties are set to continue.

As for concerns on tariffs being imposed on Malaysian-made semiconductor items, such as those that contained certain Chinese products, Kagan said the integrity of supply chains is critical when it comes to this.

He said it is very dangerous for any country to become a vehicle or locale for mislabelling of goods.

“There is a perception, and I think it has been largely correct, that Malaysia does offer a great deal of integrity in terms of supply chains,” he said, adding that this was one of the reasons that made Malaysia a very attractive destination for US investments.

He welcomed recent remarks by Deputy Minister of Investment, Trade and Industry, Liew Chin Tong, that Malaysia will not be a vehicle or a locale for mislabelling of goods.

He said the integrity of supply chains also means protecting of intellectual property, and that it is also critical for companies that are operating at the cutting edge of technology.

“You do not want to be operating in a place where your intellectual property can be stolen. And in that regard, Malaysia has a tremendous advantage because of the fact it has a 5G network that has trusted technology and trusted suppliers,” he said.

Kagan said it is also worth to remember that a lot of companies started moving out of China based on concerns about intellectual property rights (IPR) that would have happened regardless of the geopolitical tension.

Earlier, in his speech, Kagan said that since 2021, US companies have announced over RM200 billion in new investments in Malaysia.

He said Malaysia, especially Penang, has one of the world’s major ecosystems in technology.

“So I think that it is worth keeping in mind that Penang’s strength isn’t just the policies towards the manufacturers, towards MNCs,” he said, referring to multinational companies.

He said it is also the talents that have led to the development of a sophisticated and resilient ecosystem, which made Malaysia attractive in a way that went beyond whatever incentives offered by the government.

He said Malaysia is very much the centrepiece of Southeast Asia, and it is a critical region for the United States.

“It is worth keeping in mind that US exports have increased significantly as well as US imports,” he said.

He said US remains the largest investor in Southeast Asia and the largest foreign investor.

According to data released by the US Embassy, Malaysia’s exports to the US increased 19.1 per cent in 2024.

Malaysia’s exports to US totalled RM159.4 billion in 2024. The US-Malaysia two-way goods trade increased 29.1 per cent in 2024.

Source: Malay Mail

Envoy says beneficial economic ties between US and Malaysia set to continue, even with Trump administration

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Economic and trade cooperation between China and Malaysia continues to advance towards new higher-value opportunities, according to China’s Ambassador to Malaysia Ouyang Yujing.

“In order to achieve economic growth in the future, the digital economy and green development would represent two key trends, aligning with the high-quality development of a green Belt and Road,” Ouyang said at the launch of a report titled Assessing the Roles of Chinese Enterprises in Malaysia’s Economic Development yesterday.

For the purpose of exploring new opportunities in the digital sector, the ambassador also invited the Malaysian government and business sector to participate in the Global Digital Trade Expo taking place in Hangzhou, Zhejiang Province, next September.

Ouyang also urged companies to concentrate on sectors like clean energy, electric vehicles, green finance, and green infrastructure construction for cooperation in green investments.

“China’s annual direct investment flow into Malaysia nearly quadrupled from 2014 to 2023, recording more than US$2bil last year,” he said.

Meanwhile, South-East Asia Research Centre for Humanities senior research fellow Ong Sheue Li said China has been Malaysia’s largest trading partner for 15 consecutive years, with bilateral trade reaching RM450bil in 2023.

“Chinese investments in Malaysia span various sectors, particularly manufacturing, infrastructure, energy, and digital technology. Notable projects include collaborations with Proton, the East Coast Rail Link, and digital initiatives by Huawei and Alibaba, which contribute to Malaysia’s industrialisation and digital-transformation goals,” she said.

Ong said looking at bilateral trade data, Malaysia’s exports to and imports from China continue to grow, driven by factors like the strengthening cooperation in trade agreements and increasing foreign direct investment (FDI) from China.

“Trade between Malaysia and China is mainly concentrated in the categories such as machinery and transportation equipment, manufacturing products, chemical products and hybrid manufacturing products,” she said.

Ong noted that with regards to FDI, China’s investment in Malaysia has increased significantly in recent years, especially after the launch of the Belt and Road Initiative in 2013.

Source: The Star

China-M’sia economic ties continue advancing

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Perusahaan Otomobil Kedua Sdn Bhd (Perodua) aims to produce 500 units per month of its electric vehicle (EV) called eMO-II starting next year.

Its president and CEO Datuk Seri Zainal Abidin Ahmad told the media the EV model is expected to be priced between RM50,000 and RM90,000 after revealing the eMO-II EV prototype at the Kuala Lumpur International Mobility Show 2024 (KLIMS 2024) yesterday.

“We will make further announcements regarding the charging system as we plan to have an EV charging station every 40km to 50km, whether it is a fixed permanent charger or a mobile charger, which is still under study. We are also looking at the resell value, as I mentioned before, we would like to maintain its second-hand value,” he said.

Zainal Abidin said Perodua aims to produce the cheapest EV in Malaysia, given the new model’s low but competitive price range. “Based on our study, in the first quarter of 2025, the other EV companies that are selling EVs now would not be able to sell at lower prices (than us), since it might compromise other things. So for us, we still hope we can sell the cheapest EV around (in Malaysia),” he added.

Before this, the Ministry of Investment, Trade and Industry said it would help Perodua produce Malaysia’s first EV priced under RM100,000. Its minister Tengku Datuk Seri Zafrul Abdul Aziz said the ministry was optimistic that Perodua would reach its target of producing the EV by the end of 2025.

The Perodua EV project was fully developed in-house by the carmaker’s research and development team in 2023.

Zainal Abidin said the eMO-II prototype has been improved from its predecessor in terms of styling and features and is more defined as the company charts its EV future. “Please keep in mind that this is still a prototype model and there are plenty of other features and improvements that we will add to our finished product, which we will introduce in the near future,” he said.

Source: Bernama

Perodua aims to produce cheapest EV in Malaysia, build 500 units of eMO-II each month

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DSR Taiko Bhd, a trailblazer in Malaysia’s durian industry, is strategically positioning itself to expand its global footprint, focusing on value-added products to meet growing international demand.

The company recently achieved a significant milestone by obtaining the Malaysia Standard (MS) certification for its Musang King Durian and downstream products.

The innovation lies in the Musang King Integrated Tracking System (MKITS), a traceability system verified by Musang King Standard requirements to ensure consumer safety.

This certification underscores DSR Taiko’s commitment to delivering what is being termed Origin Matters, which offers high-quality, authentic durian products to consumers worldwide.

“As the first company to secure the MS certification for durian, we are proud to assure our customers that they can now enjoy genuine Musang King durian products with verified origins,” said its chief executive officer Datuk Ng Lian Poh.

He highlighted that many competitors claim to offer authentic Musang King products, however, their offerings may include other durian varieties, potentially misleading consumers.

“The journey ‘Durian Sudah Runtuh’ (DSR) to achieve this certification, granted by SIRIM QAS International, required significant time and investment. We wanted to ensure that buyers are confident in the originality and quality of our Musang King products,” he told Bernama.

DSR Taiko is a corporate sponsor and will participate in the upcoming Malaysia-China Summit (MCS 2024), scheduled from Dec 17-19 at the Malaysia International Trade and Exhibition Centre (MITEC).

Legacy of Excellence in Durian Agribusiness

Established in 2017, DSR Taiko is an integrated durian producer specialising in the entire agribusiness value chain. From plantation and cultivation to retail and production, the company has cemented its reputation as a leader in the industry.

“Our plantation spans approximately 46 hectares in Pahang’s highlands, specifically Raub and Bentong. Over 70 per cent of our durian trees are over 25 years old, producing the exceptional quality and flavour that Musang King is renowned for,” Ng shared.

To sustain growth, he said the group is actively identifying matured durian plantations in Raub and Bentong to expand its land bank. On the production front, the company has developed a diverse
range of durian-based products, including the highly sought-after D.MasKing Musang King Gelato.

Ng noted that the gelato, which recently earned a Gold Medal for F&B Innovation at the CAEXPO 2024 in Nanning, China, for its new, unique, and excellent criteria, is a testament to its potential in the Chinese market, where demand for premium durian products continues to grow.

Driving Global Expansion

He said China remains DSR Taiko’s largest export market, contributing significantly to the company’s RM18 million revenue last year.

Ng is also optimistic about future growth, citing strong demand and effective marketing campaigns targeting Chinese consumers. “Our strategy is to tap into China’s appetite for Musang King, known
for its unique flavour profile and premium appeal. With certifications and promotions, we are confident of driving substantial revenue growth,” he said.

Beyond China, DSR Taiko has penetrated markets in Australia, the United States, and Europe, introducing innovative products like Musang King pizza to cater to Western tastes.

Upcoming Showcase at Malaysia-China Summit 2024

Looking ahead, Ng said DSR Taiko is gearing up for the MCS 2024, describing it as “an unparalleled platform and a carefully curated event that attracts top-tier international trade visitors”.

MCS 2024 is organised by Qube Integrated Malaysia Sdn Bhd in association with the Malaysia External Trade Development Corporation (MATRADE), with the strong support of the Malaysia Convention and Exhibition Bureau, an agency under the Ministry of Tourism, Arts and Culture.

Commemorating 50 years of diplomatic and trade relations between Malaysia and China, MCS 2024 will provide DSR Taiko with an opportunity to showcase the potential of Malaysia’s “King of Fruits” to a global audience.

By leveraging its achievements, certifications, and participation in flagship events like MCS 2024, Ng said DSR Taiko continues positioning itself as a leader in driving Malaysia’s durian industry to greater heights.

Source: Bernama

DSR Taiko to elevate Malaysia’s durian industry with certification and quality

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Sarawak’s gross domestic product (GDP) growth, driven by strategic investments in infrastructure and green technology, is projected to surpass 5.0 per cent in 2025 said Sarawak Premier Tan Sri Abang Johari Tun Openg.

The Premier said for 2025, Sarawak’s budget has been meticulously crafted with an unprecedented allocation of RM15.8 billion to ensure sustainable economic growth, while prioritising key sectors that drive Sarawak’s prosperity.

“To further demonstrate the government’s commitment to equitable growth and uplifting vulnerable communities, infrastructure development remains a top priority under urban-rural economic integration.

“We have earmarked RM10.9 billion for development expenditure. Key projects include roads, bridges, ports, and enhanced water and electricity supply systems,” he said in his speech during the 2025 Sarawak Budget Conference here today.

Meanwhile, Abang Johari said Sarawak’s GDP growth is projected to range between 5.0 and 6.0 percent by the end of the year.

He said key sectors such as services, mining, and agriculture have all demonstrated commendable growth, driven by strategic investments and innovative policies.

“Guided by our PCDS 2030 (Post-Covid-19 Development Strategy 2030), our investments in catalytic projects, such as the 50MW Batang Ai Floating Solar Farm and hydrogen initiatives, has positioned Sarawak as a leader in renewable energy and digital transformation,” he said.

Source: Bernama

Sarawak’s GDP projected to grow above 5pct in 2025 – Abang Johari

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Malaysia has the potential to become a regional hub for electric vehicle (EV) production and innovation, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

He said the growth of the mobility industry presents immense opportunities for local manufacturers and small and medium enterprises to integrate into the global supply chain.

Fadillah, who is also the Minister of Energy Transition and Water Transformation, added that Malaysia’s National Investment Aspirations aim to position the country as a global supply chain hub by attracting high-quality investments and enhancing the capabilities of local industries.

“This strategic initiative focuses on integrating local manufacturers and SMEs into the global supply chains, thereby boosting economic growth and competitiveness,” he said at opening ceremony of the Kuala Lumpur International Mobility Show 2024 (KLIMS 2024) today.

Also present was Transport Minister Anthony Loke.

KLIMS 2024, themed “Beyond Mobility”, is organised by the Malaysian Automotive Association (MAA), and managed by Qube Integrated Malaysia Sdn Bhd.

Fadillah emphasised that KLIMS 2024 is an important event to accelerate the vision, bringing together stakeholders from around the world, and collaborating as well as creating solutions that benefit everyone.

In addition, he said, KLIMS 2024 serves as an excellent platform to witness firsthand the advancements in automotive technology, bolstered by Malaysia’s regional collaboration through the Asean Power Grid initiative, which aligns with Malaysia’s leadership as Asean chair in 2025 to secure a sustainable energy future.

Fadillah called on stakeholders, particularly the mobility industry leaders, policymakers, innovators and consumers, to work hand-in-hand in driving the mission.

“Malaysia is committed to building a sustainable future for the generations to come. Transportation, being one of the largest contributors to greenhouse gas emissions, is a critical area in our national energy transition plan.

“Consumer adoption of EVs and hybrid vehicles will drive the nation closer to its sustainability goals, with transformative initiatives like KLIMS playing a pivotal role in sparking widespread interest, collaboration, and action,” he said.

Meanwhile, KLIMS 2024 chairman Mohd Samsor Mohd Zain said the event brings together global and local players to showcase their products and ideas.

He said it showcases a diverse range of cutting-edge automotive technology and solutions, including two- and three-wheelers, last-mile mobility solutions and future-focused innovations that are paving the way for smarter and more sustainable transportation.

“The exhibition also provides a platform for local manufacturers and suppliers to connect with global industry leaders, facilitating information sharing and business collaborations. Such interactions are essential for Malaysia’s ambition to become a regional hub for automotive manufacturing and innovation,” Mohd Samsor, who is also MAA president, said in his speech.

He added that Malaysia’s leadership in Southeast Asia’s automotive industry is steadily gaining momentum, thanks to the significant strides in technology, infrastructure development and government policy support.

Mohd Samsor noted that the automotive industry is one of the key engines of Malaysia’s economic growth as its contribution is immense with significant linkages in manufacturing to the service sector.

He said the industry contributes 4% to Malaysia’s gross domestic product annually, and it is estimated that over 700,000 are employed in the automotive industry.

“Over the years, the automotive industry has expanded tremendously in tandem with the country’s economic growth and the increasing standard of living.

“The total industry volume for the automotive industry has grown in leaps and bounds over the last three decades, from 200,000 units in 1994 to an all-time high of 799,731 units in 2023,” Mohd Samsor said, adding that it is expecting to achieve a record of above 800,000 units this year.

“Much of the successes and achievements of our local automotive industry would not have been possible without the strong support, assistance and encouragement from the government,” he concluded.

Source: Bernama

Malaysia has potential to become regional hub for EV production, innovation: Fadillah

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Pahang attracted committed foreign direct investments (FDIs) totalling RM22.67 billion between 2022 and June this year, said Pahang Investment, Industries, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Najib today.

He told the Pahang state legislative assembly that the committed FDIs were based on the memorandum of agreement (MoA) signed for 15 projects across the state.

“The committed FDI increased from RM11.01 billion in 2022 to RM11.666 billion last year. However, the potential FDI for this year is still in the negotiation stages.

“China has invested in five projects with committed FDI amounting to RM14.489 billion while three projects amounting to RM22 billion have been granted the manufacturing licence by the Malaysian Investment Development Authority,” he said during the question and answer session at the Pahang state assembly sitting at Wisma Sri Pahang here today.

He was replying to a question from Thomas Su Keong Siong (DAP-Ketari) on the total FDI recorded by Pahang between 2022 and June this year, and the total investments from China.

Meanwhile, Pahang Agriculture, Agro-based Industry, Biotechnology and Education committee chairman Datuk Seri Mohd Soffi Abd Razak said all cage fish farmers especially those involved in the ikan patin (silver catfish) farming industry in Sungai Pahang have been given early notice to prepare for the northeast monsoon season (MTL).

“The breeders were issued early notices in October to prepare for the monsoon season including securing the cages with extra ropes.

“Fish farmers are advised to plan and sell their harvest(silver catfish) at a suitable size before the season. Fish breeders affected by the monsoon season are told to lodge a report with the district fisheries department and follow other procedures including lodging a police report,” he said, assuring the state’s fish supply will be sufficient throughout the northeast monsoon season.

Soffi was replying to a question by Datuk Seri Mohd Johari Hussain (BN-Tioman) on the fish supply status in Pahang and the approach adopted by the state government to help fish farmers prepare for the northeast monsoon season.

Source: NST

Pahang attracted some RM11 billion in foreign direct investments for two consecutive years

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Selangor attracted RM29 billion in approved foreign investments from 2023 to June 2024, securing its position as the country’s fifth-highest recipient.

According to Deputy Investment, Trade and Industry Minister Liew Chin Tong, Penang led the rankings with RM65 billion, followed by Kedah (RM54 billion), Kuala Lumpur (RM43 billion) and Johor (RM38 billion).

Liew said nationwide, Malaysia recorded a total of RM489.5 billion in approved investments across the manufacturing, services and primary sectors during this period.

“Of this, RM262.9 billion (53.7 per cent) represented foreign investments, while RM226.5 billion (46.3 per cent) came from domestic sources,” he said during the question and answer session in the Dewan Rakyat here today.

Liew was responding to a question from Stampin MP Chong Chieng Jen on the number of approved investments the country has received in the past year.

The deputy minister said the Federal government is committed to working with international partners like the United States to ensure fair treatment for existing companies operating in Malaysia.

This is especially after US President-Elect Donald Trump reportedly said he wishes to impose tariffs on goods produced in China as well as countries participating in BRICS.

“We are prepared to engage with the US and work closely with both foreign and domestic companies already established in the country. However, our strategy goes beyond merely attracting foreign investments.

“This includes strengthening our semiconductor diplomacy and maintaining strong relationships not only with the US, but also with the European Union, Brazil, and other middle-power nations,” he said.

Source: Selangor Journal

Selangor records RM29 bln in approved foreign investments from 2023 to June

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The Malaysian Institute of Economic Research (MIER) said the partnership to host the Budget Insights Forum: Moving Towards 2025 with the Malaysian Investment Development Authority (Mida) underscores the country’s efforts to achieve an inclusive and sustainable growth.

The event held at MIDA Sentral saw chief executive officers, investors, and policymakers delve into Malaysia’s economic outlook ahead of its 2025 ASEAN chairmanship.

MIER executive director Dr Anthony Dass said hosting the event and the event itself “fostered a culture of collaboration and open dialogue between the public and private sectors.”

“The forum offered valuable insights and practical recommendations to help shape Malaysia’s economic strategy, paving the way for a prosperous 2025 and beyond,” he said in a statement on Tuesday.

Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the forum was “a significant milestone” for the agency.

“Hosting the inaugural Mida-MIER Budget Insights Forum is an exciting step for us. This forum united key thought leaders to explore pressing macroeconomic and industrial trends shaping Malaysia’s future,” he said.

“As we set our sights on 2025, the insights shared shone the spotlight on the need for strategic foresight in a world of constant change, perfectly aligning with Mida’s mission to cultivate a resilient and innovative business ecosystem.

“The ideas and conversations sparked here will help businesses and policymakers tackle challenges head-on while uncovering new opportunities for long-term success,” he added.

A panel of moderators and speakers provided a broad view of Malaysia’s economic landscape.

The first panel session on ‘Macroeconomic Overview and Implications’ delved into global economic dynamics, examining the potential impact of the US presidential election, Malaysia’s upcoming Asean chairmanship, and the evolving US-China relations.

The session also highlighted Malaysia’s position within Asean and its position vis-a-vis the BRICS economic sphere.

The second panel session on ‘Industrial Growth and Investment’ explored strategies for business development and economic resilience.

Key topics included supply chain optimisation, talent development initiatives, and sustainable business practices, with particular emphasis on Malaysia’s digital economy transformation and innovation ecosystem.

Source: Bernama

MIDA-MIER forum explores Malaysia’s economic future

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Amazon Web Services (AWS) anticipates strong growth in its cloud services business, driven by the adoption of generative artificial intelligence (Gen-AI) that will further enhance the digital economy across the Asean region.

AWS Asean managing director Jeff Johnson highlighted that the company is focusing on three main areas to help create the digital future needed in the region — security, inclusivity, and sustainability.

“We are very bullish about how we can continue to help the digital economies of Asean to grow. What is interesting is that 61% of the 680 million Asean population is under the age of 35 years, and we think about the digital opportunity and awareness of that large percentage of the population.

“Asean continues to have the fastest growing internet population, adding 125,000 users daily to the internet and is predicted to be the fourth largest economy by 2030. In this context, we are excited about how we can help our customers, partners, and governments,” he told a media briefing on the sidelines of ‘AWS re: Invent 2024’ here on Monday.

Citing some notable investments in the region, Johnson shared that the company had recently announced another US$8.8 billion investment in Singapore up to the year 2028, following the initial US$8.5 billion investment for its first AWS region in Southeast Asia, which is estimated to have an incremental gross domestic product (GDP) impact of US$17.6 billion on Singapore’s economy.

“For Malaysia, we launched our region in Kuala Lumpur in August this year, which we are super excited about. That is an investment of US$6.2 billion with an estimated GDP impact of US$12.1 billion. We are in the midst of setting up our fourth region in Asean with the Bangkok region in Thailand, coming online early in 2025, representing a circa US$5 billion investment,” he said, adding that the company has also made a significant investment of US$5 billion in Jakarta, Indonesia.

AWS re: Invent 2024, being held on Dec 2-6, 2024 at multiple venues across Las Vegas, is a learning conference hosted by AWS for the global cloud computing community.

The in-person event features keynote announcements, training and certification opportunities, access to more than 2,000 technical sessions, and the expo. It is expected to gather around 60,000 attendees from across the globe.

Source: Bernama

AWS sees strong growth in Asean cloud services market

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Cautious optimism is guiding Malaysia’s path to economic resilience, with the country projected to maintain steady growth of 5% in 2024, in line with this year’s performance.

Kenanga Investment Bank Bhd head of economic research Wan Suhaimie Wan Mohd Saidie said the nation is leveraging its regional integration and strategic diversification to navigate ongoing global challenges.

Despite geopolitical tensions and shifting trade dynamics, he emphasised that Malaysia’s positive economic outlook is supported by strong domestic demand and favourable government policies.

“Malaysia’s resilience lies in its ability to balance opportunities and risks in a multipolar world.

“Key drivers for growth include infrastructure projects, small business support, and initiatives to strengthen export sectors such as electrical and electronics.

“However, execution challenges and rising competition within Asean are hurdles to overcome,” Wan Suhaimie said at Malaysian Investment Development Authority-Malaysian Institute of Economic Research (Mida-MIER) Budget Insights forum today.

He noted that the global shift towards multipolarity has intensified the need for strategic partnerships.

“As Malaysia prepares for its 2025 Asean chairmanship, the country is positioning itself as a leader in fostering regional cooperation.

“Asean integration is critical for Malaysia’s trade and investment growth, especially amid the United States-China tensions,” Wan Suhaimie said, stressing that the chairmanship provides an opportunity to champion intra-regional trade and deepen ties with emerging economies like India and Brazil.

On the geopolitical front, he highlighted China’s projected growth slowdown and the implications of US policies under a potential Trump presidency present challenges.

“Malaysia is focused on diversifying trade to mitigate dependency on its two largest partners, embracing opportunities in India, Europe and BRICS nations,” Wan Suhaimie noted.

Domestically, he said, the government is prioritising talent development and economic diversification.

While Malaysia’s path is fraught with uncertainties, Wan Suhaimie, said its neutral stance in global geopolitics, coupled with proactive policies, has instilled cautious optimism among stakeholders.

The forum held at Mida Sentral saw CEOs, investors and policy leaders engaged in open and dynamic discussions about Malaysia’s economic future. The line-up of moderators and panellists, comprising industry thought leaders and economic experts, delivered presentations and discussions that provided a comprehensive view of Malaysia’s economic landscape, offering attendees a unique perspective on the country’s prospects and opportunities for growth.

MIER executive director Anthony Dass highlighted that the Budget Insights forum set a new standard for economic cooperation in Malaysia, marking a crucial milestone in the country’s efforts to achieve more inclusive and sustainable growth.

“By fostering a culture of collaboration and open dialogue between the public and private sectors, the event became a driving force for Malaysia’s economic progress,” he said.

Source: The Sun

Malaysia’s path to economic resilience guided by cautious optimism

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Malaysia has immense potential to be the regional data centre hub capable of handling more than 600 million users.

National Tech Association of Malaysia (Pikom) research committee chair Woon Tai Hai said that over the past few years, the country has seen many data centre investments, as global players see Malaysia as a strategic gateway into the Asian market.

“We have seen quite a number of data centres coming into Malaysia, even prominent players like Amazon, Google, Nvidia and Microsoft.

“We are working with the government to formulate policies in the areas of talent, natural resources like water and electricity that data centres utilise and also on how local players can be part in these investments,” he said at the launch of the Pikom Economic and Digital Job Market Outlook 2024 Report today.

He also said that Malaysia’s digital economy continues to have a significant impact and serves as a cornerstone for the country’s long-term growth and competitiveness.

“With strong government support, increasing private sector collaboration, and a growing pool of skilled digital professionals, Malaysia is well on our way to becoming a regional digital leader.

“The opportunities are immense, and if we remain focused on nurturing talent, fostering innovation and bridging salary gaps, we as a nation can continue to unlock the full potential of our digital economy and solidify our position on the global stage,” Woon said.

He also said the government, related agencies, and stakeholders must make concerted efforts to upskill and retain local digital talents rather than lose them to foreign players who offer salaries in US dollars.

“We must offer the best for local digital talents and prevent this ‘talent theft’. We cannot afford to see local data centre players losing out to foreign players,” Woon said.

Pikom has projected that the digital economy’s contribution to Malaysia’s gross domestic product will rise to 24.1% in 2024 and 24.8% in 2025, based on geometric growth extrapolation and national economy forecasts from Department of Statistics Malaysia and Bank Negara Malaysia.

While this represents steady growth compared to 23.5% in 2023, it still falls short of the government’s target of a 25.5% contribution by 2025.

The report also noted that the digital economy in Malaysia is expected to recover and grow at robust rates of 7.6% in 2024 and 7.7% in 2025, following a significant slowdown to 3.9% in 2023.

This positive outlook is underpinned by an increase in digital investments and advancements in the sector, with earlier growth trends peaking at 14.3% in 2022 and steady expansions seen since 2019.

These projections are based on calculations using geometric means, reflecting confidence in the country’s digital economy’s resilience and potential for sustained development.

The report also showed that Malaysia’s digital economy supports the national economy through five key components, with e-commerce as the largest contributor.

This is in addition to the broader ICT industry, which encompasses ICT services, ICT manufacturing, ICT trade, and content and media.

Pikom chairman Ong Chin Seong said digital talents in Malaysia are seeing higher salaries as demand surges for skills in artificial intelligence (AI), data science, cloud computing and cybersecurity, driven by the rapid digital adoption across the nation.

Salary growth is projected to stabilise at 7.19% in 2024 and 7.12% in 2025.

“The double-digit salary growth of 13.90% recorded in 2023 was a one-off adjustment following the salary stagnation during the pandemic years.

“We are pleased to see this healthy adjustment to above 7%, which is reflective of a robust digital economy,” said Ong.

He said sustainable salary increments are critical to addressing the ongoing brain drain of digital talents to economies offering significantly higher remuneration.

Source: The Sun

Pikom: Malaysia has huge potential to become regional data centre hub but must address brain drain

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The first comprehensive Free Trade Agreement (FTA) between Malaysia and the United Kingdom (UK), through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will boost trade and investment relations between both countries.

Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the UK’s entry as a Group of Seven (G7) member and leading advocate of the rules-based trading system brings significant value to the CPTPP.

In his speech at the UK’s CPTPP countdown ceremony, Tengku Zafrul said the UK remains a strategic trading partner to Malaysia, with total trade reaching RM14 billion (US$3 billion) in the first 10 months of 2024.

“These numbers will improve, through increased Malaysian exports of sustainable palm oil, aerospace parts, oil and gas, renewable energy, environmental products, electrical and electronics and lifestyle products, and British exports of machinery, pharmaceuticals, chocolates and confectionaries and high-tech goods.

“Furthermore, UK exporters can also leverage the 16 FTAs Malaysia has ratified, including the Regional Comprehensive Economic Partnership (RCEP) and many others,” he said.

The UK is scheduled to enter the CPTPP on Dec 15, 2024.

Tengku Zafrul said the electrical and electronics sector would benefit from the FTA between Malaysia and the UK through the CPTPP.

He said British investors will appreciate Malaysia’s political stability and its strong rule of law, which supports a conducive landscape for investors seeking to establish their manufacturing or services hub in Asia.

Policies like the New Industrial Master Plan (NIMP) 2030, the National Energy Transition Roadmap (NETR), the National Semiconductor Strategy (NSS) and the Green Investment Strategy, are all aimed at attracting investments that would promote sustainable, equitable and inclusive growth.

“Besides, the Malaysian government is serious about the execution of its industrial and other structural reforms,” stressed Tengku Zafrul.

On Malaysia’s ASEAN chairmanship in 2025, Tengku Zafrul said it is important for UK businesses to invest and collaborate with neutral and non-aligned partners as ASEAN’s neutrality and centrality have brought about long-standing regional peace.

Malaysia strongly intends to strengthen its centrality and neutrality so that more investments and trade would flow into the region, he said.

Meanwhile, acting British High Commissioner David Wallace said the agreement would see 94 per cent of tariffs eliminated between the UK and Malaysia which would boost palm oil, cocoa and confectionery, cars and aerospace.

“We’re hoping this will strengthen our modern partnership and grow both of our economies,” he said.

With the UK joining CPTPP, Wallace said the combined gross domestic product (GDP) of CPTPP members has risen from over £9 trillion to £12 trillion (£1= RM5.64).

He said the UK will be the second-largest member behind Japan, increasing the GDP of the bloc by 25 per cent.

“Joining this existing trading group means that over 99 per cent of UK goods exports to CPTPP members are eligible for tariff-free trade and it means lower tariff on CPTPP exports to the UK,” he said.

Source: Bernama

CPTPP: Malaysia-UK FTA will boost trade and investment – Tengku Zafrul

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Malaysia is set to accelerate its development amid challenges in talent acquisition and domestic investments after becoming a BRICS partner country.

Malaysian Investment Development Authority (Mida) CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said this partnership aligns with Malaysia’s broader push to meet its industrial and economic ambitions under the National Semiconductor Strategy.

He emphasised that resolving Malaysia’s talent shortage remains a long-term challenge, requiring cohesive efforts across universities, ministries, and agencies.

“The talent gap is a structural issue. Producing the 60,000 skilled professionals needed for the semiconductor industry is an ongoing effort that involves connecting educational institutions with industry demands,” he told reporters at the Mida-MIER Budget Insights Forum today.

Shamsul noted that the government’s approach includes the activation of Mida’s Talent Management Division to bridge the gap between industry requirements and talent supply.

“However, officials acknowledged that more comprehensive policies are essential to meet the expectations of companies investing in Malaysia,” he said.

Additionally, Shamsul said, the partnership with BRICS is seen as a critical step toward boosting domestic investments in high-growth and high-value industries.

“The government aims to shift reliance away from foreign direct investment by encouraging local companies to scale up their investments in manufacturing and technology-intensive sectors.

“While foreign investors often bring substantial capital into a limited number of projects, local companies tend to launch many projects with relatively low investment value. For Malaysia to compete globally, we need our domestic firms to invest more in advanced manufacturing and high-tech industries.”

On the outlook for 2025, Shamsul said Mida has set ambitious goals to strengthen domestic investment and reduce over-dependence on services, targeting a more balanced approach between manufacturing and high-tech industries.

“GLIX, a prominent local investor, has been cited as a model for successfully channelling capital into high-growth sectors.

“Our collaboration with BRICS marks a new chapter in Malaysia’s industrial development. By leveraging strategic partnerships and fostering talent development, we aim to create a robust ecosystem that supports both foreign and domestic investments,” he added.

In another move to expand the renewable energy sector, Shamsul said, Malaysia is collaborating with authorities in the United States to enhance its solar industry.

“A team from the US specialising in solar energy will visit Malaysia this month to conduct a comprehensive survey and engage with local solar companies. The US team, working in coordination with the Ministry of Energy and Ministry of International Trade and Industry, aims to gather accurate data on Malaysia’s solar industry. This step is crucial as the information available to them may not reflect the ground realities,” he said.

Shamsul noted that the survey will focus on understanding the challenges and opportunities within the Malaysian solar sector, including tariff structures and market dynamics. “Some countries impose high tariffs, while others don’t. The US delegation’s visit will help evaluate these differences and inform future collaborations.”

Discussions set to be held during the visit are expected to cover key aspects of solar module sales and strategies for scaling up Malaysia’s renewable energy capabilities, he added.

Source: The Sun

BRICS partner country status gives impetus to Malaysia to tackle talent gap, boost domestic investments

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Malaysia has approved RM489.5 billion in investments across the manufacturing, services, and other primary sectors over the past 18 months, said Deputy Minister of Investment, Trade, and Industry Liew Chin Tong.

Of the total RM262.9 billion invested, 53% consisted of foreign investments and the remainder domestic, covering the period for the whole of 2023 through June 2024.

“In terms of foreign investments, Penang recorded the highest at RM65.9 billion, followed by Kedah at RM54.9 billion, the Federal Territory of Kuala Lumpur at RM43.79 billion, Johor at RM38.97 billion, and Selangor at RM29.89 billion,” he told the Dewan Rakyat on Tuesday during the oral question-and-answer session.

He was responding to Chong Chieng Jen (Pakatan Harapan-Stampin), who inquired about the total approved foreign direct investments (FDIs), and the detailed breakdown by state.

Liew further explained that the term “foreign investment” (FI), as reported by the Ministry of Investment, Trade, and Industry (Miti), through the Malaysian Investment Development Authority (Mida), differs from the FDI term used by the Department of Statistics Malaysia (DOSM).

He said that Mida reports the approved investment value, which reflects proposed projects and their implementation status, while DOSM’s FDI data focuses on actual foreign capital inflows and outflows, with investments involving at least 10% holding in affiliated companies in Malaysia.
MIDA’s FI data emphasises the economic impact of approved projects, contributing to economic growth, while DOSM’s FDI data provides insights into financial transactions and macroeconomic statistics.

Liew said that the ministry and Mida will continue to intensify efforts to attract quality investments to benefit the country and its people, including through economic activities, business opportunities, and high-value jobs.

Meanwhile, Liew acknowledged that Malaysia is facing uncertainty with the upcoming inauguration of United States President-elect Donald Trump next year, but emphasised that the government is always ready to negotiate with the country’s third-largest trading partner.

“We will also cooperate with companies based in Malaysia, whether foreign or local, to ensure that we receive fair treatment in this new situation,” he said.

Source: The Edge Malaysia

Malaysia approves RM489.5b in investments over the past 18 months — Liew

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Diversification of operations and markets has become essential for businesses in Malaysia to stay competitive, said Malaysian Investment Development Authority (MIDA) chief executive officer (CEO) Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid.

He said that for the survival of many industries, diversification has become an important element for business survival.

“In the solar sector, for instance, United States (US) tariffs imposed on producers from Malaysia, Thailand, Vietnam and Cambodia will significantly increase the cost of exports to the US.

“As a result, companies within these countries, which account for approximately 60% of solar exports to the US, must diversify their markets to remain competitive. The pressure is on them to seek new markets, including within the BRICS nations,” said Sikh Shamsul.

He said this during the ‘Budget Insights Forum: Moving Towards 2025’, which was organised by MIDA and the Malaysian Institute of Economic Research (MIER) at MIDA Sentral here on Tuesday.

The CEO highlighted that similarly, the global semiconductor industry is facing challenges due to the latest US restrictions on Chinese semiconductor companies and their supply chains.

“This provides an opportunity for Malaysia, as we are already seeing interest from Chinese companies in the semiconductor field. These companies, including semiconductor manufacturers, equipment suppliers, and material makers, are looking to diversify their operations away from China to reduce their exposure to geopolitical risks.

“Malaysia, with its favourable investment environment, is seen as an attractive destination for these companies to establish operations that do not involve Chinese equity ownership, thereby mitigating risks while still accessing global markets,” Sikh Shamsul said.

In light of these shifts, he said that diversification is a key strategy for Malaysia’s continued economic growth.

“The Malaysian government is focusing on diversifying investments, particularly in high-growth sectors like semiconductors and electric vehicles, and exploring new markets to reduce dependency on traditional trade partners,” Sikh Shamsul noted.

Source: Bernama

Diversification key to Malaysia’s business survival amid global challenges, says MIDA CEO

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Malaysia leverages its foreign relations to enhance the economy, investment and the quality of education, said Prime Minister Datuk Seri Anwar Ibrahim.

He shared that during his recent working visits to Peru and Brazil, numerous world leaders expressed interest in meeting him, reflecting recognition of Malaysia’s position on the global stage.

“But what do we leverage these opportunities for? For the economy, investments, and education quality. That’s what matters.

“I have instructed follow-up actions to be coordinated by the Foreign Ministry, the Ministry of Investment, Trade and Industry (MITI), the Prime Minister’s Department (JPM), and relevant agencies,” he said.

He was speaking at the monthly gathering with staff of the Prime Minister’s Department here today. Also present were Deputy Prime Ministers Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof and Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar,.

The Prime Minister also noted that Malaysia’s achievements in combating corruption caught the attention of Peru’s President Dina Ercilia Boluarte Zegarra, who expressed interest in learning from the experience of the Malaysian Anti-Corruption Commission (MACC) to address corruption in her country.

He added that the Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said is now chairing the International Anti-Corruption Academy, following MACC’s good performance, a recognition that benefits Malaysia.

Meanwhile, strategic ties with Brazil have opened economic opportunities, as President Luiz Inacio Lula da Silva granted Malaysia privileges, including enabling Petronas to continue exploration activities and Yinson Holdings Berhad to secure investments in the world’s largest electric energy vessel.

Source: Bernama

Malaysia leverages foreign relations to boost economy, investment — Anwar

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Sarawak’s Acacia Power Sdn Bhd (Acacia Power) today signed a Memorandum of Understanding (MoU) with NextChem SpA, a sustainable technology solutions provider under Italy’s Maire Group, to develop a large capacity wooden chips power plant in Sarawak.

Signing the MoU in the presence of Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg were Acacia Power director Tan Sri Datuk Amar Abdul Aziz Husain and NextChem SpA Corporate and Business Strategy senior vice president Giovanni Sale.

Abang Johari in his speech said the collaboration between the two companies will be able to contribute to global efforts in combating climate change.

“We feel that there are solutions to renewable energy, one of which is our rich weather where we can plant acacia.

“We can have renewable plantation of acacia within one block which is divided into sub-blocks and upon its maturity within three to four years, this then becomes feedstock for biomass,” he said at the ceremony which was held at Hikmah Exchange Event Centre here.

He expressed confidence that with NextChem SpA‘s years of experience, they will be able to innovate through new technology which will result in high productivity.

“I am sure that by collaborating with your experience and our experience in planting acacia, we can meet the challenge of addressing the global climate change,” he said.

Abang Johari also mentioned that although Sarawak may be a small, emerging economy from Borneo, the state strives to do its part to combat climate change through the various resources it has.

“We provide renewable energy through hydro, and we migrated to solar where the cost of solar has reduced over the 10 years by 80 per cent.

“We are also exploring hydrogen economy and people were initially sceptical because of its high cost. But perhaps now is the right time where there will be mass production of hydrogen and advancement of technology on electrolysers.

“When that happens, then there is a possibility as predicted by the International Energy Agency (IEA) that by 2030, the cost will be reduced by 50 per cent and I think we may be able to achieve that,” he said.

Under the MoU, NextChem SpA, renowned for its expertise in low-carbon technologies and energy transition solutions, will lead the technical and feasibility studies for the project.

The collaboration will include pre-feasibility and feasibility studies covering feedstock availability, site location, technology, market dynamics, cost estimates, and financial modelling; and advanced engineering design, where pending approvals both parties will proceed with Front-End Engineering Design (FEED) to prepare for the final investment decision.

Through this collaboration, Acacia Power and NextChem SpA aim to deliver an efficient, innovative solution that aligns with Sarawak’s ambitions to integrate renewable energy as a cornerstone of its socio-economic growth.

Also present were Italian Ambassador to Malaysia Massimo Rustico, Deputy State Secretary (Economic Planning and Development) Datu Dr Muhammad Abdullah Zaidel and Acacia Power director Dato Muhammad Ibrahim.

Source: Borneo Post

Sarawak’s Acacia Power partners with Italy firm to develop wooden chips power plant

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Malaysia has urged Chinese companies to refrain from using it as a base to “rebadge” products to avoid US tariffs, its Investment, Trade and Industry Deputy Minister Liew Chin Tong said on Monday, amid increasing export restrictions and concerns of a US-China trade war.

Washington is expected to further curb exports to Chinese semiconductor toolmakers and sales of certain chipmaking equipment, including products manufactured in Malaysia, Singapore and Taiwan, sources have told Reuters.

Malaysia is a major player in the semiconductor industry, accounting for 13% of global testing and packaging, and is seen as well-placed to grab further business in the sector as Chinese chip firms diversify overseas for assembling needs.

“Over the past year or so… I have been advising many businesses from China not to invest in Malaysia if they were merely thinking of rebadging their products via Malaysia to avoid US tariffs,” Liew told a forum on Monday (Dec 2).

He did not specify the types of businesses.

Liew said regardless of whether the United States had a Democratic or Republican administration, the world’s largest economy would impose tariffs, as seen in the solar panel sector.

Washington imposed tariffs on solar exports from Vietnam, Thailand, Malaysia and Cambodia – home to factories owned by Chinese firms – last year and expanded them in October following complaints from manufacturers in the United States.

US President-elect Donald Trump has threatened to slap an additional 10% tariff on all Chinese imports when he takes office on Jan. 20.

Source: The Star/Reuters

Malaysia urges Chinese firms to avoid using it to dodge US tariffs

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