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STREAMLINING INVESTMENT PROCESSES FOR JS-SEZ
The opening of the Invest Malaysia Facilitation Centre Johor (IMFC-J) marks a key step in streamlining investment processes for the Johor-Singapore Special Economic Zone (JS-SEZ). Led by MIDA, IRDA, and Invest Johor, the centre simplifies procedures, reduces bureaucracy, and attracts high-impact investments. Minister Tengku Zafrul highlighted its role in facilitating project implementation, reinforcing Johor as a premier investment destination.
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M’SIA WELCOMES FDI FROM ALL COUNTRIES: TENGKU ZAFRUL
Malaysia will continue to support and attract foreign direct investments (FDI) from all countries, says MITI Minister Tengku Zafrul. He emphasised the country's commitment to fostering a business-friendly environment and maintaining an open economy. Malaysia welcomes investments that align with its economic goals, ensuring sustainable growth and job creation.
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MALAYSIA ABLE TO DRIVE ASEAN-CHINA SYNERGIES
Malaysia can drive Asean-China synergies to achieve the Asian Century, says MITI Minister Tengku Zafrul. He emphasised Malaysia’s commitment to strengthening connectivity with Hong Kong, Greater China, and North Asia. He noted that Asean’s vast market and Hong Kong’s role as China’s gateway offer significant opportunities. He added that Hong Kong could be Asean’s gateway to China, while Malaysia could...
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NATION’S ECONOMIC GROWTH HIGHLIGHTED AT MITI EVENT
MITI hosted its annual Chinese New Year reception, where Minister Tengku Zafrul highlighted Malaysia’s economic growth and future plans. Approved investments in 2024 reached RM254.7 billion, creating 160,000 jobs. Malaysia’s total trade hit RM2.9 trillion, with a RM136.88 billion surplus. MITI aims to sustain growth through NIMP 2030, ESG policies, and ASEAN leadership in 2025. Tengku Zafrul emphasised inclusivity, sustainability,...
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WEATHERING EMERGING HEADWINDS ON THE SEMICONDUCTOR LANDSCAPE
Malaysia’s semiconductor industry faces challenges from US-China tensions, AI chip export restrictions, and geopolitical shifts. Minister Tengku Zafrul emphasises the National Semiconductor Strategy’s (NSS) resilience, focusing on R&D, diversification, and strategic partnerships. Economist Samirul Ariff warns Malaysia must pivot quickly to avoid stagnation. Strengthening alliances with Japan, South Korea, and ASEAN is key to maintaining competitiveness in the evolving global...
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MALAYSIA POSITIVE ABOUT TRADE GROWTH IN 2025, TO MAINTAIN LEVELS ABOVE RM2T
Malaysia aims to sustain trade levels above RM2 trillion in 2025, driven by economic growth despite global uncertainties, says Minister Tengku Zafrul. Total trade in 2024 hit a record RM2.879 trillion, marking four consecutive years above RM2 trillion. Speaking at Golf KITA 2025, a fundraising event attended by the Sultan of Pahang, Zafrul highlighted the initiative’s role in supporting underprivileged...
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MINIMAL IMPACT ON SEMICONDUCTOR EXPORTS AS M’SIA EXCLUDED FROM TRUMP’S TARIFF INCREASE, SAYS ZAFRUL
Malaysia's semiconductor exports to the US face minimal impact from Trump's tariff hikes, as Malaysia is excluded, says Investment, Trade and Industry Minister Tengku Zafrul. US investments remain strong, with RM5.1 billion in Q3 2024. Malaysia and the US signed a 2022 memorandum on semiconductor supply chain resilience. The government aims to maintain strong trade ties, ensuring Malaysia remains a...
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M’SIA TO FACILITATE ECON AGREEMENTS FOR E TIMOR
Malaysia, as Asean chair, will support Timor-Leste’s accession to Asean Economic Agreements, ensuring necessary processes are completed while providing capacity-building assistance. Investment, Trade and Industry Minister Tengku Zafrul emphasised Malaysia’s commitment to regional economic growth through diplomatic and trade support. Speaking at the Weststar-GAP and Santos Australia agreement signing, he highlighted the partnership as a model for inclusive and sustainable...
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MALAYSIA TO POSITION ASEAN AS GLOBAL TRADE HUB
Under Malaysia’s ASEAN chairmanship, the region aims to become a global trade hub by enhancing economic integration and supply chain resilience. In 2023, Malaysia’s trade with ASEAN grew 6.1% to RM765 billion, with exports rising 4.2% and imports 8.9%. Key markets include Singapore, Thailand, and Indonesia. Malaysia is also expanding trade with Africa, the Middle East, and Latin America while...
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M’SIA EYES TRADE GROWTH WITH FTA PARTNERS, EMERGING MARKETS THIS YEAR
Malaysia aims to boost trade by focusing on FTA partners and emerging markets like Africa, the Middle East, and Latin America. MITI is intensifying outreach to second-tier cities in China and Indonesia, while Matrade pursues opportunities with non-traditional markets. Key trade agreements like CEPA with the UAE and CPTPP enhance market access. In 2024, Malaysia’s trade hit RM2.88 trillion, and...
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MALAYSIA OUTLINES STRATEGY TO ENHANCE TRADE PERFORMANCE
Malaysia aims to boost exports in 2025 by strengthening cooperation with FTA partners and expanding into emerging markets such as Africa, the Middle East, and Latin America. In 2024, trade hit a record RM2.88 trillion, with exports growing 5.7%. Matrade will leverage FTAs like CPTPP and RCEP for market access. As ASEAN Chair, Malaysia seeks to enhance regional trade and...
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MACROECONOMIC OUTLOOK MALAYSIA TO PLAY A CATALYTIC ROLE
Favourable demographics, a growing middle class, shifting global trade flows towards the region, abundant natural resources, and appealing tourism destinations are anticipated to fuel ASEAN's future growth. However, challenges like uneven development across member nations and trade barriers remain. Despite these obstacles, there is optimism that ASEAN can harness these opportunities to drive progress.
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TENGKU ZAFRUL: EXPECT INCREASE IN INVESTMENT, TRADE WITH UK VIA CPTPP
Malaysia anticipates increased trade and investment with the UK through the CPTPP, marking their first free trade agreement. Investment, Trade and Industry Minister Tengku Zafrul highlighted the CPTPP as a key step for improved market access and bilateral ties. During PM Anwar Ibrahim's UK visit, RM11 billion in potential investments were secured, including RM5 billion for data centres. Discussions also...
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M’SIA-UAE CEPA SET TO BOOST BILATERAL TRADE BY 60PCT – TENGKU ZAFRUL
The Malaysia-UAE Comprehensive Economic Partnership Agreement (MY-UAE CEPA), signed on 14 January 2025, aims to boost bilateral trade by 60% in five years and strengthen economic cooperation. It marks Malaysia’s first FTA with a West Asian country, positioning it as a trade hub and gateway to ASEAN. Key sectors for collaboration include renewable energy, AI, and semiconductors. UAE investors have...
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MY-UAE CEPA WILL FOCUS ON DEVELOPING THE ISLAMIC ECONOMY
The Malaysia-UAE Comprehensive Economic Partnership Agreement (MY-UAE CEPA), signed on 14 January 2025, will focus on boosting bilateral trade by 60% in five years and developing the Islamic economy. Malaysia's first FTA with a Gulf Cooperation Council (GCC) nation, it includes green and digital economy priorities alongside semiconductors, AI, and renewable energy. The deal sets the stage for wider GCC...
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UAE DEAL TO BOOST BILATERAL TRADE BY 60PC
The Malaysia-United Arab Emirates Comprehensive Economic Partnership Agreement (MY-UAE CEPA), finalised in just 11 months, is set to boost bilateral trade by at least 60% over five years. As Malaysia’s fastest-negotiated free trade agreement and its first with a Gulf Cooperation Council member, the deal will enhance market access and economic ties. It aims to position Malaysia as a trade...
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ZAFRUL: ADIA TO PLAY CRUCIAL ROLE IN MAHB TRANSFORMATION
Abu Dhabi Investment Authority (ADIA), one of the world’s largest wealth funds, will play a key role in the privatisation and transformation of Malaysia Airports Holdings Bhd (MAHB), according to Malaysia’s Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz. ADIA, alongside Global Infrastructure Partners (GIP), is part of the Gateway Development Alliance (GDA) consortium aiming to modernise...
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ZAFRUL ADVOCATED FOR CENTRALITY
Asean countries must play the role of middle powers to seize investment opportunities amid geopolitical shifts, said Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He emphasised the importance of maintaining Asean centrality to address industry concerns and position the region as a neutral yet influential global player.
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MALAYSIA, AS ASEAN CHAIR, TO FOCUS ON EQUITABLE SHARING OF ECONOMIC BENEFITS
Malaysia's upcoming Asean chairmanship in 2025 will focus on inclusive and sustainable economic growth. The country aims to ensure that the benefits of regional integration reach all segments of society, including women, youth, and MSMEs. Key priorities include upgrading free trade agreements, fostering sustainable investments, and promoting digitalization. Malaysia will also support initiatives to empower women entrepreneurs and MSMEs, ensuring...
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WOMEN, YOUTH AND MSMES MUST BENEFIT FROM ASEAN CHAIRMANSHIP
Malaysia's upcoming Asean chairmanship aims to benefit women, youth and MSMEs. The government is launching initiatives to empower women entrepreneurs and connect them to regional networks. The Ministry of Entrepreneur Development and Cooperatives will focus on green transition for MSMEs, while the Ministry of Investment, Trade and Industry will support this through its i-ESG Framework. These initiatives aim to ensure...
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ASEAN MUST MAINTAIN CENTRALITY, MIDDLE POWER
Tengku Zafrul Abdul Aziz, Malaysia's Investment, Trade and Industry Minister, emphasizes the importance of Asean maintaining its centrality and leveraging its middle-power status to address industry concerns in a shifting geopolitical landscape. Asean's non-aligned stance has historically attracted investment, and this trend is expected to continue. Malaysia's 2025 Asean chairmanship aims to finalize a digital trade agreement to benefit SMEs....
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MALAYSIA’S ASEAN CHAIRMANSHIP IN 2025 PROSPECT PLENTIFUL
Malaysia's chairmanship of ASEAN in 2025 presents a golden opportunity for MSMEs, women and youth entrepreneurs. The region's strong economic growth and large population make it an attractive market, and free trade agreements open doors for businesses. The government is actively supporting women entrepreneurs and encourages youth to connect with regional peers. With cooperation, ASEAN can thrive despite global challenges.
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BRAZIL-MALAYSIA SEMICONDUCTOR COLLAB TO MAKE M’SIA A GATEWAY
Malaysia aims to become a regional industrial gateway through collaborations with Brazil in the semiconductor sector, leveraging its ASEAN chairmanship to position the region as a global hub for innovation and manufacturing. At a Malaysia-Brazil semiconductor meeting, Minister Tengku Zafrul highlighted targets under the National Semiconductor Strategy, including RM500 billion investments by 2030, 10 local champions, and 60,000 skilled engineers,...
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ASEAN CHAIR ROLE CAN BOOST SEMICONDUCTIOR COOPERATION
Malaysia plans to leverage its role as ASEAN Chair next year to strengthen regional semiconductor cooperation, improve supply chains, and promote sustainability in the industry. A memorandum of understanding (MoU) was signed between Malaysia’s Mimos Bhd and Brazil’s Eldorado Institute, marking a step towards enhancing talent development and green practices. Malaysian officials emphasised ASEAN’s potential to become a global hub...
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STRONG ASEAN-APEC CO-OP KEY TO SUSTAINABLE DEVELOPMENT, ECONOMIC INTEGRATION: ZAFRUL
Tengku Zafrul Aziz, Malaysia’s Investment, Trade, and Industry Minister, highlighted the importance of ASEAN-APEC cooperation for sustainable development and economic integration. Speaking at the APEC Business Advisory Council dialogue, he emphasised Malaysia’s focus on the green economy, digital transformation, and inclusivity as it prepares to chair ASEAN in 2025. He also noted Malaysia’s success in attracting FDI in data and...
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TENGKU ZAFRUL: M’SIA COMMITTED TO REGIONAL INTEGRATION INCLUDING FOR HALAL INDUSTRY
As ASEAN Chair in 2025, Malaysia aims to boost regional integration, including in the halal industry, said Minister Tengku Zafrul Abdul Aziz. Through a new memorandum of understanding, Malaysia will assist Peru in developing a halal certification framework, enhancing its position in the global halal market. He highlighted opportunities for collaboration in sectors like finance, renewable energy, and logistics, with...
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SMES PLAY ROLE IN DRIVING GROWTH IN APEC ECONOMIES
SMEs are key to driving inclusive economic growth in the APEC region, emphasised Minister Tengku Zafrul Abdul Aziz, noting their role in employing 70% of Malaysia’s workforce. Speaking at APEC 2024 in Lima, he highlighted the need for equitable growth involving SMEs, youth, and women-owned enterprises, with digital and green platforms ensuring market access. As ASEAN Chair next year, Malaysia...
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M’SIA, NZ ‘SCOPING’ FTA BOOSTS
Malaysia and New Zealand are conducting a scoping exercise to enhance the Malaysia-New Zealand Free Trade Agreement (MNZFTA), focusing on areas like digital trade and halal recognition. Tengku Zafrul met New Zealand Trade Minister Todd McClay in Peru to discuss boosting bilateral ties. New Zealand, Malaysia’s second-largest trading partner in Australasia, saw trade worth US$2.54 billion in 2023. Both nations...
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MITI’S APPROACH AT APEC TO ENSURE A RESILIENT GLOBAL ECONOMY
MITI’s strategy for APEC 2024 focuses on fostering a resilient, inclusive global economy, promoting digital and sustainable investments, and advancing ASEAN’s centrality and neutrality. Minister Tengku Zafrul emphasised rule-based economic cooperation aligned with APEC’s theme, "Empower. Include. Grow." Prime Minister Anwar Ibrahim, accompanied by key officials, is attending the event in Lima, Peru, where Malaysia aims to boost trade and...
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APEC THEME ALIGNS WITH ASEAN’S INCLUSIVITY, SUSTAINABILITY: ZAFRUL
APEC 2024's theme, "Empower, Include, Grow," aligns with ASEAN's 2025 focus on "Inclusivity and Sustainability," which Malaysia will chair. Investment Minister Tengku Zafrul highlighted APEC’s significance for economic integration amid global uncertainties, advocating for inclusive, sustainable growth that benefits SMEs, youth, and women entrepreneurs. With ASEAN’s economic rise and trade potential, he emphasised regional collaboration and leveraging digital and green...
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POTENTIAL EXPORTS TO CHINA WORTH OVER RM3BIL SECURE
Prime Minister Datuk Seri Anwar Ibrahim's recent visit to China generated RM3.2 billion in potential exports, as announced by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz. In discussions with 24 companies spanning sectors like semiconductors, aerospace, automotive, and medical devices, Malaysia also secured yet-to-be-finalised Chinese investments. China, Malaysia’s top trading partner for 15 years, accounted for RM450.84...
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MITI TO CONTINUE ENGAGING WITH US AUTHORITIES ON SOLAR EXPORT TARIFF HIKES
The Ministry of Investment, Trade and Industry (MITI) is aiding Malaysian solar manufacturers impacted by the US tariff hike on solar exports. Minister Tengku Datuk Seri Zafrul Aziz stated that the increased tariffs affect production lines in Malaysia, Thailand, Cambodia, and Vietnam. MITI aims to gather more information and engage with the US Department of Commerce to support affected companies....
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HALAL INDUSTRY SET TO GROW UNDER ASEAN LEADERSHIP, BUDGET 2025
The Ministry of Investment, Trade and Industry (MITI) is committed to enhancing Malaysia's halal industry and small and medium enterprises (SMEs) as the country takes over the ASEAN chairmanship next year. MITI Minister Tengku Zafrul announced a RM20 million allocation for MATRADE to improve global competitiveness of halal products. Key initiatives include reducing halal certification processing times and merging MATRADE...
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MALAYSIA-EU LOOKING INTO STEPS TO RESUME OFFICIAL FTA NEGOTIATIONS
Malaysia and the EU are preparing to resume negotiations on the Malaysia-EU Free Trade Agreement (FTA), according to Investment, Trade and Industry Minister Tengku Zafrul. While details remain to be finalised, he expressed confidence in achieving an agreement beneficial for both sides. Recently, he discussed the FTA with EU VP Valdis Dombrovskis. Prime Minister Anwar previously highlighted Malaysia's FTA interest...
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WORLD HALAL AWARDS PUT MALAYSIA ON FIRM FOOTING
The World Halal Excellence Awards 2023 (WHEA 2023) celebrated outstanding contributions to Malaysia’s halal industry, part of HDC’s World Halal Business Conference. With halal exports reaching RM54 billion, Minister Tengku Zafrul highlighted Malaysia’s robust ecosystem and initiatives under NIMP2030 and HIMP2030 to expand the industry globally. Top awards went to JAKIM’s Hakimah Mohd Yusoff for her leadership, while winners like...
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NATION TO RELY MORE ON LOCAL AND REGIONAL SUPPLY
Malaysia aims to reduce reliance on imported raw materials to avoid impacts from global trade wars, particularly those involving the US, China, and Russia, says Investment, Trade and Industry Minister Tengku Zafrul. The strategy focuses on bolstering local industries and sourcing from ASEAN to secure supply chains. Malaysia also seeks to expand trade with non-traditional partners, pursue new FTAs, and...
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MITI TARGETS REGIONAL GROWTH WITH 15 PRIORITY ECONOMIC DELIVERABLES FOR ASEAN
Malaysia's Ministry of Investment, Trade and Industry (MITI) will present 15 priority economic deliverables (PEDs) to strengthen ASEAN’s economic integration, focusing on sustainable and inclusive growth. These PEDs, to be discussed in December, target key areas like trade expansion with China, India, and the GCC, climate finance, and a semiconductor supply chain framework. They also prioritise digital resilience, including a...
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M’SIA’S BRICS PARTNER STATUS TO CONTRIBUTE TO EXPORT GAINS
Malaysia’s recent recognition as a BRICS partner is expected to boost economic growth and exports, according to Investment Minister Tengku Zafrul. Highlighting Malaysia’s role in key sectors like semiconductors, he noted BRICS countries’ economic clout, nearly equalling that of the G7. Malaysia will maintain a non-aligned trade stance, fostering diplomatic ties with all nations, including the US, China, and Russia,...
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M’SIA TO DRIVE ASEAN FTA UPGRADES TO ENHANCE REGION’S ECON GROWTH
Malaysia aims to upgrade free trade agreements (FTAs) with China, India, and ASEAN, adapting to global economic shifts as it prepares for ASEAN chairmanship in 2025, says Investment Minister Tengku Zafrul. Malaysia, holding 16 FTAs, will promote 15 priority economic deliverables focusing on sustainability, digital frameworks, and supply chains, including semiconductors. Plans include a 20-year ASEAN Economic Vision, ASEAN-GCC summit...
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MITI FINALISING SUSTAINABLE DATA CENTRE GUIDELINES
MITI is finalising sustainable development guidelines for data centres, incorporating metrics like Power Usage Effectiveness (PUE), Water Usage Effectiveness (WUE), and Carbon Usage Effectiveness (CUE). These guidelines will be mandatory for incentive applications and support Malaysia's net-zero carbon goal by 2050. The government also promotes green technology and renewable energy, aiming for 70% RE use by 2050, with the Corporate...
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SETTING UP EV CHARGERS IN RURAL AREAS A CHALLENGE, SAYS TENGKU ZAFRUL
Malaysia aims to install 10,000 EV charging units by next year, but rural deployment faces challenges due to high costs, especially for fast chargers, said Minister Tengku Zafrul. To address uneven distribution, the government is engaging local authorities, highway companies, hypermarkets, malls, and hotels. Currently, there are 3,171 chargers nationwide, including 813 DC and 2,358 AC units, sufficient for 31,000...
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POWER & WATER USAGE GUIDELINES NOW KEY REQUIREMENTS FOR DATA CENTRE INCENTIVES
The government is finalising sustainable development guidelines for data centres, which will be required for government incentives, said Minister Tengku Zafrul. The guidelines will include metrics for carbon, power, and water usage effectiveness to ensure sustainability, with a goal of 70% renewable energy use and net-zero emissions by 2050. Since 2021, 89 digital economy projects worth RM131 billion have been...
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M’SIA EV COUNT REACHES 33,319 UNITS
As of 30 September 2024, Malaysia recorded 33,319 electrified vehicles (xEV), making up about five per cent of the total industry volume, with around 15,000 being battery electric vehicles (BEVs). Minister Tengku Zafrul stated that hybrid and plug-in hybrid EVs remain relevant to the government’s goal of net-zero carbon emissions by 2050. Additionally, 4,984 applications for the MARiiCas electric motorcycle...
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TENGKU ZAFRUL COMMITTED TO INCREASING PRODUCTIVITY OF MITI, AGENCIES
Investment, Trade and Industry Minister Tengku Zafrul announced productivity gains, including MITI’s recognition for completing EV regulation guidelines and cutting the Regulatory Impact Statement approval from two months to 10 days. As of Q3 2024, 166 projects under bureaucracy reforms saved RM561.5m, while Good Regulatory Practices achieved RM922m in cost savings. MITI continues to enhance business regulations and boost productivity...
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BUDGET SUPPORT FOR SEMICONDUCTOR SECTOR STRONG
Budget 2025 supports the National Semiconductor Strategy under NIMP 2030, with significant allocations including a RM1 billion sovereign fund for the electrical and electronics sector and training funds for universities. Minister Tengku Zafrul stated that initiatives will boost mid-tier companies and offer tax incentives, driving manufacturing growth and exports. He expressed confidence in meeting fiscal targets through disciplined spending and...
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MINISTRY FINALISING NEW INVESTMENT INCENTIVE FRAMEWORK
MITI aims to announce the New Investment Incentive Framework by 1Q 2025, as outlined in Budget 2025. Minister Tengku Zafrul said the framework, under finalisation, will adapt to the upcoming 15% Global Minimum Tax by shifting from broad tax exemptions to targeted incentives, focusing on talent and green initiatives. It includes a RM1 billion strategic fund to boost local talent...
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MITI TO ASSIST PERODUA IN REALISING TARGET TO PRODUCE FIRST SUB-RM100,000 ELECTRIC VEHICLE
MITI will support Perodua in producing Malaysia's first electric vehicle (EV) under RM100,000 by late 2025, enhancing affordability and EV infrastructure. Minister Tengku Zafrul highlighted the importance of the semiconductor and E&E sectors in meeting future EV demand. As of September 2024, 15,780 new EVs were registered, and Malaysia aims for 10,000 public chargers by end-2025. JAC Motors also committed...
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TEAMING UP TO REDUCE EDUCATIONAL INEQUALITY
Yayasan TZA, in partnership with Yayasan Raja Muda Selangor, is launching the second phase of the ACE-SPM programme to support Form Five students in the B40 group. At the Yayasan TZA Appreciation Gala, Tengku Zafrul announced "Larian Kita," a charity run series starting in December, promoting health and social responsibility. Themed "Lari Bersama Kain Pelikat atau Kain Batik," the run...
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ZAFRUL: GOVT SHOWS CONFIDENCE IN THE ROLE OF MITI
MITI remains committed to advancing international trade, quality investments, and innovative industries for sustainable growth. Minister Tengku Zafrul welcomed Budget 2025's RM2.184 billion allocation and the introduction of a new investment incentive framework by 3Q2025. Key initiatives include a RM1 billion investment in semiconductors, AI adoption support, expanded tax incentives for integrated circuit design, EV rebates, and a 2026 carbon...
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MITI AIMS TO ANNOUNCE NEW INVESTMENT INCENTIVE FRAMEWORK AS EARLY AS 1 Q2025
MITI aims to unveil the new investment incentive framework by 1Q2025, earlier than planned, to inform investors promptly. The framework, supported by a RM1 billion fund, will focus on cultivating local talent and high-value activities in sectors like electronics and AI. With the 15% global minimum tax taking effect next year, Malaysia will shift from offering zero tax rates to...
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MINISTRY CONFIDENT OF HITTING MAIN TARGETS
MITI is confident of meeting NIMP 2030's first-year targets, with a 4.7% increase in manufacturing value added, a 0.9% rise in employment, and an 8.2% median salary growth. Green investments of RM6.2 billion have led to 436 projects and 3,843 jobs, while foreign and domestic investments show promise. Total trade reached RM2.139 trillion with a RM91.21 billion surplus. Despite progress,...
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MANUFACTURING: NIMP RAISES VALUE, JOBS, PAY
MITI is on track to achieve the first-year targets of NIMP 2030, having met three key indicators: a 4.7% rise in manufacturing value added, a 0.9% job increase, and an 8.2% median salary growth. Progress in semiconductor expertise and investments totalled RM35.6 billion in 3Q 2024. The Smart Tech Up Programme, replacing Industry4WRD, will launch in 4Q 2024. Efforts towards...
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MALAYSIA EXPECTED TO SIGN FTA WITH UAE BY YEAR-END
Malaysia aims to sign a free trade agreement with the UAE by year-end, marking its first FTA with a Gulf Cooperation Council nation, says Minister Tengku Zafrul. The agreement will offer lower or tariff-free trade and mutual investment incentives, expanding market access for Malaysian companies in the GCC. As ASEAN Chairman in 2025, Malaysia plans to enhance trade links with...
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MALAYSIA LOOKING AT NEW SOLAR EXPORT MARKETS
Malaysia aims to diversify its solar export markets amid geopolitical tensions and the US-China trade war, says Investment, Trade and Industry Minister Tengku Zafrul. He noted Malaysia's neutral stance and strong ties with both nations. As ASEAN 2025 Chairman, Malaysia seeks to address trade issues, including opposing the US's 9.13% tariff on Malaysian solar imports, arguing for exemptions for firms...
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STELLANTIS BRINGS LEAPMOTOR BRAND TO MALAYSIA
Stellantis launched Leapmotor, its all-electric brand, in Malaysia with the debut of the Leapmotor C10, supported by the Ministry of Investment, Trade and Industry. The Stellantis-led joint venture, Leapmotor International, marks the brand's Southeast Asian expansion. Malaysia's growing EV market aligns with national policies aiming to position the country as a next-gen vehicle hub. Stellantis plans local assembly at its...
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MALAYSIA IN TALKS FOR NEW FREE TRADE DEALS TO BLUNT IMPACT OF GEOPOLITICAL CONFLICTS – ZAFRUL
Malaysia is negotiating new free trade agreements, including with the UAE and ASEAN-Canada, to diversify trade and mitigate the impact of Middle East and Russia-Ukraine conflicts, said Minister Tengku Zafrul. Current FTAs include 16 agreements, such as the CPTPP. Despite minimal short-term impact, Malaysia aims to strengthen ties with major partners and explore new markets. The government is also promoting...
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GOVT TO CONDUCT STUDY ON WOMEN ENTREPRENEURSHIP IN KEY SECTORS
The government plans to conduct a study to strengthen women's roles in industry and business, says Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. The aim is to gather data for informed decision-making to support women entrepreneurs. He stressed the need for equal opportunities and encouraged involvement in sectors like renewable energy and high-tech industries. As ASEAN chair, Malaysia will...
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NIMP INITIATIVES STRENGTHEN COMPETITIVENESS, INVESTMENT
Malaysia's strategies to address prolonged geopolitical conflicts include implementing the New Industrial Master Plan 2030 (NIMP) and applying to join BRICS. The government is focusing on "nearshoring" supply sources within ASEAN to ensure supply chain stability and reduce reliance on imports. Despite geopolitical tensions, Malaysia's economy showed resilience with 5.2% growth in July 2024. MITI will strengthen trade diplomacy and...
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M’SIA FURTHERING TRADE ON THREE FRONTS: ZAFRUL
Malaysia aims to boost trade by resuming FTA talks with the EU and strengthening ties within ASEAN, where trade currently accounts for 23% of the total. Minister Tengku Zafrul noted ongoing discussions on using local currencies like the ringgit and renminbi for trade. Malaysia plans to focus on midstream and downstream industries, banning rare earth raw material exports to enhance...
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PROMOTE LOCAL ARTWORK GLOBALLY
Tengku Zafrul, Malaysia’s Minister of Investment, Trade, and Industry, advocates for greater documentation and exposure of young Malaysian artists to boost their global recognition. Speaking at the launch of the "New Malaysian Paintings" book, featuring 12 artists under 40, he urged more galleries and publications to support local talent. He also plans to promote Malaysian artwork internationally through diplomatic gifts...
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ZAFRUL TOUTS HALAL CO-OP WITH CANADA
Malaysia aims to explore halal sector cooperation with Canada, where demand is rising among 1.15 million Muslim residents. Tengku Zafrul highlighted Canada’s C$1 billion halal market as a key opportunity for Malaysian food and beverage producers. He attended a meeting between PM Anwar Ibrahim and Justin Trudeau at the ASEAN Summit in Laos, where Anwar stressed boosting economic ties. Bilateral...
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ZAFRUL: MALAYSIA, UAE ENHANCE TRADE PROSPECTS AFTER CONCLUDING ECONOMIC PARTNERSHIP NEGOTIATIONS
Malaysia and the UAE have concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), Malaysia’s first FTA with a GCC nation. The deal will eliminate tariffs, reduce trade barriers, and boost investment, enhancing Malaysia-UAE economic ties. The UAE serves as a gateway for Malaysian exports to the Middle East and beyond, while Malaysian SMEs gain access to ASEAN through UAE...
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ASEAN MSMES POISED TO GAIN TRILLION$ WITH DEFA
ASEAN's micro, small, and medium enterprises (MSMEs) are set to benefit from the projected US$2 trillion in economic value from the Digital Economy Framework Agreement (DEFA) by 2030. Investment Minister Tengku Zafrul highlighted DEFA's role in harmonising regulations and promoting regional digital integration. He also stressed the need to bridge the digital divide, enhance digital trade, and improve cybersecurity, as...
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BOOSTING MALAYSIA’S FDI APPEAL
Malaysia, heavily reliant on exports, remains a top FDI destination, ranking 27th in the 2024 Global Opportunity Index. Despite this success, Investment Minister Tengku Zafrul Abdul Aziz stresses the need to improve investor experiences by addressing "pain points." He highlighted Malaysia’s strategic location, skilled workforce, and ASEAN's neutrality as key advantages, but noted competition from neighbours like Thailand and Indonesia,...
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ZAFRUL: MAINTAIN BLOC’S NEUTRALITY
Tengku Zafrul emphasised ASEAN's need to maintain neutrality amid global tensions to attract investments. He highlighted the bloc's inclusivity, openness, and sustainability, while noting ASEAN's resilience despite global economic challenges. He also stressed boosting intra-ASEAN trade and supporting SMEs. The AEC Strategic Plan for 2026-2030 will be presented in 2025 when Malaysia assumes the ASEAN Chairmanship. Laos will officially hand...
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M’SIA SEEKS COLLAB WITH UNESCAP FOR INVESTMENT, GREEN INITIATIVES
Malaysia is exploring collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) to boost investment and green initiatives, as highlighted by Investment Minister Tengku Zafrul during the ASEAN Summits in Laos. He emphasised Malaysia’s focus on industrial progress through initiatives like NIMP 2030 and the National Semiconductor Strategy. Malaysia will assume the ASEAN chairmanship...
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MALAYSIA TO FOCUS ON BOOSTING COOPERATION AMONG MEMBERS
Malaysia aims to strengthen economic cooperation and enhance regional trade and investment at the 44th and 45th ASEAN Summits in Laos, starting tomorrow. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who arrived in Vientiane, highlighted the importance of addressing regional challenges. The summit will take place from October 8-11 at the National Convention Centre, with over...
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ASEAN SHOULD FOCUS ON HIGH-IMPACT ‘QUICK WINS’
Malaysia's Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, emphasised the need for ASEAN to focus on high-impact "quick wins" to enhance its visibility among stakeholders during the 24th ASEAN Economic Community (AEC) Council Meeting. He outlined that the upcoming AEC Strategic Plan 2026-2030 should prioritise sustainable growth, advanced technologies, and inclusivity. Malaysia also supports the ASEAN...
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M’SIA: 3 KEY WAYS TO BOOST ASEAN ECONOMIC RESILIENCE
Malaysia has outlined three key strategies to bolster ASEAN's economic resilience amid global uncertainties, as stated by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz at the 24th ASEAN Economic Community Council Meeting. The strategies include exploring trade with strategic economies, enhancing intra-ASEAN trade to cushion against global shocks, and developing robust mechanisms to manage economic volatility....
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MITI DAY 2024 SHOWCASES INVESTMENT, TRADE AND SUSTAINABILITY INITIATIVES
MITI Day 2024 highlighted Malaysia's commitment to economic growth through trade, investment, and sustainability. The event showcased initiatives for public engagement and featured the Mini Malaysia Autoshow, focusing on electric vehicles. Minister Tengku Datuk Seri Zafrul Aziz announced incentives for electric vehicle purchases. The event also included a career carnival with over 2,600 job opportunities. Local brands, including Ulyaa Natural...
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RM2.65B OF POTENTIAL EXPORTS TO PAKISTAN SECURED
The Investment, Trade and Industry Ministry announced potential exports of RM2.65 billion and RM100 million in investments following Prime Minister Datuk Seri Anwar Ibrahim's recent visit to Pakistan. These prospects span sectors like palm oil, timber, and pharmaceuticals over the next three years. Minister Tengku Datuk Seri Zafrul Aziz engaged in discussions with Pakistan's commerce minister on reviewing the Malaysia-Pakistan...
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ORACLE TO INVEST US$6.5 BLN IN AI AND CLOUD SERVICES
Oracle plans to invest over US$6.5 billion to establish a public cloud region in Malaysia, addressing rising demand for AI and cloud services. This will empower local businesses, particularly SMEs, with cutting-edge technologies. Minister Tengku Zafrul hailed the move as supporting Malaysia's goal of 3,000 smart factories by 2030. Oracle's investment also highlights Malaysia's growing role as a digital hub...
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PLAN TO IMPLEMENT GUIDELINES TO IMPROVE POWER, WATER USE IN DATA CENTRES
Malaysia plans to use Google’s new data centre as a corporate benchmark for power and water efficiency, supported by guidelines to reduce environmental impact. Minister Tengku Zafrul highlighted Google’s water stewardship programme, starting with restoring Taman Aman Park’s lake, and its goal of net-zero carbon emissions by 2030. Google aims to operate sustainably in Malaysia, while the Corporate Renewable Energy...
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SETTING NEW STANDARD FOR POWER, WATER USAGE EFFICIENCY
Google's new data centre in Malaysia will set a benchmark for power and water efficiency, supporting the country's circular economy. Investment Minister Tengku Zafrul announced guidelines to minimise environmental impact and boost operational efficiency. The Corporate Renewable Energy Support Scheme (CRESS) will allow companies to source clean energy. Since 2021, RM123.5 billion in data centre investments have been approved, expected...
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M’SIA EYES GLOBAL AI HUB STATUS WITH AWS INVESTMENT
Prime Minister Datuk Seri Anwar Ibrahim announced the Malaysian government's commitment to enhancing the digital economy and positioning the country as a leading hub for generative artificial intelligence. He highlighted the partnership with Amazon Web Services (AWS), which has launched a new region and committed RM29.2 billion over 15 years. This investment is projected to contribute RM57.3 billion to Malaysia's...
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MODERN SERVICES KEY TO HIGH-INCOME ECONOMY
Malaysia's ambition to become a modern services hub is key to achieving a sustainable high-income economy, says MITI Minister Tengku Zafrul. The modern services sector, including digital, finance, and healthcare, is vital for economic growth, complementing manufacturing and driving innovation. InvestKL's CEO highlighted Malaysia's transformation, with the services sector now contributing 60% to GDP and attracting RM160 billion in investments,...
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MALAYSIA LAUNCHES POLICY TO TRANSFORM FOSSIL FUEL INDUSTRIES, BOOST GREEN GROWTH IN MANUFACTURING
Malaysia aims to boost the manufacturing sector’s contribution to GDP from its current 24% while reducing harmful emissions through a new circular economy policy. Launched by Minister Tengku Zafrul Aziz, the policy focuses on reforming fossil-fuel-based models and promoting green growth. It complements plans like the New Industrial Master Plan 2030 and seeks investment in areas such as waste management...
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ENSURING SUSTAINABLE GROWTH IN LOCAL MANUFACTURING SECTOR
The Ministry of Investment, Trade, and Industry (MITI) launched the Circular Economy Policy Framework to promote sustainable practices in Malaysia's manufacturing sector. Minister Tengku Zafrul Aziz highlighted the Extended Producer Responsibility (EPR) strategy, encouraging producers to manage product life cycles sustainably. The framework supports Malaysia's green growth goals and complements initiatives like the National Energy Transition Roadmap, aiming to boost...
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SARAWAK PLAYS KEY ROLE IN ALIGNING, REALISING NATIONAL INITIATIVES
At the 'MIDA Invest Series: Sarawak Unfolding Its Business Potential', MITI Minister Tengku Zafrul highlighted Malaysia's competitive manufacturing and trade ecosystem while addressing key structural issues. He introduced the MADANI Economy Framework aimed at inclusive growth and outlined the New Industrial Master Plan (NIMP) 2030, which has attracted RM329.5 billion in investments and created nearly 130,000 jobs in 2023. Zafrul...
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TIME TO EXPORT MALAYSIA’S HALAL CERTIFICATION EXPERTISE OVERSEAS
Minister of International Trade and Investment, Tengku Zafrul, has announced plans for Malaysia to export its Halal certification process, recognising the country's robust regulatory framework and advanced knowledge in the field. This initiative, launched alongside the Halal Accreditation and Technology Improvement (HATI) programme, aims to enhance Malaysia's position in the global halal market, projected to reach US$5 trillion by 2030....
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CLOUD TECHNOLOGY TO ACHIEVE MALAYSIA’S GOAL OF TOP 30 ECONOMY BY 2030
At Google Cloud Malaysia Day, MITI Minister Tengku Zafrul highlighted the transformative role of cloud and AI in boosting Malaysia’s economy, especially in productivity and high-skilled job creation. He emphasised cloud technology's impact on sectors like manufacturing and healthcare, driving efficiency and innovation. Zafrul also welcomed Google's $2 billion investment, which will support Malaysia's digital transformation and strengthen its position...
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FORGING PARTNERSHIPS TO POWER MALAYSIA’S SEMICONDUCTOR FUTURE
Minister Tengku Zafrul highlighted the National Semiconductor Strategy (NSS) during a discussion at The Edge-HSBC Forum, emphasising the government's commitment to engaging industry feedback. The NSS aims to enhance Malaysia's semiconductor sector by addressing challenges such as talent shortages and sustainability. With RM25 billion allocated, the strategy focuses on advancing from manufacturing to innovation, particularly in IC design. Zafrul stressed...
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SEIZING A ONCE-IN-A-GENERATION OPPORTUNITY
In his keynote at The Edge-HSBC Forum, MITI Minister Tengku Zafrul highlighted Malaysia's semiconductor industry, particularly its growth potential amid the US-China trade war. He discussed the National Semiconductor Strategy (NSS), which aims to transition from low-cost manufacturing to advanced IP and design capabilities. With RM25 billion allocated for the NSS, Malaysia seeks to attract RM500 billion in investments, establish...
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RISING DEMAND, SHRINKING TALENT
The shortage of skilled talent in Malaysia's semiconductor sector, particularly engineers, is a pressing issue, as highlighted at a recent forum attended by industry leaders and Minister Tengku Zafrul. He emphasised the importance of transforming the workforce to meet rising demands, particularly in advanced technologies. The government is focused on enhancing local content and fostering linkages in the supply chain,...
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MALAYSIA JOINS 6 COUNTRIES TO RATIFY UK’S ACCESSION
Malaysia has ratified the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking the country's first bilateral free trade agreement with the UK. This move boosts the bloc’s GDP to US$15.4 trillion. Malaysian exports will benefit from duty-free access on 94% of tariff lines. Investment Minister Tengku Zafrul Aziz said the agreement strengthens Malaysia's competitiveness and...
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M’SIA WILL CONTINUE TO BE NEUTRAL AND ATTRACT INVESTMENTS TO REGION
Malaysia will maintain a neutral stance to boost investment and trade within ASEAN, said Investment Minister Tengku Zafrul Aziz. At the ASEAN Economic Ministers Meeting, he highlighted Malaysia's growing role in ASEAN and preparations for its 2025 chairmanship. Zafrul also discussed enhancing economic ties with the UK and supported the ASEAN-European Free Trade Association Joint Declaration on Economic Cooperation to...
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MYEG-FMFF TIE UP FOR ZTRADE ADOPTION BY MEMBERS
MyEG Services Bhd has partnered with the Federation of Malaysian Freight Forwarders (FMFF) to promote ZTrade, a blockchain-based trade document system, as Malaysia's National Single Window (NSW) for cross-border trade. This collaboration follows MyEG's partnership with China's customs subsidiary, ELLC. ZTrade aims to enhance customs clearance and efficiency, with plans to integrate the NSW with the Asean Single Window to...
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INVESTMENT SOAR 18% IN JULY AS INTERNATIONAL PARTNERSHIPS PAY OFF
Malaysia experienced an 18% increase in investments in July, with trade rising by 9.28% to RM1.6 trillion. Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted China's role as Malaysia's top trading partner for 15 years, with RM451 billion in trade for 2023. The extension of the Malaysia-China Five-Year Economic and Trade Cooperation Programme and the establishment of a National Single...
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MIHAS TO MAKE DUBAI GLOBAL DEBUT IN NOV, TARGETS RM1 BLN SALES
The Malaysia International Halal Showcase (MIHAS) will debut internationally at MIHAS@Dubai from Nov 18-20, aiming for RM1 billion in export sales. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Dubai as a key hub for MENA market access. The event, officially opened by Prime Minister Anwar Ibrahim, supports Malaysia’s goal of becoming a global halal hub,...
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NSW WILL BOOST TRADE WITH CHINA
The Ministry of Investment, Trade and Industry (MITI) is confident that Malaysia's single window trade initiative, aligning with China's customs system, will streamline business operations by reducing bureaucracy and enhancing Malaysia-China cross-border trade. Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that this initiative, part of a broader ASEAN integration effort, aims to boost regional trade and economic ties. The...
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MALAYSIA MAKES CALL FOR ASEAN CENTRALITY
Malaysia's Trade Minister, Tengku Zafrul Aziz, urged ASEAN to strengthen its centrality and cooperation with external partners, including upgrading the ASEAN-China FTA. Speaking at the Hong Kong-Asean Summit 2024, he emphasized the need for ASEAN to develop strategic industries, such as green technology and digital infrastructure, to boost growth. He also criticized trade protectionism targeting developing countries and called for...
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LEE PLEDGES TO EXPAND CITY’S TIES WITH ASEAN
Hong Kong Chief Executive John Lee emphasized the strong and growing ties between Hong Kong and ASEAN, noting that ASEAN has been Hong Kong's second-largest trade partner for over a decade, with trade reaching US$145 billion last year. ASEAN is also a significant source and destination for Hong Kong's direct investments. Lee highlighted recent achievements, including 90 MOUs signed with...
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NO MAJOR CHANGE IN CHIP SECTOR POST-US VOTE
Minister Tengku Zafrul Aziz stated that Malaysia does not anticipate major changes in the semiconductor industry after the US presidential election on November 5, 2024. Despite past transitions between presidents, Malaysia's chip sector remains stable. He noted that Malaysia has not been impacted by recent US curbs on Chinese chip makers and continues to engage with both China and Washington....
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ASEAN TOLD: COOPERATE AND TAP POTENTIAL WITHIN
At the SCMP Hong Kong ASEAN Summit 2024, Minister Tengku Zafrul Aziz emphasized ASEAN's potential for growth by focusing on strategic industries and external partnerships. With nearly 680 million people and a combined GDP exceeding $3.8 trillion, ASEAN's diversity offers vast opportunities. He urged ASEAN to lead in green technology and digital infrastructure. Zafrul highlighted the need for ASEAN to...
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HONG KONG HOSTS FLURRY OF FORUMS, COZYING UP TO NON-WESTERN PARTNERS
HONG KONG -- A string of large-scale forums in Hong Kong this week underscored the city's evolving geopolitical position and souring relations with the West. Dignitaries from mainland China, Southeast Asia and the Middle East flew in, while officials from the U.S. and its Group of Seven allies were all but absent, reflecting concerns over Beijing's tightening control and draconian...
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MALAYSIA SAYS ITS TECH BOOM WILL WITHSTAND US ELECTION RIPPLES
KUALA LUMPUR – Malaysia’s goal of boosting investments in its growing technology exports sector is unlikely to be affected by the results of the US election, according to Trade and Industry Minister Tengku Zafrul Aziz. “We built a strong ecosystem around the semiconductor industry, and it has been a major part of our exports,” Datuk Seri Zafrul said in an...
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MALAYSIA ON TRACK TO SIGN TRADE TREATY WITH UAE BY END OF YEA
Malaysia, one of the fastest growing economies in the Association of South-East Asian Nations, is on track to reach a free trade agreement with the UAE by the end of the year and hopes to explore a broader trade treaty with the wider GCC economic bloc, a senior official said. Malaysia has “excellent relations with the Middle East” and plans...
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MALAYSIA TRADE MINISTER URGES ASEAN CENTRALITY, COOPERATION: ‘WE WILL ALL BE WINNERS’
Asean needs to deepen its commitment to centrality while fostering engagement with external trading partners, including a plan to upgrade its free trade agreement with China, Malaysia’s trade minister has said. “It will not be an easy task politically – in the long run we will all be winners, but some will win more than others,” Investment, Trade and Industry...
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HONG KONG TO DO ‘EVERYTHING’ POSSIBLE TO BOLSTER TIES WITH ASEAN, JOHN LEE SAYS
Hong Kong’s leader has vowed to do “everything” possible to expand cooperation with the Asean bloc of Southeast Asian countries and increase support for trade multilateralism, while revealing that a new economic office in the Malaysian capital of Kuala Lumpur would open “soon”. Sources told the Post on Friday the new Economic and Trade Office (ETO) could be launched before...
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SOUTHEAST ASIA, MIDDLE EAST EYE DEEPER BUSINESS TIES WITH HONG KONG
A deep pool of talent and a high level of sophistication in financial and legal services are just two advantages that make Hong Kong an ideal gateway for businesses to expand in Southeast Asia as well as in the Middle East, analysts said at a forum on Thursday. These factors should foster greater cooperation between Hong Kong and these two...
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MALAYSIA SAYS ITS TECH BOOM WILL WITHSTAND US ELECTION RIPPLES
Malaysia’s goal of boosting investments in its growing technology exports sector is unlikely to be affected by the results of the US election, according to Trade and Industry Minister Zafrul Aziz. “We built a strong ecosystem around the semiconductor industry and it has been a major part of our exports,” Zafrul said in an interview with Bloomberg Television’s Haidi Stroud-Watts...
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OFFICIALS URGE STRENGTHENED SE ASIA, MIDDLE EAST TIES WITH HK
HONG KONG – Officials and experts said on Thursday that it is “high time” Southeast Asia and the Middle East tapped Hong Kong’s long-term fundamentals in business and finance by expanding cooperation on multiple fronts as these economies’ rosy growth outlook turbocharges professional services demands. They made the remarks during the two-day Belt and Road summit on a panel discussion...
Read MoreMALAYSIA’S TECH BOOM WILL WITHSTAND US VOTE RIPPLES: TRADE MINISTER
Malaysia's Trade and Industry Minister Zafrul Aziz discusses what the trade tensions between the US and China mean for his country's technology industry. He also talks about Malaysia's efforts to attract investments. He speaks on "Bloomberg: The Asia Trade."
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TAKE ADVANTAGE OF SUPPLY CHAIN SHIFT TO ASIA
Malaysia has significant potential to attract more investors by leveraging the shift in supply chains within Asia, as multinational companies diversify their production hubs. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted a UNIDO study indicating that post-pandemic, the re-shoring of manufacturing to Asia is a long-term trend. He outlined the importance of the...
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INVEST M’SIA 2024 SHOWCASES INDUSTRIAL DIPLOMACY
Invest Malaysia 2024 in Hong Kong attracted over 350 investors with assets exceeding $3 trillion. Bursa Malaysia reported a 12.7% rise in the FBM KLCI as of September 11, 2024, reflecting strong economic indicators. Minister Tengku Zafrul highlighted Malaysia’s industrial reforms, including the New Industrial Master Plan 2030, National Energy Transition Roadmap, National Semiconductor Strategy, and Green Investment Strategy. These...
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NSS, GIS TO PROPEL NATION’S SUSTAINABLE GROWTH
At Invest Malaysia 2024 in Hong Kong, Minister Tengku Zafrul highlighted Malaysia’s industrial reforms under the New Industrial Master Plan 2030 and National Energy Transition Roadmap. The National Semiconductor Strategy (NSS) and Green Investment Strategy (GIS) aim to enhance Malaysia’s industrial resilience and sustainability, attracting high-quality investments. The event attracted 350 investors, reinforcing Malaysia's appeal as a competitive and sustainable...
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NSS AND GIS KEY TO MOVE M’SIA UP THE VALUE CHAIN
At Invest Malaysia 2024 in Hong Kong, Minister Tengku Zafrul announced Malaysia's National Semiconductor Strategy (NSS) to enhance its role in semiconductor manufacturing, focusing on integrated circuit design and advanced packaging. He also highlighted the Green Investment Strategy (GIS) to attract sustainability investments. These initiatives aim to boost Malaysia’s industrial resilience, making it a leading regional hub for green technology...
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MALAYSIA A STRONG INVESTMENT HUB THANKS TO ITS ‘OPEN POLICY’ AMID US-CHINA RIVALRY: TRADE CHIEF
Malaysia’s stable political landscape and openness to engaging both China and the United States amid the ongoing superpower competition have made it a strong investment destination, its trade minister has said. Malaysia had a “very open policy” and continued to “engage all countries”, said Tengku Zafrul Aziz on Thursday, noting also that this would foster growth, particularly in its competitive...
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M’SIA-CHINA COLLABORATION ON SOLID FOUNDATION: PM
Prime Minister Anwar Ibrahim emphasized the strong Malaysia-China ties, highlighting collaboration in key sectors like digital economy and green development. He noted that China has been Malaysia's top trading partner for 15 years, with 2023 trade at $98.8 billion and investments at $14.5 billion. Anwar also recognized the Malaysian Chinese community's contributions to the economy and pledged continued support for...
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ZAFRUL: MALAYSIA, THE PRIME DESTINATION TO INVEST
Investment, Trade and Industry Minister Tengku Zafrul highlighted Malaysia’s strong economy and policies, making it a prime destination for investors. With a 5.1% GDP growth in the first half of 2024 and record RM329.5 billion approved investments in 2023, foreign investor confidence remains high. Malaysia aims to enhance Asean’s global role during its 2025 chairmanship, leveraging the region’s growing influence,...
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WCEC EXPECTED TO DRIVE INCREASED TRADE, INVESTMENT
The 17th World Chinese Entrepreneurs Convention (WCEC) is expected to boost trade and investment, according to Minister Tengku Zafrul. He noted that the event offers a vital platform for global entrepreneurs to collaborate, especially during challenging times. Prime Minister Anwar Ibrahim, in his keynote speech, emphasised Malaysia-China's strong bilateral ties. Organised by ACCCIM, the three-day event at the Kuala Lumpur...
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MALAYSIA NEEDS TO FOSTER NEW CHAMPIONS IN THE E&E SECTOR, SAYS MITI MINISTER
At The Edge–HSBC New Era For E&E Industry Forum 2024, MITI Minister Tengku Zafrul emphasized the need to develop talent and foster homegrown champions in Malaysia's semiconductor industry. He highlighted challenges in funding and talent development, noting the RM25 billion National Semiconductor Strategy, while calling for private and public collaboration. Penang, a key E&E hub, has seen significant investments and...
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ACCA COMMITTED TO DRIVING SUSTAINABILITY IN FINANCE AND ACCOUNTING PROFESSIONS
At its 88th Anniversary Gala Dinner, the Association of Chartered Certified Accountants (ACCA) reaffirmed its commitment to promoting sustainability in finance and accounting. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized the role of accountants in raising ESG awareness among SMEs. ACCA Chief Executive Helen Brand announced the upcoming launch of a Professional Diploma in Sustainability...
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ZAFRUL: MALAYSIA READY TO RESUME FTA NEGOTIATIONS WITH EU
The recent Cabinet meeting gave approval for Malaysia to officially negotiate with the European Union (EU) to conclude a free trade agreement (ETA), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He added that the government will ensure that the negotiations will provide a win-win situation' for the EU and Malaysia. "Recently we presented to the...
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RM160B APPROVED INVESTMENTS IN H1, LED BY SERVICES AND MANUFACTURING
Malaysia has demonstrated its resilience and continued appeal to investors amid the global economic uncertainty by attracting a substantial 18% year-on-year increase in approved investments to RM160 billion across the services, manufacturing, and primary sectors from January to June 2024 (H1'24). This surge in investment was backed by a substantial 2,948 investment projects, which are expected to create 79,187 new...
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STRONG INVESTMENT FIGURES SHOW GOVT COMMITMENT
Malaysia's strong investment performance of RM160 billion in the first half of 2024 is a testament to the government's commitment to creating a pro-investment, busi-ness-friendly environment that fosters industrial transformation and economic growth. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the first-half achievements represented 18 per cent year-on-year growth.
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ZAFRUL CALLS FOR DATA FLOW ACROSS ASEAN TO BE ENHANCED
ASEAN can enhance intra-regional data sharing by developing a comprehensive regulatory framework, according to Tengku Datuk Seri Zafrul Tengku Abdul Aziz, the Minister of Investment, Trade and Industry. He highlighted the importance of facilitating the reuse of private intent data, noting that around 50 million SMEs utilise Facebook for customer engagement. Zafrul shared examples from his tenure at CIMB Group,...
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AFFORDABLE FEES AMONG REASONS FOR CHINA BEING A TOP CHOICE FOR MALAYSIAN STUDENTS
An increasing number of Malaysian students are choosing to study in China, attracted by lower costs, the rising reputation of Chinese universities and the availability of scholarships. Universiti Malaya's Institute of China Studies associate professor and director Ngeow Chow-Bing said full or partial scholarships for foreign students are common in many Chinese universities, and the reputation of these institutions is...
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CHINA COMPANY TO BUILD RM1B LITHIUM-ION BATTERY PLANT IN KEDAH
Zhuhai CosMX Battery Co Ltd, a China-based global manufacturer of consumer lithium-ion batteries and power lithium-ion batteries, plans to invest RM1 billion to build its first manufacturing plant in Kedah. The project is expected to create over 1,000 jobs. The new facility under Unimx Technology Malaysia Sdn Bhd will be implemented in several phases at Kulim East Industrial Park, with...
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TENGKU ZAFRUL: AL-READY WORKFORCE CRUCIAL FOR MALAYSIA’S ECONOMIC FUTURE
Artificial intelligence-ready talent is crucial for industries and Malaysia's economic future, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz He said the ministry (Miti) has discussed the issue with the Ministry of Higher Education. "We are collaborating to ensure that the talent pipeline, starting from universities, is well-trained in Al. This will ensure that as industries...
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MATRADE TO OPEN OFFICE IN KARACHI : ZAFRUL
The Malaysia External Trade Development Corporation (MATRADE) will open a new office in Karachi, Pakistan, as part of Malaysia's focus on emerging markets. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that MATRADE, which has 49 offices globally, aims to boost trade with South Africa, Libya, Egypt, and Latin American countries. Malaysia-Pakistan trade was valued...
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MALAYSIA, INDIA TO UPGRADE BILATERAL FTA
Malaysia and India aim to strengthen their economic ties through an upgraded Free Trade Agreement (FTA) following Prime Minister Anwar Ibrahim’s visit to New Delhi. During the visit, Anwar and Indian PM Narendra Modi discussed expanding cooperation in digital economy, semiconductor manufacturing, AI, infrastructure, food security, and tourism. Investment Minister Tengku Datuk Seri Zafrul Abdul Aziz announced plans to enhance...
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FREE TRADE TALKS WITH GCC ON, FTA WITH UAE BY YEAR- END, SAYS TENGKU ZAFRUL
Malaysia is advancing discussions with the Gulf Cooperation Council (GCC) for a free trade agreement (FTA) and aims to finalize a bilateral FTA with the United Arab Emirates (UAE) by year-end. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that Malaysia seeks both a bloc-wide FTA with the GCC and individual agreements with West Asian...
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ZAFRUL: TESLA HAS INVESTED NEARLY RM60 MILIN MALAYSIA, TO FURTHER COUNTRY’S GREEN TECH DRIVE
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz highlighted that Malaysia's collaboration with Tesla aims to establish the country as a leading green technology hub. Tesla is engaging nine Malaysian companies in developing EV charging infrastructure and collaborating with local universities for knowledge transfer. By July 2024, Tesla will have installed numerous chargers in Malaysia, with...
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MALAYSIA EXPECTS GREATER TRADE GROWTH WITH INDIA
Following Prime Minister Datuk Seri Anwar Ibrahim’s recent visit to India, Malaysia's Ministry of Investment, Trade and Industry anticipates increased trade with India. Minister Tengku Datuk Seri Zafrul Abdul Aziz noted that Anwar has tasked the ministry with developing detailed plans for collaboration in trade and investment. The visit resulted in Malaysia and India agreeing to upgrade their relationship to...
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MALAYSIA ALWAYS READY TO FULFIL INDIA’S DEMAND FOR PALM OIL : TENGKU ZAFRUL
Malaysia is poised to meet India's rising palm oil demand through collaboration with major importers like Emami Agrotech Ltd., a leading Indian player in edible oils. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz discussed expanding palm oil imports with Emami's executive director. During a recent visit to India, Prime Minister Anwar Ibrahim and Tengku Zafrul also...
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ZAFRUL: NEW INDUSTRIAL MASTER PLAN 2030 TO BE PRESENTED TO CABINET ON WEDNESDAY
The New Industrial Master Plan (NIMP) 2030 will be presented to the Cabinet for approval, following a briefing by Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz to Prime Minister Datuk Seri Anwar Ibrahim. NIMP 2030 aims to transform Malaysia’s industrial sector by enhancing economic complexity, promoting digitisation, achieving zero-carbon goals, and fostering inclusivity. The plan seeks to boost...
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LIFE WATER WINS MALAYSIA SMART MANUFACTURING AWARD
Water Berhad’s subsidiary, Green Borneo Industries, won the Malaysia Smart Manufacturing Award 2023 in the IR4.0 Readiness Category for adopting advanced Industry 4.0 technologies. The award was presented by MITI Minister Tengku Zafrul. The company’s factories in Kota Kinabalu have embraced smart automation, improving production efficiency and real-time data monitoring. Despite challenges in upskilling staff, Life Water’s investment in technology...
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M’SIA, INDIA SOLIDIFY TIES WITH EXCHANGE OF EIGHT MOUS
Malaysia and India advanced their bilateral relations with the signing of eight memorandums of understanding (MOUs) across multiple sectors. Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz was actively involved in the ceremony, which took place in New Delhi. The MOUs, witnessed by Prime Ministers Datuk Seri Anwar Ibrahim and Narendra Modi, cover areas such...
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MALAYSIA ON TRACK TO ACHIEVE 4.0 TO 5.0 PCT GDP PROJECTION THIS YEAR
Malaysia's GDP grew by 5.9% in Q2 2024, supporting the year's projection of 4.0 to 5.0%. Minister Tengku Zafrul highlighted increased private investment and manufacturing growth, with private investment rising by 12% and manufacturing by 4.7%. The surge in exports, especially in the electrical and electronics sector, also contributed, with a 3.4% increase in net exports. The National Semiconductor Strategy...
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ZAFRUL: GOVT HAS NO PLANS TO INTRODUCE CARBON TAX IN BUDGET 2025
The Malaysian government will not introduce a carbon tax in Budget 2025, according to Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The Ministry of Finance and the Ministry of Energy Transition and Water Transformation are still developing the tax mechanism, which requires at least a year of preparation. The carbon tax, aimed at reducing emissions by...
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MITI TARGETS RM300B OF GREEN INVESTMENTS BY 2030
The Ministry of Investment, Trade and Industry (MITI) aims to attract RM300 billion in green investments by 2030 to meet Malaysia’s net zero emission goals. Minister Tengku Datuk Seri Zafrul Abdul Aziz noted that Malaysia achieved RM40 billion in green investments from 2017 to 2023. The Green Investment Strategy (GIS) targets a 7.5-fold increase, contributing RM80 billion to GDP and...
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M’SIA MUST STAY NEUTRAL TO ACHIEVE INVESTMENT DESTINATION GOAL: ZAFRUL
Malaysia must maintain its neutrality and strong technology ecosystem to remain a top investment destination, says Investment, Trade, and Industry Minister Tengku Zafrul Aziz. Highlighting Malaysia's 50-year involvement in the semiconductor sector and robust investment inflows, he noted RM83.7 billion in approved investments for Q1 2024, a 13% increase from last year. Malaysia has signed 16 free trade agreements and...
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MALAYSIA POISED TO BENEFIT FROM TRADE TENSIONS
Malaysia aims to enhance its role in global supply chain security amid the US-China trade tensions, focusing on its electrical and electronics and renewable energy sectors. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Malaysia's strategic advantage in semiconductors, supported by the National Semiconductor Strategy (NSS) and over RM25 billion in planned investments. With global tech...
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MALAYSIA CAN PLAY MIDDLE POWER ROLE IN SAFEGUARDING GLOBAL TECH SUPPLY CHAINS
Malaysia aims to strengthen its role in global supply chain security amid the US-China tech standoff, leveraging its electrical and electronics (E&E) and renewable energy (RE) sectors. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Malaysia's strategic position due to its 50-year-old semiconductor sector and introduced the National Semiconductor Strategy (NSS) to boost high-value exports. With...
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MALAYSIA, PALESTINE TO INK TRADE MOU
Malaysia's Cabinet has approved a memorandum of understanding (MoU) on trade and economic cooperation with Palestine, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. This MoU, to be signed soon, aims to boost bilateral trade, which grew 52.1% to RM20.8 million in 2023. The agreement will also establish a Malaysia-Palestine Joint Business Council to enhance...
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MALAYSIA HAS CAPACITY TO SUPPORT GLOBAL TECH SUPPLY CHAIN
Malaysia is positioned to become a key player in global tech supply chain security, according to Investment, Trade, and Industry Minister Tengku Zafrul Aziz. At PRAXIS 2024, he emphasized Malaysia's strong semiconductor sector and its National Semiconductor Strategy (NSS) aimed at enhancing high-value exports. The country is actively seeking investments in robotics, AI logistics, and industrial real estate. Additionally, Malaysia...
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M’SIA A MIDDLE POWER IN GLOBAL SUPPLY CHAIN
Malaysia is positioning itself as a key player in global supply chain security amid US-China tensions, focusing on its electrical, electronics, and renewable energy sectors. Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz highlighted Malaysia's strategic advantage in semiconductors and emerging technologies like AI. He emphasized Malaysia's role in attracting global investments and diversifying supply chains to mitigate risks,...
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MALAYSIA AIMS TO BE PREMIER GREEN INVESTMENT DESTINATION
Malaysia is aiming to become a leading green manufacturing hub by 2030, calling on global investors and experts to tackle green industrialisation challenges and unlock its potential. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz emphasized that the country will enhance both domestic and foreign investments, focusing on sustainability and socio-economic resilience. Key initiatives include increasing...
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M’SIA ABLE TO FACE POTENTIAL US RECESSION : MINISTER
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed confidence in Malaysia's economic resilience amid potential US recession risks, citing strong domestic growth and controlled inflation. He emphasised the need for a diverse economy and robust industries, particularly in the semiconductor sector, which remains crucial despite global uncertainties. He also highlighted the importance of extending green financing...
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NO COMMITMENT FROM TESLA TO OPEN FACTORY
KUALA LUMPUR: Tesla has never committed to opening a factory in Malaysia, said Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz. In a post on X, formerly known as Twitter, Tengku Zafrul explained that the Ministry of Investment, Trade and Industry (Miti) had engaged in discussions with Tesla founder Elon Musk in efforts to attract...
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LUXURY EVS PRESENTED TO INVESTMENT MINISTRY
MERCEDES-BENZ Malaysia recently presented four of its all-electric Mercedes-Benz EQ vehicles to the Investment, Trade and Industry Ministry for evaluation. The electric vehicles (EVs) were the locally produced Mercedes-Benz EQS 500 4Matic, Mercedes-Benz EQS 580 4Matic SUV, Mercedes-AMG EQS 53 4Matic+ and Mercedes-Benz EQE 500 4Matic SUV. All models are engineered with the most advanced technology for unmatched connectivity and...
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DATA CENTRE INVESTMENT-BOOSTING GUIDELINES BY 3Q
The Malaysian government will introduce guidelines for data centre power usage effectiveness (PUE) and water usage effectiveness (WUE) by Q3 2024 to support sustainable development and attract investments. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that these guidelines, being finalized by SIRIM and the Department of Standards Malaysia, aim to ensure data centres meet...
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ZAFRUL: TOUGH POLICY DECISIONS BOOST INVESTORS’ CONFIDENCE
The strengthening of the ringgit reflects the fundamentals of the country's economy and policies, said Invest, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He noted that despite tough policy implementation decisions, confidence has grown among both foreign and local investors. Also available in "The Borneo Post Sarawak".
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GXBANK PLANS RM1.5B INVESTMENT OVER 5 YEARS
Prime Minister Datuk Seri Anwar Ibrahim launched GXBank's "GX Untuk Semua" initiative, highlighting its role in advancing Malaysia's digital banking sector and KL20 vision. GXBank, led by Grab, will invest RM1.5 billion in Malaysia over five years. Anwar stressed the need for rapid digital bank transformation, with support from the Ministry of Investment, Trade and Industry (MITI) led by Tengku...
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M’SIA-RUSSIA TRADE ON THE AGENDA
Datuk Seri Anwar Ibrahim is set to meet Russian President Vladimir Putin to discuss economic cooperation in the coming weeks. The Prime Minister revealed that he would be meeting Putin in Vladivostok at the latter's invitation. "We will discuss economic cooperation and also position Malaysia as among the countries that defend its neutral stance and not to be enemies with...
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MALAYSIA TO INCREASE BILATERAL TRADE AND INVESTMENT WITH UAE
Malaysia and the United Arab Emirates (UAE) have reached an agreement that would improve bilateral trade and investment between the two nations. The Malaysia-UAE ComprehenSive Economic Partnership Agreement (MY-UAE CEPA) is anticipated to be implemented.
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GXBANK LAUNCHES ‘GX UNTUK SEMUA’ INITIATIVE
GXBank has launched 'GX Untuk Semua', an initiative which aims to nurture local tech talents, develop core competencies and industry best practices, and provide innovative solutions. This initiative will leverage the latest technology, such as artificial intelligence (AI)-based solutions for risk management and fraud prevention. At the same time, it aims to promote entrepreneurship and provide opportunities to explore tech-based...
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MALAYSIA-UAE CEPA ON TRACK FOR YEAR-END ENFORCEMENT
Malaysia's first free trade agreement (FTA) with a Gulf Cooperation Council (GCC) member, the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, is set to be signed in two months. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz announced that legal preparations are underway, and the final signing will be witnessed by both prime ministers. Malaysia will...
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CUTTING RED TAPE DRIVES GROWTH OF EV CHARGING STATIONS: ZAFRUL
As of June 25, the number of EV charging stations in Malaysia increased by 12.5% since the first quarter of this year due to streamlined approval processes. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz credited a one-stop centre and efforts by Deputy Prime Minister Datuk Seri Fadillah Yusof. The government aims to have 10,000 EV...
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MALAYSIA AND VIETNAM REAFFIRM COMMITMENT TO TRADE COOPERATION
Ministers Nguyen Hong Dien and Tengku Zafrul Abdul Aziz reaffirmed their commitment to strengthening Vietnam-Malaysia trade relations during a meeting on July 9. They co-chaired the 4th Vietnam-Malaysia Joint Trade Committee meeting, discussing the importance of bilateral trade and investment. They signed a joint statement and committed to implementing agreements from Malaysian PM Anwar Ibrahim's 2023 visit. Both sides aim...
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TAKING LOCAL ARTISTS TO THE GLOBAL STAGE
The “Prime Icons” exhibition at KL Lifestyle Art Space (KLAS) aims to elevate Malaysian arts, featuring works by Awang Damit Ahmad and Yusof Ghani. KLAS CEO Datuk Gary Thanasan emphasizes the need for support to advance the Malaysian art scene. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlights the importance of a supportive ecosystem for...
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M’SIA’S HALAL EXPORTS REACH RM54BIL IN 2023: MINISTER
Malaysia’s halal exports reached RM54 billion in 2023, highlighting the industry's crucial role in economic growth. Investment, Trade and Industry Minister Tengku Zafrul Aziz noted the global halal market's potential to hit US$5 trillion by 2030. The government aims to increase halal product entrepreneurs through initiatives like the Jelajah Halal Malaysia (JHM) programme, which has helped over 1,800 MSMEs since...
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PDG DELIVERS FIRST PHASE OF AI-READY DATA CENTRE CAMPUS
Tengku Zafrul Aziz, Minister of Investment, Trade, and Industry (MITI), remarked, "The completion of Princeton Digital Group's JH1 data center campus within 12 months of its announcement demonstrates the efficiency of Malaysia's investment facilitation and MITI's supportive stance towards industry and investment."
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MINISTERS SHARE VIEWS ON TALENT DEVELOPMENT
Four ministers, including Tengku Zafrul Abdul Aziz and Datuk Seri Dr Zambry Abd Kadir, discussed policies for a competitive and innovative economy during a panel at Mitec. The event, part of National Training Week 2024, highlighted integrated approaches to talent and workforce development. Key topics included trade policy, higher education, women empowerment, and human resource development. About 500 attendees heard...
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RIGHT POLICIES AND PRACTICES TO KEEP TALENT
Investment, Trade, and Industry Minister Tengku Zafrul Aziz highlights Malaysia's position as an attractive hub for industries, benefiting local enterprises and the workforce. He stresses the importance of effective human capital and talent management for Malaysia's industrial aspirations. Zafrul calls for a dynamic, whole-of-nation approach to talent policies, underscoring the need to align them with the country's goals. He spoke...
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BLACKROCK INVESTMENTS REACH RM27.5B, WITHDRAWAL WILL HAVE NEGATIVE IMPLICATIONS
The potential withdrawal of BlackRock's investment from Malaysia could negatively impact the country's investment agenda, said Minister of Investment, Trade and Industry Tengku Zafrul Aziz. BlackRock, the world's largest asset manager, holds assets worth RM27.5 billion in Malaysia, including significant stakes in 100 public-listed companies. BlackRock's investments in Malaysia's stock market and bonds support various sectors, creating jobs and contributing...
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BLACKROCK IN MALAYSIA SINCE THE 90S, HOLDS RM27.5 BIL IN ASSETS HERE, SAYS ZAFRUL
BlackRock has RM27.5 billion in assets in Malaysia since the 1990s, with RM20.5 billion in stocks and RM7 billion in government and corporate bonds. Key investments include Intel, Boeing, Texas Instruments, and Petronas. Investment Minister Tengku Zafrul warned of negative impacts if BlackRock withdraws. This follows BlackRock’s involvement in the MAHB privatisation deal, which has faced opposition and protests.
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ZAFRUL: BLACKROCK DOES NOT INFLUENCE GOVT POLICY
Investment Minister Tengku Zafrul stated that BlackRock Inc, despite investing over RM20 billion in Malaysia since the 1990s, has never influenced government policy. BlackRock holds equity in 100 companies, including Intel and Microsoft. Criticism arose due to BlackRock’s indirect connection to the MAHB privatisation deal. Zafrul clarified that Malaysia has no policy preventing dealings with companies linked to BlackRock, Vanguard,...
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ZAFRUL: MALAYSIA’S 2024 APPROVED INVESTMENT GROWTH TO AT LEAST MATCH GDP GROWTH
Minister Tengku Zafrul Abdul Aziz highlighted Malaysia's robust investment growth in Q1 2024, up 13% to RM83.7 billion from the previous year. He expects 2024's approved investments to mirror GDP growth, projected at 4-5%. With 2023's record RM329.5 billion investments, up 23% from 2022, he dismissed lower forecasts, citing strong project pipelines. He emphasized the need for timely approvals to...
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STRONG INVESTMENT PIPELINE EXPECTED FOR 2024 – TENGKU ZAFRUL
Minister Tengku Zafrul Abdul Aziz expressed optimism that approved investments for 2024 could surpass last year’s RM329.5 billion, citing a robust pipeline of projects. With RM83.7 billion in approved investments in Q1, a 13% increase year-on-year, he emphasized the need to expedite approvals, particularly in sectors like water. He expects investment growth to align with Malaysia's GDP growth of 4-5%.
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GOOGLE’S INVESTMENT IS TESTAMENT TO MALAYSIA’S CURRENT COMPETITIVENESS
Tengku Zafrul Aziz highlighted that Google's recent investment underscores Malaysia's regional competitiveness in the digital economy, positioning the nation to lead in Southeast Asia. The investment is expected to generate thousands of high-skilled jobs and accelerate digital transformation across businesses and the public sector. This strengthens Malaysia's tech leadership and its role as a hub in Southeast Asia, particularly as...
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ZAFRUL: INVEST IN CLOUD INFRASTRUCTURE, ADOPT DIGITAL MINDSET
Minister Tengku Zafrul Abdul Aziz urged Malaysian SMEs to invest in cloud infrastructure and adopt digital technologies for global competitiveness. Highlighting the impact of cloud solutions on productivity and job creation, he emphasized how industries like manufacturing and healthcare benefit from efficiency gains and innovation. He praised Google's US$2-billion data centre investment as a testament to Malaysia's digital leadership and...
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MOVING M’SIA TO FOREFRONT OF SEMICONDUCTOR INDUSTRY
Minister Tengku Zafrul Abdul Aziz emphasized Malaysia's strategic move to advance its semiconductor industry, aiming to lead globally amidst US-China trade tensions. He highlighted Malaysia's strengths in infrastructure, connectivity, and business environment, crucial for integrating into the semiconductor supply chain. However, he noted the challenge of high capital expenditure for advanced packaging, requiring substantial government support despite fiscal constraints.
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GOVT TO BOOST CHIPS EXPORT LOGISTICS
Minister Tengku Zafrul Abdul Aziz announced plans for discussions between his ministry and the Transport Ministry to enhance logistics infrastructure, particularly at airports, crucial for semiconductor exports. Highlighting challenges at Penang's airport, he emphasized the need for logistical improvements to support air transport, which handles 90% of semiconductor exports. Under Malaysia's National Semiconductor Strategy (NSS), expansion plans for airports like...
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EMBRACE AI FOR BIG PRODUCTIVITY IMPROVEMENTS
Minister Tengku Zafrul Abdul Aziz emphasized Malaysia's potential to enhance productivity significantly through artificial intelligence (AI), surpassing benefits from digitalization alone. Speaking at the launch of the Productivity Report 2024, he highlighted AI's role in simplifying tasks, fostering creativity, and driving economic complexity through research and development (R&D) advancements. He underscored the importance of regulatory efficiency, technology adoption, and continuous...
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GREEN MOBILITY
Minister Zafrul Aziz officiated Gentari's launch of an EV leasing solution with Lazada, advancing Malaysia's sustainable transportation goals. This collaboration promotes green mobility, aligning with national carbon reduction targets and setting a new standard in logistics efficiency.
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ZAFRUL DEFENDS BLACKROCK’S STAKE
Tengku Zafrul Aziz, defends the government's decision to allow BlackRock, involved in a deal to acquire stakes in Malaysia Airports Holdings Bhd (MAHB). Critics question BlackRock's ties to Israel and its influence in MAHB management despite assurances from Khazanah Nasional Bhd. Zafrul emphasizes BlackRock's status as a publicly traded entity with diverse global shareholders, urging clarity on the deal's benefits...
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MOVE TO HELP LOCAL ARTISTS EXPAND THEIR ART ABROAD
Tengku Zafrul Aziz from MITI plans to collaborate with Motac to assist Malaysian artists in exporting their works overseas through Matrade and Aswara. Emphasizing the economic impact of art, he aims to promote Malaysian culture globally and boost the local art industry internationally.
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NATIONAL SEMICONDUCTOR STRATEGY TO GUIDE INDUSTRY UP VALUE CHAIN
Minister of Investment, Trade, and Industry Tengku Zafrul Aziz emphasized the need for Malaysia's E&E industry to move up the value chain via the National Semiconductor Strategy (NSS). The 10-year NSS will be phased, focusing on modernizing OSAT, attracting high-end semiconductor manufacturing, and developing local firms. Zafrul highlighted Malaysia's OSAT strength, plans to train 60,000 engineers, and the need for...
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OVER US$23 BLN PROJECTS IDENTIFIED UNDER INDO-PACIFIC FRAMEWORK
At the inaugural Clean Economy Investor Forum (CEIF), Malaysia and other Indo-Pacific Economic Framework (IPEF) partners identified over US$23 billion in priority infrastructure projects. Minister Tengku Datuk Seri Zafrul Aziz signed three IPEF agreements on behalf of Malaysia, aiming to advance clean energy, promote carbon markets, and enhance supply chain resilience. Malaysia also ratified the IPEF Supply Chain Resilience Agreement,...
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PRIORITISING INCENTIVES FOR STRATEGIC INDUSTRIES
Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, emphasises the need for strategic allocation of fiscal support for FDI, focusing on key sectors. He advocates for a carbon tax to attract high-quality investments and disincentivise polluting industries. Zafrul highlights Malaysia’s achievements in FDI, including potential investments from major companies and the importance of data centres. He also notes the...
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INVESTMENT GROWTH MOMENTUM TO PERSIST: TENGKU ZAFRUL
Tengku Zafrul Aziz is optimistic about Malaysia's investment growth in 2024, citing a 13% increase in approved investments totaling RM83.7 billion in Q1. Key sectors include manufacturing and services, with significant contributions from both foreign and domestic investors, reflecting robust economic momentum despite global challenges like trade tensions.
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BURSA’S CSI SOLUTION: ESG INTEGRATION FOR MALAYSIAN BUSINESSES
Tengku Zafrul Aziz launched Bursa Malaysia's CSI Solution, a pivotal step towards Malaysia's net-zero emissions goal. The platform facilitates ESG integration across businesses, supports green financing, and aligns with national strategies like NIMP 2030 and i-ESG framework, promoting sustainable growth and global competitiveness.
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MALAYSIA BRIDGES CULTURES, CREATES CONNECTIONS AT WORLD EXPOS
MITI aims to leverage Expo 2025 Osaka for economic growth, promoting Malaysia's advancements in sustainable agriculture, smart living, and advanced manufacturing. Tengku Zafrul Aziz highlights the expo's role in attracting investments, expanding trade, and showcasing cultural diplomacy, aligning with Malaysia's strategic goals for global visibility and partnerships.
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‘COUNTRY’S POSITION ON IMG RANKING 2025 SET TO IMPROVE’
Malaysia expects improved ranking in IMD’s World Competitiveness 2025 due to rising high-tech exports. Minister Zafrul Aziz cites recent investments by electronics firms and multinationals, expecting impacts within 12-18 months. Despite 2023’s downturn in electronic communications exports globally, semiconductor demand growth signals potential export rebound, enhancing Malaysia’s competitive standing.
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COLLABORATE TO HARNESS ASIA-PACIFIC POTENTIAL
Malaysia and Singapore, along with ASEAN, will collaborate to harness APAC's potential, particularly in e-commerce, expected to drive 90% of global growth from 2021 to 2026. Minister Tengku Zafrul stressed Malaysia's need to work with neighbours to enhance supply chain security, digital, and green economies. During the Annual Ministerial Dialogue, ministers reaffirmed economic cooperation, established a Supply Chain Cooperation Workgroup,...
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MALAYSIA’S COMPETITIVENESS SET TO IMPROVE FURTHER
Malaysia's competitiveness is expected to improve due to export recovery, investment inflows, and better fiscal management, says MITI Minister Tengku Zafrul Aziz. Malaysia fell to 34th in the IMD World Competitiveness Ranking 2024, largely due to 2023 data reflecting a weak ringgit and high subsidy spending. However, with a stronger ringgit and better trade figures, including a 10% export rise...
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DROP TO 34TH SPOT DUE TO RINGGIT’S WEAKNESS LAST YEAR, SAYS ZAFRUL
Malaysia's drop from 27th to 34th in the IMD World Competitiveness Rankings 2024 is attributed to the ringgit's weakness in 2023, according to Minister Tengku Zafrul Aziz. The decline was also influenced by reduced electrical and electronic exports. However, the ringgit's recent strengthening and improved trade numbers in 2024 are expected to enhance future rankings. Malaysia is now 34th out...
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RM83.7BIL INVESTMENTS IN Q1
Malaysia recorded RM83.7 billion in approved investments for Q1 2024, a 13% increase from the same period last year. Minister Tengku Zafrul Aziz highlighted investor trust and the importance of geopolitical stability. Collaborating with MIDA, MITI aims to convert investments into opportunities for SMEs and jobs. Key sectors include semiconductors and renewable energy. Foreign investments made up 56.2%, led by...
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NEW CHAPTER IN MALAYSIA, CHINA ECONOMIC COLLABORATION
Malaysia and China are strengthening economic ties through three key collaborations: a Five-Year Programme for Economic and Trade Cooperation, and MOUs on Digital Economy and Green Development. Tengku Zafrul Aziz highlighted these agreements as pivotal in enhancing supply chain resilience, promoting trade in services, and attracting high-quality investments. He emphasized their commitment to digitalization, sustainability, and innovation, fostering shared prosperity...
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M’SIA TO SHOWCASE UNITY MESSAGE
Malaysia, under Tengku Zafrul Aziz's leadership, will showcase unity and diversity at World Expo 2025 in Osaka, Japan, coinciding with its ASEAN chairmanship. Expecting over 28 million visitors, Malaysia aims to generate RM13bil in exports and investments, emphasizing sustainable development and cultural heritage through its pavilion themed 'Weaving a Future in Harmony'.
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HAVING SINGAPORE BASE WILL BOOST REGIONAL TRADE
MATRADE has opened its 49th office in Singapore to enhance trade and investment across ASEAN, highlighting Malaysia as a gateway to the region. Tengku Zafrul emphasized Matrade's role in supporting SMEs and boosting intra-ASEAN trade through partnerships with Amazon and TikTok. These initiatives aim to empower Malaysian businesses on global platforms and foster economic growth.
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MALAYSIA, CHINA PLAN A SINGLE-WINDOW SYSTEM TO STEAMLINE PROCESSES
Malaysia and China, led by Tengku Zafrul Aziz, are implementing a single window system to streamline cross-border trade, aiming to boost efficiency and reduce administrative burdens. They've also signed MoUs on economic cooperation, digital infrastructure, and green development to drive sustainable growth and innovation. These initiatives underline their commitment to strengthening bilateral partnerships for economic resilience and growth.
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LI BRINGS RM13.2BIL IN POTENTIAL INVESTMENTS
MITI facilitated 11 MOUs between Malaysian and Chinese entities, totaling RM13.2 billion potential investment. Tengku Zafrul sees these agreements boosting economy through supply chain resilience, service sector growth, and high-quality investments. MOUs cover sectors like industry, finance, education, and agriculture, reflecting strong bilateral confidence amid Malaysia-China relations.
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LOCAL PRODUCTION PLANT OPENS
Chery Automobiles Malaysia (CAM) inaugurated its local assembly plant in Shah Alam, marking the start of Jaecoo J7 SUV production. Tengku Zafrul Aziz, Malaysia's Investment, Trade, and Industry Minister, highlighted CAM's commitment, supported by Chery Chairman Yin Tongyue and China's Industry Minister Jin Zhuanglong. The plant, CAM's 11th outside China, aims to advance automotive technology in Malaysia alongside existing CKD...
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14 MOUS/MOAS EXCHANGED BETWEEN M’SIA AND CHINA
Malaysia and China exchanged 14 agreements during China Premier Li Qiang's first official visit, marking 50 years of diplomatic ties. Key MoUs spanned investment in digital and green economies, media cooperation, postal services, and higher education. The visit underscores deepened bilateral relations and economic collaboration, highlighting China's role as Malaysia's largest trading partner for 15 years.
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M’SIA-CHINA RENEW FIVE-YEAR ECON PARTNERSHIP
Malaysia and China have agreed on a new five-year economic and trade cooperation program from 2024 to 2028, focusing on expanding existing sectors like trade, investment, and digital economy infrastructure. Signed by Tengku Zafrul Aziz and China’s Minister of Commerce, the initiative also includes MoUs for enhancing digital and green economies, aiming to bolster bilateral ties and economic resilience through...
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MATRADE, AMAZON TO HELP MALAYSIAN SMES GO GLOBAL
MATRADE and Amazon have signed an MoU to boost Malaysian SMEs' exports via Amazon Global Selling, aiming to enhance their international market presence. Tengku Zafrul Aziz, emphasizing Malaysia's commitment to empower SMEs, highlighted the initiative's role in facilitating global business opportunities and providing essential support and training.
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MALAYSIA IS OPEN TO JOINING BRICS, BRINGING ECONOMIC BENEFITS
Malaysia is considering joining the BRICS intergovernmental organisation to leverage economic benefits, following interest expressed by ASEAN member Thailand and developments seen with countries like the UAE and Egypt joining. Tengku Zafrul Aziz highlighted Prime Minister Datuk Seri Anwar Ibrahim's intention to initiate discussions on Malaysia's membership in BRICS, a platform for major emerging economies comprising Brazil, Russia, India, China,...
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MATRADE’S NEW OFFICE IN SINGAPORE TIMELY TO BOOST MALAYSIA-SINGAPORE TRADE – TENGKU ZAFRUL
Tengku Zafrul Aziz, MITI Minister, emphasized the timely reopening of MATRADE's Singapore office to boost Malaysia-Singapore trade amidst global "slowbalisation" trends and the upcoming Johor-Singapore Special Economic Zone. He aims to leverage ASEAN's growing economic flows, facilitating Malaysian companies' access through collaborations like the MoU with Amazon for cross-border e-commerce.
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ZAFRUL: KIGIP CAN HELP NURTURE TALENT
Minister Zafrul Aziz highlighted Kerian Integrated Green Industrial Park (KIGIP) as a hub for local talent and innovation in northern Malaysia, emphasizing its strategic location near educational institutions. KIGIP aims to fill skilled positions and support economic growth, complementing existing industrial parks. The project includes plans for a Water Treatment Plant to address local water scarcity issues.
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LONG-TERM VIEW ON STRUCTURAL REFORM AGENDA VITAL
The financial sector, urged by Minister Tengku Zafrul Aziz, must adopt a long-term perspective in funding Malaysia's structural reforms like NIMP 2030 and the National Semiconductor Strategy. Emphasizing a "mission-based" approach, he calls for innovative financing to drive economic complexity, technological advancement, and sustainability. Collaboration between government and banks is crucial for achieving these goals and securing future growth.
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PRIVATE SECTOR SUPPORT IS CRUCIAL
As Malaysia prepares to chair ASEAN in 2025, Minister Tengku Zafrul emphasizes the crucial role of private sector collaboration. Aligning ASEAN goals with business needs, Malaysia aims to lead in sustainability and digital transformation. With initiatives like the New Industrial Master Plan 2030 and ASEAN's carbon neutrality strategy, Malaysia seeks to enhance regional competitiveness amid global shifts and geopolitical challenges.
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ASEAN CHAIRMANSHIP WILL GIVE MALAYSIA THE OPPORTUNITY TO SHOWCASE ITS CAPABILITIES, SAYS ZAFRUL
Malaysia prepares to lead ASEAN in 2025, focusing on aligning regional goals with national economic policies. Minister Tengku Zafrul aims to showcase Malaysia's capabilities, emphasizing trade integration, sustainability, and digital transformation. Amid global shifts like net-zero targets and AI advancements, Malaysia seeks private sector support to ensure ASEAN's competitiveness and neutrality amidst geopolitical tensions, positioning ASEAN as a resilient and...
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MITI TO DEVELOP SPECIAL INCENTIVES FOR AI DATA CENTRES – TENGKU ZAFRUL
Malaysia plans special incentives for AI data centres to boost its digital transformation. Minister Tengku Zafrul highlighted their economic benefits, with RM114.7 billion invested from 2021-2023, creating 2,325 high-value jobs in fields like data science and cybersecurity. The incentives aim to maintain Malaysia's appeal as a prime destination for AI investments, focusing on energy efficiency and renewable energy.
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HALAL CERTS TO BE ISSUED IN 30 DAYS
Starting July 1, Jakim will process halal certifications within 30 days, reduced from 51 days, as part of the new client charter. The Halal Development Corporation (HDC) and the Malaysia Productivity Council (MPC) are streamlining the process for exporters. A task force led by Zahid will address halal park development with a secretariat from the Ministry of Investment, Trade, and...
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GLOBAL TECH GIANT INVESTMENTS TO BOOST ECONOMY, TECH ADVANCEMENT
Investments by AWS and Microsoft in Malaysia's data centre industry are set to boost the economy by empowering SMEs and advancing technology. Tengku Zafrul Aziz highlighted that data centres comprised RM114.7 billion of RM144.7 billion approved digital investments from 2021 to 2023. This influx will accelerate SME digital transformation, enhance digital infrastructure, and create opportunities for local tech talents, aligning...
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MALAYSIA-JAPAN TRADE SET TO INCREASE THIS YEAR
Malaysia's trade with Japan is expected to grow, driven by investments in semiconductors and renewable energy, said Investment, Trade and Industry Minister Tengku Zafrul Aziz. In 2023, trade with Japan was around RM35 billion. During PM Anwar Ibrahim’s visit to Japan, Malaysia secured RM1.45 billion in potential investments and RM550 million in potential exports. Tengku Zafrul highlighted significant interest in...
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MALAYSIA AUTOSHOW 2024 PARKS THRILL FOR AUTOMOTIVE INNOVATIONS
The Malaysia Autoshow 2024, held from May 21-26 at MAEPS, featured over 200 exhibitors and 500 models, focusing on electric vehicles. Investment, Trade and Industry Minister Tengku Zafrul Aziz highlighted Malaysia's automotive achievements, attributing success to policies like the National Automotive Policy 2020 and the New Industrial Master Plan 2030. He emphasized MITI's support for SMEs and the development of...
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VOLKSWAGEN TO MAKE MALAYSIA AS EXPORT HUB – ZAFRUL
Volkswagen Group Malaysia plans to make Malaysia an export hub for its brand, including manufacturing electric and conventional vehicles. Previously, Volkswagen models were imported, but now certain models, like the Touareg, are assembled locally for the first time outside Europe. Investment, Trade, and Industry Minister Tengku Zafrul Aziz expressed confidence that this collaboration will boost Malaysia's standing in the regional...
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MIDA-KPT COLLAB EXPECTED TO SPEED UP INDUSTRIAL GROWTH
Tengku Zafrul Aziz highlighted that the strategic cooperation between MIDA and the Ministry of Higher Education is crucial for developing global-level talent and achieving the New Industrial Master Plan 2030 (NIMP 2030). He emphasized that a skilled workforce is essential for economic complexity and high-tech industry goals. From 2021-2023, 150,000 jobs were created through manufacturing projects, underscoring the need for...
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3D VAMR LAB TARGETS TO EQUIP 1,600 HIGHLY SKILLED TECHNICAL WORKERS IN TWO YEARS – TENGKU ZAFRUL
Minister of Investment, Trade and Industry Tengku Zafrul Aziz introduced the 3D VAMR Lab at the Defence Services Asia (DSA) 2024 exhibition. The lab aims to train 1,600 highly skilled technical workers within two years, enhancing Malaysia's aerospace industry competitiveness through augmented and virtual reality technologies.
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OVER 98PC MANUFACTURING PROJECTS IMPLEMENTED, IN PLANNING: ZAFRUL
In 2023, Malaysia approved RM152 billion in manufacturing investments, with over 98% implemented or in planning by May 5. RM46.1 billion of this was realised, involving 445 projects. Minister of Investment, Trade and Industry Tengku Zafrul Aziz emphasized Malaysia’s appeal as a regional hub. At the 3D Visualisation and Virtual Augmented Mixed Reality Lab launch, he highlighted the Malaysian Aerospace...
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ANNOUNCEMENT ON GOOGLE’S INVESTMENTS IN MALAYSIA SOON, SAYS ZAFRUL
Minister Tengku Zafrul Abdul Aziz confirms an imminent announcement on Google's investment in Malaysia following a recent virtual meeting with PM Anwar Ibrahim and Google executives. Discussions include investment details and collaboration in education, agriculture, and health sectors, emphasizing AI use and skills development.
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MITI CALLS ON LOCAL FIRMS TO INVEST IN SAUDI ARABIA
MITI calls on Malaysian firms to partner with Saudi Arabia, focusing on the services sector. Minister Tengku Zafrul Aziz highlights Saudi Vision 2030’s openness to Malaysian investments in diverse fields like electronics, tourism, logistics, and facility management. The Malaysia-Saudi Business Council aims to facilitate bilateral business activities, supported by Saudi Commerce Minister Dr Majid Abdullah Alkassabi’s encouragement for Malaysian companies...
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MICROSOFT VOWS RM10B AI, CLOUD INVESTMENT
Microsoft announced a historic US$2.2 billion investment in Malaysia over four years, focusing on AI and cloud infrastructure. This includes establishing an AI center of excellence and training 200,000 Malaysians in AI. The move aims to drive digital transformation, economic growth, and innovation nationwide, aligning with regional AI contributions predicted to reach US$1 trillion by 2030.
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HARNESS EXPERTISE, RESOURCES TO DRIVE HALAL INDUSTRY GROWTH: TENGKU ZAFRUL
Malaysia's Investment, Trade, and Industry Minister Tengku Zafrul Aziz emphasized the need for Malaysia to leverage collective expertise to drive sustainable growth in the halal industry. He highlighted Malaysia's commitment to supporting initiatives like the Halal Economy Leadership Forum 2024 (HELF 2024), aiming to enhance trade facilitation, industry development, and market access for halal products and services. Collaboration with Saudi...
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HELF 2024 TO FOCUS ON INNOVATION, SUSTAINABILITY WITHIN HALAL ECONOMY
The Halal Economy Leadership Forum (HELF) 2024, hosted by HDC, IsDB, and HPDC, in Riyadh, focuses on innovation, sustainability, and expanding halal markets. Minister Tengku Zafrul Aziz will address the event, which includes speeches, a panel discussion, and an announcement on halal ecosystem development. HDC chairman Khairul Azwan Harun underlined Malaysia's leadership in halal, offering insights for OIC countries to...
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MALAYSIA AND SAUDI ARABIA TRADE CAN BE STRENGTHENED THROUGH COOPERATION
The cooperation between Malaysia and Saudi Arabia will bolster trade and investment growth by leveraging each nation's strengths in specific industries, stated Tengku Zafrul Aziz. During the World Economic Forum (WEF) Special Meeting in Riyadh, he and Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhoreyaf, discussed collaboration in high-growth sectors. The WEF meeting, themed "Global Collaboration,...
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FAIR MEASURES NEEDED FOR DEVELOPING NATIONS
Malaysia emphasizes the need to revisit commitments to sustainable development, efficient global resources, and fair trade, according to the Ministry of Investment, Trade and Industry (MITI). Minister Tengku Zafrul Aziz highlighted the importance of shared values leading to trade policies that support equitable and sustainable development. He warned against using non-tariff measures to restrict trade flows and emphasized the impact...
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1,802 PROJECTS CARRIED OUT
From 2021 to 2023, Malaysia implemented 75.5% of approved manufacturing projects totaling 2,386, with 1,802 projects completed. Digital investments, notably in data centres, amounted to RM144.7 billion, enhancing Malaysia's digital economy growth to 14% of GDP by 2022. The government targets 22.6% by 2025. Plans for 10,000 EV charging stations by 2025 and benefits from the electronics sector upcycle are...
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FTAS GENERATE FOB WORTH RM41.03B
In the first quarter of 2024, Malaysia leveraged its free trade agreements (FTAs) to achieve an RM41.03 billion FOB value, with 85,062 certificates of origin (COs) issued. Minister Tengku Zafrul Aziz highlighted the ASEAN agreements, ASEAN-China, and ASEAN-Korea FTAs as top benefactors. MITI's efforts included missions to Arab Health 2024 and Gulfood 2024, with potential exports highlighted at RM291 million...
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RM58.91M DISBURSED IN 1Q FOR SME AUTOMATION, MODERNISATION
In the first quarter of 2024, Malaysian Industrial Development Finance Bhd (MIDF), under MITI, disbursed RM58.91 million to 17 SMEs for automation and modernisation, with a total allocation of RM150 million for 30 companies. Additionally, RM8 million was disbursed to five bumiputera aerospace SMEs. The Industry4WRD Intervention Fund approved applications from 401 SMEs, totaling RM149.1 million. Top sectors were food...
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DATA CENTRES THE BULK OF RM144.7B INVESTMENTS
The Ministry of Investment, Trade and Industry (MITI) announced that out of RM144.7 billion in approved digital investments from 2021 to 2023, data centres accounted for RM114.7 billion, creating 39,231 jobs. Investments from companies like Amazon and ByteDance were RM3.4 billion in 2021, RM80.8 billion in 2022, and RM60.5 billion in 2023. Of the 2,386 manufacturing projects approved, 75.5% were...
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MALAYSIA-EU FTA BACK ON THE TABLE, SAYS ZAFRUL
Malaysia is working on a free trade agreement (FTA) with the EU, after initial talks stalled 12 years ago. Minister Tengku Zafrul Aziz said negotiations are ongoing, with timing affected by upcoming EU elections. Malaysia also resumed FTA talks with South Korea and aims to finalize an FTA with the UAE by June. In Q1 2024, Malaysia's FTAs generated RM41.03...
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MITI TO PREPARE COMPREHENSIVE CHIP MASTERPLAN
Miti will finalise a strategic plan for Malaysia's semiconductor industry by the end of May to ensure competitiveness, says Minister Tengku Zafrul Aziz. This plan aims to attract international semiconductor companies, address infrastructure, talent, and incentives, and keep Malaysia relevant in the value chain. Despite a global downcycle, Malaysia’s semiconductor exports grew 0.03% to RM387.45 billion in 2023, contributing 7%...
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SOUTH KOREA-BASED OCI HOLDINGS OPENS REGIONAL HQ IN M’SIA
OCI Holdings has opened its regional headquarters, OCI M Sdn Bhd, in Kuala Lumpur, underscoring its commitment to expand in Southeast Asia. Chairman Lee Woo Hyun highlighted the office's strategic role in enhancing collaborations across the region. Minister Tengku Zafrul Aziz emphasized Malaysia's role in the semiconductor and green sectors, praising OCI's investment which strengthens Malaysia's appeal for foreign investment....
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CONSTRUCTION COMMENCES ON MCE AUTO HUB
MCE Holdings Bhd., through its subsidiary Multi-Code Electronics Industries (M) Bhd., commenced construction of the MCE Auto Hub in Serendah, Malaysia. With an initial RM50 million investment, spanning 8 acres, this facility will enhance production capacity for advanced automotive electronics, including components for ICE and EV vehicles. The inauguration, officiated by MITI Minister Tengku Zafrul Aziz, underscores Malaysia's strategic push...
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SIRIM CERT A MUST FOR EV ECOSYSTEM SOON
Malaysia plans to mandate Sirim Bhd certification for all electric vehicle (EV) components, including batteries and charging stations, within the next one to two years to ensure safety standards. Currently, over 10,000 battery EVs are operational, with Sirim facilitating testing and approval processes. This initiative aims to standardize EV infrastructure nationally and across ASEAN, supporting the government's goal of 10,000...
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MIDA A VITAL INSTRUMENT FOR PROSPECTIVE INVESTORS
Tengku Zafrul Aziz highlighted Mida's pivotal role in facilitating investments, emphasizing its transformation into Malaysia’s premier investment promotion agency. At the launch of "Stepping Stones: Mida’s Journey," he praised the coffee-table book for documenting Malaysia’s industrial evolution since independence. The event also marked a strategic collaboration between Mida and Hong Leong Bank to enhance Malaysia’s investment ecosystem through comprehensive financial...
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MALAYSIA HAS POTENTIAL TO BECOME HIGH-INCOME NATION BY 2030
Minister Tengku Zafrul Aziz highlighted Malaysia's potential to achieve high-income status by 2030, driven by substantial foreign direct investment (FDI) inflows. Plans include strengthening the electrical and electronics (E&E) sector, preparing for global tax changes, and enhancing the semiconductor ecosystem through initiatives like NIMP 2030. Malaysia expects robust economic growth, buoyed by a strong semiconductor upcycle and increased exports, outpacing...
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GLOBAL SPOTLIGHT ON PENANG AS M’SIA EMERGES AS SEMICONDUCTOR POWERHOUSE
Malaysia's semiconductor industry is gaining global attention, with Penang emerging as a key player. The World Economic Forum highlighted Penang's attraction of major industry players from Europe and the US, leading to significant investments, including Intel's $7 billion plant. Minister Tengku Zafrul Aziz have expressed confidence in Malaysia's high-tech future. Investments have reinforced Malaysia's role in the semiconductor supply chain,...
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ZAFRUL: MITI STICKING WITH TARGET OF 10,000 OPERATIONAL EV CHARGING STATIONS BY 2025
The Ministry of Investment, Trade and Industry (MITI) aims to have 10,000 EV charging stations in Malaysia by 2025, with 2,020 currently operational. Despite the ambitious target, Tengku Datuk Seri Zafrul Abdul Aziz notes industry optimism, as recent growth has surpassed 2,000 stations. The EV Steering Committee will review the target soon. Government incentives and collaborations with various agencies support...
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SIMAERO PLANS TO OPEN TRAINING CENTRE IN MALAYSIA – TENGKU ZAFRUL
Simaero, a global flight simulator provider, plans to open a training center in Malaysia to cater to the increasing demand for pilots in the Asia Pacific region. Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, highlighted that the global need for pilots is set to rise to 600,000 over the next five years, with half of...
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ZAFRUL SAYS TO MEET MICROSOFT CEO
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz will facilitate a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Microsoft CEO Satya Nadella. MITI is working with Microsoft to position Malaysia as ASEAN's digital hub under the ‘Kekal Bersama Malaysia’ initiative. Nadella will soon visit Malaysia to strengthen this collaboration. Tengku Zafrul expressed anticipation for...
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RM45B POTENTIAL INVESTMENTS AFTER BERLIN
New investment interests from recent meetings with Prime Minister Datuk Seri Anwar Ibrahim are valued at RM45.4 billion, covering sectors such as semiconductors, aerospace, medical devices, chemicals, and services. Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Investment, Trade and Industry, highlighted strong commitments from German companies, including X-Fab, Melexis, and Schott, which are set to begin operations soon. Infineon...
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MITI TO LEVERAGE ON INSIGHTS FROM AMCHAM’S SURVEY TO FINE-TUNE POLICIES, SAYS ZAFRUL
The Malaysian Ministry of Investment, Trade, and Industry (MITI) plans to use insights from the American Malaysian Chamber of Commerce’s (Amcham) Economic Impact Survey (EIS) 2022-2023 to refine trade and investment policies, aiming to boost Malaysia’s attractiveness as an investment hub. MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that U.S. manufacturing investments have significantly contributed to exports and...
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US-CHINA TENSIONS AN OPPORTUNITY FOR E&E
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz sees significant opportunities for Malaysia in the electrical and electronics (E&E) sector, particularly amid US-China tensions. He notes that 56% of last year's approved investments were in manufacturing, highlighting the sector's importance for the country's digital economy. With major investors like Intel committing RM30 billion to expand in Malaysia,...
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ROBUST ECOSYSTEM MAKES M’SIA STAND OUT AS INVESTMENT SPOT: TENGKU ZAFRUL
Despite rising competition from other ASEAN countries, Malaysia remains a top global investment destination due to its strong ecosystem, especially in the electrical and electronics sector. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted Malaysia's appeal for sustained growth in green and digital economies, supported by abundant resources and a stable investment climate. He noted that while global FDI...
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MALAYSIA REMAINS ATTRACTIVE TO GLOBAL INVESTORS
Despite competition from other ASEAN countries, Malaysia remains a key destination for global investors, particularly in the electrical and electronics sector. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted Malaysia’s enduring appeal, emphasizing its robust ecosystem and potential in green and digital economies. He noted that ASEAN has benefited from redirected investment flows and supply chain realignment, even as...
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ECRL COULD BOOST NATION’S GDP BY 4%, SAYS ZAFRUL
The East Coast Rail Link (ECRL), valued at nearly RM75 billion, is expected to boost Malaysia’s GDP by 3.8% by 2047 through enhanced trade, tourism, and regional development. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted that the 665 km rail project will improve connectivity with the Pan-Asia network and ASEAN, cut cargo travel time...
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FIRMS EXPANDING MANUFACTURING SHOWS CONFIDENCE
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that 63% of approved manufacturing investments are from existing businesses expanding operations, reflecting confidence in Malaysia's economic stability. In 2023, Malaysia approved 5,310 projects expected to generate 130,000 jobs. Additionally, Prime Minister Anwar Ibrahim's visit to Australia secured RM24.5 billion in potential investments and could boost exports by...
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MALAYSIA RECEIVES INVESTMENT COMMITMENTS FROM 8 AUSTRALIAN FIRMS
Eight Australian companies have committed to new and increased investments in Malaysia, focusing on green technology and new energy, according to Investment, Trade, and Industry Minister Tengku Datuk Seri Tengku Zafrul Abdul Aziz. This announcement was made during Prime Minister Datuk Seri Anwar Ibrahim's visit to Australia, where he engaged with 18 Australian firms. The discussions addressed simplifying investment processes,...
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AUSSIE FIRMS SET TO EXPAND, BRING IN NEW INVESTMENTS
Seven Australian companies have pledged new and increased investments in Malaysia, focusing on green technology and new energy, as revealed by Investment, Trade and Industry Minister Tengku Datuk Seri Tengku Zafrul Abdul Aziz. The commitments were discussed during Prime Minister Datuk Seri Anwar Ibrahim's visit to Australia, where he also engaged with 18 major Australian firms. Key issues addressed included...
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HIGHER APPROVED INVESTMENTS ARE EXPECTED: ZAFRUL
Malaysia aims for an 8-10% increase in approved investments in 2024, following a record RM329.5 billion in 2023. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that while the precise target is yet to be finalized, the investment growth should exceed GDP growth, which is forecasted at 4.0-5.0% this year. There are currently 1,710 projects worth...
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GROWTH IN INVESTMENTS SEEN THIS YEAR, SAYS ZAFRUL
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz projects an 8-10% increase in approved investments for 2024, aligning with Malaysia's GDP growth forecast of 4-5%. In 2023, approved investments surged 23% to RM329.5 billion, led by the services sector (RM168.4 billion) and manufacturing (RM152 billion). Foreign investments totaled RM188.4 billion, while domestic investments reached RM141.1 billion. MIDA...
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MITI EYES 8%-10% RISE IN APPROVED INVESTMENTS
The Ministry of Investment, Trade and Industry (Miti) aims for an 8-10% increase in total approved investments for 2024, exceeding the record RM329.5 billion achieved in 2023. Foreign investments made up 57.2% of last year's total, with the services and manufacturing sectors leading. Malaysia has 1,710 projects in the pipeline with potential investments of RM87.8 billion. Miti is also in...
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MALAYSIA EYES 10PC INCREASE IN INVESTMENTS
Malaysia aims for an 8.0 to 10 per cent increase in foreign and domestic direct investments in 2024, building on a historic RM329.5 billion in approved investments last year. The services sector led with RM168.4 billion, while manufacturing attracted RM152 billion. Foreign investments, led by Singapore, the Netherlands, and the US, made up 57.2% of the total. Malaysia is negotiating...
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MALAYSIA TO SEAL FREE TRADE DEAL WITH UAE BY JUNE, TENGKU ZAFRUL SAYS
Malaysia expects to conclude a free trade agreement with the United Arab Emirates (UAE) by the end of June, the country's trade minister said, adding the deal could boost investment in Malaysia by the Gulf state's sovereign wealth funds. The countries started negotiations over a Comprehensive Economic Partnership Agreement last year. "We are in the last round of discus-sions," Investment,...
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CELEBRATING PERSEVERANCE IN THE TRADE INDUSTRY
ANOTHER year, another commemoration of the export industry's best. The fourth instalment of the Export Excellence Awards (EEA) has concluded with 36 winners being awarded across 11 categories - their grit and determination to shine in the export scene and record a steady year-on-year growth, recognised. The Exporter of the Year for the mid-tier and large companies segment went to...
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TENGKU ZAFRUL: STRONG TRADE RECOVERY LIKELY IN 2024
The government is projecting a 5% growth in trade this year, buoyed by the better-than-expected rebound in January 2024. It is slightly higher than the trade growth projected by the World Trade Organisation of 3.3% for 2024.
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TRADE, INVESTMENT TARGETS FOR 2024 ACHIEVABLE: TENGKU ZAFRUL
The government is optimistic that the trade and investment targets set for this year are achievable despite the ringgit's current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said investors would look at the long term and fundamentals in making...
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EV MAKERS URGED TO CONSIDER MAKING M’SIA HUB FOR ASEAN
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has encouraged electric vehicle (EV) makers with Malaysian facilities to consider making Malaysia their hubs to supply and service the fast-growing market in Asean. He said this is because the EV market in Asean is expected to grow at a compound annual growth rate of about 33% from around...
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APEC MUST NOT FALTER ON ECON COOPERATION
Asia-Pacific Economic Cooperation (Apec) must not falter from advocating open markets and economic cooperation to mitigate further global eco- and continuous nomic fragmentation, Tengku Datuk Seri Zafrul Abdul Aziz said.
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DIGITAL ECONOMY ATTRACTS UP TO 70 PCT OF M’SIA’S RM225 BIN APPROVED INVESTMENTS
Almost 70 per cent of Malaysia's RM225 billion approved investments are in the digital economy, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. In a recent interview with United States-based news network, CNN, he explained that Malaysia has what it takes to power artificial intelligence (AI) and bring the whole ecosystem into the country "We have...
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GOVT STANCE OF PRO-GROWTH, BUSINESS-FRIENDLY WITH CAREFUL PLANNING GUIDES INVESTMENT FACILITATION: TENGKU ZAFRUL
In relation to investment, especially regarding Foreign Direct investment (DI, Malaysia has attracted a tota of RM132.6 billion in approved investment from January to June 2023, in the service, manufacturing and primary sectors, which is 60% of the target for 2023. Domestic direct investment (DDI) is the main contributor to the total amount of approved investment worth RM69.3 billion (52.2%),...
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EV SALES SET TO GROW RAPIDLY IN 2024
KLANG: Electric vehicle (EV) sales in Malaysia are expected to grow exponentially this year, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said that the projection is in line with the rising number of EVs sold last year, which went up by 200 per cent compared to 2022, and based on industry players' confidence in...
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MALAYSIA TO CONTINUE WOOING GLOBAL ELECTRIC VEHICLE BRANDS, SAYS ZAFRUL
Malaysia, which has attracted leading American multinational Tesla to set up its regional headquarters here last year, plans to woo more companies like the electric vehicle (EV) giant to set up assembly plants here. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the endgame is to have the likes of Tesla build their plants in the...
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ASEAN MUST CAPITALISE ON GEOECONOMICS TO BOOST REGIONAL TRADE, INVESTMENTS — TENGKU ZAFRUL
Malaysia, Singapore and other Asean countries should work more closely towards attracting the right investments for the whole region to enhance intra-Asean trade and provide a strong economic leadership for the region, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
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MALAYSIA MUST TAKE RISKS IN FORGING NEW ECONOMIC FUTURE, SAYS TENGKU ZAFRUL
Malaysia must be willing to take calculated risks in forging a new economic future for Malaysia, especially in the digital and green economies, to make investment and trade the key drivers of economic growth, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said. He said this is one of the points being focused on by the...
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FDI GROWS BY RM14.9 BLN IN 3Q WITH THE HELP OF CPTPP
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has significantly boosted Malaysia’s foreign direct investment (FDI), raising it by RM14.9 billion to RM914.9 billion by Q3 2023. FDI from Japan and Australia increased notably, and 181 new projects from CPTPP countries were recorded. The agreement has enhanced Malaysia’s trade by providing preferential tariff treatment and expanding export opportunities. MITI...
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RM29.6B POTENTIAL INVESTMENTS FROM JAPAN TRIPS
Since June, Malaysia's Ministry of Investment, Trade and Industry (MITI) has secured RM29.6 billion in potential investments and RM2.8 billion in potential exports from missions to Japan. The recent mission, coinciding with the Asean-Japan Commemorative Summit, led to RM6.6 billion in potential foreign direct investment and RM700 million in potential exports. MITI's agencies, MIDA and MATRADE, facilitated key meetings between...
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25 JAPANESE COMPANIES KEEN ON INVESTING IN MALAYSIA
At the Japan-Asean Commemorative Summit, 25 Japanese companies met with Malaysian Prime Minister Datuk Seri Anwar Ibrahim to explore investment opportunities in Malaysia. The Roundtable Meeting, organized by the Malaysian Investment Development Authority (Mida), highlighted Malaysia's New Industrial Master Plan 2030, emphasizing digital transformation. The discussion focused on potential partnerships in innovative and green technology, with Malaysia's Investment, Trade, and...
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M’SIA SEES EXPONENTIAL GROWTH IN EV SALES, POSITIVE MOMENTUM
Malaysia is experiencing significant growth in electric vehicle (EV) sales, with over 100,000 registered electrified vehicles and more than 12,000 battery electric vehicles (BEVs) registered since 2011, including over 9,000 this year alone. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that EVs are poised to drive Malaysia’s manufacturing and export growth, particularly in the electrical...
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RM1.7B TARGET FOR MAS 2024
The Malaysia Autoshow 2024 (MAS 2024), scheduled for May 22-26, is projected to generate RM1.6-1.7 billion in sales and attract 250,000 visitors. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the event's role in advancing Malaysia's automotive sector, emphasizing high technology and strategic investments. With vehicle sales up 11.6% this year and strong growth anticipated, Malaysia...
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TENGKU ZAFRUL: GOVT COMMITTED TO INCREASING PUBLIC ACCEPTANCE OF EV
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced the launch of the Electric Motorcycle Use Promotion Scheme (MARiiCas), offering RM2,400 rebates for Malaysians earning RM120,000 or less annually. This initiative aims to boost EV adoption, aligning with Malaysia's goal of achieving zero carbon by 2050 and a 20% EV sales target by 2030. The MARiiCas...
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DOMESTIC INVESTORS SHOW GROWING CONFIDENCE IN MALAYSIA – TENGKU ZAFRUL
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted a rise in domestic investor confidence, noting that 45% of the RM225 billion in approved investments from January to September 2023 came from domestic sources. This increase reflects positive economic impacts from local investments. MITI will continue to bolster domestic investor confidence through the New Industrial Master Plan...
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ACCELERATING E-BIKE ADOPTION
Malaysians earning RM120,000 or less annually can now apply for up to RM2,400 in rebates for electric motorcycles under the newly launched MARiiCas scheme. Announced in the 2024 Budget and managed by the Malaysia Automotive, Robotics & IoT Institute (MARii), this initiative aims to boost electric motorcycle adoption and align with Malaysia's goal of achieving net-zero carbon emissions by 2050....
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TENGKU ZAFRUL: GOVERNMENT LAUNCHES ELECTRIC MOTORCYCLE USE SCHEME
The Electric Motorcycle Use Scheme, offering a RM2,400 rebate for eligible buyers, will launch on December 8, 2023. Managed by the Malaysian Automotive, Robotics and IoT Institute (MARii), it targets individuals with an annual income of RM120,000 or less. This initiative aligns with the National Energy Transition Roadmap. Additionally, Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz announced plans...
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APPROVED INVESTMENTS SOAR TO RM225B
THE RM225 billion approved investments in the first nine months of this year, which has exceeded the full-year target, are set to create almost 90,000 jobs.
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NATIONAL AUTOMAKER PROTON HOLDINGS UNVEILED THE S70
National car maker PROTON launched the highly anticipated Proton S70, its new generation stylish and dynamic sedan at the Axiata Arena in Bukit Jalil. The event to officially unveil the company’s newest addition to its lineup was officiated by YB Senator Tengku Datuk Seri Utama Zafrul Aziz, the Minister of Investment, Trade and Industry. Also present were Tan Sri Wan...
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MALAYSIA’S PATH TO SUSTAINABLE MANUFACTURING: NIMP 2030 AND THE PURSUIT OF ESG EXCELLENCE
Malaysia is advancing towards sustainable manufacturing through the New Industrial Master Plan 2030 (NIMP 2030), focusing on environmental protection, social responsibility, and corporate governance (ESG). Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted four pillars of this initiative: transitioning to sustainable practices, renewable energy, new green growth sectors, and green infrastructure. The plan emphasizes mission-driven projects led by champions to...
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STRATEGIC FOR MALAYSIA TO BE ASEAN’S HUB FOR AUTOMOTIVE SECTOR – TENGKU ZAFRUL
The automotive sector is crucial for Malaysia's economic growth, with the potential to establish the country as an ASEAN automotive hub. At the 42nd annual meeting of Pekema, Minister Tengku Datuk Seri Zafrul Abdul Aziz praised the association's commitment to innovation and sustainability, particularly in electric mobility. He noted that open approved permit (AP) companies can significantly boost EV demand,...
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MALAYSIA CAN BE ASEAN AUTO HUB
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the automotive sector's potential to position Malaysia as an ASEAN hub. At a meeting with the Malay Vehicle Importers and Traders Association (Pekema), he noted that opportunities for growth in renewable energy, energy efficiency, and electric vehicles (EVs) are rapidly expanding. He encouraged Pekema to leverage updated...
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NIMP 2030 SPURS POSITIVITY TO MELAKA INDUSTRIAL SECTOR
The Ministry of Investment, Trade and Industry (Miti) hopes the Melaka government's development of three new industrial areas aligns with the New Industrial Master Plan 2030 (NIMP 2030). Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised that this initiative aims to enhance the state's industrial sector and adhere to the National Industry Environmental, Social and Governance Framework. The proposed sites...
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MALAYSIA EYES ‘GOOD SLICE’ OF ASEAN EV MARKET
Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz announced Malaysia's ambition to capture a significant share of the ASEAN electric vehicle (EV) market, projected to grow from US$500 million in 2021 to US$2.7 billion by 2027. Malaysia's competitive edge lies in its established ecosystem for EV and Next Generation Vehicles (NxGV). The government aims for EVs and...
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ZAFRUL: ADDRESS LACK OF SKILLED EV WORKERS QUICKLY
Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia's Investment, Trade and Industry Minister, emphasised the urgent need to address the shortage of skilled electric vehicle (EV) workers to meet the growing regional EV market. He noted the ASEAN EV market is projected to rise from nearly US$500 million in 2021 to US$2.7 billion by 2027. Zafrul highlighted the importance of reskilling...
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MALAYSIA IS CURRENTLY ENGAGED IN TWO ONGOING FTA NEGOTIATIONS, SAYS TENGKU ZAFRUL
Malaysia is negotiating two new free trade agreements (FTAs): the Malaysia-EFTA Economic Partnership Agreement (MEEPA) and the ASEAN-Canada Free Trade Agreement (ACaFTA). MEEPA, in discussions since 2014, involves EFTA countries, while ACaFTA has been ongoing since 2021. Talks with the EU and South Korea are currently on hold. The minister, Tengku Datuk Seri Zafrul Abdul Aziz, noted that Malaysia is...
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TENGKU ZAFRUL: MALAYSIA HAS IMPLEMENTED 16 FTAS, 62 BILATERAL IGAS TO DATE
Malaysia has established 16 free trade agreements (FTAs) and 62 bilateral investment guarantee agreements (IGAs) to date, according to Minister Datuk Seri Tengku Zafrul Abdul Aziz. Ongoing negotiations include the Malaysia-European Free Trade Association (EFTA) Economic Partnership Agreement and a comprehensive partnership agreement with the UAE. The ASEAN-Canada FTA negotiations have been ongoing since 2021, while talks with the EU...
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GOVT OPTIMISTIC ON M’SIA’S FIRST EV BY 2025
The Malaysian government is optimistic that local car manufacturers will produce the country's first national electric vehicle (EV) by 2025, according to the Ministry of Investment, Trade and Industry (MITI). Investment Minister Tengku Zafrul highlighted local carmakers' progress in EV research and development. He also expressed confidence that Malaysia will meet its target of 10,000 EV charging stations by 2025,...
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MITI SETS UP ONE-STOP INVESTMENT CENTRE
MITI has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre at MIDA to streamline investment processes for the manufacturing and selected services sectors. The centre aims to reduce bureaucracy and improve investor confidence by offering advisory services and bringing together various ministries and agencies. This initiative supports the New Industrial Master Plan 2030 and National Investment Aspirations,...
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CHAMPIONING A MISSION-ORIENTED APPROACH TO INNOVATION
In his keynote speech at the 2023 Edge Billion Ringgit Club Awards, MITI Minister Tengku Zafrul highlighted challenges like global trade slowdown, geopolitical tensions, and ESG goals. He outlined Malaysia’s New Industrial Master Plan 2030, focusing on four missions: enhancing economic complexity, embracing technology, achieving net-zero emissions, and ensuring economic security. He urged industry leaders to collaborate with MITI to...
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FDI FROM JAPAN TO EXCEED RM30 BLN
The Ministry of Investment, Trade and Industry (MITI) expects Japanese foreign direct investment (FDI) in Malaysia to exceed RM30 billion in 2023, despite global trade uncertainties. Minister Tengku Zafrul highlighted Japan's longstanding economic partnership, being Malaysia's fourth largest trading partner since 2015. As of June 2023, 2,778 Japanese projects valued at RM91.89 billion have created 337,758 jobs. A new MoU...
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INVESTMENT IMPLEMENTATION RATE CLOSE TO 80%
Malaysia's investment implementation rate reached nearly 80% between 2018 and June 2023, with RM593.5 billion of the RM753.9 billion approved investments realised. Investment Minister Tengku Zafrul said this involved 9,201 projects creating over 455,000 jobs. The government established the Investment and Trade Action Coordination Committee (JTPPP) to address investor issues and support strategic projects, reflecting its commitment to turning plans...
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NEARLY 80% OF RM753.9 BIL IN APPROVED INVESTMENTS SINCE 2018 REALISED – TENGKU ZAFRUL
Nearly 80% of approved investments in Malaysia over the past five years have been implemented, according to Minister of Investment, Trade and Industry, Tengku Zafrul. From RM753.9 billion in approved investments between 2018 and June 2023, RM593.5 billion has been realised. Zafrul emphasized MITI’s active role in tracking investment processes and resolving challenges through the Investment and Trade Coordination Action...
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RM593.5 IN INVESTMENTS REALISED: ZAFRUL
Malaysia has realised RM593.5 billion, or 78.7%, of the RM753.9 billion approved investments in the manufacturing and services sectors from 2018 to June 2023, according to Investment Minister Tengku Zafrul. These investments, covering 9,201 projects, are expected to create 455,984 jobs. He noted reforms like the JTPPP committee to support strategic investments and outlined incentives, including tax exemptions, to attract...
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GOVT IS CONFIDENT IN CHINA’S RM170B INVESTMENT PLEDGE
The Malaysian government is confident in securing the RM170 billion investment pledge from China, announced by Prime Minister Datuk Seri Anwar Ibrahim in April. Investment Minister Tengku Zafrul explained that after committing, companies will seek investment approval from MIDA, providing further details. Smaller investments may take a year to realise, while larger ones requiring advanced technology could take up to...
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TNB GREEN LANE PATHWAY SUPERCHARGES DATA CENTRE GROWTH
Malaysia's data centre capacity is set to expand, with over 800MW projected over the next five years. Tenaga Nasional Berhad (TNB) has launched the Green Lane Pathway to expedite electricity supply for data centres, reducing the process from up to 48 months to 12. This initiative supports the growing demand and sustainability goals, aligning with Malaysia’s net zero ambitions. Strategic...
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DATA CENTRES A ‘LEAD GENERATOR’ FOR MALAYSIA TO CREATE TECH BASE
Malaysia is positioning itself as a regional hub for data centres (DCs), with RM76 billion in investments approved from 2021 to March 2023. Minister Tengku Zafrul sees DCs as a "lead generator" for tech companies, boosting jobs and innovation. With sustainability concerns, the government is promoting green energy and energy-efficient technologies. By 2025, Malaysia aims for RM3.6 billion in DC...
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ASEAN CAN EXPAND INTRA TRADE VIA EV SECTOR: ZAFRUL
ASEAN can boost intra-trade through collaborations in the electric vehicle (EV) industry, says Minister Tengku Zafrul. With a population of over 680 million and a combined GDP of US$3.2 trillion, ASEAN has significant potential in the EV supply chain. Malaysia has attracted RM26.2 billion in EV investments since 2018, and registered EVs have risen to over 7,500 in 2023. ASEAN's...
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JAPAN INVESTMENTS IN M’SIA THIS YEAR SET TO TOP US$30B
Japanese investments in Malaysia are expected to surpass US$30 billion in 2023, with 2,778 projects and US$27.25 billion already invested by June. Minister Tengku Zafrul expressed optimism, highlighting a recent RM23 billion investment. The Federation of Malaysian Manufacturers (FMM) and Japan Chamber of Commerce (JCCI) signed an MoU to boost competitiveness and trade. FMM targets a 10-20% increase in bilateral...
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FDIS SET TO EXCEED US$30B THIS YEAR
The Ministry of Investment, Trade, and Industry (MITI) expects Japanese foreign direct investments (FDIs) in Malaysia to surpass US$30 billion this year, despite global trade uncertainties. Japan has been Malaysia's fourth-largest trading partner since 2015. As of June 2023, 2,778 projects by Japanese companies have created 337,758 jobs. A Memorandum of Understanding (MoU) was signed between FMM and JCCI to...
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FDI FROM JAPAN TO EXCEED US$30B: ZAFRUL
The Ministry of Investment, Trade, and Industry (MITI) expects foreign direct investment (FDI) from Japan to surpass US$30 billion in 2023, supported by Japanese companies. Minister Tengku Datuk Seri Zafrul Abdul Aziz noted Japan's long-standing partnership with Malaysia, being its fourth-largest trading partner since 2015. By June 2023, Japanese firms had invested US$27.25 billion in 2,778 projects, creating 337,758 jobs....
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MITI REVIEWING STRATEGIC TRADE ACT 2010, SAYS TENGKU ZAFRUL
The Ministry of Investment, Trade and Industry (MITI) is reviewing the Strategic Trade Act (STA) 2010 to streamline regulations on strategic goods and technology for specific industries. Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the review will address aspects of Strategic Trade Management (STM) that may hinder growth, particularly in the defence sector. He emphasized the need to...
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MALAYSIA SECURES OVER RM230 BIL IN FDI COMMITMENTS IN JAN-SEPT 2023 – ZAFRUL
Malaysia has secured RM230.07 billion in foreign direct investment (FDI) commitments from January to September 2023, according to Minister Tengku Datuk Seri Zafrul Abdul Aziz. This includes RM170 billion from China, RM23.07 billion from Japan, and RM24 billion from South Korea. Of the total commitments, RM118.21 billion (51.38%) is expected to be finalised this year. From January to June 2023,...
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APS FOR IMPORTED CBU CARS STILL ESSENTIAL FOR SUPPORTING AUTO INDUSTRY, SAYS ZAFRUL
Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz stated that Approved Permits (APs) for imported completely built-up (CBU) cars are vital for protecting and developing Malaysia's automotive industry. APs help monitor and support the industry, in line with the National Automotive Policy 2020, aiming to make Malaysia a regional hub for energy-efficient vehicles. Zafrul emphasised that...
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MAINTAIN AP SYSTEM FOR MOTOR VEHICLES
The Malaysian government will maintain the Approved Permit (AP) system for motor vehicles to prioritise local industry and ensure inclusive automotive development, as stated by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. This system aims to curb the dumping of completely built-up (CBU) imports, including electric vehicles (EVs) that fail to meet safety standards. Tengku Zafrul...
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RM200M FOR NIMP TO BOOST TRANSFORMATION
The Budget 2024 allocates RM200 million to support the New Industrial Master Plan (NIMP) 2030, aimed at enhancing industrial transformation, according to Minister Tengku Datuk Seri Zafrul Abdul Aziz. The funds will be distributed through two initiatives: the NIMP 2030 Industrial Development Fund and the NIMP 2030 Strategic Co-Investment Fund, focusing on grants and financing. NIMP 2030 sets six goals,...
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MITI EXPECTS STRONGER YEAR FOR THE FDIS
The Ministry of Investment, Trade and Industry (MITI) is optimistic about a stronger year for foreign direct investments (FDIs) in Malaysia in 2024. Minister Tengku Datuk Seri Zafrul Abdul Aziz noted that in the first half of this year, Malaysia recorded RM132.6 billion in investments, with nearly half being domestic direct investment (DDI). He highlighted the importance of attracting FDIs...
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TENGKU ZAFRUL CONFIDENT OF STRONGER FDI PIPELINE IN 2024
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed optimism for Malaysia's investment outlook, particularly in foreign direct investment (FDI) for the coming year. With total investments reaching RM132 billion in the first half of the year, nearly half from Domestic Direct Investment (DDI), he highlighted the positive correlation between FDI and DDI. The government plans to...
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TENGKU ZAFRUL: RM105.3BIL OF INVESTMENTS IN THE WORKS
Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Aziz, announced that 984 proposed projects worth RM105.3 billion are currently under negotiation with the Malaysian Investment Development Authority (Mida). This includes RM89.5 billion in foreign direct investments and RM15.8 billion in domestic direct investments, covering both manufacturing and services sectors. The government aims to ensure balanced regional development...
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MITI TO MONITOR IMPACT OF RAISED SST ON MALAYSIAN INDUSTRIES – ZAFRUL
Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, assured that product prices in the industrial sector will not change following the planned increase of the sales and service tax (SST) from 6% to 8% next year. The ministry will monitor the tax's impact, particularly on sectors excluded, such as food and beverages. The government aims to...
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ZAFRUL: PUTRAJAYA STREAMLINING FUNCTIONS OF MALAYSIA’S ECONOMIC REGIONS TO BOOST INVESTMENT PROMOTION EFFORTS
The Malaysian government is streamlining the roles of its economic regions to enhance investment promotion and restructure investment promotion agencies (IPAs). Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, noted that each region will have specific investment targets based on its industrial strengths. Currently, 984 projects are in negotiation, expected to generate RM106.5 billion in investments,...
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RM105.3B OF INVESTMENTS IN PIPELINE
Malaysia is poised to secure RM105.3 billion in new investments, with 984 projects under negotiation as of August 31, overseen by the Malaysian Investment Development Authority. Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz reported that RM89.5 billion of this total comes from foreign direct investments (FDI), while RM15.8 billion is from domestic direct investments (DDI)....
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M’SIA NEEDS SPEED, SCALE FOR SUSTAINABLE AEROSPACE MANUFACTURING PRACTICES
Malaysia aims to accelerate sustainable manufacturing in its aerospace industry with the help of partners like Boeing, said Minister of Investment, Trade and Industry, Tengku Zafrul Abdul Aziz. He highlighted Boeing's successful sustainability initiatives, such as its 3D-printed components for the 787 Dreamliner, which significantly reduced resource consumption and costs. The government seeks to enhance supplier resilience through the New...
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MITI COMMITTEE TO BOOST INVESTMENTS, EXPORTS
The Investment, Trade and Industry Ministry (Miti) is forming a coordination committee to ensure all trade and investment commitments are realised swiftly. Reporting to the National Investment Council, the committee enhances transparency. Miti Minister Tengku Zafrul launched the TradeSwift DAGANGNET super app, designed to streamline trade processes. The app, developed by DNeX, offers real-time trade facilitation services, improving efficiency and...
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MITI FACILITATES RM40.6B INVESTMENTS FROM UAE
Prime Minister Datuk Seri Anwar Ibrahim's two-day visit to the UAE, facilitated by Miti, secured RM40.6 billion in investments for Malaysia, primarily in renewable energy, aerospace, and logistics. Notably, Masdar committed RM37.8 billion to renewable energy projects. The visit also reinforced Malaysia-UAE trade ties, with further collaborations in sustainable investments. Additionally, new leadership for the Malaysia-UAE Business Council was announced,...
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SUPPORT SMES TO TAP SUPPLY CHAINS SHIFTING TO ASEAN
Tengku Datuk Seri Zafrul Abdul Aziz emphasised the importance of supporting Malaysia's SMEs as global supply chains shift to ASEAN, which is becoming a key global factory and consumer base. ASEAN's 678 million population, with a combined GDP of US$3.7 trillion, offers vast opportunities. The MIDF-AKPK collaboration, through the Second Chance Financing scheme, provides financial assistance to struggling SMEs, ensuring...
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ASEAN IS THE NEW CHINA: TENGKU ZAFRUL
Tengku Zafrul Aziz stated that ASEAN is poised to become both a global manufacturing hub and a significant consumer market, with its growing middle class and GDP. He highlighted the government's efforts to tap into shifting supply chains, especially for SMEs. Through the RM60 million Second Chance Financing Scheme, MIDF and AKPK will offer SMEs financial support and guidance to...
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ZAFRUL: SUPPORT SMES IN CAPTURING ASEAN MARKET
Tengku Zafrul Abdul Aziz highlighted the importance of supporting SMEs as global supply chains shift to ASEAN, which he described as the "new China" poised to be both a major manufacturing hub and consumer base. With ASEAN’s growing middle class and increasing foreign direct investment (FDI), SMEs can capitalise on regional opportunities. He also emphasised the need for financial lifelines,...
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POTENTIAL OF I-ESG IN THE GLOBAL MARKET FOR MSMES
The i-ESG framework aims to help Malaysia's manufacturing MSMEs tap into a US$12 trillion global ESG market. It supports MSMEs in adopting sustainable practices, with Phase 1.0 (2024-2026) focusing on readiness and Phase 2.0 (2027-2030) accelerating ESG efforts. The initiative seeks to integrate MSMEs into the global supply chain, addressing challenges like cost and ESG complexity. The framework is key...
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ZAFRUL: PUTRAJAYA TO ENSURE EV OWNERSHIP AVAILABLE TO ALL
The government will ensure electric vehicle (EV) ownership is accessible to all income groups via targeted subsidies and financial assistance, said Tengku Zafrul. Efforts to expand EV charging infrastructure and align with the Madani Economy Framework are underway. The number of registered EVs surpassed 7,500 by September 2023. Zafrul emphasised the need to develop renewable energy sources alongside EV growth,...
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I-ESG FRAMEWORK AIMS TO SPEED UP TRANSITION TOWARDS SUSTAINABLE PRACTICES AMONG MANUFACTURING COMPANIES
The government launched the i-ESG framework to accelerate Malaysia’s sustainable development goals, supporting MSMEs in adopting ESG practices. It includes a phased approach with "Just Transition" (2024-2026) and "Accelerate ESG" (2027-2030). Aiming to tap into the US$12 trillion ESG-related market, the framework focuses on standards, financing, and capacity building. It helps businesses, especially MSMEs, align with ESG-sensitive markets and supply...
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TESLA’S MALAYSIA HEADQUARTERS OPENS IN CYBERJAYA
Tesla Malaysia officially opened its two-storey, 55,000 sq ft headquarters in Cyberjaya, marking a significant step for the country's electric vehicle (EV) sector. Officiated by Tengku Zafrul, the facility supports the New Industrial Master Plan 2030 and aims to boost EV adoption, knowledge transfer, and job creation. Tesla plans to expand its Supercharger network, while Malaysia targets 15% EV market...
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NIMP 2030: MALAYSIA’S NEWEST INDUSTRIAL MASTER PLAN TO ACCELERATE TRANSFORMATION IN MANUFACTURING
The New Industrial Master Plan 2030 (NIMP 2030), part of Malaysia's MADANI economic framework, aims to accelerate industrial transformation, boost manufacturing, and move the country up the global value chain. The plan targets RM95 billion in investments over seven years, focusing on innovation, digitalisation, and sustainability. Key sectors include electronics, aerospace, and electric vehicles, with the goal of achieving net-zero...
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BURSA M’SIA HOSTS INVEST MALAYSIA NEW YORK 2023
Bursa Malaysia hosted Invest Malaysia New York 2023, themed "Regaining Malaysia’s Lead in Asia," to promote Malaysia’s strengths and the MADANI economic framework. Prime Minister Dato’ Seri Anwar Ibrahim highlighted key pillars: the National Energy Transition Roadmap, New Industrial Master Plan 2030, and Twelfth Malaysia Plan. The forum attracted 200 delegates, including investors with over USD40 trillion in assets, discussing...
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M’SIA CONTINUES TO ATTRACT FOREIGN INVESTMENTS
Malaysia continues to attract significant investments due to political stability, a strong supply chain ecosystem, and Prime Minister Datuk Seri Anwar Ibrahim’s active role. Investment, Trade, and Industry Minister Tengku Zafrul highlighted the US-China trade war's benefits for ASEAN, with companies relocating to Malaysia. Anwar's influence was evident during recent international engagements. In New York, he will meet industry leaders...
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2 MAJOR US FIRMS REVEAL PLANS TO EXPAND TO MALAYSIA
Two US firms plan to expand operations in Malaysia, with Alton Group investing RM500 million in a manufacturing and R&D facility in Johor, set for completion in 2024. Alton aims to invest RM2 billion over seven years. Another unnamed company will invest significantly in Penang. The expansions align with Malaysia's New Industrial Master Plan 2030, boosting the country's status as...
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MIHAS TRADE SHOW CLOSES DEALS WORTH RM3BIL
The Malaysia International Halal Showcase (MIHAS) 2023 achieved sales of RM3.11 billion, exceeding its RM2.5 billion target by 24%. Organised by the Malaysia External Trade Development Corporation (MATRADE), sales were driven by the International Sourcing Programme (INSP) for Malaysian exporters and a trade exhibition featuring exhibitors from 44 countries. Preliminary figures indicate that the INSP generated RM1.22 billion, while exhibitors...
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MIHAS 2023 ACHIEVES RM3.11B IN TOTAL SALES
The 19th edition of the Malaysia International Halal Showcase (MIHAS 2023) recorded sales of RM3.11 billion, exceeding its RM2.5 billion target by 24%. Held from 11 to 15 September 2023, the event featured key programmes like the International Sourcing Programme (INSP), generating RM1.22 billion in sales. With 38,566 visitors from over 100 countries, MIHAS 2023 underscored Malaysia's position as a...
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STRONGER APPROVED INVESTMENTS IN 2H LIKELY
The Malaysian government anticipates stronger growth in approved investments for the second half of 2023, having achieved RM132.6 billion (US$28.4 billion) in the first half, which is 60.3% of its annual target. This investment is spread across 2,651 projects expected to create over 51,000 jobs. Minister Tengku Zafrul highlighted a 58% increase in domestic investments, showing confidence in Malaysia’s economic...
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FAST TRACKING THE GROWTH OF THE E&E INDUSTRY
In an interview, Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia's Minister of Investment, Trade, and Industry, highlighted the evolution of the electrical and electronics (E&E) sector, now a key player in the global semiconductor supply chain. He discussed the New Industrial Master Plan (NIMP 2030), focusing on enhancing capabilities in IC design and fabrication. Zafrul emphasised the need for sustainable...
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M’SIA RECORDS RM132.6 BLN APPROVED INVESTMENT IN H1
Malaysia’s Investment, Trade and Industry Ministry (Miti) expects stronger investment growth in the second half of 2023, after achieving RM132.6 billion in approved investments in the first half, representing 60.3% of the annual target. Domestic direct investment rose by 58%, while foreign direct investment accounted for RM63.3 billion. The investments, primarily in services and manufacturing, are expected to create over...
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ZAFRUL: ASEAN ‘BIGGEST BENEFICIARY’ OF SUPPLY CHAIN REALIGNMENT
Malaysia, along with ASEAN, is benefiting significantly from supply chain realignment due to escalating US-China tensions, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He noted that businesses are increasingly seeking neutral supply chain bases, leading to a 60% rise in approved investments to RM71.4 billion in early 2023. While Malaysia and Indonesia are top...
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RM63.1B TARGET ‘WITHIN GRASP’
Malaysia aims to exceed its halal export target of RM63.1 billion by 2025, with 2022 exports nearing RM60 billion, marking a 64% increase from 2021. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz expressed confidence in this goal, noting the global halal market is projected to reach US$5 trillion by 2030. The Halal Industry Master Plan...
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GOVT SEEKS MUTIFACET APPROACHES TO FOSTER SUSTAINABLE MANUFACTURING: TENGKU ZAFRUL
The Malaysian government is pursuing various strategies to enhance sustainable manufacturing, focusing on transparent, traceable, and transferable technology solutions, according to Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Sustainable manufacturing aims to create products efficiently while minimising environmental impacts and ensuring safety. Under the New Industrial Master Plan 2030 (NIMP 2030), the government seeks...
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GOVT EXPLORING SMART PUBLIC-PRIVATE PARTNERSHIPS BETWEEN GLICS, GLOBAL INVESTORS
The Malaysian government is exploring new public-private partnerships between government-linked investment companies (GLICs) and global investors to enhance sustainable manufacturing and net-zero supply chains, according to Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. This initiative aligns with the National Industrial Master Plan (NIMP) 2030, aiming for inclusive economic growth. The government is also introducing...
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MITI HOPES FOR EV PURCHASING INCENTIVES IN BUDGET 2024 – TENGKU ZAFRUL
The Ministry of Investment, Trade and Industry (MITI) is urging the Finance Ministry to consider introducing incentives to promote electric vehicle (EV) adoption in Budget 2024. Minister Datuk Seri Tengku Zafrul Abdul Aziz highlighted numerous proposals received from industry players and the public, noting Indonesia's lead in offering subsidies for electric motorcycles. He emphasised the importance of supporting EV infrastructure,...
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ASEAN COMPLETES 11 DELIVERABLES
ASEAN has successfully completed 11 out of 16 Priority Economic Deliverables (PEDs) under Indonesia’s chairmanship, with five out of seven PEDs overseen by ASEAN Economic Ministers also finalised, as reported by the Ministry of Investment, Trade and Industry (MITI). Among the completed PEDs is the ASEAN Digital Economy Framework Agreement (DEFA), which aims to enhance digital interoperability and cybersecurity for...
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ZAFRUL: STRONG REGULATIONS WILL PROPEL ASEAN DIGITAL ECONOMY
A strong regulatory framework is crucial for ASEAN to unlock its digital economy potential, projected to grow from US$300 million to US$1-2 trillion by 2030, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He emphasised that enhancing data flows can reduce transaction costs and foster innovation, urging the establishment of harmonised regulations for data-sharing. He...
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MALAYSIA’S NEW OUTCOME-DRIVEN MISSION TO REINDUSTRIALISE
Malaysia’s New Industrial Master Plan 2030 (NIMP 2030) aims to boost industrial development, raise economic complexity, and improve outcomes within seven years. The plan targets increasing manufacturing employment from 2.7 million to 3.3 million and raising median salaries from RM1,976 to RM4,510. Prime Minister Anwar Ibrahim calls it a key element of the Madani Economy to enhance Malaysia's global industrial...
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MANUFACTURING SECTOR SET TO GET A BOOST
The New Industrial Master Plan 2030 (NIMP 2030) aims to elevate Malaysia's manufacturing sector, which contributes 26.3% to GDP, 80% to global exports, and employs 2.4 million people. With four key missions and 62 action plans, it focuses on economic complexity, digital transformation, net-zero goals, and economic inclusivity. Backed by industry stakeholders, the plan seeks to capitalise on global trends,...
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NIMP 2030 TO PAVE WAY FOR MALAYSIA’S NEXT INDUSTRIAL TAKE-OFF – TENGKU ZAFRUL
The New Industrial Masterplan 2030 (NIMP 2030) aims to strengthen Malaysia's manufacturing sector by enhancing SME competitiveness and creating higher-paying jobs. Minister Tengku Zafrul highlighted the plan’s focus on addressing global challenges, integrating SMEs into global supply chains, and aligning with 32 existing policies. NIMP 2030 seeks to boost Malaysia's economy, ensuring sustainable growth and positioning the country as a...
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MIDA DIGITISES CERTIFICATES TO EASE DOING BUSINESS IN MALAYSIA
The Malaysian Investment Development Authority (Mida) has digitised three key certificates in the manufacturing sector: the Manufacturing Licence, Permit PDA Certificate, and Pioneer Status Certificate. This move, part of Mida's digital transformation, aims to streamline processes and enhance business convenience in Malaysia via the InvestMalaysia portal. The initiative improves transparency, cybersecurity, and accountability, while also shortening processing times. A secure...
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STATE POLLS RESULTS SHOW THAT UMNO NEEDS TO MAKE CHANGES
UMNO leaders, including Tengku Datuk Seri Zafrul Abdul Aziz, have called for urgent reforms to ensure the party's survival after a poor showing in the state polls, where UMNO won only 19 of 108 seats. Zafrul described the Selangor performance as weak, with Barisan Nasional securing just two of 12 seats. He emphasised the need for strategy, skills, and grassroots...
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BOOSTING SUSTAINABLE PRODUCTIVITY
The upcoming New Industrial Master Plan 2030 (NIMP2030) focuses on key missions to support sustainable productivity across all sectors, according to Investment, Trade & Industry Minister Tengku Datuk Seri Zafrul Aziz. These include increasing economic complexity, fostering digital vibrancy, pushing for net zero, and ensuring economic security and inclusivity. The plan aims to enhance productivity in investment, industry, and exports,...
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MALAYSIA GETS RM76BIL DATA CENTRE INVESTMENTS
Malaysia has attracted RM76 billion in data centre investments from 2021 to March 2023, according to Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. This growth is supported by government policies, incentives for renewable energy, and a robust digital economy ecosystem. The digital economy contributed 23.2% to GDP in 2021, expected to rise to 25.5% by...
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PRODUCTIVITY GROWTH EXPECTED TO BE AT 3 PCT
Malaysia's productivity growth for 2023 is projected at a moderate 3% due to ongoing domestic and global economic challenges, stated Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He emphasised the need for enhanced productivity and competitiveness to improve the economy. Under the new Madani Economy framework, Malaysia aims to rank in the top 12 of the...
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MITI READY TO DISCUSS WITH SAUDI ARAMCO INVESTMENT IN T’GGANU
The Ministry of Investment, Trade and Industry (Miti) has yet to discuss the proposed investment from Saudi Aramco in Kemaman, Terengganu. Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed readiness to engage with the world's largest oil and gas company, noting their existing joint investment with Petronas in Pengerang since 2017, amounting to US$7 billion (RM32 billion). While discussions may...
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SELANGOR REMAINS TOP CONTRIBUTOR TO GDP, SAYS ZAFRUL
Selangor's total trade rose by 14.2% to RM806.3 billion in 1H23, making it Malaysia's top economic contributor. Exports increased by 9.1%, maintaining positive growth momentum since 2021. Minister Tengku Zafrul highlighted Selangor's strong manufacturing hub in industries like automotive and aerospace. Selangor's Mentri Besar Amirudin Shari is confident the state will remain the largest GDP contributor, exceeding 25.5% in 2022,...
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PROGRESSING TO DRAW MORE HIGH-IMPACT INVESTMENTS
Malaysia is on track to attract high-impact investments, boosting the economy, according to Minister Tengku Zafrul. Focused sectors include aerospace, chemicals, digital economy, E&E, and pharmaceuticals. Infineon’s €5 billion investment in a new SiC plant in Kulim reflects investor confidence in the Madani Economy. The New Industrial Master Plan 2030 (NIMP2030) will enhance local business resilience, with a focus on...
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ZAFRUL: INFINEON’S RM25 BIL KEDAH INVESTMENT SIGN OF CONFIDENCE IN MADANI GOVT
Infineon Technologies AG is expanding its Kulim facility to build the world’s largest 200mm silicon carbide (SiC) power fab, investing up to €5 billion (RM24.9 billion) over five years. This will support a €7 billion annual SiC revenue target by decade's end. Prime Minister Anwar Ibrahim and MITI Minister Tengku Zafrul praised the investment, emphasising its role in creating skilled...
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M’SIA’S INVESTMENT MOMENTUM TO STAY POSITIVE FOR Q2
Malaysia's investment momentum is expected to continue growing in Q2 2023, following a strong performance in Q1, where approved investments reached RM71.4 billion, up 60% from the previous year. Minister Tengku Zafrul Abdul Aziz noted that while total trade may moderate due to a global slowdown, the GDP forecast remains optimistic at 4-5%. He emphasised the need for Malaysian companies...
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GLCS, GLICS TO SPUR DOMESTIC INVESTMENTS
Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs) are set to enhance domestic direct investments (DDIs) and support local vendors in strategic sectors like electrical and electronics, digital economy, and aerospace. Minister Tengku Zafrul Abdul Aziz announced that DDI will be a Key Performance Indicator under the new Madani Economy framework, which aims to address economic challenges exacerbated by the...
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TESLA WILL MAKE M’SIA’S EV ECOSYSTEM MORE COMPETITIVE – TENGKU ZAFRUL
The opening of Tesla's first charging station in Malaysia will enhance the local automotive ecosystem's competitiveness and demonstrate the country's commitment to developing its electric vehicle (EV) industry, stated Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul. He noted that the relatively new EV sector has investors awaiting market certainties. Tesla plans to establish at least 50 charging stations...
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MALAYSIA, VIETNAM HAS IMMENSE POTENTIAL TO BOOST BILATERAL TRADE COOPERATION, INCLUDING IN US$3TLN GLOBAL HALAL MARKET
Malaysia's strong manufacturing sector and advanced technology, alongside Vietnam's large market, present significant opportunities for enhanced bilateral trade, stated Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz at the Malaysia-Vietnam Business Forum. He highlighted the potential for Vietnam's agricultural sector to tap into the global halal market, projected to reach US$3 trillion by 2024, by leveraging...
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MALAYSIA-VIETNAM TO LEVERAGE RCEP, CPTPP
Malaysia and Vietnam can enhance their cooperation through the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as highlighted by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. These agreements are pivotal for post-pandemic economic recovery and sustainable growth. He noted the UK’s recent entry into the CPTPP as a...
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AMPLE ROOM FOR MALAYSIA-VIETNAM INVESTMENT COOPERATION: TENGKU ZAFRUL
Malaysia and Vietnam should collaborate more to attract investments in the ASEAN region, said Minister Tengku Zafrul ahead of Prime Minister Anwar Ibrahim’s visit to Vietnam. He highlighted Malaysia as Vietnam’s third-largest foreign investor, emphasising potential in sectors like agriculture, green and digital economies, and halal products. Malaysian agencies will engage with Vietnamese businesses, and Zafrul encouraged Vietnamese firms to...
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RIDING ON RM3.5 TRILLION ASIA-PACIFIC EV MARKET
The Automotive High-Tech Valley (AHTV) in Tanjung Malim, developed by DRB-Hicom and Geely, is set to position Malaysia as a key player in the Asia-Pacific electric vehicle (EV) market, expected to reach US$778 billion by 2027. Investment Minister Tengku Zafrul said AHTV will drive automotive investment, aiming to grow the sector’s GDP contribution from RM64.5 billion in 2022 to RM104...
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GOVT HAS NO INTENTION TO PHASE OUT AP SYSTEM, SAYS ZAFRUL
Malaysia has no plans to abolish the Approved Permit (AP) system for car imports, despite allowing Tesla to bypass it for direct sales. Minister Tengku Zafrul confirmed the system remains in place, with Tesla’s deal being consistent with any company offering similar value. He also highlighted Malaysia’s appeal to foreign investors, citing its strategic location, skilled workforce, legal certainty, and...
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AHTV POTENTIAL HUB TO ASIA PACIFIC’S US$778B EV MARKET
Malaysia's Automotive High-Tech Valley (AHTV) is poised to become a key hub for the Asia-Pacific electric vehicle (EV) market, estimated at US$778 billion. Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz highlighted AHTV's role in developing next-generation vehicles (NxGV) and energy-efficient vehicles (EEV), supported by attractive government incentives. The region aims to increase the automotive sector's GDP contribution from...
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UK OFFICIALLY JOINS CPTPP, MARKING ITS FIRST FTA WITH M’SIA
The United Kingdom has officially joined Malaysia and 11 other founding nations in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking the first free trade agreement between the two countries. Malaysian Minister Tengku Zafrul Abdul Aziz represented Malaysia at the signing in Auckland. He highlighted that Malaysian exports would benefit from duty-free treatment on 94% of tariff lines,...
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ZAFRUL: MALAYSIA INDONESIA BUSINESS COUNCIL RELAUNCHED TO BOOST BILATERAL BUSINESS TIES
The reactivation of the Malaysia Indonesia Business Council (MIBC) underscores Malaysia's commitment to enhancing its bilateral business relationship with Indonesia, stated Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The MIBC aims to collaborate with the Indonesia Malaysia Business Council (IMBC) to foster an environment conducive to trade and investment, supporting sustainable socio-economic growth. The council, relaunched...
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MITI COMMITTED TO HIGH-VALUE GROWTH ECOSYSTEM FOR INVESTORS
The Ministry of Investment, Trade and Industry (MITI) is dedicated to fostering a high-value growth ecosystem for both current and potential investors in Malaysia. Minister Datuk Seri Tengku Zafrul Abdul Aziz emphasised the ministry's commitment to ensuring Malaysia remains competitive for sustainable investments, guided by the 12th Malaysia Plan, the New Investment Policy (NIP), and the New Industrial Master Plan...
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DISCRETION WITH CENTRAL BANK TO COMPEL EXPORTERS
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that it is up to Bank Negara Malaysia to decide whether exporting companies should be required to convert their export proceeds into ringgit. He noted the significant interest rate differential between the ringgit and the US dollar. Tengku Zafrul also highlighted the importance of local companies supporting the...
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ZAFRUL PROMISES RED CARPET TREATMENT IF DR M’S RM500 BIL INVESTMENT CLAIM IS TRUE
In response to former Prime Minister Tun Dr Mahathir Mohamad's claim of investors willing to invest RM500 billion in Langkawi, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the government would warmly welcome such investment. He highlighted that the largest approved investment in Malaysia to date was RM309 billion, spread across various sources. Tengku Zafrul...
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ANWAR-MUSK DISCUSSION ‘MAY BE ABOUT MORE THAN JUST EVS’
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz announced that the upcoming discussion between Prime Minister Datuk Seri Anwar Ibrahim and Tesla CEO Elon Musk will encompass areas beyond electric vehicles (EVs) and the automotive sector. Scheduled for later this week, Tengku Zafrul highlighted that the conversation represents a positive development, though specific sectors of collaboration remain...
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UP TO BNM TO DECIDE WHETHER EXPORTERS MUST CONVERT PROCEEDS INTO RINGGIT – ZAFRUL
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the decision on whether exporting companies should be required to convert their export proceeds into ringgit lies with Bank Negara Malaysia (BNM). He acknowledged concerns regarding companies retaining their proceeds in US dollars, noting that such capital control measures fall under BNM's discretion. Tengku Zafrul emphasised the...
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MALAYSIA-TESLA COLLABORATION IS BEYOND EV SECTOR
Malaysia's collaboration with Tesla will extend beyond the electric vehicle (EV) sector, said Investment, Trade and Industry Minister Tengku Zafrul. Prime Minister Anwar Ibrahim will hold talks with Tesla CEO Elon Musk this week. Tesla will officially launch in Malaysia on July 20. The International Electric Mobility Showcase (IEMS) 2023 aims to secure RM4 billion in green tech investments, featuring...
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EXPORT PROCEEDS INTO RINGGIT – IT IS BNM’S CALL
Investment, Trade and Industry Minister Tengku Zafrul Aziz stated that it is up to Bank Negara Malaysia (BNM) to decide if exporting companies should convert export proceeds into ringgit, a move implemented in 2016. While beneficial for controlling interest rate differentials, it has pros and cons. He urged local companies and government-linked companies (GLCs) to support the ringgit, noting Malaysia’s...
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ZAFRUL: NIMP2030 TO CAPITALISE ON US$2.7BIL ASEAN EV MARKET
The New Industrial Master Plan 2030 (NIMP2030), set to launch in August, aims to capitalise on the US$2.7 billion ASEAN electric vehicle (EV) market. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Chery Malaysia's RM170 million expansion, which will create 4,000 high-skilled jobs. Chery plans to capture 20% of Malaysia's EV market by 2024, aligning with...
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MITI TO STREAMLINE FUNCTIONS OF INVESTMENT PROMOTION AGENCIES
The Ministry of Investment, Trade and Industry (MITI) is launching an initiative to streamline the functions of Malaysia's 31 Investment Promotion Agencies (IPAs) to improve the ease of doing business. Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised the importance of providing a seamless journey for both foreign and domestic investors. MITI aims to position Malaysia as a pro-investment destination,...
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STREAMLINING ROLES OF INVESTMENT PROMOTION AGENCIES
The Ministry of Investment, Trade and Industry (Miti) is initiating a plan to streamline the roles of Malaysia's 31 Investment Promotion Agencies (IPAs) to enhance the ease of doing business for investors. Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the need for a coordinated approach to attract both foreign and domestic investments. The National Investment Council, chaired by Prime...
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TENGKU ZAFRUL: MALAYSIA’S TRADE PERFORMANCE CONTINUES TO IMPROVE
Malaysia's trade performance is improving, driven by domestic direct investments (DDIs) and foreign direct investments (FDIs), according to the Ministry of Investment, Trade and Industry (Miti). Minister Datuk Seri Tengku Zafrul Abdul Aziz highlighted that trade agreements, including the CPTPP and 18 free trade agreements, have facilitated exporter access to international markets. Since his appointment, Malaysia has secured US$49 billion...
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MANUFACTURING SECTOR ESG FRAMEWORK TO TAP INTO US$200B OPPORTUNITY: TENGKU ZAFRUL
The National Industry Environmental, Social and Governance framework (i-ESG) for the manufacturing sector, set to launch by September 2023, aims to leverage Southeast Asia's growing green business opportunities, estimated at US$200 billion by 2030. Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz outlined four key components: standards, financial support, capacity building, and market mechanisms. He emphasised the...
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GEV-PLUS COLLAB TO BENEFIT SMES: MITI
The Investment, Trade and Industry Ministry (MITI) anticipates that the collaboration between Green EV Charge Sdn Bhd (GEV) and PLUS Malaysia Bhd will benefit Small and Medium Enterprises (SMEs) and workers in the Electric and Electronics (E&E) and automotive sectors. This partnership focuses on developing Malaysia's first chargEV hyperpower DC fast charging hub, supporting the National Automotive Policy's strategy to...
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SDG INVESTOR MAP KEY TO CHANNEL CAPITAL TO INVESTMENTS
Malaysia has launched the SDG Investor Map, a strategic tool aimed at aligning investments with the United Nations' Sustainable Development Goals (SDGs). Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the importance of both foreign and domestic investments to fill a projected US$4.3 trillion SDG financing gap. The map will attract investment into viable sectors, supporting initiatives like the New...
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RM1.37TRILLION DDI APPROVED SINCE 2013, EQUALLY IMPORTANT AS FDI
Domestic Direct Investment (DDI) is vital for Malaysia’s economy, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. From 2013 to early 2024, RM1.37 trillion in DDI was approved, mainly in the services sector. He highlighted initiatives like the Supply Chain Coordination Programme and the SME Desk to enhance local firms’ competitiveness. The government’s New Industrial...
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MIDF EXTENDS LIFELINE TO STRUGGLING COMPANIES
MIDF's Second Chance Financing scheme aims to support struggling companies, allowing them to continue operations and contribute to Malaysia's economic growth. Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the importance of backing innovative firms facing challenges due to market shifts or internal issues. He emphasised that the scheme, while adhering to responsible lending criteria, provides crucial support to the...
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MALAYSIA, SINGAPORE TO BOOST BILATERAL TRADE IN DIGITAL AND GREEN ECONOMY – TENGKU ZAFRUL
Malaysia and Singapore have established the Annual Ministerial Dialogue (AMD) to enhance bilateral trade and investment, focusing on the digital and green economies. During the dialogue, Minister Tengku Datuk Seri Zafrul Abdul Aziz announced a new task force to promote cross-border business trade, leveraging the MATRADE Digital Trade Platform and Singapore’s Business sans Borders initiative. Additionally, a Capacity Development Programme...
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ATTRACTING TECH INVESTMENTS KEY TO HIGHER-SKILLED, HIGHER-PAYING JOBS
Malaysia is focused on attracting quality investments and producing more complex products to enhance trade growth, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He emphasised the need to create an enabling environment for investment, which will lead to higher export revenue and skilled job creation for small and medium enterprises. Addressing challenges such as...
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INDUSTRIES MUST ADOPT DIGITAL TECH FOR ECONOMIC COMPLEXITY
The Ministry of Investment, Trade and Industry aims to boost Malaysia's economic complexity by encouraging local industries to adopt digital technology, with a focus on five key sectors: aerospace, chemicals, digital economy, medical devices, and pharmaceuticals. Minister Tengku Zafrul announced plans to support SMEs through tech adoption and the Matrade Digital Trade Platform (MDTP), predicting it will attract over 50,000...
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TEXAS INSTRUMENTS TO EXPAND OPS IN KL, MELAKA
Texas Instruments (TI) will invest RM14.6 billion to expand its semiconductor operations in Kuala Lumpur and Melaka, creating 1,800 jobs by 2025. The investment includes RM9.6 billion for Kuala Lumpur, adding 1,300 jobs, and RM5 billion for Melaka, creating 500 jobs. This expansion supports TI’s goal to internalise 90% of its assembly and test operations by 2030. The move aligns...
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ZAFRUL: TEXAS INSTRUMENTS TO INVEST RM14.1 BIL TO EXPAND OPERATIONS IN KL AND MELAKA
The Ministry of Investment, Trade and Industry has secured RM14.1 billion investment from Texas Instruments (TI) to expand its semiconductor operations in Kuala Lumpur and Melaka by 2025, creating 1,800 jobs. The investment will aid TI's goal of internalising 90% of its assembly and test operations by 2030. The expansion, involving new factories with significant cleanroom space, underscores Malaysia’s importance...
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NIMP2030 TO ADVANCE ECONOMIC COMPLEXITY
Malaysia’s New Industrial Master Plan 2030 (NIMP2030), set for launch in August, aims to boost industrial development and economic complexity, according to MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz. The plan focuses on five key sectors: aerospace, chemicals/petrochemicals, digital economy, electrical and electronics (E&E), and pharmaceuticals. By increasing the production of complex products and accelerating tech adoption, Malaysia seeks...
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INDUSTRIAL POLICY TO BE OVERHAULED
Malaysia is revamping its industrial framework under the New Industrial Master Plan 2030 (NIMP2030) to support small and medium enterprises (SMEs) and enhance their resilience. Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised collaboration with public and private sectors to foster innovation and prepare SMEs for future challenges. NIMP2030 will focus on developing strategic supply chains, robust industrial clusters, and...
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MITI TO ENSURE GDP GROWTH TARGET SUPPORTED
The Ministry of Investment, Trade and Industry (Miti) aims to support Malaysia's GDP growth target of 4% to 5% in 2023, with approved investments of RM71.4 billion in Q1 2023, a nearly 60% increase year-on-year. Minister Tengku Datuk Seri Zafrul Abdul Aziz announced that 1,265 projects could generate 23,977 new jobs. The New Industrial Master Plan 2030 (NIMP2030) will focus...
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ZAFRUL TOUTS EXIM BANK TO EXPORT SMES
The Exim Go-Export Financing Programme (GEFP 2023) by Exim Bank offers comprehensive financing solutions for SMEs and corporates, featuring three products: Exim Go SMExport, Exim Go Export ACE, and Exim Go Export Greentech. These programs support production capacity, resilient supply chains, and sustainable business growth in sectors like automation and green technology. Exim Bank aims to help clients build successful...
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UPWARD REVISION IN GLOBAL GROWTH A BOON FOR TRADE
Minister Tengku Zafrul said Malaysia's trade performance will benefit from the World Bank's revised global growth forecast of 2.1% in 2023, with stronger growth in key partners like the U.S. and China. Malaysia's GDP growth was also revised to 4.3% for 2023. Despite global trade slowing, Malaysia's strong exports, especially in the electrical and electronics sector, continue to drive a...
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TRADE MISSION TO JAPAN SECURES RM2.1BIL IN POTENTIAL EXPORTS
A five-day Malaysian trade mission to Tokyo and Osaka, led by MITI Minister Tengku Zafrul, secured RM2.1 billion in export deals with Japanese companies for energy, sustainable products, palm oil, chemicals, and digital services. The mission, organized by Matrade, also extended a trade cooperation agreement with Jetro until 2024. Key companies engaged included Itochu, Sumitomo, and Japex, which committed to...
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ZAFRUL WILL CONTEST IN SELANGOR STATE POLLS IF UMNO WANTS HIM TO
Umno supreme council member Tengku Zafrul said the party will decide if he will contest in the Selangor state polls, responding to Khairy Jamaluddin's suggestion that he should run and potentially become Selangor's Mentri Besar. While Khairy supports his candidacy, Tengku Zafrul emphasized that the decision is up to the party. Tengku Zafrul previously lost in Kuala Selangor during the...
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MITI WORKING TO OVERHAUL INDUSTRIAL FRAMEWORK
Minister Tengku Zafrul of MITI highlighted the importance of institutional change and innovation to drive Malaysia’s economic growth. MITI is collaborating with agencies like Bank Negara and the World Bank to revamp the industrial framework, improve tech adoption, and foster a culture of innovation. Through policies like the NIP and NIMP 2030, the government aims to enhance the investment environment,...
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JAPAN TRADE MISSION SECURES RM23.07B POTENTIAL INVESTMENT
The Investment, Trade and Industry Ministry (MITI) secured RM23.07 billion in potential investments and RM2.1 billion in potential exports to Japan during a trade mission to Tokyo and Osaka, led by Minister Tengku Zafrul. The mission aimed to promote Malaysia as a key investment and sourcing destination in Southeast Asia, focusing on digital and ESG principles. These projects are expected...
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RM71.4BIL INVESTMENTS APPROVED IN FIRST QUARTER
Malaysia attracted RM71.4 billion in approved investments across manufacturing, services, and primary sectors for Q1 2023, involving 1,265 projects that are set to create 23,977 new jobs. Foreign direct investments (FDI) totaled RM37.5 billion, while domestic direct investments (DDI) amounted to RM33.9 billion. The services sector received the largest share of RM53.6 billion, followed by manufacturing at RM15.6 billion. Minister...
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ZAFRUL TO TAKE THE LEAD FOR BUSINESSES THROUGH UMNO
UMNO has launched a secretariat led by Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz to support Malay entrepreneurs in the halal industry. The secretariat, composed of representatives from various sectors, aims to empower microtraders, facilitate the growth of medium to large companies, and develop Bumiputera technopreneurs. The committee will involve professionals and successful entrepreneurs to...
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ALL MOUS BETWEEN MALAYSIA, CHINA TO BE EVALUATED IN TRANSPARENT MANNER
All recent MoUs signed between Malaysian and Chinese companies will be thoroughly evaluated by the MoU Evaluation Committee, comprising members from various ministries and investment agencies. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz highlighted that the evaluation process involves the Ministry of Finance checking for blacklisted companies, the Foreign Ministry assessing foreign policy impacts, and MITI analyzing...
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M’SIA, UAE TO EXPLORE COMPREHENSIVE TRADE
Malaysia and the UAE have agreed to start negotiations for a Comprehensive Economic Partnership Agreement (CEPA), aiming to enhance their economic and trade relations. This agreement will cover trade in goods and services, investments, and other mutual interests. Malaysian Minister Tengku Datuk Seri Zafrul Abdul Aziz and UAE Minister Dr Thani bin Ahmad Al Zeyoudi emphasize that the CEPA will...
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MITI, MOHE, MOSTI TO JOIN FORCES TO EMPOWER AEROSPACE INDUSTRY
MITI will collaborate with various ministries to address the shortage of skilled workers and enhance R&D in the aerospace industry. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the need for continuous talent supply and relevant R&D to boost industry competitiveness and attract investments. At the opening of CTRM's new factory, he announced CTRM's new RM3.4 billion contract with...
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MALAYSIA CENTRE FOR 4IR TO CREATE CONTINUOUS ECOSYSTEM, TALENT SUPPLY CHAIN
The Malaysia Centre for the Fourth Industrial Revolution (Malaysia Centre for 4IR) aims to foster a continuous ecosystem and talent pipeline to boost domestic direct investment (DDI) and attract multinational companies. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized that the centre will support both local SMEs and large multinationals by providing the necessary ecosystem for...
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DEVELOP AUTOMOTIVE INDUSTRY AS STRATEGIC ECONOMIC SECTOR
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized the government's commitment to advancing the automotive sector, highlighting opportunities in renewable energy, energy efficiency, and EV support services. He announced a significant US$422.3 million investment by EVE Energy Malaysia in a new battery manufacturing plant in Kedah, expected to create around 600 high-skilled jobs. This investment reflects...
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CAPITAL A’S ADE SECURES US$100M INVESTMENT
Capital A's subsidiary, Asia Digital Engineering (ADE), has secured a US$100 million investment from OCP Asia Ltd for a state-of-the-art 14-line aircraft maintenance hangar in Sepang, Malaysia. The investment will enable ADE to expand to 20 lines and support its business growth. The facility, expected to serve AirAsia and other airlines, will significantly contribute to Capital A's profits. Malaysia’s MRO...
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PROTON TO INTRODUCE EVS IN 2025, EARLIER THAN PLAN
Proton Holdings Bhd may advance the launch of its electric vehicles (EVs) to 2025 from the previously planned 2027. Deputy CEO Roslan Abdullah mentioned they are working with Geely to identify affordable and practical EV models, following government recommendations to expedite the project. Additionally, Proton's Rahmah 2023 campaign offers a free 40-point safety check and a discounted service package for...
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MITI NOW KNOWN AS MINISTRY OF INVESTMENT, TRADE AND INDUSTRY
The International Trade and Industry Ministry has been rebranded as the Ministry of Investment, Trade and Industry (MITI). This change, endorsed by Prime Minister Datuk Seri Anwar Ibrahim on April 5, reflects MITI's expanded role in driving foreign investment, enhancing local investments, and promoting sustainable industrial development. The rebranding aligns with the government's goals under the National Investment Aspiration and...
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AUTOMOTIVE POLICY MAY BE REVIEWED
Malaysia's National Automotive Policy (NAP) is set for a review to incorporate recent technological advancements, particularly in electric vehicles (EVs). Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized the need for a dynamic policy that adapts to industry changes. Concurrently, Proton Holdings Bhd launched its 2023 Proton Rahmah campaign, offering free safety checks and affordable service packages to reduce vehicle...
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SME TO RECEIVE SUPPORT IN ESG TRANSITION: TENGKU ZAFRUL
Malaysia's International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz announced a new National ESG Industry Framework to help SMEs transition to ESG standards by year-end. The framework will offer financial support, capacity building, and encourage ESG adaptation, including carbon trading. This aligns with Malaysia's net-zero target by 2050 and supports renewable energy innovations like MYBESS by Citaglobal...
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MALAYSIA TO LAUNCH ESG FRAMEWORK BY YEAR END
Malaysia will launch an Environmental, Social, and Corporate Governance (ESG) framework by year-end to aid SMEs in transitioning to renewable energy. International Trade and Industry Minister Tengku Zafrul Abdul Aziz emphasized the need for ESG compliance to meet export market demands. The framework will include industry consultations to ensure relevance. Additionally, the first Battery Energy Storage System (BESS) prototype, developed...
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PROPELLING THE AEROSPACE INDUSTRY
UMW Aerospace Sdn Bhd has secured a RM65 million contract from Rolls-Royce to produce rear cases for Trent 1000 and Trent 7000 engines. This investment will enhance Malaysia's aerospace sector, create high-value jobs, and support SMEs. The new capability will position Malaysia as Southeast Asia’s first with this technology. The contract aligns with the National Investment Aspiration and the Malaysian...
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M’SIAN MISSION SEES POTENTIAL EXPORTS TO CHINA GROW TO RM3.2B
Malaysia's trade and investment mission to China and Hong Kong has now secured potential exports worth RM3.2 billion, up from RM2.44 billion previously reported. This includes Press Metal Aluminium Holdings Bhd’s orders totaling RM780 million from Hong Kong. The mission follows Prime Minister Anwar Ibrahim’s visit to China, which generated RM170 billion in investment commitments. The Ministry of International Trade...
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PROTON’S NEV MOVE MAY INVOLVE ZEEKR
Proton Holdings Bhd may explore incorporating Zeekr, a premium EV brand owned by Geely, into its NEV strategy. Although Zeekr’s introduction might follow the launch of Pro-Net's smart #1 in Q4, its entry is under consideration. International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz recently visited Zeekr's factory in China to preview NEV models and discuss...
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SOLID SYSTEM FOR TRACKING PROJECTS
Malaysia’s International Trade and Industry Ministry (MITI) has a robust system to monitor and facilitate investments and exports, supported by MIDA, InvestKL, and MATRADE. Following recent record RM170 billion investment commitments from China, MITI ensures effective project implementation and KPI monitoring. The Cabinet receives quarterly updates, and MATRADE issues monthly export performance reports. The Special Task Force to Facilitate Business...
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INCREASED INTEREST FROM CHINA COMPANIES BODES WELL: TENGKU ZAFRUL
Increased interest from Chinese companies has strengthened Malaysia-China relations and boosted confidence in Malaysia's Unity Government, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz. Malaysia's Ministry of International Trade and Industry (Miti) aims to enhance the business environment to attract further investments. In 2022, Malaysia approved RM264.6 billion in investments, with RM55.4 billion from China, spanning...
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CHINA’S BIZ INTEREST IN M’SIA RISING
Increased interest from Chinese companies has elevated Malaysia-China relations, with Malaysia securing potential investments worth RM170 billion. International Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz praised the efforts of MIDA and other agencies and emphasized the need for efficient realization of these investments. Notable interested investors include Zhejiang Zhink Group, LONGi, and ZTE Corporation, with significant investments planned...
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RM170BIL CHINA TRADE DEALS
Malaysia secured a historic RM170 billion in business deals with China, marking one of its largest-ever investment agreements. The deals, announced at the Malaysia-China Business Forum, include a RM32 billion Automotive High-Technology Valley and a 1,200MW power plant. Prime Minister Anwar Ibrahim highlighted the deals' potential to enhance Malaysia's economic partnership with China and create high-paying jobs. The agreements cover...
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MITI AT THE FOREFRONT OF CHINA MISSION
The Ministry of International Trade and Industry (Miti) is organizing a trade and investment mission to Beijing, Ningbo, and Hong Kong alongside Prime Minister Anwar Ibrahim's visit to China. Led by Minister Tengku Datuk Seri Zafrul Abdul Aziz, the mission will involve meetings with seven Chinese companies in sectors like big data and electric vehicles. Miti will also host the...
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DELAY IN BORDER REOPENING KEY FACTOR AFFECTING COMPETITIVENESS
The decline in Malaysia’s ranking in the 2022 IMD World Competitiveness Ranking (WCR) is primarily attributed to the delay in reopening international borders, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Malaysia, which fully reopened on April 1, 2022, took a cautious approach compared to faster-reopening countries, resulting in a drop from 25th to 32nd...
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RIGHT INGREDIENTS TO GROW HALAL NETWORK
Malaysia aims to maintain its leadership in halal products and services, supported by the newly launched Halal Industry Master Plan 2030 (HIMP 2030), according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The plan targets an expansion of the halal industry to US$113.2 billion by 2030, contributing 8.1% to GDP by 2025. With global halal demand...
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RM11.5 BIL SABAH INVESTMENTS IN 2022
Sabah attracted RM11.5 billion in investments across 89 projects in 2022, generating 4,566 jobs, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Of this, RM9.2 billion was foreign direct investment (FDI), with the manufacturing sector contributing RM8.4 billion. High-profile projects mainly involved petroleum products and transport machinery. The Ministry, through the Malaysian Investment Development...
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CONFIDENT OF MALAYSIA’S LEADERSHIP ROLE IN HALAL
Malaysia is poised to maintain its leadership in the global halal industry with the Halal Industry Master Plan 2030 (HIMP 2030) and platforms like the Malaysia International Halal Showcase (MIHAS). International Trade and Industry Minister Tengku Zafrul projects the halal industry will grow to US$113.2 billion by 2030. MIHAS 2023, expected to attract over 35,000 visitors, will showcase trends in...
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HALAL SECTOR SET TO EXPAND TO $113.2 BILLION
Malaysia’s halal industry is projected to grow to US$113.2 billion by 2030, contributing 8.1% to GDP by 2025 under the Halal Industry Master Plan 2030 (HIMP 2030). Launched by Deputy PM Ahmad Zahid Hamidi, HIMP 2030 outlines 23 initiatives across seven strategic thrusts. MITI Minister Tengku Zafrul highlighted goals like expanding trade, promoting halal products, and enhancing business competitiveness. In...
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BEHAVIOURAL INSIGHTS CAN REDUCE COST
International Trade and Industry Minister Tengku Zafrul highlighted the potential of Behavioural Insights (BI) in reducing compliance costs and enhancing regulatory efficiency in Malaysia. BI, using methods like plain language and "nudges," can streamline processes without coercive measures. The Malaysia Productivity Corporation (MPC) is leading BI adoption during the 12th Malaysia Plan. Separately, Zafrul emphasized the importance of Asean countries...
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VAST POTENTIAL WITH BI IN EASING OF DOING BIZ
The Ministry of International Trade and Industry (MITI) sees potential in using Behavioural Insights (BI) to enhance ease of doing business in Malaysia by reducing compliance costs and improving regulatory efficiency. MITI, led by Tengku Zafrul, aims to apply BI to streamline processes for investors. The Malaysia Productivity Corporation (MPC) noted a 5.4% productivity growth in 2022, with BI being...
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MITI SECURES RM24 BILLION INVESTMENTS FROM S.KOREA
MITI secured RM24 billion in potential investments and RM4.24 billion in potential exports through a trade mission to South Korea led by Tengku Zafrul from March 14-17, 2023. South Korean firms, including Samsung, Lotte, and Hyundai, showed interest in green tech and high-value sectors. Key discussions focused on resuming FTA negotiations, digital economy, and renewable energy cooperation. South Korean VCs...
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MALAYSIA TO IMPROVE EASE OF DOING BUSINESS TO LURE QUALITY INVESTMENTS
Malaysia aims to enhance the ease of doing business to attract quality investments, according to International Trade and Industry Minister Tengku Zafrul Abdul Aziz. The government plans to streamline investment processes through a project management unit within MITI, ensuring a clear timeline and tracking for approvals. A special tax incentive for priority sectors has been extended until 2024 to attract...
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S.KOREA, MALAYSIA SEEK TO BOOST BILATERAL TRADE TIES
International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and South Korean Trade Minister Ahn Duk-geun met to enhance cooperation and boost bilateral trade by establishing a regular dialogue channel. Following Zafrul's recent visit to celebrate the 40th anniversary of Malaysia's Look East Policy, Ahn proposed a bilateral agreement on key raw materials for stable supply chains,...
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TENGKU ZAFRUL TO LEAD MITI TRADE MISSION TO SOUTH KOREA
International Trade and Industry Minister Tengku Zafrul Abdul Aziz will lead a trade and investment mission to Seoul, South Korea, from March 14-17. The mission aims to promote Malaysia as a key investment destination in high-tech sectors like AI, smart manufacturing, and renewable energy. Zafrul will meet South Korean Trade Minister Dukgeun Ahn, host business seminars, and conduct business matching...
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MALAYSIA HAS STRONG COMMITMENT TO ASEAN
Malaysia views its commitment to ASEAN as crucial in engaging with ASEAN member states and China, according to International Trade and Industry Minister Tengku Zafrul. He noted China is ASEAN's largest trading partner, with trade reaching $975.3 billion in 2022. Tengku Zafrul highlighted potential collaboration in areas like the halal market, Islamic finance, ESG, and clean energy. He also reaffirmed...
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GOVT TARGETS AMBITIOUS 20% GROWTH IN FDI, DDI THIS YEAR
The Malaysian government targets 20% growth in foreign direct investment (FDI) and domestic direct investment (DDI) in 2023. In 2022, FDI contributed RM163.3 billion (61.7%) and DDI RM101.3 billion (38.3%) of total investments. Minister Tengku Zafrul emphasized improving ease of business and infrastructure. Tesla and the electrical and electronics sector are key focuses. Economy Minister Rafizi stressed structural changes over...
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ZAFRUL WARNS ABOUT LOWER TRADE CONTRIBUTION TO GDP
Trade and investments' contribution to Malaysia's GDP dropped from 38% in 2011 to 27% in 2021, driven by consumption and government spending. International Trade and Industry Minister Tengku Zafrul highlighted the need to boost productivity and ease of doing business. Malaysia's productivity growth is lagging behind ASEAN peers, and income levels remain low. The government targets a 20% growth in...
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ZAFRUL: NATIONAL INVESTMENT COUNCIL TO BE ESTABLISHED
The National Investment Council (MPN), chaired by the prime minister, will be established to plan and oversee investment governance in Malaysia, with the first meeting soon. International Trade and Industry Minister Tengku Zafrul said MPN will focus on strategic investments aligned with national interests. MITI, through MIDA, created an Industrial Estate Unit to enhance industrial parks, with RM10 million allocated...
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MALAYSIA SEES SECOND LARGEST EVER RECORDED APPROVED INVESTMENTS
Malaysia approved RM264.6 billion in investments in 2022, with the services sector leading at RM154 billion, followed by manufacturing (RM84.3 billion) and primary industries (RM26.3 billion). Foreign direct investments made up 61.7% (RM163.3 billion), while domestic direct investments contributed 38.3% (RM101.3 billion). These investments are expected to create 140,370 jobs. Tengku Zafrul highlighted Malaysia’s resilience amid global challenges and its...
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MALAYSIA SEES MINIMAL IMPACT FROM EU CARBON ADJUSTMENT
Malaysia anticipates 6-7% of sectors will be affected in the first year of the European Union’s Carbon Border Adjustment Mechanism (CBAM) enforcement, with future impact growing if not addressed. MITI Minister Tengku Zafrul emphasized the need for preparedness, noting the i-ESG framework for the manufacturing sector will be completed in 2024. MITI is also crafting policies to promote green infrastructure...
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GOVT TO SHARE STRATEGIES TO ATTRACT MORE HIGH-QUALITY INVESTMENTS TODAY
The Malaysian government will reveal its strategies to attract high-quality investments, adapting to dynamic global changes, during the announcement of the 2022 investment performance report tomorrow, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He emphasized the need for flexible short- and long-term strategies to address global disruptions, such as the COVID-19 pandemic and...
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TESLA, AWS INVESTMENTS TO CREATE HIGH-QUALITY JOBS – TENGKU ZAFRUL
Tesla and Amazon Web Services (AWS) are set to bring significant economic benefits and create high-quality jobs in Malaysia, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Tesla's investment is driven by Malaysia's strong electrical and electronics (E&E) ecosystem, supporting EV manufacturing. AWS' RM25.5 billion investment over 15 years will enhance Malaysia's competitiveness in IT,...
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FOREIGN INVESTOR INTEREST NOT AFFECTED BY FLOODS: ZAFRUL
International Trade and Industry Minister Datuk Seri Zafrul Abdul Aziz stated that current floods in Malaysia, including Johor, have not adversely impacted foreign investment. While industrial zones were affected, the damage has not reached levels that would affect investments. He emphasized ongoing efforts to mitigate flood risks in the long term. Zafrul also noted that Johor is expected to maintain...
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ZAFRUL: WAGE SUBSIDIES EASED CASHFLOW CRISIS
Tengku Zafrul, former Finance Minister, highlighted cashflow challenges faced by SMEs during Covid-19, with RM21 billion in wage subsidies saving 3,800 companies. Speaking at the launch of the Malay version of his book, he discussed Malaysia's recent investments from Tesla and AWS, expressing optimism for more projects. He stressed the need for investments to boost productivity and increase workers' incomes...
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AMAZON WEB SERVICES INVESTS IN MALAYSIA
Amazon Web Services (AWS) is investing RM25.5 billion in Malaysia over 15 years to establish a new infrastructure region, boosting digital transformation and trust. Prime Minister Datuk Seri Anwar Ibrahim stated that this investment will foster innovation, job creation, and economic growth. AWS's collaboration with Malaysia supports digital ambitions, with companies like Petronas and Silverlake Axis already benefiting. The digital...
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TENGKU ZAFRUL: RM4.9B GREEN TECH PROJECTS GOT GREEN LIGHT
Malaysia has approved RM4.9 billion in green technology projects, mainly in renewable energy and energy efficiency, creating 1,500 jobs. Minister Tengku Zafrul highlighted the ministry's push for ESG-based investments through MIDA and the development of an i-ESG framework for the manufacturing sector. Incentives like Green Investment Tax Allowance and Green Income Tax Exemption support sustainable projects, aligned with Malaysia’s goal...
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REVVING UP HYPE FOR ELECTRIC VEHICLES
Electric vehicles (EVs) are gaining popularity in Malaysia, with battery electric vehicle (BEV) sales surging tenfold from 274 units in 2021 to 2,631 in December 2022. International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz emphasized the government's commitment to the EV agenda, aiming for EVs and hybrids to represent 15% of the total industry volume by...
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ZAFRUL: TAX STRUCTURE FOR AUTOMOTIVE INDUSTRY TO REMAIN
The Malaysian government has no plans to review the tax structure for the automotive industry, particularly the excise duty, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Responding to a query from MCA president Datuk Seri Dr Wee Ka Siong about reducing vehicle prices, Tengku Zafrul emphasized that excise duties are crucial for encouraging...
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GOVT HAS NO PLANS TO REVIEW AUTOMOTIVE SECTOR’S TAX STRUCTURE, SAYS ZAFRUL
The Malaysian government has no plans to revise the existing tax structure for the automotive sector, particularly the excise duty, which is essential for industry growth. Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized that the excise duty supports value-added activities like local assembly and vendor development. He noted that the government offers tax incentives, including exemptions and reductions in...
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FULLY CHARGED TO SHIFT DRIVE
Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that proposals to enhance Malaysia's electric vehicle (EV) market have been submitted to the Finance Ministry, including extending the sales tax exemption for EVs. Current import and excise duty exemptions for battery electric vehicles (BEVs) will last until December 31, 2025, for locally assembled models. Volvo's managing director noted that existing incentives...
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SCULPTOR’S SECOND SOLO SHOW ON FOLKLORE
World-renowned contemporary artist Anniketyni Madian launched her second solo exhibition, "Susey," at The International Gallery in KLGCC, Kuala Lumpur, with the opening by International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. The exhibition features large-scale sculptures, up to 6m long, made from various materials like wood, metal, fabric, and resin. Inspired by Sarawak folklore, it explores...
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ZAFRUL DOWNPLAYS POTENTIAL FALLOUT OVER LYNAS DECISION
Datuk Seri Tengku Zafrul Abdul Aziz expressed support for the Malaysian government's conditional renewal of Lynas Malaysia's operating license, despite concerns it might affect investor confidence. He stated that differing opinions on the decision are welcome and will be respected. Lynas Malaysia recently appealed to the Ministry of Science, Technology and Innovation to review the conditions imposed for its license...
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M’SIA, US REAFFIRM COMMITMENT ON BILATERAL TIES
Malaysia and the United States reaffirmed their commitment to enhancing bilateral economic ties during a meeting between Malaysian Trade Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and US Trade Representative Katherine Tai. They emphasized the importance of the Indo-Pacific Economic Framework for Prosperity (IPEF) in strengthening regional economic integration and addressing key challenges, including environmental, social, and governance (ESG)...
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TENGKU ZAFRUL APPOINTED AS UMNO SUPREME COUNCIL MEMBER
International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has been appointed as a member of the UMNO Supreme Council. He took the oath of office during the council meeting on Thursday night. UMNO Secretary General Datuk Seri Ahmad Maslan announced on Twitter that the appointment was made by UMNO President Datuk Seri Dr Ahmad Zahid Hamidi....
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M’SIA COMMITS TO ATTRACTING INVESTMENTS IN EV
Malaysia aims for electrified vehicles (including hybrids) to make up 15% of the total industry volume (TIV) by 2030, with a target of 38% by 2040. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced plans to establish at least 10,000 public charging facilities by 2025 and is prioritizing the EV ecosystem's development. The Local Government Development Ministry is drafting...
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POLICIES, ECOSYSTEM TO RAMP UP EV SECTOR
Malaysia is strengthening its EV industry with supportive policies, focusing on standards, certification, charging systems, and battery disposal. Minister Tengku Zafrul emphasized opportunities in renewable energy, energy efficiency, and EV support services. The government is enhancing TVET and offering tax exemptions and incentives for EVs, aiming for net-zero greenhouse gas emissions by 2050. By 2025, 10,000 public charging facilities will...
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ZAFRUL: MITI BAGS RM13 BIL IN FDI VIA INVESTMENT MISSION TO SINGAPORE
The Ministry of International Trade and Industry (Miti) secured RM13 billion in foreign direct investment (FDI) from Sea Ltd, Yondr Group, and INSEACT during a mission to Singapore. Sea Ltd plans to expand e-commerce and create 2,000 jobs in Malaysia. Yondr Group will build Southeast Asia’s largest hyperscale data center in Johor, and INSEACT will establish its first Southeast Asian...
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ECONOMIC GROWTH TO HAVE BIGGEST INFLUENCE ON RINGGIT’S PERFORMANCE
Malaysia's economic growth will be the main factor influencing the ringgit's performance this year, according to International Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz. Speaking at the World Economic Forum in Davos, he highlighted that Malaysia’s GDP growth forecast of 4-5% this year, as projected by Bank Negara Malaysia, will impact the ringgit. Following a strong rebound last...
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ZAFRUL TOUTS STURDY ASEAN SUPPLY CHAIN
ASEAN requires collaboration between public and private sectors to streamline its supply chain and maximize its potential as the fastest-growing trade bloc globally, said Malaysia's International Trade and Industry Minister, Tengku Zafrul Aziz, at the World Economic Forum 2023. Intra-ASEAN trade is a key component of regional trade, accounting for 21.2% of total merchandise trade in 2020. He emphasized the...
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MITI CAUTIOUS ON 2023 TRADE GROWTH PROSPECTS
Despite a record global trade of US$32 trillion in 2022, Malaysia’s International Trade and Industry Minister Tengku Zafrul expects challenges in 2023 due to geopolitical tensions, high energy costs, inflation, and rising interest rates. Miti and agencies like MATRADE aim to strengthen supply chains, market resilience, and support exporters in navigating these issues. Key initiatives include promoting ESG-compliant products and...
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MINISTER HOLDS BILATERAL MEETINGS WITH ERICSSON, MICROSOFT
At the 2023 World Economic Forum (WEF), International Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz held bilateral meetings with companies like Ericsson and Microsoft, discussing potential investments and expansion in Malaysia. He also met with Japan External Trade Organisation (Jetro) and Dow Jones executives. The discussions focused on protecting and expanding current investments, as well as Malaysia's stability...
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MALAYSIA TO IMPROVE EASE OF DOING BUSINESS
Minister of International Trade and Industry Tengku Zafrul Aziz will highlight Malaysia's commitment to improving the ease of doing business and promoting it as a quality investment destination at the World Economic Forum (WEF) in Davos. He aims to attract high-impact investments and strengthen Malaysia's position as a gateway to Southeast Asia. Alongside the government, private sector leaders will work...
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MALAYSIA EYES RM20B INVESTMENTS IN EV SECTOR
Malaysia aims to attract RM20 billion in electric vehicle (EV) investments by 2025, increasing to RM40 billion by 2030. With RM14 billion invested from 2018 to September 2022, the focus is on developing critical EV components. Malaysia's position as a leading electronics hub supports this goal, leveraging established R&D and standards. The ASEAN EV market is set to grow from...
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KEEN TO HELP BUILD NUSANTARA
The ties between Malaysia and Indonesia are set to strengthen as top Malaysian companies express interest in developing Indonesia's new capital, Nusantara, in Kalimantan. Prime Minister Anwar Ibrahim oversaw the handover of 11 Letters of Interest (LOI) from firms like Berjaya Corporation, Tenaga Nasional, and Pharmaniaga. The ceremony also featured the signing of nine MOUs worth RM1.66 billion, covering various...
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SHARED OPPORTUNITIES IN NUSANTARA
Farrah Naz Karim's article on "Shared Opportunities in Nusantara" praises Prime Minister Anwar Ibrahim for re-engaging Indonesia. Anwar is encouraged to send a top envoy to Jakarta to strengthen ties. The planned RM1 billion Malaysian investment in Nusantara is expected to boost intra-Asean trade and regional cooperation, though infrastructure projects have long gestation periods and risks. A study suggests the...
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MITI HOPES MALAYSIA-CHINA TRADE RELATIONS TO STRENGTHEN FURTHER – TENGKU ZAFRUL
Malaysia's Ministry of International Trade and Industry, led by Tengku Datuk Seri Zafrul Abdul Aziz, aims to strengthen trade relations with China through ongoing engagement. Following a meeting with China's ambassador to Malaysia, Ouyang Yujing, they discussed enhancing bilateral trade and investment. China, Malaysia's largest trading partner for 13 years, is expected to boost Malaysia's tourism and economy with its...
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MALAYSIA CAN ACHIEVE EXPANSION TARGET FOR THIS YEAR, SAYS ZAFRUL
Malaysia is optimistic about its trade outlook, supported by China’s border reopening, which should ease supply chain disruptions. International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz expects Malaysia to achieve its 4% growth target. The focus will shift to the electric vehicle (EV) industry, with plans for better incentives. A new joint venture between Computer Forms Malaysia...
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MALAYSIA ON STRONG FOOTING TO ATTRACT INVESTMENTS
International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Malaysia's strong position to attract quality investments, despite global uncertainties. He noted that China's reopening will benefit Malaysia's exports. The country is forecasted to grow by 4% in 2023, with a 9.3% expansion in the first nine months of 2022. Zafrul reaffirmed Malaysia's commitment to the CPTPP and...
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IT’S ABOUT THE ECONOMY AND JOBS
Finance Minister Tengku Zafrul Aziz highlighted that Malaysia's Budget 2023 allocates RM55 billion to manage inflation, which remains a global concern. The government aims to address issues like unemployment, underemployment, and wage growth. Measures include job creation programmes, a 2% tax cut for M40 households, and e-wallet credits for those earning below RM100,000. The government expects GDP growth in 2023...
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MALAYSIA HAS ROOM FOR TIGHTER MONETARY POLICY, SAYS ZAFRUL
Malaysia's economic growth will give the central bank more flexibility to tighten monetary policy, as the US Federal Reserve raises interest rates, according to caretaker Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. Despite four interest rate hikes, Malaysia's GDP growth remains strong, with the central bank forecasting annual growth at the upper end of 5.3% to 6.3%. Zafrul noted...
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MORE THAN 5,600 WORK CHANCES CREATED AT PERKESO JOB FAIR
The Social Security Organisation (Perkeso) launched the "Karnival Kerjaya Jamin Kerja Keluarga Malaysia 2022" in Kuala Selangor on November 3, offering 5,643 job opportunities from 26 employers across various sectors. Finance Minister Tengku Zafrul highlighted the event as part of the government's efforts to reduce unemployment, which has fallen to 3.7% in August 2022. Perkeso also promotes the MYFutureJobs portal,...
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MIXED VIEWS ON CANDIDATES FOR FINANCE MINISTER PORTFOLIO
As Malaysia heads into GE15, economists have named potential candidates for the finance minister role. Dr Mazlan Ali supports Tengku Zafrul for his successful tenure in previous administrations, while Pakatan Harapan's (PH) contenders include Anwar Ibrahim and Rafizi Ramli. For Perikatan Nasional (PN), Wan Saiful is a strong choice, praised for his free-market advocacy. Experts emphasize the need for a...
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TENGKU ZAFRUL FOCUSES ON CLEAN CAMPAIGN, PEOPLE’S ISSUES
Tengku Zafrul Aziz, the Barisan Nasional candidate for Kuala Selangor, has vowed to run a clean campaign, focusing on the development and welfare of the people, rather than engaging in negative politics. He refused to respond to accusations of lavish spending, stating the people of Kuala Selangor could answer that. Regarding the East Coast Rail Line (ECRL) station in Puncak...
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RINGGIT EXCHANGES RATE INFLUENCED BY US INTEREST RATES – TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that the ringgit's exchange rate is influenced by Malaysia's economic fundamentals and US interest rates. Following the US Federal Reserve's rate hike to 4%, he noted that Malaysia's current rate of 2.5% affects the currency's performance. He also addressed his candidacy for the Kuala Selangor seat, urging critics to review...
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PROPOSED BUDGET 2023 TO PRIORITISE YOUTH DEVELOPMENT – TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the government's commitment to addressing youth and job seeker challenges through initiatives in Budget 2023. This includes a RM305 million loan for young entrepreneurs, a RM10 million allocation for the Tekun Youth Mobilepreneur Scheme, and the expansion of MYFutureJobs satellite centres. The government has also supported job seekers with programs like...
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5G SINGLE WHOLESALE NETWORK TO SAVE ABOUT RM30 BIL IN COST, SAYS ZAFRUL
The Ministry of Finance confirmed that five Malaysian mobile network operators (MNOs), excluding Maxis, signed 5G access agreements with Digital Nasional Bhd (DNB) on October 31 for the world’s first 5G single wholesale network (SWN). This collaboration is expected to save RM30 billion in infrastructure costs over the next decade and will allow MNOs to focus on improving 4G services...
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M’SIAN MNOS LIKELY TO SAVE RM30 BILLION OVER 10 YEAR PERIOD
The implementation of Malaysia's first single wholesale 5G network by Digital Nasional Bhd (DNB) is set to save mobile network operators (MNOs) around RM30 billion in infrastructure costs over the next decade. This will allow MNOs to focus on enhancing 4G services and delivering innovative, high-value 5G offerings. The 5G network, covering 33% of Malaysia’s population, aims for 80% coverage...
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TENGKU ZAFRUL: NATION ON TRACK TO RECOVERY
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that Malaysia's economy is now stronger than during the height of the COVID-19 pandemic, citing three consecutive quarters of positive growth since Q4 2021 and an 8.9% expansion in Q2 2022. He highlighted the government's swift actions during the pandemic that built greater resilience. However, he warned of global risks,...
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BUDGET 2023 MAY SEE SOME ADJUSTMENTS, SAYS ZAFRUL
Caretaker Finance Minister Tengku Zafrul Abdul Aziz stated that Malaysia's Budget 2023, tabled on 7 October, is "responsible, inclusive, progressive, and sustainable," with a focus on reducing the deficit. He noted that adjustments may be made depending on global economic conditions. The budget prioritises spending in key sectors to foster economic growth and develop underperforming areas. Zafrul also mentioned that...
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YOUTH SHOULD CONSIDER EMBRACING SERVICE AND LEADERSHIP – TENGKU ZAFRUL
Caretaker Finance Minister Tengku Zafrul Aziz urged Malaysian youth to embrace leadership and service, drawing inspiration from great Asian leaders like Tunku Abdul Rahman and Mahatma Gandhi. Speaking at the Youth Economic Forum 2022, he emphasized the importance of youth engagement in nation-building, highlighting Malaysia's positive economic progress, including three consecutive quarters of growth and low unemployment. He also outlined...
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A PLAYBOOK FOR THE FUTURE
Tengku Zafrul Aziz, Malaysia's Finance Minister, authored Weathering the Economic Storm: A Journey Through the Uncharted Waters of COVID-19, a playbook outlining the country's economic response to the pandemic. The book chronicles his speeches, detailing three main policy areas: Responsive, Responsible, and Reformist. It highlights key decisions like the loan moratorium, wage subsidies, and the government's focus on sustainability, ESG...
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HAVE NO FEAR, GOVT HAS PROVISION TO IMPLEMENT BUDGET 2023, SAYS TENGKU ZAFRUL
Finance Minister Tengku Zafrul Aziz reassured the public that the RM372.3 billion allocation in Budget 2023, the largest in Malaysia's history, is secure and can be implemented. He explained that the budget is based on projected annual revenue, and there is no need for concern as financial markets and investors have shown confidence. He also stated that any changes to...
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TENGKU ZAFRUL: E-INVOICING SYSTEM TO BE PHASED IN FROM NEXT YEAR
The Malaysian government plans to phase in an e-invoicing system starting next year to enhance tax efficiency, transparency, and revenue while supporting SME digitalisation under the 12th Malaysia Plan. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced the two-pillar taxation approach to attract investments and prevent tax evasion. He stressed SMEs’ economic importance, the need to boost tax compliance...
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M’SIA EXPECTS TO IMPLEMENT TWO-PILLAR TAXATION APPROACH IN 2024
Malaysia will adopt the OECD and G20's "two-pillar approach" to taxation under the BEPS 2.0 initiative by 2024 to foster competitiveness and curb cross-border tax evasion, said Finance Minister Tengku Zafrul. E-invoicing will also be phased in to enhance tax transparency, broaden revenue collection, and digitalise 90% of SMEs by 2025 under the 12th Malaysia Plan. The initiative aligns with...
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TAX POLICIES KEY TO ENCOURAGING FIRMS TO EMBRACE ESG
Finance Minister Tengku Zafrul stressed the role of tax policies in promoting environmental, social, and governance (ESG) practices, with Malaysia targeting a 45% reduction in greenhouse gas emissions by 2030 and carbon neutrality by 2050. Initiatives include carbon taxation, extending green tax incentives, and poverty eradication with a RM1 billion allocation in Budget 2023. He highlighted gender disparities in labour...
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SIX TELCOS SIGN 5G ACCESS AGREEMENTS WITH DNB, SAYS TENGKU ZAFRUL
All six major Malaysian telcos—Maxis, U Mobile, Celcom Axiata, Digi, YES, and Telekom Malaysia—have signed access agreements with Digital Nasional Bhd (DNB) to utilise its 5G services. Finance Minister Tengku Zafrul stated this move will accelerate 5G deployment and drive national digitalisation. Celcom, Digi, YES, and TM hold a combined 65% equity in DNB, with the government retaining a 35%...
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BUDGET 2023: EXPANSIONARY BUT STILL RESPONSIBLE
Malaysia's Budget 2023, at RM372.3 billion, is the largest in the country's history, surpassing Budget 2022. Presented by Finance Minister Tengku Zafrul Tengku Abdul Aziz, the "Keluarga Malaysia, Makmur Sejahtera" budget focuses on supporting all segments of society while addressing global economic challenges. It includes targeted assistance for vulnerable groups, a reduction in income tax for middle-income earners, and measures...
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OUTLOOK FOR BUDGET 2023
This detailed article explores key initiatives and implications under Malaysia's Budget 2023, focusing on multiple sectors. Government-linked companies (GLCs) and investment entities (GLICs) are pivotal, with RM50 billion earmarked for investment in key projects, including RM1.3 billion for startups and entrepreneurs, RM1.35 billion for food security, and significant funds for sustainability and ESG goals. In the plantation sector, the proposed...
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ALL SEGMENTS OF SOCIETY WILL RECEIVE AID
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced Budget 2023 with a record RM372.3 billion allocation to support all societal segments amid global economic challenges. Key measures include increased Bantuan Keluarga Malaysia (BKM) aid, a 2% tax cut for middle-income earners, business loans for youth, and initiatives for women entrepreneurs and workforce re-entry. Despite being expansionary, the budget aims...
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RESPONSIVE, RESPONSIBLE AND REFORMIST INITIATIVES
The Malaysian government tabled Budget 2023, totalling RM372.3 billion, with RM272.3 billion for operating expenditure, RM95 billion for development, and RM5 billion for the Covid-19 Consolidated Fund. Guided by the theme Keluarga Malaysia, Makmur Bersama (Malaysian Family, Prospering Together), it focuses on responsiveness, responsibility, and reform. Key allocations include RM7.8 billion for cash aid, RM55 billion for subsidies, RM55.6...
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RM36.1 BLN TO BOOST PUBLIC HEALTH SERVICES CAPACITY
The Malaysian government will enhance public healthcare in 2023 with RM36.1 billion allocated, up from RM32.4 billion in 2022, to strengthen services amid ongoing Covid-19 risks. Initiatives include refurbishing clinics and hospitals, constructing new facilities, and upgrading equipment. Mental health support, dental care, rare disease funding, and preventive screenings will be prioritised, alongside continued programmes like MySalam and flood protection...
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ALL READY FOR THE BIG DAY
All ready Tor the Dig day: Prime Minister Datuk Seri Ismail Sabri Yaakob looking on as Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz puts the Budget 2023 report into a special bag at the Finance Ministry. Tengku Zafrul is expected to table the Budget in Parliament today.
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ZAFRUL – MAN OF THE BUDGET HOUR
Tengku Zafrul Aziz will present Malaysia's Budget 2023 today, his second as Finance Minister. The budget is eagerly anticipated as the country continues its post-pandemic recovery and faces global economic challenges. While some expect a populist budget ahead of the general election, analysts caution against measures that could destabilise the economy, weaken the ringgit, or increase interest rates. The focus...
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A BUDGET TO BOLSTER ECONOMIC RECOVERY
As Malaysia prepares for its 15th General Election (GE15), it is expected to table its largest annual budget to date, aimed at strengthening economic recovery. The 2023 Budget is anticipated to surpass the previous record of RM322.1 billion, focusing on stimulating growth and supporting the people. While some expect the budget to include election-focused spending, others predict a more cautious...
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CABINET APPROVE S’WAK REP ON LHDN BOARD
The Malaysian Cabinet has approved an amendment to the Inland Revenue Board of Malaysia Act 1995 (Act 533) to include representatives from Sarawak and Sabah on the LHDN board. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced that the amendment, agreed upon on September 30, will be tabled in Parliament. This change aligns with the spirit of the Malaysia...
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WE’RE NOT HEADED TOWARDS A CURRENCY CRISIS, SAYS FINANCE MINISTER
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz assured that Malaysia is not heading towards a currency or economic crisis, despite the ringgit's depreciation against the US dollar. He explained that Bank Negara Malaysia will not take drastic actions on the exchange rate but aims to prevent extreme fluctuations. He highlighted that the country's economic fundamentals remain strong, with...
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FINANCIAL SYSTEM RUNNING SMOOTHLY: ZAFRUL
Finance Minister Tengku Zafrul Aziz assured that Malaysia's financial system and equity markets are operating smoothly, with no disruptions. As of September, the Malaysian stock market recorded a net foreign investment of RM6.6 billion, while Bursa Malaysia's net fund inflows amounted to RM7.2 billion. Despite global challenges, including US interest rate hikes, Malaysia's capital markets remain stable. However, global equity...
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‘WORLD POWERS MUST TAKE RESPONSIBILITY FOR THEIR POLICY DECISIONS’
Finance Minister Tengku Zafrul Abdul Aziz has called on world powers to take responsibility for their policy decisions, particularly those impacting the global economy. He highlighted the challenges arising from US-China tensions, the ongoing war in Ukraine, and climate change, which have led to inflation worldwide. He noted that the US Federal Reserve's aggressive interest rate hikes have contributed to...
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GOVT REMAINS FOCUSED ON ENHANCING ECONOMY
The Malaysian government aims to strengthen the economy amid the ringgit's depreciation against the US dollar. Finance Minister Tengku Zafrul stated that there is no quick fix, but efforts will focus on maintaining a current account surplus, fiscal reforms, and diversifying the economy, especially in sustainability, ESG, and the digital sector. The government will also ensure stable financial systems, continue...
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INTERNATIONAL MONETARY COOP MECHANISM ESTABLISHMENT
Finance Minister Tengku Zafrul Aziz suggested that an international monetary cooperation mechanism should be established to ensure a fair and effective financial system. He highlighted past global collaborations, such as the Plaza and Louvre Accords, and the 2008 Global Financial Crisis response, as examples of successful international cooperation. He also stressed the need for multilateral institutions like the IMF and...
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ZAFRUL ASSURES ECONOMY ON STABLE FOOTING
Malaysia's economy remains stable despite global challenges, with a 8.9% growth in Q2 and an unemployment rate of 3.7%. Finance Minister Tengku Zafrul noted the government's proactive policies, including support from government-linked investment companies (GLICs) and the Principles on Good Governance (PGG). ESG assets are expected to reach US$53 trillion by 2025, and Malaysia aims for high-income status by 2025,...
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KEEPING THE RECOVERY MOMENTUM BY BUILDING LONG-TERM RESILIENCE, PRIORITISING SUSTAINABILITY
This keynote address by Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz highlights the resilience and economic recovery of Malaysia post-pandemic. He commends small and mid-sized publicly listed companies for their performance despite challenging conditions and emphasizes the importance of long-term sustainability and building resilience. The speech details Malaysia’s economic recovery, supported by government measures such as wage subsidies,...
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TENGKU ZAFRUL: COMPANIES MUST SHAPE UP ON ESG
Finance Minister Tengku Zafrul Tengku Abdul Aziz stressed that Malaysian companies must adopt environmental, social, and corporate governance (ESG) principles or risk losing access to capital. ESG assets are expected to reach US$53 trillion by 2025, with institutional investors holding significant influence. He highlighted the challenges faced by smaller companies in disclosing ESG data and called for institutional investors to...
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‘FAILED ECONOMY’ CLAIM BASELESS: TENGKU ZAFRUL
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz dismissed claims that the government has mismanaged Malaysia's economy, citing strong economic indicators. He highlighted a 5.1% GDP growth in Q1 2022, 8.9% in Q2 2022, declining unemployment, and rising foreign direct investments as evidence of economic resilience. He emphasised ongoing structural reforms and measures to curb inflation to ensure the nation’s...
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ZAFRUL: COUNTRY NOT IN CRISIS
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz clarified that Malaysia is not in an economic crisis despite the weak ringgit, as inflation remains low and GDP continues to grow. He attributed the ringgit's depreciation to global currency trends and rejected the idea of pegging it to the US dollar due to high risks and trade-offs. He stressed the importance...
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DEVELOPING AND FINANCING GREEN HOUSING IN ASIA
Cagamas Bhd president/CEO Datuk Chung Chee Leong (second from right) and Asian Development Bank director of private sector financial institutions Christine Engstrom (second from left) signed the technical assistance agreement at the Developing and Financing Green Housing in Asia conference organised by Cagamas.
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MALAYSIA WILL NOT ESCAPE GLOBAL SLOWDOWN IN 2023, SAYS ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz warned that Malaysia will be impacted by the global economic slowdown in 2023, as major economies like the US, Europe, and China are expected to grow slower. Despite this, he highlighted that Malaysia's economy remains resilient with low inflation, positive GDP growth, and declining unemployment. The government will continue prioritising structural...
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FLEXIBLE RINGGIT EXCHANGE RATE IMPORTANT FOR DOMESTIC ECON
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the importance of a flexible ringgit exchange rate to absorb external shocks and support domestic economic activity amidst global uncertainties. He stressed that Bank Negara Malaysia (BNM) would continue to ensure financial stability, monitor the foreign exchange market, and avoid significant fluctuations. Zafrul also ruled out pegging the ringgit to...
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MOF ASSURES SUPPORT TO MEDICAL DEVICE SECTOR
The Ministry of Finance (MoF) reaffirms its support for the medical device sector as a key growth area in Budget 2023. Minister Tengku Zafrul highlighted the sector's contribution, including 39,000 jobs created from 2017 to 2021 and RM41.3 billion in exports in 2021. Penang, home to major global players, attracted RM7.7 billion in investments in 2021. Initiatives include promoting local...
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ZAFRUL: MALAYSIA’S SUBSIDIES TO HIT RM80 BLN THIS YEAR
Malaysia's subsidy bill is projected to reach RM80 billion in 2022, the highest in the nation's history, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. He stated that without these subsidies, inflation could exceed 12%. Malaysia’s inflation rate, currently at 2.8%, remains among the lowest globally, aided by subsidies, compared to ASEAN neighbours such as Indonesia (4.9%), Philippines...
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PREMIER SARAWAK TERIMA KUNJUNGAN MENTERI KEWANGAN
Premier Sarawak, Datuk Patinggi Tan Sri Abang Johari Tun Openg, menerima kunjungan hormat daripada Menteri Kewangan Malaysia, Senator Tengku Dato' Sri Zafrul Tengku Abdul Aziz di Wisma Bapa Malaysia. Pertemuan ini bertujuan untuk menjalinkan hubungan mesra serta membincangkan beberapa perkara berkaitan. Turut hadir, Timbalan Premier Sarawak, Datuk Amar Awang Tengah Ali Hasan, dan Datuk Amar Douglas Uggah Embas.
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FOREWORD
The urgency of sustainability requires immediate action as societal inequalities and climate disasters escalate, exposing socio-economic vulnerabilities highlighted by the pandemic. The Malaysian government is committed to ESG principles through initiatives like the Twelfth Malaysia Plan, Principles of Good Governance, and green procurement policies. With global ESG assets set to exceed $53 trillion by 2025, aligning businesses with ESG is...
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GOVT HAS CHANNELED RM20.941 BLN THROUGH WAGE SUBSIDY
The Malaysian government has distributed RM20.941 billion under the Wage Subsidy Programme (WSP) to 357,948 employers, securing 2.96 million local jobs as of 5 August. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz reported that WSP phases 1.0 to 5.0 collectively benefited millions of workers and employers under initiatives like PRIHATIN and PENJANA. Additionally, the MySTEP programme placed 40,095...
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LOCAL TELCOS TO BE GIVEN PRIORITY IN 5G ROLLOUT
While all Malaysian telecom companies have agreed to take equity stakes in Digital Nasional Bhd (DNB), not all have finalised the terms. Finance Minister Tengku Zafrul Aziz announced that Maxis and U Mobile have accepted the terms, but the deal must be completed by August 31. The government faces pressure from foreign firms interested in the Malaysian market. Tengku Zafrul...
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ZAFRUL: NO EXTENSION AFTER AUG 31 DEADLINE FOR TELCOS TO SIGN UP WITH DNB FOR 5G
Malaysia's mobile network operators (MNOs) have until August 31 to finalise terms for acquiring a 70% stake in the 5G network provider, Digital Nasional Bhd (DNB). If they fail to do so, the 5G spectrum will be opened to international players. Finance Minister Tengku Zafrul Aziz emphasised that while foreign competition could reduce service prices, local telcos should be given...
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M’SIA TO ACHIEVE GDP GROWTH OF 5.3-6.3PC IN 2022
Malaysia is on track to achieve GDP growth between 5.3% and 6.3% in 2022, according to Finance Minister Tengku Zafrul Aziz. He expects economic growth to accelerate in Q3 2022, driven by private consumption after the resumption of economic activities. Despite an optimistic outlook, challenges lie ahead due to global economic slowdowns, China's uncertain growth, and geopolitical tensions. The budget...
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STELLAR 8.9 PER CENT GROWTH IN Q2 GDP SUGGESTS EQUALLY STRONG Q3 – TENGKU ZAFRUL
Malaysia's GDP grew by 8.9% in Q2 2022, bringing the first half of the year's growth to 6.9%. Finance Minister Tengku Zafrul is optimistic about a strong Q3, driven by foreign trade and tourism, and confident that the economy will meet the 2022 GDP growth projection of 5-6.3%. Despite global uncertainties, including the Russia-Ukraine conflict and China's slowdown, he noted...
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GOVERNMENT CHANNELS RM20.932 BLN FOR WAGE SUBSIDY PROGRAMME
The Malaysian government has allocated RM20.932 billion through the Wage Subsidy Programme (PSU) to support 357,907 employers and retain 2.96 million jobs as of July 22, 2022. Finance Minister Tengku Zafrul highlighted that various phases of the PSU, including PSU 1.0, 2.0, 3.0, and 4.0, have contributed to maintaining employment, with funds reaching RM12.958 billion, RM1.408 billion, RM3.776 billion, and...
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PROACTIVE MONETARY POLICY ENSURES STABLE RINGGIT
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz assured the Dewan Negara that the government is proactive in maintaining the stability of the ringgit and financial markets. Through Bank Negara Malaysia, the government implements prudent monetary policies, including managing foreign loan exposure and maintaining a flexible exchange rate to absorb external shocks. The minister also highlighted the importance of...
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NO NEED TO PEG RINGGIT TO US DOLLAR
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that the government has no plans to peg the ringgit to the US dollar, citing the significant risks and trade-offs involved. He explained that pegging would require Malaysia to align its monetary policy with the US, potentially raising interest rates and imposing high financing costs despite differing economic conditions. A...
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DATE FOR TABLING BUDGET REMAINS THE SAME
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz dismissed rumours that the tabling of Budget 2023 would be brought forward, confirming that the official date remains as per the Parliament calendar on 28 October. He made this statement during the Ride and Run Veteran 100 event, marking the 100th anniversary of the Veterans' Association of Malaysian Armed Forces (PVATM)...
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MALAYSIA ON TRACK TO ACHIEVE GDP GRPWTH OF 5.3 TO 6.3 PCT
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted Malaysia's strong recovery, with a 5% GDP growth in Q1 2022 and a declining unemployment rate of 3.9%. However, he cautioned about risks, including rising global inflation, commodity price hikes, and supply chain disruptions from the Russia-Ukraine conflict. He also noted the impact of global economic slowdowns, particularly in the US...
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RISK AND CHALLENGES TO M’SIA’S RECOVERY: ZAFRUL
Malaysia's Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz, highlighted the country's economic recovery with 3% GDP growth in Q1 2022 and unemployment at 3.9%, supported by robust trade performance. However, he cautioned against risks including rising global inflation, disrupted supply chains from the Russia-Ukraine conflict, and a slowing global economy. Despite the IMF lowering Malaysia's growth forecast to 5.1%,...
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ZAFRUL: MY FOCUS IS TO CONTINUE SERVING THE NATION
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced his decision to enter politics to continue serving the nation beyond his six-year term as a senator. In an interview with CNN, he emphasised the importance of political involvement to sustain fiscal reforms and national progress. Acknowledging the decision's potential unpopularity, he highlighted the need for effective communication and stakeholder management,...
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MALAYSIA WILL FIND IT HARD TO AVOID RECESSION NEXT YEAR
Finance Minister Datuk Seri Tengku Zafrul Aziz warned of potential economic challenges for Malaysia in 2023, highlighting risks of a global slowdown despite positive GDP growth expected through Q3 2022. Malaysia's heavy reliance on international trade, accounting for 120% of GDP, and its subsidies, key to maintaining low inflation (2.2%-3.2%), may face sustainability issues. The IMF has also cautioned about...
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MALAYSIA HAS FISCAL SPACE TO MANAGE PRICE PRESSURES
Finance Minister Tengku Zafrul Aziz stated that Malaysia has fiscal space to manage economic challenges, with a debt-to-GDP ratio at 60% and inflation forecasted at 2.2%-3.2% due to RM80 billion in subsidies. While subsidies are beneficial short-term, he emphasised a need for targeted measures. Malaysia's economy, buoyed by strong GDP growth and commodity prices, is recovering from the pandemic. Regional...
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SRC INTERNATIONAL’S RM4 BIL DEBTS TO KWAP FULLY PAID
The Federal Government has fully settled SRC International Sdn Bhd's RM4 billion debt to Kumpulan Wang Persaraan (Diperbadankan) (KWAP), with no further payments pending. KWAP confirmed the repayment, but declined to provide specific details due to ongoing court proceedings. The loan, initially taken by SRC International in 2011 and 2012, became part of the corruption case against former Prime Minister...
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KWAP HOPES TO GROW GROSS FUND SIZE TO RM200 BIL BY 2025 – TENGKU ZAFRUL
Kumpulan Wang Persaraan (Diperbadankan) (KWAP) aims to reach a gross fund size of RM200 billion by 2025, as announced by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. This goal is part of KWAP's Teras 5 programme, which also targets increasing property assets from 17 to over 30 and owning more than 35 subsidiaries. The initiative focuses on enhancing...
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KWAP SETS GROWTH, RETURNS TARGETS
KWAP aims to grow its fund size to RM200 billion by 2025, up from RM159 billion, through its Teras 5 blueprint. The plan includes expanding property assets, increasing subsidiaries, and restructuring the organisation by 25%. Digitalisation will be a key focus, with efforts to enhance real-time dashboards for investments and pension data. Teras 5 also prioritises governance, human capital, and...
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KWAP SASAR DANA RM200 BILION
KWAP menyasarkan saiz dana kasar RM200 bilion menjelang 2025 melalui pelan Teras 5, yang berasaskan lima tunggak utama: Struktur, Tadbir Urus, Modal Insan, Proses, dan Digital. Pelan ini bertujuan mengembangkan aset hartanya dari 17 kepada lebih 30 dan memiliki lebih 35 subsidiari. KWAP juga merancang untuk memperbanyakkan pelaburan di pasaran swasta dan luar negara, dengan sasaran pulangan pelaburan hampir 7%...
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MOF CONFIDENT KWAP CAN GROW FUND TO RM200 BLN
The Ministry of Finance (MOF) is confident that KWAP's TERAS 5 initiative will sustainably grow its gross fund size to RM200 billion by 2025, up from RM159 billion in 2021. The plan includes increasing property assets to over 30 and subsidiaries to more than 35. TERAS 5 focuses on five key enablers: structure, governance, human capital, process, and digitalisation. KWAP...
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KWAP EYES RM200B GROSS FUND SIZE BY 2025
KWAP aims to grow its total gross fund size to RM200 billion by 2025, up from RM159 billion, by increasing private market investments in equity, infrastructure, and property, both locally and internationally. CEO Nik Amlizan Mohamed announced plans to raise private investments from 10% to 20% of the portfolio and boost annual returns from 6% to 7%. The Teras 5...
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GOVT EYES MINIMUM RM4 BIL EXTRA REVENUE FROM CUKAI MAKMUR FOR 2022
The Malaysian government is targeting at least RM4 billion in additional revenue from the one-off Prosperity Tax (Cukai Makmur) for the 2022 assessment year, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This tax, introduced in Budget 2022, imposes a 33% rate on chargeable income above RM100 million. While no new taxes like GST, windfall, or inheritance taxes...
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M40 GUNA RON95 DUA KALI GANDA BERBANDING B40
Penyediaan Bajet 2023 akan mengambil kira kesejahteraan semua lapisan rakyat, termasuk golongan M40, yang kini merupakan penerima manfaat terbesar subsidi menyeluruh seperti bahan api, air, dan elektrik. Menurut Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, anggaran terkini menunjukkan subsidi RON95 untuk tahun 2022 memberi manfaat sekitar RM7 bilion kepada M40, berbanding RM3 bilion untuk B40.
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1MDB, SRC, SSER DEBTS EXPOSE GOVT TO LIABILITIES
Debts from 1MDB, SRC, and SSER, while not directly increasing Malaysia's federal debt, expose the government to contingent liabilities as these entities received guarantees under the Loan Guarantee Act 1965 and financial support for debt repayments. As of June, federal debt stood at RM1.045 trillion (63.8% of GDP). Remaining debts include RM32.08 billion for 1MDB and RM8.78 billion for SSER,...
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ZAFRUL TO LEAD SELANGOR CHARGE
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz is set to contest in Selangor as a Barisan Nasional candidate in the upcoming general election. Endorsed by top Umno leaders, he is expected to stand for the coastal Kuala Selangor seat. Despite his lack of political experience, his strong credentials and moderate persona have earned him support as a fresh...
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ENGAGING DIALOGUE
Finance Minister Tengku Zafrul Aziz participated in a session organised by The Federation of Hokkien Associations of Malaysia, supported by various business associations. The event featured an engaging dialogue with notable figures, including Datuk Alvin Tee, Tan Sri Lim Hock San, Tan Hong Aik, and Gan Ping Sieu, who served as the legal adviser and moderator. The session was part...
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CGC AWARDS ITS SCHEME PARTICIPANTS
At the 27th annual SME Awards, Credit Guarantee Corp Malaysia (CGC) recognised 16 financial institutions and 14 MSME customers for their participation in CGC schemes. Finance Minister Tengku Zafrul Abdul Aziz emphasised the importance of digitalisation and sustainability for MSMEs, urging financial institutions to support them in adopting low-carbon practices. CGC also celebrated its golden jubilee, highlighting its role in...
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ESG STRATEGIES TO BE RAMPED UP IN BUDGET
Finance Minister Tengku Zafrul Aziz reaffirmed the government's commitment to prioritising ESG-focused development in Budget 2023, aiming to support Malaysia's transition to long-term reforms. He highlighted the importance of holistic development and improved income opportunities for all, emphasizing that sustainable transformation requires the cooperation of both the public and private sectors. Tengku Zafrul also addressed the environmental impact of the...
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MOF CONFIDENT OF SUSTAINABILITY GOALS
The Ministry of Finance (MoF) is confident in Malaysia's sustainability goals, highlighting the role of both public and private sectors in achieving them. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz praised government-linked companies (GLCs) for integrating environmental, social, and governance (ESG) principles into their strategies, acting as role models for corporate Malaysia. The government is focused on facilitating ESG-based...
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GOVT COMMITTED TO FIGHT AGAINST ILLEGAL ACTIVITIES
The Malaysian government, led by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, is actively addressing revenue loss due to illegal activities like smuggling, focusing on recovering RM5 billion within five years. This effort is driven by a Multi-Agency Task Force and the National Anti-Financial Crime Centre. In 2021, suspicious transaction reports led to 70 arrests, RM136 million in criminal...
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GOVT PLANS TO IMPROVE TAX TRANSPARENCY
The Malaysian government, under Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, is implementing a medium-term revenue strategy to improve tax transparency and increase tax revenue as a percentage of GDP. Malaysia will also introduce fiscal reforms and a Fiscal Responsibility Act to enhance governance and accountability. Budget 2023 will focus on economic resilience, structural reforms, and people’s welfare, while...
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M’SIA, ISDB TO EXPAND ISLAMIC FINANCE ROLE
Malaysia looks forward to continuing collaboration with the Islamic Development Bank (IsDB) on Islamic finance, focusing on areas such as halal industries, new technology, social finance, and the environment. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz commended the IsDB's Kuala Lumpur Centre of Excellence for facilitating knowledge exchange. Both leaders pledged to strengthen cooperation, support Malaysia's development priorities, and...
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KEEPING INFLATION AT BAY
Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia's Finance Minister, addressed the country's efforts to manage inflation, emphasizing a projected RM80 billion in subsidies for 2022, far exceeding the RM31 billion from the approved budget. He highlighted the increase in subsidy spending due to rising oil prices and food costs. The government is focusing on targeted subsidies, austerity measures, and maintaining...
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AGENDA KESEJAHTERAAN RAKYAT, PEMBAHARUAN EKONOMI FOKUS BAJET 2023: TENGKU ZAFRUL
Bajet 2023 akan memberi tumpuan kepada kesejahteraan rakyat, terutamanya dalam aspek pendapatan dan perlindungan sosial, sejajar dengan pemulihan ekonomi pasca-COVID-19, kata Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz. Selain itu, pembaharuan ekonomi, daya saing perniagaan, dan kemampanan juga akan menjadi fokus utama. Menghadapi cabaran inflasi, pengurusan subsidi yang lebih mampan dan konsolidasi fiskal turut menjadi prioriti dalam Bajet 2023.
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GOVT DEBT AT 63.8PC OF GDP
As of June 2022, Malaysia's federal government debt stood at RM1.045 trillion, or 63.8% of GDP. Finance Minister Tengku Zafrul Abdul Aziz stated that RM43.1 billion, or 18.4% of total revenue, was allocated for debt service charges in 2022. He assured that interest payments would be made on schedule, in line with the Federal Constitution's prioritisation of debt charges. Despite...
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SUSTAINABLE SUBSIDIES FOCUS OF BUDGET 2023
Budget 2023 will prioritise sustainable subsidy management, fiscal consolidation, and strengthening Malaysia's resilience against global uncertainties, including inflation and climate change. Finance Minister Tengku Zafrul Abdul Aziz emphasised economic reforms to enhance business competitiveness and social protection. The budget will also focus on inclusivity, aligning with the Shared Prosperity Vision 2030 to ensure equitable wealth distribution. The theme of the...
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1MDB DEBT AT RM32.08 BILLION AS AT JUNE 2022, PARLIAMENT TOLD
As of June 30, 2022, the remaining debt commitment of 1Malaysia Development Bhd (1MDB) stands at RM32.08 billion. Between April 2017 and May 2022, the government provided RM10.85 billion in financial assistance to settle 1MDB's debt. Additionally, RM19.28 billion was recovered through asset recovery funds, with RM10.84 billion used for debt repayment. The recovery process is ongoing and may take...
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RM5 BIL TO RM6 BIL SAVINGS TARGETED FROM REMAINING OPERATING ALLOCATION FOR 2022 – TENGKU ZAFRUL
Finance Minister Tengku Zafrul Aziz aims to save RM5 billion to RM6 billion from Malaysia's 2022 operating budget. The savings will come from reducing imports and expenditure abroad. While the savings may seem small relative to the RM332 billion budget, every cent counts in supporting the public. Zafrul confirmed no projects would be cancelled, though some might be postponed. He...
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MALAYSIA’S ABILITY TO INCREASE DEBT LEVEL LIMITED, SAYS TENGKU ZAFRUL
Malaysia's ability to increase debt is limited due to a high debt service ratio, which reached 16.3% in 2021 and is expected to exceed 18% in 2022, meaning almost 20% of government revenue is spent on interest payments. Finance Minister Tengku Datuk Seri Zafrul highlighted that debt capacity and sustainability, not just the debt-to-GDP ratio of 63%, determine borrowing limits....
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OUR NATION WILL NOT GO BANKRUPT LIKE SRI LANKA
Finance Minister Tengku Zafrul Aziz assured that Malaysia's chances of facing bankruptcy like Sri Lanka are extremely slim, citing the IMF's confidence in Malaysia's economic growth, projected at 5.75% in 2024. He highlighted Malaysia's stronger economic indicators, a manageable 63% debt-to-GDP ratio, and prudent financial management. Despite rising debt service costs, Zafrul confirmed increased subsidies for fuel and essential goods,...
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ADDITIONAL RM20 BIL OIL AND TAX REVENUE INSUFFICIENT TO COVER OVER RM40 BIL SURGE IN SUBSIDIES, SAYS ZAFRUL
Finance Minister Tengku Zafrul Aziz stated that higher crude palm oil and crude oil prices are expected to generate RM10 billion in tax revenue, alongside an additional RM10 billion from income and indirect taxes due to strong GDP growth in Q2. However, this remains insufficient to cover the RM40 billion surge in subsidies, now estimated at RM80 billion for 2022....
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TARGETED SUBSIDIES TO BE IMPLEMENTED IN STAGES: ZAFRUL
Finance Minister Tengku Zafrul Aziz stated that the implementation of targeted subsidies in Malaysia will be phased to avoid sharp inflation increases and safeguard economic growth. Measures include minimal price adjustments, such as raising the chicken price ceiling by 50 sen per kilogram while offering cash aid to B40 households. Testing for a targeted petrol subsidy mechanism is underway, requiring...
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ZAFRUL: OUR ECONOMY STRONGER THAN SRI LANKA’S, SLIM CHANCE OF BANKRUPTCY
Malaysia's economy is significantly stronger than Sri Lanka's, with a slim chance of bankruptcy, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He highlighted that the International Monetary Fund (IMF) has never indicated economic issues that could bankrupt Malaysia but instead expressed confidence in the country's growth, projecting a GDP increase of 5.75% in 2022. This was...
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EKONOMI NEGARA LEBIH KUKUH, TAHAP HUTANG TERURUS
Menteri Kewangan, Tengku Zafrul Aziz, menegaskan Malaysia tidak berisiko muflis seperti Sri Lanka kerana ekonomi negara lebih kukuh, dengan IMF yakin terhadap prospek pertumbuhan KDNK 5.75% tahun ini. Walaupun nisbah hutang kepada KDNK Malaysia 63%, ia masih terkawal. Kerajaan juga melaksanakan penjimatan melalui kawalan perbelanjaan dan sedang menguji mekanisme subsidi bersasar untuk petroleum. Inflasi pula sederhana pada kadar 2.8% sehingga...
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ALMOST RM21 BLN DISBURSED THROUGH WAGE SUBSIDY PROGRAMME – TENGKU ZAFRUL
The Malaysian government has disbursed RM20.89 billion through the Wage Subsidy Programme (PSU) by July 2022, supporting 357,895 employers and helping retain 2.96 million local jobs to reduce unemployment, according to Finance Minister Tengku Zafrul. PSU phases 1.0 to 5.0 offered aid through various economic packages. Additionally, 33,456 individuals were placed in public and government-linked roles via MySTEP, including 800...
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MALAYSIA ON FIRM FINANCIAL GROUND: TENGKU ZAFRUL
Finance Minister Tengku Zafrul affirms Malaysia’s fiscal stability, dismissing claims of impending bankruptcy. He highlights the government’s disciplined debt management and adherence to regulations, keeping statutory debt at 60.4% of GDP as of June, below the 65% limit. Most debt is ringgit-denominated, minimising foreign exchange risk. International agencies, including the IMF, deem Malaysia’s debt manageable. The Finance Ministry filed a...
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MINISTER: MALAYSIA NOT ON VERGE OF BANKRUPTCY
The Finance Ministry has dismissed claims that Malaysia is nearing bankruptcy, stating that the government is disciplined in debt management, with a manageable debt level of 60.4% of GDP as of June 2022, well below the 65% legal limit. Finance Minister Tengku Zafrul emphasised that 97% of debt is ringgit-denominated, reducing currency risk, and that major rating agencies regard Malaysia’s...
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TENGKU ZAFRUL RUBBISHES CLAIMS MALAYSIA ABOUT TO GO BANKRUPT, SAYS GOVT’S DEBT UNDER CONTROL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz refuted claims that Malaysia is nearing bankruptcy, affirming that the government’s debt is under control and well-managed. He highlighted that 97% of federal debt is ringgit-denominated, minimising foreign exchange risk, with debt at 60.4% of GDP by end-June, below the 65% statutory limit. He reassured that Malaysia has consistently met debt...
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GOVT OPTIMISTIC ECONOMY WILL ACHIEVE 5.3-6.3% GROWTH THIS YEAR: TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed optimism that Malaysia will achieve 5.3% to 6.3% economic growth in 2022, supported by positive outlooks from global entities such as S&P Global Ratings, IMF, and the World Bank. Despite global economic challenges, Malaysia's diversified economy remains resilient, with sectors like oil and gas, palm oil, and manufacturing performing well. The...
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EPF OFFERS MEMBERS LIFE, CRITICAL ILLNESS INSURANCE OPTION
The Employees Provident Fund (EPF) has launched the i-Lindung Members Protection Plan, offering affordable life and critical illness insurance and takaful products to members through Account 2. This initiative aims to address the challenge of rising medical expenses, particularly for an ageing population. EPF members under 55 with sufficient funds in Account 2 can purchase these products, with no medical...
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CUKAI MAKMUR TO LIGHTEN GOVT’S FINANCIAL BURDEN, SAYS TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that the one-off Prosperity Tax (Cukai Makmur) will contribute to the government's revenue, with an expected collection of at least RM3 billion. He highlighted that while increasing tax rates is not suitable during the economic recovery, the government is focusing on improving cost control and revenue from agencies. Additionally, the...
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ZAFRUL: NO RISKS OF A RECESSION
Finance Minister Tengku Zafrul assured that Malaysia is unlikely to face a recession and is on track to achieve a 5.3-6.3% GDP growth in 2022. He noted strong preliminary growth for Q2, driven by sectors like retail, wholesale, oil and gas, and commodities. Malaysia’s wholesale and retail trades reached record sales in May, and growth forecasts are supported by agencies...
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TARGETED FUEL SUBSIDY: MECHANISM A ‘HOLISTIC SOLUTION’
Finance Minister Tengku Zafrul Abdul Aziz stated that a targeted fuel subsidy system is being developed to ensure a smooth, efficient process benefiting B40 and M40 income groups. Pending Cabinet approval, this initiative aims to reduce subsidies benefiting higher-income groups, saving funds for those in need. Zafrul expressed optimism about Malaysia's economic growth in 2022, supported by diverse sectors and...
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VOLUNTARY CONTRIBUTORS FOR THE EPF I-SARAAN PROGRAMME JUMPED BY 77 PER CENT – ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced a 77% increase in voluntary contributors to the EPF i-Saraan programme, reaching 599,000 in Q1 2022. He highlighted ongoing efforts to enhance social protection, including a minimum wage increase to RM1,500, aimed at improving quality of life. Emphasising the need for insurance and takaful coverage, Zafrul warned of potential socio-economic risks...
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GOVT OPTIMISTIC OF MALAYSIA’S POSITIVE GROWTH THIS YEAR
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed optimism for Malaysia’s economic growth this year, citing strong Q2 performance and a positive growth forecast of 5.3-6.3% for 2022. The outlook is supported by global agencies like S&P, IMF, and the World Bank. While sectors like palm oil, oil and gas, and manufacturing are thriving, the government remains vigilant due...
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NEW EPF MEMBER REGISTRATION RISES TO 146,000 IN 1Q22 – FINANCE MINISTER
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced a 57% increase in new EPF registrations, reaching 146,000 in Q1 2022, aligning with EPF’s goal to enhance social protection for Malaysians. At the launch of i-Lindung, an affordable insurance platform targeting life and critical illness coverage, EPF aims to boost protection awareness and achieve over 70% insurance penetration. The facility,...
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BUDGET 2023 TO FURTHER BOOST RESILIENCY
Malaysia's economy is forecasted to maintain growth momentum in 2023, with Q1 GDP rising 5% and continued strengthening expected in Q2, says Finance Minister Tengku Zafrul. Key indicators show improvement, including a decline in unemployment to 3.9% and a rise in retail and wholesale trade. The Industrial Production Index grew 4.1% year-on-year, trade surged 33.6%, and domestic demand rebounded, with...
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ECONOMIC RECOVERY GATHERING PACE
Malaysia's economy is projected to grow 5.3-6.3% in 2023, with Q1 GDP already at 5% and continued expansion expected in Q2, according to Finance Minister Tengku Zafrul. Positive indicators include a drop in unemployment to 3.9% and strong retail, wholesale, and manufacturing performance. May's Industrial Production Index rose by 4.1%, with a 33.6% year-on-year trade increase and record domestic sales...
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BUDGET 2023 TO PRIORITISE STRUCTURAL REFORMS, RESILIENCE
Budget 2023 will focus on structural reforms to enhance Malaysia’s economic resilience, with emphasis on people, businesses, and the economy, according to Finance Minister Tengku Zafrul. The government has begun public engagement to gather input, with initiatives like the Malaysian Family Job Guarantee providing jobs, lowering unemployment to 3.9%. In 2022, 257 out of 282 strategic initiatives have been launched,...
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TESTING A NEW FUEL SUBSIDY SYSTEM
Finance Minister Tengku Zafrul stated that the government is testing mechanisms for a targeted fuel subsidy but has yet to set a timeline, pending Cabinet approval. He emphasised ensuring suitable systems, considering different needs in rural and urban areas. Zafrul also affirmed the central bank’s independent control over the overnight policy rate (OPR) and noted strong economic indicators, including 5%...
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GOVT DOES NOT INTERFERE WITH BNM’S MONETARY POLICY – FINANCE MINISTER
Finance Minister Tengku Zafrul confirmed that the government does not influence Bank Negara Malaysia’s (BNM) monetary policy, as BNM operates independently. He explained that BNM's decision to raise the overnight policy rate (OPR) to 2.25% was in response to inflation pressures and to prevent capital outflows that could weaken the ringgit further. Zafrul added that the government will continue fiscal...
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GOVT TESTING MECHANISM FOR TARGETED FUEL SUBSIDIES, WILL PRESENT TO CABINET ONCE READY, SAYS ZAFRUL
The government is selecting a mechanism for a targeted fuel subsidy, which will be presented to the Cabinet once finalised, said Finance Minister Tengku Zafrul. Currently, several systems are being tested at petrol stations to identify the best approach. Zafrul highlighted that the subsidy is costly, with RM5 billion spent monthly on petrol, and noted that 53% benefits the top...
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RURAL AREAS AND CITIES SYSTEMS FOR TARGETED FUEL SUBSIDY BEING TESTED
The government is testing systems for a targeted fuel subsidy, but no timeline has been set for its implementation, according to Finance Minister Tengku Zafrul. The government aims to determine the best mechanism before presenting it to the cabinet. This year, subsidies are expected to reach RM77.7 billion, with RM30 billion allocated for fuel. Meanwhile, edotco Group launched its sustainability...
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GOVT TESTING THE TARGETED FUEL SUBSIDY MECHANISM
The Malaysian government is testing mechanisms for a targeted fuel subsidy system but has not set a timeline for implementation, according to Finance Minister Tengku Zafrul Aziz. He highlighted that RM1 in fuel subsidy disproportionately benefits the T20 group with 53 sen, while the B40 group only receives 15 sen. Budget 2023 will focus on economic resilience and recovery, transparency,...
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GOVERNMENT TO RAMP UP IMPLEMENTATION OF ESG-RELATED STRATEGIES IN BUDGET 2023
The Malaysian government is committed to prioritising ESG-focused development programmes as outlined in the 2023 pre-budget statement, according to Finance Minister Tengku Zafrul Aziz. He highlighted the importance of ESG initiatives for Malaysia's transition from recovery to long-term reforms under the 12th Malaysia Plan, with Budget 2023 emphasising holistic development and well-being. Zafrul urged collaboration across sectors to tackle structural...
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GOVT SUBSIDY RISES FURTHER TO RM77.7 BIL – MOF
The Malaysian government has allocated an additional RM370 million to subsidise chicken and egg prices for July-August, raising 2022’s total subsidy to RM77.7 billion, Finance Minister Tengku Zafrul Aziz announced. This measure, along with RM630 million in cash aid, aims to counter rising living costs. Without subsidies, inflation in May could have hit 11.4%, but was contained at 2.8%. Global...
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SUBSIDI TAMBAHAN RM1 BILION UNTUK AYAM, TELUR HINGGA OGOS
Kerajaan menyediakan subsidi tambahan RM1 bilion untuk ayam dan telur sehingga Ogos bagi menangani kos sara hidup, kata Menteri Kewangan, Tengku Zafrul. Tambahan RM630 juta juga diberikan kepada penerima Bantuan Keluarga Malaysia (BKM). Subsidi ini menjadikan unjuran perbelanjaan subsidi tahun ini RM77.7 bilion. Tengku Zafrul menjelaskan bahawa inflasi global menekan harga makanan, namun subsidi membantu mengawal inflasi Malaysia pada 2.8%...
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12.6 MILLION TO BENEFIT FROM BKM
A total of 12.6 million individuals, or 60% of Malaysia's adult population, will benefit from RM1.74 billion allocated for Phase 2 of the Bantuan Keluarga Malaysia (BKM) initiative. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that this includes four million households, 1.2 million single senior citizens, and 3.4 million single individuals. Each household can receive up to...
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RM8.2 BILLION BKM CASH AID, LARGEST IN COUNTRY’S HISTORY
Malaysia's Bantuan Keluarga Malaysia (BKM) programme is now the largest cash aid initiative in the country's history, with a total allocation of RM8.2 billion, surpassing previous BR1M and BSH programmes, says Finance Minister Tengku Zafrul. The BKM has expanded eligibility, covering households earning up to RM5,000 and benefiting 12.6 million individuals, or 60% of adults. An additional RM630 million was...
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TENGKU ZAFRUL: LARGEST EVER SUBSIDY OF RM77.3 BLN FOR 2022 TO REDUCE COST OF LIVING FOR THE PEOPLE
Malaysia's 2022 subsidy expenditure is projected to reach RM77.3 billion, the highest in history, aimed at reducing living costs, said Finance Minister Tengku Zafrul. Subsidies cover petrol, diesel, LPG, cooking oil, flour, and electricity. Additional measures include RM11.7 billion for Bantuan Keluarga Malaysia (BKM) and RM5.8 billion in electricity subsidies to prevent tariff hikes. The government is addressing inflation due...
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AUTOMOTIVE SECTOR ON THE ROAD TO RECOVERY
Malaysia’s vehicle sales tax holiday will end on June 30, but buyers who book by then have until March 31, 2023, to register and benefit from the exemption. Finance Minister Tengku Zafrul cited global microchip shortages and supply disruptions delaying vehicle deliveries. The exemption has boosted automotive sales, totalling RM4.7 billion in tax savings across 868,422 vehicles. Proton’s Roslan Abdullah...
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MOF: NO SST WAIVER EXTENSION BUT CARS BOOKED BY JUNE 30 AND REGISTERED BY MARCH 2023 STILL EXEMPTED
The Malaysian government will not extend the vehicle sales tax exemption beyond June 30, 2022, but buyers who reserve vehicles by this date can still enjoy the exemption if registered with JPJ by March 31, 2023. Finance Minister Tengku Zafrul cited global supply chain disruptions and a microchip shortage affecting deliveries of 264,000 vehicles. Since June 2020, the exemption has...
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CUKAI JALAN KENDERAAN 1 JULAI INI
Kerajaan mengekalkan tarikh akhir pengecualian cukai jualan kenderaan pada 30 Jun 2022, namun tempoh pendaftaran di JPJ dilanjutkan sehingga 31 Mac 2023 bagi tempahan yang dibuat sebelum tarikh akhir. Menteri Kewangan, Tengku Zafrul menyatakan bahawa langkah ini bertujuan menyeimbangkan kepentingan pengguna dan pendapatan cukai negara. Sejak Jun 2020, sebanyak 868,422 unit kenderaan terjual dengan pengecualian cukai bernilai RM4.7 bilion, namun...
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CAR BUYERS CAN EXPECT TO PAY MORE
The government will end the sales tax exemption for new vehicles on 30 June 2022, leading to an estimated price increase of 5-10% on locally-assembled and imported cars. The Finance Ministry, however, extended the registration period for vehicles booked by the deadline until 31 March 2023, allowing these buyers to retain tax incentives. Malaysian Automotive Association (MAA) welcomed the extension...
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VEHICLE SST EXEMPTION NOT EXTENDED
The deadline for the sales tax exemption on passenger vehicles remains set for June 30, 2022, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. However, the vehicle registration period at the Road Transport Department (JPJ) has been extended until March 31, 2023, allowing consumers who ordered vehicles by the deadline to benefit from the exemption. Despite the reopening...
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FINANCE MINISTRY TO TABLE FISCAL RESPONSIBILITY BILL BY YEAR-END
The Ministry of Finance plans to table the Fiscal Responsibility Bill in Parliament by year-end, which will include a medium-term revenue strategy and guidelines on revenue and statutory debt limits. Finance Minister Tengku Zafrul Abdul Aziz emphasised the need for strict financial supervision to ensure sufficient resources for reform programmes and to meet the country's environmental, social, and governance (ESG)...
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ECON GROWTH FORECAST STILL ON TRACK
Malaysia’s economic growth forecast of 5.3% to 6.3% for this year remains on track, according to Finance Minister Tengku Zafrul Abdul Aziz. He highlighted the need for ongoing monitoring and appropriate fiscal and monetary measures amid global challenges. While concerns over a US recession grow, the revised US outlook shows moderation rather than recession. Malaysia’s inflation rate is also within...
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STRATEGIC ROADMAP TO MAKE LABUAN IBFC MORE DYNAMIC, SUSTAINABLE
The Labuan International Business and Financial Centre (Labuan IBFC) has launched its Strategic Roadmap 2022-2026 to enhance its role as a dynamic and sustainable hub, connecting Asia's markets and supporting Malaysia's economy. Finance Minister Tengku Zafrul highlighted Labuan IBFC's impressive growth, housing over 5,100 companies and 880 financial institutions. The roadmap focuses on innovation, shariah-compliant services, and unique offerings to...
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MALAYSIA TIDAK TERKESAN KENAIKAN KADAR FAEDAH AS
Menteri Kewangan, Tengku Zafrul, menyatakan kenaikan kadar faedah AS sebanyak 0.75% oleh Fed tidak memberi kesan langsung kepada Malaysia. Namun, Malaysia memantau impaknya di peringkat global. Kadar faedah tempatan masih rendah, dan kerajaan mempertimbangkan langkah dasar kewangan dan fiskal untuk melindungi rakyat. Kajian juga sedang dilakukan mengenai lanjutan pengecualian SST kenderaan, yang setakat ini menyebabkan kehilangan hasil sebanyak RM4.8 bilion.
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NO DECISION YET ON FURTHER SST EXEMPTION FOR CARS
The Malaysian government is still deciding on extending the SST exemption on cars, which has led to RM4.8 billion in lost revenue since June 2020. Finance Minister Tengku Zafrul highlighted that further extensions would mean more forgone funds, which could support development and inflation subsidies. He also noted the impact of recent U.S. interest rate hikes on Malaysia's economy due...
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MOF SAYS SST WAIVER FOR CARS COST THE GOVT RM4.8 BIL TAX LOSS AS DECISION ON EXTENSION LOOMS
The Malaysian government is assessing whether to extend the sales and services tax (SST) exemption for new vehicle purchases, which has led to a RM4.8 billion revenue loss to date. Finance Minister Tengku Zafrul said the funds could have supported the public amid current economic challenges. Originally granted in June 2020, the exemption has been extended three times, with automotive...
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KERAJAAN RUGI RM4.8 BILION DARIPADA PENGECUALIAN CUKAI SST KENDERAAN
Kerajaan mengalami kerugian RM4.8 bilion hasil daripada pengecualian cukai SST bagi pembelian kenderaan yang bermula pada 5 Jun 2020 dan akan berakhir pada 30 Jun 2022. Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz menyatakan bahawa pengecualian ini telah dilanjutkan tiga kali dan kementerian sedang mengkaji kesannya serta mempertimbangkan tindakan selanjutnya. Jika dilanjutkan lagi tiga bulan, kerugian akan mencecah...
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RM4.8 BILLION LOSS FROM SST EXEMPTION
Finance Minister Tengku Datuk Seri Zafrul Aziz stated that Malaysia's sales and services tax (SST) exemption on vehicles, ending June 2022, has cost RM4.8 billion in lost revenue. A potential three or six-month extension could lead to additional losses of RM1.2 billion or RM2.5 billion, respectively. Zafrul emphasised the need for government revenue to curb inflation and provide subsidies. He...
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FUEL SUBSIDIES TO STAY FOR NOW
Malaysia will continue fuel subsidies despite rising global oil prices, as government funds remain sufficient to support citizens, particularly vulnerable groups, says Finance Minister Tengku Zafrul. This year’s subsidies are projected to reach RM70 billion, with RM30 billion for fuel. A targeted subsidy plan is under review for the long term, though no extra dividend from Petronas is currently planned....
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GOVT WILL CONTINUE TO HELP RAKYAT
Malaysia's Finance Minister Tengku Zafrul stated that the government expects to spend RM70 billion on subsidies in 2022, with RM30 billion allocated for fuel. While aiming to support citizens, particularly vulnerable groups, the government may consider more targeted subsidies in the future, as 53% currently benefits the T20 group. Although rising oil prices have boosted national revenue, the government has...
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FOCUS ON IMPLEMENTING ESG PROJECTS
The Malaysian government is committed to supporting ESG-focused projects and programmes in 2023 as part of its long-term development goals, says Finance Minister Tengku Zafrul. Emphasising sustainable income opportunities and inclusivity, he highlighted Khazanah Nasional’s sustainability framework, which integrates ESG into core business practices. Khazanah’s Managing Director, Datuk Amirul Feisal, noted the framework's focus on responsible transitions for a resilient,...
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MOF CONFIDENT GLIC/GLCS WILL CATALYSE MALAYSIA’S SUSTAINABILITY GOALS
The Ministry of Finance (MoF) is confident that both public and private sectors will support Malaysia's sustainability goals. Finance Minister Tengku Zafrul praised government-linked companies (GLCs) for integrating ESG into their strategies, encouraging Corporate Malaysia to adopt sustainable practices. The 2023 budget prioritises ESG-focused projects, with strategies including ESG financing, SME empowerment, and the MySDG Fund to achieve long-term reforms...
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FINANCE MINISTRY INTENDS TO TABLE FISCAL RESPONSIBILITY ACT AT NEXT PARLIAMENT SESSION
The Ministry of Finance (MoF) plans to table the Fiscal Responsibility Bill at the next parliament session on July 18. This includes broadening the tax base, taxing the shadow economy, and improving compliance to boost revenue. Finance Minister Tengku Zafrul outlined three ESG strategies: strengthening sustainability financing, empowering SMEs to achieve net-zero goals, and establishing the MySDG Fund in collaboration...
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MOF TO START 2023 PRE-BUDGET TOUR SOON TO GATHER INPUT
The Ministry of Finance (MoF) will soon begin its 2023 Pre-Budget Tour to gather feedback from stakeholders, with an open portal inviting ideas for Budget 2023. Finance Minister Tengku Zafrul stated the focus is on sustainable economic recovery and inclusivity. Addressing fuel subsidies, he noted that 53% benefits the top 20% income group, with RM15 billion of the RM30 billion...
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NEW LAW TO PAVE WAY FOR GST COMEBACK IN MALAYSIA?
Malaysia’s new Fiscal Responsibility Act may pave the way for reintroducing the Goods & Services Tax (GST), possibly at a 4% initial rate, according to OCBC Treasury Research. The Finance Ministry intends to table the act in Parliament, aiming to widen the tax base and improve compliance. Although past GST implementation faced challenges, rising subsidy bills and limited fiscal options...
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MOF MULLS TABLING FISCAL RESPONSIBILITY BILL AT NEXT PARLIAMENT SESSION
The Ministry of Finance (MoF) plans to table the Fiscal Responsibility Bill in the upcoming Parliament session starting July 18. Finance Minister Tengku Zafrul stated that the Bill aims to broaden the tax base, address the shadow economy, and enhance tax compliance to support Malaysia’s developmental and reform goals. Additionally, the MoF is advancing environmental, social, and governance (ESG) goals,...
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ALL TAX SYSTEMS, INCLUDING GST STILL UNDER STUDY
The Malaysian government is evaluating global tax systems, including the possible reintroduction of GST, to increase tax revenue, says Finance Minister Tengku Zafrul Aziz. With 175 countries already adopting GST due to its GDP contribution, Malaysia's study now focuses on fair rates between 3-8% and the inefficiency of the current Sales and Services Tax. A decision could follow Parliament's approval...
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MALAYSIA TO TABLE FISCAL RESPONSIBILITY BILL AT NEXT PARLIAMENT SESSION
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that Malaysia's Fiscal Responsibility Bill will be tabled in Parliament on July 18 to improve tax collection, expand the tax base, and address the shadow economy. Speaking at the Malaysian Institute of Accountants Conference, he stressed the need for Corporate Malaysia, particularly SMEs, to adopt ESG practices to remain competitive....
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TENGKU ZAFRUL DENIES RUMOURS OF HIS POLITICAL AMBITION
Finance Minister Tengku Zafrul Aziz dismissed rumours about his political ambitions, including speculation that he may contest the Kuala Selangor parliamentary seat in GE15. He emphasised his current focus on Malaysia’s economic recovery efforts, stating he is not considering politics at this time. Despite frequent visits to Kuala Selangor, he reaffirmed his commitment to his role at the Ministry of...
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DEVELOPMENT PLANS TO INCLUDE ALL AREAS: MINISTER
Finance Minister Tengku Zafrul Aziz affirmed the government’s commitment to inclusive development across all districts, citing the Finance Ministry’s approval of an East Coast Rail Link (ECRL) station in Puncak Alam as an example. He noted that his ministry’s focus is nationwide, not solely on Kuala Selangor, as they continue to engage communities across Malaysia. Tengku Zafrul emphasized the importance...
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RUNNING THE RACE
Finance Minister Tengku Zafrul praised Compassionate Care Foundation (CCF) and Protect & Save the Children Association (PSC) for their charitable efforts, highlighting their work in health support and child protection. He emphasized the government’s commitment to improving social resilience through Budget 2022 initiatives, including RM100 million for NGO programmes, GLIC/GLC CSR platforms, and Budget 2023 engagements. He urged support for...
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WORRIES FROM INTERNATIONAL INVESTORS AMONG TEMPORARY FACTORS OF RINGGIT DEPRECIATION – TENGKU ZAFRUL
Finance Minister Tengku Zafrul attributed the ringgit's temporary depreciation to international investor concerns, leading to investment shifts towards higher-yield US assets, and weaker growth in China impacting the yuan and ringgit. Malaysia’s trade volume with China, geopolitical tensions, and global volatility also add pressure. However, he highlighted Malaysia's strong economic fundamentals, GDP growth forecasts of 5.75% by the IMF, and...
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STRONG ECONOMIC FUNDAMENTALS, PRUDENT MANAGEMENT TO CONTRIBUTE TO STRONGER RINGGIT – ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that strong economic fundamentals and prudent ringgit management will support the currency's strengthening against the US dollar, despite current depreciation factors. He highlighted Malaysia's projected GDP growth of 5.75% for 2022, driven by domestic and external demand. With Bank Negara Malaysia ensuring orderly fluctuations, the ringgit's stability will aid investment...
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FOREIGN ANALYSTS PROJECT STRONGER RINGGIT IN COMING QUARTERS
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that foreign analysts are optimistic about the ringgit's recovery, projecting values of 4.37, 4.35, 4.28, and 4.27 against the US dollar for the second to fourth quarters of 2022 and the first quarter of 2023. He attributed the ringgit's current depreciation to temporary factors, including global monetary policy shifts and...
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TENGKU ZAFRUL SAYS ECONOMY ON TRACK, HAS ROOM TO RAISE RATES
Malaysia's economy is experiencing strong growth, driven by rising commodity prices, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. The easing of virus restrictions has allowed the central bank to raise interest rates to combat inflation, which remains low compared to other Southeast Asian nations. Despite global risks, including the war in Ukraine affecting food supplies, the...
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COVID-19 PRESENTS GREAT RESET; LONG VIEW IMPORTANT FOR POLICY-MAKING
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the Covid-19 crisis has provided Malaysia with a chance for a great reset, urging the country not to overlook lessons learned from the pandemic by focusing solely on short-term economic issues. Speaking at the World Economic Forum in Davos, he highlighted the need for long-term reforms while addressing immediate challenges....
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MALAYSIA TO ACCELERATE DIGITAL TECH ADOPTION
Malaysia is establishing a Centre for the Fourth Industrial Revolution (C4IR), an independent centre under the World Economic Forum (WEF), to support its 4IR Policy and the Malaysia Digital Economy Blueprint. Set to be launched by Prime Minister Ismail Sabri Yaakob in late 2022, the centre aims to accelerate technology adoption, promoting equitable and sustainable growth post-COVID-19. As the first...
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M’SIA NEEDS INCLUSIVITY TO BUILD COMPETITIVE DIGITAL ECONOMY
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that Malaysia needs an inclusive digital transformation to develop a competitive digital economy, aligning with developed nations. He discussed the future of the ASEAN digital community during the World Economic Forum (WEF), highlighting Malaysia's success in bridging financing gaps for micro, small, and medium enterprises (MSMEs). The session focused on shaping...
Read MoreMALAYSIA’S ECONOMY IN RIGHT DIRECTION, INFLATION REMAINS COMPARATIVELY LOW – TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that Malaysia's economy is progressing positively despite challenges, with a GDP growth of 5.0% in the first quarter of 2022 and low inflation at 2.2%. He highlighted that increased subsidies for petrol and essential goods have helped maintain low inflation levels. In an interview during the World Economic Forum in Davos,...
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FORUM EKONOMI DUNIA RUANG KERJASAMA DENGAN MASYARAKAT DUNIA
Mesyuarat tahunan Forum Ekonomi Dunia (WEF) di Davos, Switzerland, dari 22 hingga 26 Mei 2022, menjadi platform bagi Malaysia untuk menyuarakan kepimpinan negara dan ASEAN dalam ekonomi terbuka dan mampan. Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, akan mengadakan sesi dua hala dan pelbagai hala serta berucap dalam empat sesi, termasuk mengenai digitalisasi dan pelan jangka panjang negara. Bertemakan...
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M’SIA NOT AT RISK OF RECESSION, SAYS FINANCE MINISTER
Malaysia is not at risk of recession and is on course to achieve its projected economic growth targets of between 5.3% and 6.3% this year, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. Speaking at the ministry's Hari Raya Aidilfitri open house yesterday, he stated that the country's economic growth would be bolstered by the government's expansionary fiscal...
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TALK OF GLOBAL RECESSION PREMATURE, UNWARRANTED – TENGKU ZAFRUL
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has affirmed that Malaysia is on track to achieve its economic growth target of 5.3% to 6.3% this year, dismissing concerns over a global recession as "premature and unwarranted." He highlighted that the country's growth is supported by expansionary fiscal and accommodative monetary policies. While acknowledging potential risks from the Ukraine war...
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FULL-YEAR GDP TARGET OF 5.3% TO 6.3% ACHIEVABLE
Tengku Zafrul expressed confidence that Malaysia's economy, which grew by 5% in Q1 2022, can meet its full-year target of 5.3% to 6.3%. This growth is supported by increased domestic and external demand, the reopening of borders, and improving labour market conditions. He emphasised the need for targeted subsidy reforms to ensure fairness and support vulnerable groups while maintaining fiscal...
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RECOVERY MOMENTUM TO CONTINUE THIS YEAR
The Malaysian economy is expected to maintain its recovery momentum in 2022, bolstered by the transition to the endemic phase and the reopening of international borders, which will enhance tourism and trade. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz anticipates GDP growth of 5.3% to 6.3% this year, supported by government initiatives like the RM10,000 withdrawal from the Employees'...
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APPLICANTS WHO WERE REJECTED FOR THE BKM AID HAVE ONE MONTH TO SUBMIT APPEAL
Individuals whose applications for the Bantuan Keluarga Malaysia (BKM) aid were not approved will have one month to submit their appeals starting from 2nd May. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that the government recognises that some applicants may be eligible for the BKM aid but have not yet been registered in the government database.
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RM150 JUTA DISALURKAN KEPADA 6,853 MAJIKAN
Kerajaan telah menyalurkan RM150.979 juta kepada 6,853 majikan di bawah Program Subsidi Upah (PSU) 5.0 setakat 15 April 2022, menyokong penggajian 97,662 pekerja. Secara keseluruhan, RM20.755 bilion telah disalurkan kepada 357,715 majikan, mengekalkan penggajian 2,956,607 pekerja tempatan. Selain itu, RM100 juta diperuntukkan untuk program KPT-CAP, yang telah menempatkan 11,750 graduan dan menyasar 20,000 peluang pekerjaan pada tahun ini. Indikator ekonomi...
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GOVERNMENT DISBURSED RM 150.979 MILLION TO WAGE SUBSIDY PROGRAMME 5.0 UP TO APRIL 15, SAYS TENGKU ZAFRUL
The Malaysian government disbursed RM150.979 million to 6,853 employers via the Wage Subsidy Programme 5.0 by April 15, 2022, supporting 97,662 jobs, says Finance Minister Tengku Zafrul. Overall, RM20.755 billion has helped sustain 2.96 million workers. Additionally, RM100 million was allocated for the KPT-CAP to address graduate unemployment, placing 11,750 graduates by April 8. Positive economic indicators and trade growth...
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TENGKU ZAFRUL PLEDGES FINANCIAL AID TO DIALYSIS CENTRE
Finance Minister Tengku Zafrul pledged financial support to NSCMH Dialysis Care, which subsidises treatment for 600 patients across 12 centres. Chairman Datuk Seri Lee Tian Hock highlighted a RM3.75mil annual shortfall in covering operating costs of RM15mil. Zafrul acknowledged rising dialysis costs and the growing number of patients, pledging to help reduce the centre’s deficit, though full government coverage wasn't...
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COMPREHENSIVE MULTILATERAL ACTION CRUCIAL TO ADDRESS GLOBAL DEBT CRISIS
Finance Minister Tengku Zafrul called for comprehensive multilateral action to tackle the deepening global debt crisis during the 105th Finance Ministers' Development Committee Meeting at the 2022 IMF/World Bank Spring Meetings. He highlighted challenges like supply chain disruptions, inflation, and COVID-19 uncertainties impacting global recovery. He also noted digitisation's role in sustainable development and announced Amazon Web Services' investment interest...
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MOF, BNM PANTAU RISIKO EKONOMI NEGARA
Kementerian Kewangan (MoF) dan Bank Negara Malaysia (BNM) akan terus memantau risiko kewangan dan bukan kewangan yang mempengaruhi ekonomi negara, termasuk ketegangan geopolitik yang boleh menjejaskan rantaian bekalan global dan menyebabkan inflasi lebih tinggi. Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, menyatakan nilai ringgit kekal berdaya saing dengan purata perdagangan harian sebanyak AS$12.6 bilion. Beliau juga menekankan bahawa dasar...
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MULTINATIONAL FIRMS ATTEND BUSINESS COUNCIL DIALOGUE WITH MINISTER
Multinational corporations, including Amazon Web Services, Boeing, Cisco, Exxon Mobil, Pfizer, Visa, and Google, attended a dialogue with Malaysia's Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz, as part of the US-Asean Business Council (US-ABC) discussions. Tengku Zafrul emphasised the importance of US investment in Malaysia and the need for open dialogue to address challenges, particularly related to the Omicron...
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MALAYSIA BINCANG KUKUH INDUSTRI KEWANGAN
Menteri Kewangan Malaysia, Tengku Datuk Seri Zafrul Abdul Aziz, telah membincangkan pengukuhan industri kewangan dan daya tahan ekonomi dengan menteri-menteri kewangan G20 di Mesyuarat Musim Bunga Bank Dunia-IMF di Amerika Syarikat. Beliau bertemu dengan Menteri Kewangan Indonesia dan Singapura untuk membincangkan pembangunan kewangan mampan dan kesediaan pasca pandemik. Perbincangan turut melibatkan strategi menangani inflasi dan kesan jangka panjang pandemik Covid-19....
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TENGKU ZAFRUL DISCUSSES GLOBAL ECONOMY WITH FINANCE MINISTERS
Malaysia's Finance Minister, Tengku Zafrul Tengku Abdul Aziz, participated in discussions with G20 finance ministers at the IMF and World Bank Spring Meetings in the United States. He addressed strengthening the financial industry, global economic challenges, and sustainable development, while also meeting with Indonesia’s and Singapore’s finance ministers. Key topics included the impact of the Russia-Ukraine conflict, inflation from rising...
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NEGARA KOMITED KONGSI INISIATIF
Malaysia komited bekerjasama dengan negara lain dalam tindakan iklim untuk memastikan rakyat selamat dari bencana. Menteri Kewangan, Tengku Zafrul, berkongsi inisiatif kerajaan seperti pelancaran Pasaran Karbon Sukarela dan penggunaan mekanisme cukai karbon di Persidangan CFMCA. Di bawah Bajet 2022, RM1 bilion diperuntukkan untuk Kemudahan Peralihan Rendah Karbon bagi membantu PKS menuju sifar karbon bersih menjelang 2050.
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13,892 BUSINESSES RECEIVE DIGITALISATION SERVICES AID
The Malaysian government has allocated RM92.9 million in grants and loans to 13,892 businesses for digitalisation services as of April 15, 2022, aimed at encouraging SMEs and MTCs to digitalise. Additionally, RM79.1 million was approved for Penjana Tourism Financing, and RM2.07 billion was guaranteed under the Danajamin Prihatin scheme. Other initiatives include wage subsidies, cashless transactions, and support for self-employed...
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TENGKU ZAFRUL: EPF SPECIAL WITHDRAWAL WILL BE CREDITED EARLIER ON APRIL 18
The payment for the Employees Provident Fund (EPF) Special Withdrawal of up to RM10,000 will start on April 18, earlier than the previously announced April 20, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. The payments will be made in stages, following requests from the public. The Special Withdrawal, open from April 1 to April 30, aims...
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ZAFRUL: GOOD GOVERNANCE IS KEY TO IMPROVING GLICS
Finance Minister Tengku Zafrul launched the Principles on Good Governance (PGG) for GLICs, which will guide governance and sustainability practices. The PGG emphasises qualified and diverse board appointments, including at least 30% women, and stresses directors' roles in transparency and integrity. It also recommends governance structures for ESG oversight to meet rising market demands. Malaysia’s six GLICs hold RM1.7 trillion...
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E-PEMULA TO CULTIVATE CASHLESS DEALS
The RM300 million e-Pemula programme aims to boost cashless transactions in Malaysia, particularly among youths and students. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz noted a 74.4% increase in cashless transactions to 1.1 billion in 2021. The initiative involves e-wallets like BigPay, GrabPay, ShopeePay, and Touch 'n Go, providing 1.2 million touchpoints nationwide to support economic recovery and encourage...
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GOOD GOVERNANCE KEY TO IMPROVING GLICS’ FINANCIAL PERFORMANCE
The newly launched Principles of Good Governance for Government-Linked Investment Companies (PGG) will serve as the sole reference for the baseline of governance and sustainability practices across all government-linked investment companies (GLICs). Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the PGG is founded on three core principles: leadership and board effectiveness, ensuring an optimal, qualified, and credible...
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PGG RUJUKAN TUNGGAL TAMBAH BAIK PRESTASI KEWANGAN GLIC
Prinsip Tadbir Urus Baik bagi Syarikat Pelaburan Berkaitan Kerajaan (PGG) dilancarkan sebagai rujukan tunggal untuk tadbir urus dan kemampanan GLIC, berteraskan kepimpinan lembaga pengarah, komposisi yang berwibawa, dan pelaburan berkesan. PGG juga menyarankan pengawasan alam sekitar, sosial, dan tadbir urus (ESG). Ini sebahagian daripada Program Penyusunan Semula GLIC/GLC oleh Kementerian Kewangan, merangkumi RM1.7 trilion aset. Also available in 'Utusan Borneo...
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TENGKU ZAFRUL TELLS MSME TO UTILISE BUSINESS TAX CUTS
Finance Minister Tengku Zafrul urged MSMEs to make use of tax cuts from Budget 2022, including a six-month tax payment deferral until June 30, tax relief for renovations up to RM300,000, and tax cuts for rental and accumulated losses. He highlighted the i-Biaya initiative to help lower-income groups own homes and the e-Pemula programme to encourage cashless transactions.
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HELPING MORE B40, M40 FAMILIES OWN HOMES
The My First Home scheme (SRP) aims to approve 25,000 applications from B40 and M40 groups in 2024, with RM5.9 billion allocated. Since 2011, SRP has helped nearly 67,000 families, totalling RM14.8 billion in financing, with 91% from B40 and 92% aged 35 or below. The initiative offers up to 110% financing for eligible first-time buyers. i-Biaya also includes the...
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I-BIAYA ENABLES LOW-INCOME FAMILIES OWN HOMES
The Malaysia Housing Financing Initiative (i-Biaya), launched to help low-income families own homes, aims to benefit 25,000 B40 and M40 applicants this year, with estimated financing of RM5.9 billion. Finance Minister Tengku Zafrul noted that 67,000 families have already acquired homes through Skim Rumah Pertamaku, totalling RM14.8 billion in financing. The initiative is part of broader efforts to provide affordable...
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GOVT DISBURSES RM20.64 BLN FOR WAGE SUBSIDY PROGRAMME UP TO MARCH 25
As of March 25, 2022, the Malaysian government has disbursed RM20.64 billion through the Wage Subsidy Programme (PSU) to support 357,639 employers and retain 2.96 million local workers, aiming to reduce unemployment. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz reported that various PSU phases have provided substantial financial assistance, with PSU 4.0 allocating RM2.471 billion for 159,571 employers. The...
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SASAR GANDAKAN PENDAFTARAN INSURANS, TAKAFUL MIKRO
Kerajaan menyasarkan untuk menggandakan pendaftaran insurans dan takaful mikro menjelang 2026 di bawah Pelan Tindakan Sektor Kewangan 2022-2026. Selain itu, sasaran lain termasuk peningkatan e-pembayaran, pertumbuhan kewangan alternatif, dan pembayaran rentas sempadan yang lebih cepat. Pelan ini penting untuk menghadapi cabaran masa depan, selari dengan Rancangan Malaysia Ke-12, serta meningkatkan akses kepada kewangan dan digital bagi rakyat.
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LANGKAH KWSP PERKUKUH KOMITMEN TERHADAP ESG
KWSP memperkukuh komitmen terhadap ESG dengan pelaburan mampan yang bermanfaat bagi pasaran modal dan rakyat. Sasaran KWSP adalah pematuhan ESG menjelang 2030 dan portfolio neutral iklim menjelang 2050. Menteri Kewangan Tengku Zafrul menyatakan bahawa penerapan ESG oleh pengurus dana luaran KWSP adalah langkah baik. Beliau juga menegaskan pentingnya pelaburan mampan dan amalan buruh, terutama dalam meningkatkan kesejahteraan pekerja di Malaysia.
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TOUCH ‘N GO LAUNCHES FIRST DIGITAL MICROLENDING, GOPINJAM
Touch 'n Go launched GOpinjam, Malaysia's first fully digital microlending service, offering personal loans from RM100 to RM10,000. Developed with CIMB Bank, it targets underserved segments, requiring a minimum monthly income of RM800. The initiative aims to promote financial inclusion using credit and eWallet data for credit assessment. GOpinjam was launched by Finance Minister Tengku Zafrul, who highlighted rapid growth...
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RM20.63BIL DISBURSED TO WAGE SUBSIDY INITIATIVE
The Malaysian government disbursed RM20.63 billion to 357,618 employers through the wage subsidy programme (PSU) by March 18, 2022, helping sustain 2.96 million jobs. PSU 1.0 to 5.0 initiatives supported employers with funds totaling over RM20 billion across various economic aid packages, including Prihatin, Penjana, Permai, and Pemulih. Additionally, 2,709 participants were placed in public sector and GLC roles through...
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PASARAN HARTANAH DIJANGKA PULIH TAHUN INI
Pasaran hartanah Malaysia dijangka pulih tahun ini dengan peningkatan nilai transaksi sebanyak RM145 bilion atau 22% pada 2021. Sektor kediaman menjadi penyumbang utama, merangkumi 66% transaksi. Namun, terdapat lebihan rumah siap yang tidak terjual, terutamanya yang berharga RM300,000 ke bawah. Isu lebihan juga berlaku dalam sektor perdagangan dan pangsapuri khidmat. Kerajaan telah memperkenalkan inisiatif seperti Skim Jaminan Kredit Perumahan untuk...
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EPF BECOMING ‘SUSTAINABLE INVESTOR’
The Employees Provident Fund (EPF) has launched its Sustainable Investment Policy, Priority Issues, and Sector Policies, focusing on climate change and workers' well-being. These policies will guide ESG integration into its investment processes. Finance Minister Tengku Zafrul endorsed this move, highlighting its importance for Malaysia's sustainable growth. EPF Chairman Ahmad Badri stressed the need to incorporate ESG factors in evaluating...
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EPF EMBRACES ESG SUSTAINABLE POLICY IS AIMED AT ENHANCING RETURNS
The Employees Provident Fund (EPF) will fully adopt the environmental, social, and governance (ESG) principles in its investment decisions going forward. The newly introduced EPF sustainable investment policy will steer the fund towards more informed and comprehensive investment choices by incorporating ESG considerations into its management processes.
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FINANCIAL SECTOR TO ASSIST GOVT IN SUSTAINABILITY JOURNEY
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the crucial role of the financial sector in Malaysia's sustainability journey, especially following the impacts of Covid-19 and recent floods. He stated that the Ministry of Finance (MoF) is implementing sustainable development financing and has begun budget-tagging measures to align various ministries with sustainability goals. Zafrul urged financial institutions to...
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MOF CONFIDENT FINANCIAL SECTOR WILL CONTRIBUTE TO NATION’S SUSTAINABILITY JOURNEY
The Ministry of Finance (MoF) is confident that the financial sector will play a crucial role in Malaysia's sustainability journey. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz emphasised the need for financial institutions to collaborate in providing funds for sustainable development and to prioritise sustainability in their operations and partnerships. He highlighted MoF's efforts to budget-tag measures that...
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‘MY MONEY AND ME’ PROGRAMME TO EMPOWER YOUTHS ON BETTER FINANCIAL MANAGEMENT
The "My Money and Me Programme 2022," part of Global Money Week, focuses on sustainable finance for youths, covering asset protection, accumulation, management, and distribution. It aims to improve financial behaviour through education and self-control. The e-Pemula scheme, with a RM300 million budget, will credit RM150 to over two million youths' e-wallets. The programme offers e-learning and free financial counselling,...
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E-PEMULA PROGRAMME TO BENEFIT MORE THAN TWO MILLION YOUTHS
The e-Pemula programme, set to launch soon, will benefit over two million youths with a RM300 million allocation, says Finance Minister Tengku Zafrul. Targeting 18-20-year-olds and full-time students, it will provide a one-off RM150 credit to their e-wallets. Budget 2022 also offers youth-focused financing, including a RM150 million plan for young entrepreneurs and a RM900 allowance for industrial trainees, aiming...
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FINANCE MINISTER OVERSEAS TO ATTRACT INVESTMENTS
Tengku Datuk Seri Zafrul Tengku Abdul Aziz's absence from recent Dewan Rakyat sittings has sparked speculation about his position as Finance Minister. In response, Deputy Finance Minister 1, Datuk Mohd Shahar Abdullah, clarified that Tengku Zafrul is overseas to attract foreign investments to aid Malaysia's economic recovery post-Covid-19. He assured that the minister's absence is not a significant issue. Tengku...
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FISCAL STANCE TO REMAIN EXPANSIONARY THIS YEAR
Malaysia's fiscal stance will remain expansionary this year to support recovery and minimise economic scarring, says Finance Minister Tengku Zafrul Aziz. The deficit target is set at 6% or lower, with potential revenue boosts from higher commodity prices and tax collection. Government debt is projected to reach 66% of GDP. Reforms, including a Fiscal Responsibility Act, aim to reduce the...
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8.6 JUTA TERIMA BAYARAN BKM BERPERINGKAT MULAI 28 MAC
Seramai 8.6 juta penerima Bantuan Keluarga Malaysia (BKM) akan menerima pembayaran secara berperingkat mulai 28 Mac ini, dengan peruntukan hampir RM2 bilion. Perdana Menteri, Datuk Seri Ismail Sabri Yaakob, mengumumkan pembayaran Fasa 1 BKM dalam kadar RM100 hingga RM300 berdasarkan kelayakan, melibatkan empat juta isi rumah, 1.2 juta warga emas, dan 3.4 juta individu bujang. Pembayaran akan dikreditkan ke akaun...
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TENGKU ZAFRUL NAFI LETAK JAWATAN MENTERI KEWANGAN
Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, menafikan khabar angin mengenai peletakan jawatannya yang dilaporkan oleh sebuah media tempatan. Beliau menjelaskan ketidakhadirannya di Parlimen hari ini disebabkan urusan kecemasan peribadi dan telah dimaklumkan semalam. Tengku Zafrul menyatakan penggantian beliau oleh Timbalan Menteri Kewangan 1, Datuk Mohd Shahar Abdullah, untuk membentangkan Rang Undang-Undang Perbekalan Tambahan adalah berdasarkan perancangan. Beliau juga...
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REOPENING OF BORDERS: REAL CATALYST FOR NATIONAL ECONOMIC RECOVERY
On April 1, Malaysia will reopen its borders, which have been closed since March 2020 due to the Covid-19 pandemic. This decision is highly significant for several reasons. Firstly, it signifies the last stage in lifting our movement restrictions, which were part of the Government's efforts to contain the spread of the coronavirus. Over the past two years, various forms...
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TENGKU ZAFRUL TIDAK HADIR DI DEWAN RAKYAT KERANA HAL KECEMASAN, BUKAN SEBAB ISU KWSP MENTERI KEWANGAN NAFI LETAK JAWATAN
Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, menafikan khabar angin bahawa beliau telah meletak jawatan setelah tidak hadir di Dewan Rakyat. Dalam hantaran di Facebook, beliau menjelaskan ketidakhadirannya adalah disebabkan hal kecemasan peribadi. Tengku Zafrul juga menyatakan bahawa pembentangan Rang Undang-Undang Perbekalan Tambahan 2021 oleh Timbalan Menteri Kewangan adalah dalam perancangan, dan beliau akan menyediakan jawapan bertulis untuk...
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SOME 2,546 MYSTEP PARTICIPANTS PLACED IN PUBLIC SECTOR, GLCS
A total of 2,546 participants of Malaysia's MySTEP programme have been placed in public sector roles and GLCs, with 1,833 in the public sector and 713 in GLCs and their partners, Finance Minister Tengku Zafrul reported. MySTEP, launched in 2021, aims to provide 80,000 contract jobs, including 50,000 in the public sector and 30,000 in GLCs. Additionally, 42,014 workers have...
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TENGKU ZAFRUL DENIES RESIGNATION RUMOURS AMID ABSENCE IN PARLIAMENT
Finance Minister Tengku Zafrul denied resignation rumours, clarifying that his absence from Parliament during the Minister's Question Time (MQT) was due to a personal emergency. Minister Idris Ahmad read Zafrul's response, though Opposition MPs criticised the absence of Finance Ministry representatives. Zafrul later apologised to MPs awaiting responses. As of February 28, 2022, RM19.14 billion in 1MDB assets have been...
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TRUST ACCOUNT HAS BALANCE OF RM15.76 BLN TO REPAY 1MDB DEBT
The Assets Recovery Trust Account of 1MDB has a balance of RM15.76 billion, which includes funds from hibah and foreign exchange gains, aimed at repaying most of its debt in 2022. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the government allocated RM1.53 billion to cover the shortfall for interest repayments. Additionally, the expected settlement from AmBank is...
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TENGKU ZAFRUL DENIES RUMOUR OF HIM RESIGNING FROM FINANCE MINISTER POST
Finance Minister Tengku Zafrul denied rumours of his resignation, explaining his absence from Parliament during the Ministers' Question Time was due to a personal emergency. He clarified that the Supplementary Supply Bill was tabled by Deputy Finance Minister Datuk Mohd Shahar as planned and that his absence was previously communicated. He thanked the Minister of Religion for reading his response...
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ANALYSTS OVERALL OPTIMISTIC ON 5G SWN MODEL ROLLOUT
Analysts are optimistic about Malaysia's 5G rollout via a Single Wholesale Network (SWN) model by Digital Nasional Bhd (DNB), with the government offering up to 70% equity in DNB to telcos. The SWN model aims to accelerate 5G deployment and avoid delays, with AmInvestment Bank noting improved governance but potential cost concerns. MIDF Research supports SWN for its efficiency, though...
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TENGKU ZAFRUL DISMISSES RESIGNATION RUMOUR
Finance Minister Tengku Zafrul dismissed rumours of his resignation, clarifying his absence from Parliament was due to a personal emergency. He stated he had informed officials beforehand and had no intention of neglecting his duties. The rumour arose after the Deputy Finance Minister tabled the Supplementary Supply Bill. Tengku Zafrul urged the media to verify facts before speculating and thanked...
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SINGLE 5G NETWORK STAYS, TELCOS OFFERED STAKE IN DNB
The Malaysian government will maintain the single wholesale network (SWN) model for 5G and offer telecommunications companies a 70% equity stake in Digital Nasional Bhd (DNB). Finance Minister Tengku Zafrul stated that this model promotes public-private partnerships and accelerates 5G deployment, aiming for 80% population coverage by 2024. The government will retain a 30% stake and oversee DNB, which will...
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IT’S SWN MODEL FOR 5G
The Malaysian government has confirmed the continuation of the single wholesale network (SWN) model for 5G deployment, granting mobile network operators (MNOs) a 70% stake in Digital Nasional Bhd (DNB) to foster public-private partnerships. Finance Minister Tengku Zafrul stated that ownership details are subject to negotiation, with a "golden share" enabling government oversight. The rollout aims for 80% population coverage...
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CLARITY NEEDED OVER MNOS 70% STAKE IN DNB, SAY FUND MANAGERS
Fund managers are seeking clarity on the government's decision to offer a 70% stake in Digital Nasional Bhd (DNB) to mobile network operators (MNOs) under the single wholesale network (SWN) model for Malaysia's 5G rollout. While the move aims to foster public-private partnerships, concerns remain over equity distribution and potential delays due to multiple parties involved. Market reactions were positive,...
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GOVT STICKS TO SINGLE WHOLESALE NETWORK
The Malaysian government will maintain the single wholesale network (SWN) model for the 5G rollout, offering mobile network operators (MNOs) a 70% stake in Digital Nasional Bhd (DNB), reducing its shareholding to 30%. Finance Minister Tengku Zafrul noted that DNB aims to keep 5G wholesale prices under 20 sen per gigabyte, making it more affordable. The government targets 80% population...
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1MDB DEBTS: GOVT HAS TO COUGH UP RM13B BY 2023
The Malaysian government must repay over RM13 billion of the 1Malaysia Development Bhd (1MDB) debt by 2023, using public funds for direct assistance and through the asset recovery fund. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that as of February 28, the total debt commitment amounts to RM38.8 billion. The government has already paid RM13.31 billion but still...
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MOF: EPF DIVIDEND WOULD HAVE BEEN AT 6.7% IF NO WITHDRAWALS WERE MADE
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced that the Employees Provident Fund (EPF) dividend rate could have reached 6.7% instead of the 6.1% recently declared if members had not made withdrawals. He stated that the RM5.4 billion lost from these withdrawals affected about 5.3 million members who had never withdrawn their savings, resulting in lower returns. Zafrul warned...
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MOF: EPF WILL HAVE TO OFFLOAD MORE ASSETS TO ALLOW FOR ANOTHER WITHDRAWAL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the Employees Provident Fund (EPF) would need to sell more overseas assets and halt domestic investments if another RM10,000 withdrawal is permitted. This move could lead to a total withdrawal of RM63 billion for 6.3 million eligible members. Zafrul warned that such actions would negatively impact domestic equity and bond...
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GOVT STILL NEEDS TO COVER RM17 BLN SHORTFALL TO REPAY 1MDB DEBTS
The Malaysian government needs to cover a RM17 billion shortfall to repay the remaining principal and interest on 1Malaysia Development Bhd's (1MDB) debts, totalling RM38.8 billion, for the period from 2023 to 2039, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz. The government has repaid RM13.31 billion through the Assets Recovery Trust Account, which currently holds RM15.76 billion, insufficient...
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GLC, GLIC ELEMEN PENTING DALAM PEMBANGUNAN SOSIOEKONOMI NEGARA
Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, menegaskan bahawa ekosistem Syarikat Berkaitan Kerajaan (GLC) dan Syarikat Pelaburan Berkaitan Kerajaan (GLIC) adalah elemen penting dalam pembangunan sosioekonomi negara, terutamanya dalam membina semula kehidupan pascapandemik COVID-19. Beliau menyatakan bahawa kerajaan sedang berusaha untuk menambah baik GLIC dan GLC serta memfokuskan kepada industri baru. Tengku Zafrul juga melaporkan petanda positif bagi pemulihan...
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GLC: GAJI MINIMUM RM1,500
Kerajaan menyarankan agar pekerja tetap di syarikat milik kerajaan (GLC) dan syarikat pelaburan berkaitan kerajaan (GLIC) dibayar gaji minimum RM1,500 sebulan. Perdana Menteri Datuk Seri Ismail Sabri Yaakob menekankan pentingnya pendapatan ini bagi membantu pekerja menghadapi kos sara hidup, terutama bagi yang berpendapatan rendah. Beliau juga menyarankan agar GLC mencapai penyertaan wanita sekurang-kurangnya 30% dalam lembaga pengarah menjelang 2023. Selain...
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LIFTING MARKET CAPITALISATION OF 20 GLCS TO RM386 BILLION
The transformation programme for government-linked companies (GLCs) has increased the market capitalisation of twenty selected GLCs to RM386 billion over ten years, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This initiative has also raised annual net revenue to RM26.2 billion, providing shareholders with an 11.1% return. He noted the importance of improving government-linked investment companies (GLICs) in...
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ENSURING EMPLOYEES GET AT LEAST RM1,500 MONTHLY
The Malaysian government is committed to ensuring that permanent employees of government-linked companies (GLCs) and investment companies (GLICs) receive a minimum salary of RM1,500 per month. Prime Minister Datuk Seri Ismail Sabri Yaakob emphasized the importance of this income level for addressing cost-of-living challenges, urging the private sector to adopt similar standards. Additionally, he called for GLCs to achieve at...
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TRANSFORMASI GLC, GLIC
Menteri Kewangan, Tengku Zafrul, menyatakan bahawa ekosistem GLC dan GLIC penting dalam pembangunan sosio-ekonomi Malaysia dan perlu terus ditambah baik. Program Transformasi GLC sebelum ini berjaya meningkatkan modal pasaran GLC terpilih kepada RM386 bilion dalam 10 tahun. Kerajaan kini memberi tumpuan kepada industri Revolusi Industri 4.0 dan akan memperkasa GLC dan GLIC untuk mempercepatkan pemulihan ekonomi pasca-COVID-19.
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TRANSFORMATION PROGRAMME LIFTS MARKET CAPITALISATION OF 20 GLCS TO RM386 BLN – TENGKU ZAFRUL
The GLC transformation programme has boosted the market capitalisation of 20 selected GLCs to RM386 billion, a 2.9-fold increase in 10 years, says Finance Minister Tengku Zafrul. It also raised GLCs' net revenue to RM26.2 billion annually. Efforts to enhance GLICs will focus on Industry 4.0 sectors. Malaysia's RCEP entry from March 18 is expected to increase exports by RM44...
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GLC, GLIC PERKUKUH EKOSISTEM EKONOMI
GLC dan GLIC memainkan peranan penting dalam pemulihan ekonomi Malaysia pasca COVID-19, dengan menyumbang RM445 bilion atau 25% permodalan pasaran Bursa Malaysia. Menteri Kewangan, Tengku Zafrul, menekankan fokus kepada rakyat, perniagaan, dan ekonomi, termasuk menyediakan 30,000 pekerjaan melalui JaminKerja 2022. GLC dan GLIC juga komited melaksanakan projek lestari dan digitalisasi untuk meningkatkan daya tahan ekonomi jangka panjang.
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GOVT LOOKING AT TARGETED FUEL, GAS SUBSIDIES
Malaysia's subsidies for petrol, gas, and diesel could reach RM28 billion in 2022 due to the Russia-Ukraine conflict driving up global oil prices, Finance Minister Tengku Zafrul Abdul Aziz said. With prices exceeding US$100 per barrel, the government pays RM1.65 per litre in subsidies for RON95 petrol. Tengku Zafrul highlighted the need for targeted subsidies, as the current system benefits...
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PETROL RETAIL GAP MAY TRIGGER SMUGGLING
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz warned that Malaysia's low petrol retail price of RM2.05 per litre could lead to smuggling due to significant price differences with neighbouring countries. He highlighted that the government’s petrol subsidy is projected to rise to RM28 billion in 2022 if global crude oil prices remain above US$100 per barrel. To manage...
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ACT 731 TO BE FINE-TUNED
The Finance Ministry is currently refining the Money Services Business Act 2011 (Act 731) to enhance oversight and curb illegal remittance activities, stated Deputy Finance Minister II Yamani Ilafez Musa. He noted that this initiative aims to facilitate more effective and punitive measures against remittance activities conducted by both unregistered and registered service providers.
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MORE RIGHTS TO BE RESTORED THIS YEAR
Discussions on reviewing special grants for Sarawak between the state government and the Finance Ministry are set to commence soon, according to Minister Datuk Seri Dr Maximus Ongkili. This initiative aims to restore the rights of Sabah and Sarawak under the Malaysia Agreement 1963 (MA63). For Sabah, special grant matters will be addressed at the Special Council on MA63. Ongkili...
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TARGETED FUEL SUBSIDY IN THE WORKS FOLLOWING HIKE OF CRUDE OIL PRICES
The Malaysian government plans to implement a targeted fuel subsidy in response to rising global crude oil prices, which have surged above US$100 per barrel due to the Russia-Ukraine conflict. Finance Minister Tengku Zafrul stated that without this change, subsidies for petrol, diesel, and LPG could reach RM28 billion in 2022. The current blanket subsidy benefits all income groups, with...
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GOVT STUDYING TARGETED FUEL AND COOKING OIL SUBSIDY MECHANISM TO ASSIST VULNERABLE GROUPS, SAYS TENGKU ZAFRUL
The Malaysian government will review its fuel and cooking oil subsidy mechanism to better target vulnerable groups, aiming to optimise resources and reduce subsidy leakage. Since 2021, rising crude oil prices have significantly increased subsidy costs, with total subsidies expected to reach RM28 billion in 2022, up from RM11 billion in 2021. High-income groups currently benefit more from subsidies due...
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BANKING SECTOR WELL POSITIONED: ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has stated that Malaysia's banking sector is well-positioned to fulfil the nation's aspirations amidst ongoing transformations. He highlighted Malaysia's strategic location and high living standards, emphasising plans for enhanced infrastructure and human capital investments. During the opening of HSBC Malaysia's new head office at Menara IQ, he discussed the Financial Sector Blueprint,...
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MALAYSIA HAB BAKAT GLOBAL
Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, menyatakan bahawa sektor perbankan Malaysia berada pada kedudukan yang baik untuk merealisasikan aspirasi negara dan menjalani transformasi. Dalam ucapan perasmian Ibu pejabat baharu HSBC Malaysia di Menara IQ, beliau menekankan kepentingan Pelan Tindakan Sektor Kewangan dalam mengharungi cabaran akan datang. HSBC melabur AS$250 juta dalam bangunan 33 tingkat itu, yang menyediakan persekitaran...
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PROMPTING AN ECONOMIC RECOVERY AND REFORM
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised the urgent need for Malaysia to attract high-quality investments to become a key regional investment hub, particularly amid ongoing uncertainties from the Covid-19 pandemic and global conflicts. During the opening of HSBC Malaysia’s new head office at Tun Razak Exchange, he highlighted Malaysia's strategic location and developed financial sector as critical...
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SEKTOR PERBANKAN MAMPU CAPAI ASPIRASI MALAYSIA
Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, menyatakan bahawa sektor perbankan Malaysia berada dalam kedudukan baik untuk merealisasikan aspirasi negara, terutamanya melalui Pelan Tindakan Sektor Kewangan 2022-2026. Malaysia ingin menjadi pangkalan antarabangsa yang ideal untuk perniagaan, menyokong pertumbuhan dan transformasi ekonomi. Pembukaan ibu pejabat baharu HSBC di Menara IQ dengan pelaburan AS$250 juta menggambarkan komitmen bank itu untuk menyediakan...
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BANKING SECTOR IN GOOD POSITION
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that Malaysia's banking sector is well-positioned to achieve national aspirations, particularly through the newly launched Financial Sector Blueprint. This blueprint outlines essential strategies for navigating future challenges and aligning with the 12th Malaysia Plan, aiming for a more prosperous, inclusive, and sustainable Malaysia. The opening of HSBC Malaysia's new head...
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GOVT SETS 5 FOCUS AREAS TO IMPROVE PLCS’ PERFORMANCE
The Malaysian government has launched the Public Listed Company Transformation Programme to enhance the performance of public listed companies (PLCs) in line with global economic demands. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz outlined five focus areas to improve company attractiveness and sustainability. Additionally, RM2 billion has been allocated for the Guaranteed Employment Incentive to create 300,000 new...
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TENGKU ZAFRUL: I DID NOT HIDE ECONOMIC FACTS
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has asserted that no economic facts have been concealed, responding to former Prime Minister Tan Sri Muhyiddin Yassin's claims about Malaysia's financial situation. In a Facebook statement, Zafrul explained that the report submitted to the National Recovery Council (NRC) contained information previously shared with the Cabinet and the public. He emphasised the...
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I NEVER CONCEALED FACTS ON ECONOMY
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has stated he has never concealed facts regarding Malaysia's economy, responding to former Prime Minister Tan Sri Muhyiddin Yassin's claim of a dire financial situation. Zafrul explained that the report submitted to the National Recovery Council (NRC), which Muhyiddin chairs, contains the same information shared with the cabinet and the public. He...
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ON THE RIGHT TRACK OF RECOVERY
Finance Minister Tengku Zafrul Abdul Aziz assured that Malaysia is on track for economic recovery, despite Tan Sri Muhyiddin Yassin's concerns. Zafrul highlighted ongoing recovery efforts post-COVID, including job creation, investments, and business support through the JaminKerja and SemarakNiaga initiatives in Budget 2022. He stressed transparency in economic reporting and confidence in achieving recovery goals while maintaining investor trust. Also...
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GOVT FOCUSES ON DRIVING NATIONAL FINANCIAL RECOVERY – TENGKU ZAFRUL
The Ministry of Finance (MoF), led by Tengku Datuk Seri Zafrul Abdul Aziz, is focused on driving Malaysia's financial recovery post-COVID-19 through key strategies like job creation and investment under the JaminKerja and SemarakNiaga pillars outlined in Budget 2022. Responding to Tan Sri Muhyiddin Yassin’s claims about the country's finances, Tengku Zafrul emphasised transparency, highlighting that economic reports have been...
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MOF ALLOCATES RM1.7 BILLION FOR MYSTEP 2022 TO CREATE 80,000 JOBS THIS YEAR
The Ministry of Finance has allocated RM1.7 billion for the Malaysia Short-term Employment Programme (MySTEP) in 2022, aiming to create 80,000 jobs. Job seekers can apply online at the MySTEP portal. This initiative, part of the JaminKerja campaign, offers short-term contracts in the public sector and government-linked companies. In 2021, the government secured over 63,000 jobs for graduates, exceeding targets....
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INISIATIF SEMARAKNIAGA PASTIKAN KELANGSUNGAN SEKTOR PERNIAGAAN
Program SemarakNiaga Keluarga Malaysia bernilai RM40 bilion dilancarkan untuk memulihkan industri perniagaan pasca pandemik, kata Menteri Kewangan Tengku Zafrul. Inisiatif ini menyokong semua lapisan perniagaan, termasuk pembiayaan mikro RM1.8 bilion dan langkah lain seperti pinjaman mudah RM14.2 bilion serta moratorium. Sektor pelancongan juga mendapat manfaat RM1.6 bilion, termasuk subsidi upah dan bantuan khas. Inisiatif lengkap boleh didapati di laman web...
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600,000 JOBS FROM JAMINKERJA
The JaminKerja Keluarga Malaysia initiative, launching Saturday, aims to create 600,000 jobs through a RM4.8 billion allocation, according to Finance Minister Tengku Zafrul. The initiative includes job carnivals, career counselling, and collaboration between various ministries and agencies like Socso and HRD Corp. Key components include employment incentives, MySTEP short-term job programme, and skills upgrading. The initiative also prioritises digital skills...
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MOF: KEPERLUAN PEMBANGUNAN SABAH DIBERI PERHATIAN KHUSUS
Kerajaan Persekutuan melalui Kementerian Kewangan dijangka akan memberikan peruntukan Perbelanjaan Mengurus (OE) yang lebih tinggi kepada Sabah tahun ini. Menteri Kewangan Datuk Seri Tengku Zafrul Tengku Abdul Aziz menyatakan bahawa pada tahun lepas, Kementerian Kewangan telah memperuntukkan sebanyak RM7.5 bilion untuk OE Sabah.
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MOF TERUS SOKONG PEMBANGUNAN SABAH YANG UTAMAKAN RAKYATNYA
Sabah mempunyai potensi yang besar untuk memajukan pembangunan dan memanfaatkan sumber-sumber yang ada, khususnya sebagai hab ekonomi serantau di Kawasan Pertumbuhan ASEAN Timur Brunei-Indonesia-Malaysia-Filipina (BIMP-EAGA). Menteri Kewangan Datuk Seri Tengku Zafrul Tengku Abdul Aziz menyatakan bahawa negeri ini merupakan salah satu destinasi pelancongan utama di Malaysia, selain memiliki sumber minyak dan gas, serta kawasan perladangan kelapa sawit dan hutan yang...
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ZAFRUL CALLS ON HAJIJI
Chief Minister Datuk Seri Hajiji Haji Noor received a courtesy call from Federal Finance Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz at his office in Menara Kinabalu. The delegation included Deputy Finance Minister II Yamani Hafez Musa, Treasury Deputy Secretary-Generals Zakiah Jaafar and Datin Rashidah Mohd Sies, National Budget Director Datuk Johan Mahmood Merican, and LAKSANA Unit Director...
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RIGHT MODEL TO EXPEDITE PAN BORNEO HIGHWAY PROJECT
The Ministry of Finance is focused on expediting the Pan Borneo Highway project in Sabah, with Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighting the need for increased funding beyond the current RM1 billion annual allocation. While the government is considering a Private Finance Initiative (PFI) for 22 project packages, Zafrul noted that the highway is not commercially viable...
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POTENTIAL FOR SABAH TO LEVERAGE ON RESOURCES TO DRIVE DEVELOPMENT
Sabah has significant potential to drive its development, particularly as an economic hub in the BIMP-EAGA region, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. Key strategies include enhancing downstream industries for oil, gas, and palm oil, improving industrial parks, and boosting infrastructure and digital connectivity. Zafrul also highlighted the state's eco-tourism potential and the opportunities from Indonesia's capital...
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SABAH WON’T BE LEFT BEHIND, SAYS ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz assured that Sabah would not be left behind in the Federal Government's development efforts. Sabah received RM5.2 billion in development allocation, including funds for roads, schools, and rural infrastructure. The government is also committed to flood mitigation, allocating RM66.3 million for Sabah. Additionally, Zafrul highlighted various assistance for flood victims, including housing...
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KUNJUNGAN HORMAT DI MENARA KINABALU
Ketua Menteri Datuk Seri Panglima Hajiji Haji Noor menerima kunjungan hormat daripada Menteri Kewangan Malaysia Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz di pejabatnya di Menara Kinabalu.
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RM1.6 BILION PACU INDUSTRI PELANCONGAN
Kerajaan memperuntukkan RM1.6 bilion dalam pelbagai inisiatif untuk industri pelancongan negara melalui Bajet 2022. Menteri Kewangan, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, berkata inisiatif itu bagi membantu industri pelancongan kembali meriah setelah sektor tersebut terkesan semasa pandemik melanda."Inisiatif tersebut termasuklah Program Subsidi Upah khusus untuk sektor pelancongan merangkumi pelbagai pembiayaan, antaranya dana geran dan geran padanan bagi membantu...
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FINANCE MINISTER CALLS ON CM
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz made a courtesy call to Chief Minister Datuk Seri Hajiji Noor at his office in Menara Kinabalu. The delegation included Deputy Finance Minister II Yamani Hafez Musa and other top officials from the Treasury and National Budget. The meeting was also attended by Sabah’s state Finance Minister II, Datuk Seri Masidi Manjun,...
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MORE JOB OPPORTUNITIES
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the government will continue focusing on reducing unemployment by creating more jobs and reviving pandemic-affected sectors. The Jamin Kerja initiative, launching soon, will create 600,000 jobs. Additionally, the MySTEP programme will offer 80,000 short-term jobs. Despite growth in many sectors, tourism remains slow, with RM1.6 billion allocated to support it...
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GOVT MAINTAINS 5.5-6.5 PCT GDP GROWTH FORECAST FOR 2022 – TENGKU ZAFRUL
The government has upheld its economic growth forecast for 2022, projecting it to remain between 5.5% and 6.5%, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. He noted that this estimate aligns with the projections of the International Monetary Fund (IMF) and the World Bank, which anticipate growth rates of 5.7% and 5.8%, respectively. Also available in 'Borneo...
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MOF: GOVT CONTINUES TO HELP PEOPLE POST-PANDEMIC
The Ministry of Finance (MoF) urges the public to utilise government initiatives aimed at helping post-pandemic recovery. These include an extended application period for the Financial Management and Resilience Programme (URUS) for B50 borrowers, offering loan interest exemptions and payment adjustments. Support for SMEs includes the Business Recapitalisation Facility and Low Carbon Transition Facility, with significant funding to encourage sustainable...
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GENTING HK UNSECURED LOANS NOT UNCOMMON, SAYS MINISTER
Banks may approve unsecured loans depending on their internal risk appetite. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz noted that unsecured loans are quite common in the banking sector. He explained that such approvals depend on the bank's willingness to assume risk, the credit assessment that meets established criteria, and compliance with the internal governance process.
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MALAYSIA’S BANKING SECTOR REMAINS RESILIENT IN FACING OPERATIONAL CHALLENGES – MOF
The Finance Ministry (MoF) emphasised that the banks involved in the issue of unsecured debts by Genting Hong Kong Ltd—and the Malaysian banking sector as a whole—are highly resilient in the face of various operational challenges. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that unsecured loans are a common occurrence in the banking sector, and the bankruptcy...
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MENTERI KEWANGAN TIDAK TENTUKAN KELULUSAN PINJAMAN
Tegaskan bahawa bankbank yang terlibat, dan sektor perbankan Malaysia secara keseluruhannya, amatlah berdaya tahan dalam mengharungi pelbagai cabaran operasi perniagaan semasa. “Sektor perbankan sebenarnya telah mengalami banyak penambahbaikan berbanding tahun 1998 iaitu semasa Asian Financial Crisis dan Datuk Seri memegang tampuk Kementerian Kewangan,” kata beliau.Media sebelum ini melaporkan bahawa tiga bank Malaysia dinamakan sebagai antara ketua pemiutang tidak bercagar Genting...
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NEW REVENUE POLICY CAN ONLY BE INTRODUCED AFTER THE ECONOMY HAS RECOVERED – TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that a new revenue policy can only be introduced once the economy has recovered and the public is ready. The focus is on addressing inflation caused by global supply chain disruptions, rising energy costs, and increased consumer demand. He highlighted the RM31 billion in subsidies for petrol, diesel, cooking oil, and...
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YAYASAN MYSDG PLATFORM PENAMBAHBAIKAN GERAN
Yayasan MySDG Malaysia dilancarkan sebagai platform untuk menyelaras geran daripada pelbagai sumber dengan lebih baik. Ia merupakan hasil kerjasama kerajaan dengan PBB dan disokong oleh peruntukan RM20 juta selama lima tahun. Yayasan ini bertujuan merapatkan jurang pembiayaan melalui sumbangan sektor swasta, NGO, CSO, dan individu. Dengan tadbir urus telus, dana ini menyokong Matlamat Pembangunan Mampan (SDG) seperti pembasmian kemiskinan dan...
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MYSGD FOUNDATION A PLATFORM FOR BETTER COORDINATION OF GRANTS, SAYS TENGKU ZAFRUL
The Malaysia Sustainable Development Goals Foundation (MySDG Foundation), which was launched on Thursday (Jan 27), will be a platform for better coordination of grants from various sources. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said various funds had been set up and managed by stakeholders to address issues pertaining to poverty eradication, wildlife welfare, and environmental and biodiversity conservation....
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BLUEPRINT CHARTS COURSE FOR FINANCIAL SECTOR REFORM
The Financial Sector Blueprint 2022-2026 aims to transform Malaysia's financial sector by advancing digitalisation, promoting green finance, and boosting the funding ecosystem. Finance Minister Tengku Zafrul emphasised the need for collaboration between the government, regulators, and private sector to address upcoming challenges. Bank Negara Governor Tan Sri Nor Shamsiah highlighted the sector's role in supporting economic resilience, financial well-being, and...
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BANKING IN THE DIGITAL AGE
Industry experts have welcomed Bank Negara’s Financial Sector Blueprint 2022-2026, which aims to promote long-term growth, sustainability, and shared prosperity. Finance Minister Tengku Zafrul highlighted the blueprint’s focus on digitalisation, green finance, and economic transformation, urging collaboration between the government and financial sector. Speakers at MyFintech Week 2022 emphasised the need for partnerships and innovation, stressing the importance of data...
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FINANCIAL SECTOR, GOVT MUST COLLABORATE FOR ECONOMY REBUILDING, TENGKU ZAFRUL SAYS
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has called for collaboration between the financial sector and government to rebuild Malaysia’s economy. Speaking at the launch of MyFintech Week 2022 and the Financial Sector Blueprint (FSB) 2022-2026, he highlighted the blueprint’s goals, including advancing digitalisation, increasing funding vibrancy, and promoting green finance. He emphasised the financial sector’s critical role...
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FINANCIAL SECTOR SHOULD COLLABORATE WITH GOVT TO REBUILD ECONOMY, SAYS TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has urged the financial sector to collaborate with the government to rebuild and improve Malaysia’s economy. Speaking at the launch of Bank Negara Malaysia’s MyFintech Week 2022 and the Financial Sector Blueprint (FSB) 2022-2026, he highlighted key priorities, including advancing digitalisation, enhancing access for consumers, and promoting green finance. He called...
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FINANCIAL SECTOR’S NEW BLUEPRINT
The Financial Sector Blueprint 2022-2026, launched yesterday, will shape the development of Malaysia’s financial sector over the next five years, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He stated that the blueprint’s key anticipated outcomes include accelerating the digitalisation of the financial sector and offering consumers greater choice and access to financial services. Also available in...
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LEBIH PILIHAN, AKSES PERKHIDMATAN KEWANGAN BUAT RAKYAT
Rakyat Malaysia akan menikmati lebih banyak pilihan dan akses yang lebih bermakna kepada perkhidmatan kewangan melalui pelancaran Pelan Sektor Kewangan 2022-2026. Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz berkata, pelan ini dijangka mempercepat pendigitalan sektor kewangan, memperkukuh ekosistem pembiayaan untuk memenuhi keperluan ekonomi negara, serta memperluaskan penggunaan amalan kelestarian dan kewangan hijau. Beliau turut menantikan kemasukan bank digital...
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NEW BLUEPRINT TO NAVIGATE CHALLENGES: ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Aziz stated that the Financial Sector Blueprint 2022-2026 will be essential in navigating upcoming challenges and opportunities while complementing the 12th Malaysia Plan (12MP). Key outcomes include advancing digitalisation, enhancing consumer access, strengthening the funding ecosystem, and promoting green finance. Zafrul also highlighted the positive impact of digital banks and insurers on Malaysia's financial...
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INSTITUSI KEWANGAN BANTU 2.7 JUTA PEMINJAM, 95,000 PKS
Institusi kewangan terus menyokong rakyat dan perniagaan dengan 2.7 juta peminjam individu serta kira-kira 95,000 perusahaan kecil dan sederhana (PKS) mendapat bantuan pembayaran balik pinjaman dalam tempoh 1 Jun hingga 24 Disember 2021, kata Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Beliau berkata, sektor kewangan memainkan peranan penting dalam menyokong rakyat dan perniagaan dengan melanjutkan bantuan pembayaran balik...
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RM20.147 BLN CHANNELLED TO 357,429 EMPLOYERS
The government has disbursed RM20.147 billion to 357,429 employers via its wage subsidy programme (PSU), which has assisted in retaining 2,951,854 jobs in a bid to lower the unemployment rate. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that for PSU 1.0, 322,177 employers. Also available in 'New Sarawak Tribune', 'The Star'.
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RM125 MILLION AID CHANNELLED TO STATES
The government has allocated over RM125 million to states affected by floods for the distribution of compassionate cash aid (BWI) and death assistance under the BWI for heads of households. Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz stated that since December 27, 75,000 heads of households have received BWI aid amounting to RM1,000.
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ZAFRUL: OVER RM2BIL TO BE SPENT HELPING FLOOD VICTIMS
Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced that over RM2 billion will be allocated to assist victims of the significant year-end floods that impacted various regions of the country. "On December 29, the Prime Minister announced an aid package worth RM1.4 billion for flood disaster relief, which is a comprehensive and unprecedented initiative aimed at addressing the flooding caused...
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GOVT AID FOR FLOOD VICTIMS TO RISE TO RM2B
The disaster is anticipated to lead to a decline in the production value of economic sectors by between RM4 billion and RM8 billion. Government assistance for flood victims is expected to rise by RM600 million, bringing the total to RM2 billion from the initial allocation of RM1.4 billion. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that the...
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FINANCE MINISTRY: FLOODS REDUCED ECONOMIC SECTOR PRODUCTION BY RM4B TO RM8B
The Finance Ministry reported that the northeast monsoon floods in December 2021 caused an estimated RM4 billion to RM8 billion reduction in the economic sector's production value. Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz noted that despite the significant impact on economic activities, the country's GDP growth forecast remains between 3% and 4% for 2021. He highlighted encouraging recovery...
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MOMENTUM PEMULIHAN EKONOMI TIDAK TERJEJAS
Banjir yang melanda negara pada Disember lalu dijangka menyebabkan pengurangan nilai pengeluaran sektor ekonomi antara RM4 bilion hingga RM8 bilion. Namun, Menteri Kewangan Tengku Datuk Seri Zafrul Tengku Abdul Aziz menjelaskan bahawa unjuran pertumbuhan Keluaran Dalam Negara Kasar (KDNK) kekal antara tiga hingga empat peratus, dengan ekonomi dijangka berkembang antara 5.5 hingga 6.5 peratus. Kerajaan telah mengumumkan Bantuan Banjir Keluarga...
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POSITIVE INDICATORS SHOW GSP GROWTH IN 2022 CAN BE ACHIEVED
Positive indicators, such as the decreasing unemployment rate, suggest that national economic growth of 5.5-6.5 percent is attainable this year, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Despite ongoing challenges posed by the pandemic, he indicated that this year would mark a period of economic recovery, bolstered by the RM322 billion allocation in Budget 2022, which...
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TETAP BOLEH MOHON BANTUAN
Mangsa banjir yang mengalami kerosakan pada kenderaan persendirian dan telah membaikinya di bengkel yang tidak berdaftar kini boleh memohon Bantuan Automotif Keluarga Malaysia. Menteri Kewangan, Senator Tengku Datuk Seri Zafrul Tengku Abdul Aziz, menyatakan bahawa ini adalah hasil daripada penambahbaikan pelaksanaan inisiatif tersebut dengan menyediakan kaedah alternatif untuk membuat tuntutan tunai. Menurutnya, permohonan tuntutan Bantuan Automotif Keluarga Malaysia untuk bengkel...
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INSENTIF CUKAI KHAS PACU PELABURAN DI TOK BALI
Projek pembangunan infrastruktur dan kesalinghubungan di kawasan sekitar dapat meningkatkan daya tarikan pelaburan ke Tok Bali. Kementerian Kewangan telah meluluskan insentif cukai khas untuk memacu pelaburan di Tok Bali, Kelantan, sebagai pusat pertumbuhan baharu di negeri itu, dengan menawarkan pengecualian cukai pendapatan sebanyak 100 peratus selama 15 tahun dan kadar cukai pendapatan istimewa sebanyak 17 peratus bagi lima tahun seterusnya....
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PORTAL SALUR MAKLUMAT BANTUAN
Kementerian Kewangan telah membangunkan portal bantuanbanjir.com yang mengumpulkan pelbagai pautan di bawah satu laman web untuk memudahkan orang ramai mendapatkan maklumat berkaitan bantuan banjir. Menterinya, Tengku Datuk Seri Zafrul Abdul Aziz, menyatakan bahawa senarai lengkap bantuan kerajaan, termasuk Bantuan Wang Ihsan (BWI) dan bantuan lain untuk membaiki rumah serta baucar membaiki kenderaan, tersedia di portal tersebut. Secara keseluruhan, jumlah bantuan...
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SPECIAL TAX INCENTIVE TO DRIVE INVESTMENT IN TOK BALI
The Malaysian government has introduced special tax incentives to promote Tok Bali as a new growth centre in Kelantan. Investors will receive a 100% income tax exemption for 15 years from their first statutory income, with a potential five-year extension at a reduced rate of 17%. Senior management positions held by non-citizens will be taxed at a flat rate of...
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INSENTIF CUKAI LONJAK PERTUMBUHAN TOK BALI
Tok Bali berpotensi menjadi pusat pertumbuhan baharu di Kelantan berdasarkan pengumuman insentif cukai khas oleh Kementerian Kewangan baru-baru ini.Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, berkata menyedari cabaran yang dihadapi oleh Kelantan, kerajaan yakin bahawa insentif cukai khas yang dilaksanakan melalui Majlis Pembangunan Wilayah Ekonomi Pantai Timur (ECERDC) akan merancakkan transformasi ekonomi negeri itu.
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JUMLAH KUTIPAN BOLEH KEMBALI CECAH LEBIH RM200 JUTA
Pusat Transformasi Bandar (UTC) Kelantan berpotensi meraih kutipan lebih RM200 juta setahun setelah beroperasi sepenuhnya dalam Fasa 4 Pelan Pemulihan Negara (PPN). Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, menyatakan bahawa sebelum pandemik, UTC mencatatkan kutipan RM200 juta. Beliau juga melaporkan 404,863 pengunjung direkodkan dari Jun 2020 hingga Disember lalu, dengan purata 16,436 pengunjung bulanan. Tengku Zafrul menjelaskan...
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PENCEN STATUS PGK
Tengku Zafrul beramah mesra dengan petugas Bank Simpanan Nasional (BSN) semasa melawat UTC Kota Bharu. Beliau menyatakan bahawa kebenaran untuk pengeluaran tambahan mungkin menyebabkan lebih ramai pencarum Kumpulan Wang Simpanan Pekerja (KWSP) bersara di bawah Pendapatan Garis Kemiskinan (PGK). Menurut Menteri Kewangan itu, hampir separuh daripada pencarum KWSP mempunyai simpanan kurang daripada RM10,000, di mana 55 peratus daripadanya adalah Bumiputera.
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ADDITIONAL WITHDRAWALS CAN CAUSE MEMBERS TO RETIRE BELOW PGK, SAYS TENGKU ZAFRUL
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated that if the government permits additional withdrawals from their savings, more Employees Provident Fund (EPF) members are likely to retire below the Income Poverty Line (PGK). He noted that there has been a persistent decline in the retirement savings of EPF members, with nearly half of them holding less than...
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MALAYSIA RECEIVES RM340.92M FROM KPMG AS 1MDB SETTLEMENT
The Malaysian government has received RM340.92 million from KPMG, following a settlement related to a civil suit filed by 1MDB. The funds have been deposited into Malaysia's Assets Recovery Trust Account, which has now collected RM19.138 billion linked to the 1MDB scandal. The funds are being used to repay 1MDB's debts, with RM13.3 billion already paid. The government remains committed...
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GOVT ALLOCATES RM20.1 BILLION TO EMPLOYERS THROUGH PSU
The Malaysian government has allocated RM20.1 billion through the Wage Subsidy Programme (PSU) to support 357,402 employers and maintain 2.95 million local jobs, aiming to reduce unemployment. Finance Minister Tengku Zafrul Abdul Aziz announced that RM600 million will further benefit over 26,000 employers and 330,000 workers. As of December 2021, RM2.15 billion had been disbursed under PSU 4.0. The government...
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1MDB: MALAYSIA GETS RM340.92 MILLION FROM KPMG
The Malaysian government has received RM340.92 million from KPMG, deposited into the Assets Recovery Trust Account. This follows KPMG's settlement over a civil suit filed by 1MDB. To date, RM19.138 billion has been recovered in connection with the 1MDB financial scandal, with RM13.3 billion of 1MDB's debt repaid. However, the current funds are only sufficient to cover the principal amount...
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RM341MIL FROM KPMG IN 1MDB SETTLEMENT
The government has received RM340.92 million from audit firm KPMG as part of a settlement for a lawsuit filed by state investment firm 1Malaysia Development Bhd (1MDB). In a statement issued yesterday, the Finance Ministry reported that, to date, the Trust Account—managed by the Accountant General's Department of Malaysia—has received a total of RM19.14 billion in connection with the 1MDB...
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GOVT STILL HAVE TO PAY RM38.8B IMDB’S DEBT
The government has repaid RM13.3 billion of 1Malaysia Development Bhd's (1MDB) debt to date, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. As of 31st December 2021, 1MDB's outstanding debt, including both principal and interest or profit from bonds and sukuk, stood at RM38.81 billion. The government has also received RM340 million.
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MORE SERVICE CENTRES, WORKSHOPS JOIN AUTOMOTIVE DISCOUNT VOUCHER INITIATIVE, BRINGING TOTAL TO 1,800
Some 1,800 service centres and workshops have so far registered to participate in the Keluarga Malaysia Automotive Discount Voucher initiative aimed at helping flood victims, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said. He said they comprise about 1,100 car service centres and 700 motorcycle workshops.
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PUSAT SERVIS BAUCAR DISKAUN AUTOMOTIF MENINGKAT KEPADA 1,800
Menteri Kewangan, Tengku Zafrul, mengumumkan bahawa 1,800 pusat servis dan bengkel telah mendaftar untuk inisiatif Baucar Diskaun Automotif Keluarga Malaysia, meningkat dari 1,000 sebelumnya. PERODUA dan Proton menawarkan diskaun hingga 50% untuk alat ganti, dengan PERODUA memberikan pembaikan percuma. Baucar ini sah sehingga 31 Mac 2022, bertujuan meringankan beban mangsa banjir. Tuntutan boleh dibuat di pusat servis atau bengkel berdaftar...
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BKM 2022 BENEFIT 9.6 MLN RECIPIENTS
The Bantuan Keluarga Malaysia (Malaysian Family Assistance or BKM) programme is expected to benefit more than 9.6 million recipients in 2022 with an allocation of RM8.2 billion, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This represents an increase from 8.6 million recipients with an allocation of RM7 billion under the Bantuan Prihatin Rakyat (BPR) initiative in 2021, he...
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OWNERS OF DAMAGED VEHICLES CAN REDEEM DISCOUNT VOUCHER
Nearly 20 automotive companies, with over 1,000 registered service centres, have joined the Keluarga Malaysia Automotive Discount Voucher initiative, according to the Ministry of Finance. Finance Minister Tengku Zafrul Abdul Aziz stated that vehicle owners affected by floods can redeem vouchers for repair or vehicle replacement at authorised centres without applying. The deadline for claims is 31st March 2022. The...
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PASARAN SAHAM TERJEJAS, JIKA DANA KWSP TERUS DIKELUARKAN
KWSP memainkan peranan penting dalam pasaran saham dan bon tempatan untuk menjana pulangan dividen. Menteri Kewangan, Tengku Zafrul, menyatakan jika pengeluaran KWSP dibenarkan lagi, ia akan memaksa KWSP menjual aset secara besar-besaran, mengurangkan kecairan dan keyakinan pelabur, serta meningkatkan kos pinjaman. Ini juga akan memberi kesan negatif kepada ahli lain seperti KWAP, ASB, dan Tabung Haji.
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DON’T RELY ON EPF SAVINGS TO GET THROUGH TOUGH TIMES
Finance Minister Tengku Zafrul advised that EPF savings should not be relied upon to tackle challenges like the COVID-19 pandemic or floods. While special EPF withdrawals via i-Lestari, i-Sinar, and i-Citra were short-term measures, further withdrawals could harm retirement savings, especially as Malaysia will become an ageing nation by 2030. He stressed that 50% of contributors have less than RM10,000...
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EPF NOT SOLUTION TO CHALLENGES, RETIREMENT SAVINGS IMPORTANT – TENGKU ZAFRUL
Finance Minister Tengku Zafrul stated that the Employees Provident Fund (EPF) should not be seen as a solution for challenges like floods or COVID-19, as it jeopardises retirement savings. He emphasised the importance of preserving savings, especially as Malaysia is expected to become an ageing nation by 2030. While RM101 billion has been withdrawn via i-Lestari, i-Sinar, and i-Citra, the...
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BKM REGISTRATION IS OPEN TILL JAN 31
The registration period for Bantuan Keluarga Malaysia (BKM) is open until January 31, allowing eligible individuals to register or update their information, as announced by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. This year's BKM is set to benefit over 9.6 million recipients with an allocation of RM8.2 billion, an increase from last year's RM7 billion for 8.6...
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GKP 4.0 FASA 2 MULA DIAGIHKAN
Bayaran Geran Khas Prihatin (GKP) 4.0 Fasa 2 mula diagihkan kepada lebih sejuta peniaga PKS bermula semalam, dengan peruntukan sebanyak RM500 juta. Sejak COVID-19, lebih RM6.08 bilion telah disalurkan kepada PKS mikro melalui GKP. Menteri Kewangan, Tengku Zafrul Tengku Abdul Aziz, menyatakan sokongan kerajaan berterusan kepada PKS Mikro, sambil berkongsi kisah kejayaan peniaga seperti Puan Mazlin yang telah mengembangkan perniagaan...
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MALAYSIA UNVEILS LARGEST BUDGET EVER
Finance Minister Tengku Datuk Seri Zafrul Aziz last Friday announced a RM332.1 billion allocation for Malaysia's Budget 2022, the highest amount ever for a national budget, in a bid to revive the pandemic-battered economy.
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80,000 PELUANG KERJA KONTRAK MELALUI MYSTEP
Kerajaan meneruskan inisiatif MySTEP dengan menawarkan 80,000 pekerjaan kontrak pada 2022, meliputi 50,000 dalam sektor awam dan 30,000 di GLC. Bajet 2022 juga memperuntukkan RM1.1 bilion untuk melatih 220,000 pelatih melalui program latihan dan peningkatan kemahiran, termasuk program "place and train" serta kerjasama industri dengan fokus pada kemahiran digital seperti Global Online Workforce (GLOW) oleh MDEC.
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RM40 BILION PAKEJ PEMBIAYAAN USAHAWAN
Kerajaan memperkenalkan Program Semarak Niaga Keluarga Malaysia dengan pakej pembiayaan bernilai RM40 bilion untuk membantu usahawan, termasuk perusahaan mikro hingga syarikat tersenarai. Inisiatif ini merangkumi pinjaman langsung, jaminan pembiayaan, dan suntikan ekuiti. Pelbagai skim seperti equity crowd funding, quasi-equity, dan Business Recapitalisation Fund turut diperkenalkan untuk menyokong pemulihan perniagaan, dengan dana tambahan dari SME Bank, TERAJU, BSN, dan BPMB.
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MOF BERI TUMPUAN BANTU RAKYAT
Tengku Datuk Seri Zafrul Tengku Abdul Aziz menyatakan bahawa pelantikan semula beliau untuk mengetuai Kementerian Kewangan (MoF) memberikan kesinambungan dasar yang telah dilaksanakan sejak 18 bulan lalu, terutama dalam membantu rakyat dan perniaga yang terkesan akibat pandemik Covid-19. MoF terus memberi tumpuan kepada perusahaan kecil dan sederhana (PKS), khususnya dalam sektor peruncitan dan pelancongan, dengan bantuan geran dan pembiayaan. Input...
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BUDGET 2022 HOPED TO PULL MALAYSIA OUT OF THE DOLDRUMS
Budget 2022, set to be unveiled on 29 October, focuses on recovery, resilience, and reform to revive Malaysia's economy and align with the 12th Malaysia Plan. Finance Minister Tengku Zafrul highlighted priorities such as MSMEs, digitalisation, and support for women, aiming to minimise economic scarring. With RM338.1 billion projected expenditure and RM230 billion revenue, the budget will emphasise targeted aid,...
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TERUSKAN KESINAMBUNGAN DASAR BANTU RAKYAT, NEGARA
Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, menegaskan pelantikan semula ke portfolio yang sama memastikan kesinambungan dasar untuk membantu rakyat dan perniaga terkesan akibat COVID-19. Usaha Kementerian Kewangan termasuk bantuan Geran Khas Prihatin (RM6.08 bilion) kepada PKS mikro, pembiayaan dan moratorium. Melalui interaksi awam dan maklum balas, MoF terus memperhalusi langkah dalam Bajet 2022 bagi menyokong golongan memerlukan.
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TERUSKAN MOMENTUM BELANJAWAN 2021
Penganalisis ekonomi berpendapat Belanjawan 2022 perlu meneruskan momentum Belanjawan 2021 untuk memulihkan ekonomi negara. Mereka menjangka kerajaan akan meningkatkan had hutang negara dan defisit, serta memberi tumpuan kepada pembangunan, pelaburan, peluang pekerjaan, dan merapatkan jurang pendapatan. Menteri Kewangan Tengku Zafrul menyatakan Belanjawan 2022 akan fokus kepada 3M: memulih kehidupan, membina daya tahan, dan memangkin pembaharuan, dengan pendekatan inklusif dan berimpak...
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3M FOKUS BAJET 2022
Bajet 2022 akan memberi tumpuan kepada 3M: memulih kehidupan, membina semula daya tahan, dan memangkin pembaharuan. Program Jelajah #Bajet2022 serta portal khusus digunakan untuk mengumpul input rakyat, menghasilkan belanjawan inklusif dan berimpak tinggi. Tengku Zafrul menegaskan pengajaran daripada pandemik, termasuk persediaan menghadapi krisis, digitalisasi, rantaian bekalan strategik, dan reformasi struktur sosioekonomi untuk masa depan Malaysia yang lebih kukuh.
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BUDGET 2022 FOCUSES ON CONTINUING AID PROGRAMMES, SUPPORT FOR SMES
Budget 2022 focuses on supporting Malaysia's recovery from the pandemic, emphasising aid for people and businesses, sustainability, and digitalisation. Finance Minister Tengku Zafrul announced initiatives to enhance efficiency, sustainability, and governance in public services, while continuing to drive digital implementation, including 5G and the Jendela programme. The budget also includes RM6.1 billion for micro-entrepreneurs, and government aid to SMEs, aiming...
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MOF ANNOUNCES PLC TRANSFORMATION PROG TO COMPLEMENT PERKUKUH
Finance Minister Tengku Zafrul Abdul Aziz announced the PLC Transformation Programme (PLCT) to enhance corporate Malaysia's performance. Led by Bursa Malaysia, the programme focuses on five pillars: performance, sustainability, corporate governance, digitalisation, and nation-building. It includes issuing digital guidelines to support PLCs' transformation from 2021 to 2025, with progress monitored via a digital dashboard. The initiative aims to strengthen Malaysia's...
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LAYING FOUNDATIONS FOR WIDER REFORM EFFORTS
Budget 2022 will be expansionary, focusing on recovery, economic resilience, and reforms, with sustainability as a key priority, said Finance Minister Tengku Zafrul. It includes ongoing financial aid for vulnerable groups, support for business automation and digitalisation, labour market incentives, and enhanced fiscal prudence. Initiatives like the Public Listed Company Transformation Programme (2021-2025) aim to strengthen corporate governance and align...
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MOF KOMITED SEDIAKAN DANA BIAYAI RMK-12
Kementerian Kewangan (MoF) komited untuk menyediakan peruntukan kewangan yang mencukupi bagi membiayai perbelanjaan pembangunan Rancangan Malaysia Ke-12 (RMK-12) dengan anggaran RM400 bilion, berbanding RM248.5 bilion pada RMK-11. Langkah ini bertujuan memacu pemulihan sosioekonomi negara, dengan fokus kepada peningkatan sektor kesihatan, daya tahan negara, dan digitalisasi, serta menyokong agenda pembaharuan dalam Belanjawan 2022.
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BUDGET 2022 TO ACCELERATE NATION’S ECONOMIC RECOVERY
The Finance Ministry (MoF) aims to drive Malaysia's economic recovery through Budget 2022, focusing on business-friendly policies and investment growth. Finance Minister Tengku Zafrul highlighted political stability, boosted by a recent MoU on Political Transformation, as critical to fostering economic progress. The MoF plans to raise the Covid-19 Fund ceiling to RM110 billion and extend direct assistance to SMEs, while...
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MOF CALLS FOR ECONOMIC GOALS CONTRIBUTION FROM EXPERTS
The Finance Ministry (MoF) has urged economists and academicians to refine their roles in addressing Malaysia's economic challenges, particularly post-Covid-19. Finance Minister Tengku Zafrul highlighted the need for innovative ideas and reforms, such as Perkukuh, to foster economic dynamism and shared prosperity. He emphasised bridging theoretical and practical gaps in policy-making, tackling inequality, and promoting productive entrepreneurship over rent-seeking to...
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MOF: DEVELOPMENT FINANCIAL INSTITUTIONS TO HAVE STRATEGIC ROLE IN RESTORING NATION’S BUSINESSES AND EMPLOYMENT OPPORTUNITIES
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the strategic role of Development Financial Institutions (DFIs) in supporting Malaysia's economic recovery. He urged DFIs to assist businesses, particularly micro, small, and medium enterprises in key sectors such as tourism, retail, agriculture, and high-tech industries, by providing more flexible financing options. This initiative aligns with the government's economic recovery strategy...
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ORANG RAMAI DIPELAWA BERKONGSI IDEA BAGI BAJET 2022
Kementerian Kewangan (MoF) mengajak orang ramai untuk berkongsi idea bagi penyediaan Bajet 2022 melalui Kertas Konsultasi Awam (KKA), sebagai usaha meningkatkan ketelusan dalam proses bajet tahunan. Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz, mengumumkan empat KKA yang melibatkan penambahbaikan dasar perolehan kerajaan, bantuan tunai, insentif cukai, dan penggubalan Akta Tanggungjawab Fiskal (FRA). Maklum balas boleh dikemukakan sehingga 15 September...
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FIRST PAYMENT FOR SPECIAL COVID-19 ASSISTANCE STARTS SEPT 6
The first phase of the Special Covid-19 Assistance (BKC) payments, totalling RM3.1 billion, will begin on 6 September for B40 recipients and 9 September for M40 recipients, benefitting over 10 million households, senior citizens, and single individuals. Part of the RM150 billion National Recovery Package, BKC payments will continue through November and December. The RM3.5 billion Jaringan Prihatin programme for...
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TENGKU ZAFRUL: PRE-BUDGET STATEMENT WILL ENHANCE TRANSPARENCY
The Finance Ministry (MoF) will release Malaysia's first Pre-Budget Statement (PBS) for Budget 2022 to enhance transparency and boost investor confidence in fiscal management. Finance Minister Tengku Zafrul said the PBS outlines economic outlooks, fiscal targets, tax measures, and public expenditure status, inviting stakeholder feedback. Budget 2022 will focus on recovery from the Covid-19 crisis, strengthening healthcare, advancing digital infrastructure,...
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MOF ISSUES PRE-BUDGET STATEMENT FOR BUDGET 2022
The Ministry of Finance (MoF) has released the first-ever Pre-Budget Statement (PBS) for Budget 2022, aimed at enhancing transparency in the budget formulation process. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the PBS provides key metrics on the economic outlook, tax revenue, and public expenditure for 2021, offering an overview of Budget 2022's direction and benefits. The...
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TENGKU ZAFRUL: MOF TO ISSUE MAIDEN PRE-BUDGET 2022 STATEMENT
Finance Minister Tengku Zafrul Aziz announced the Ministry of Finance's first-ever pre-Budget 2022 statement, set to be released before the Budget 2022 presentation in October. The initiative aims to gather input from all stakeholders, including opposition MPs, aligning with the "Malaysian Family" concept. The ministry will also table the 12th Malaysia Plan and focus on welfare, prosperity, and resilience while...
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TENGKU ZAFRUL TO SEEK ALL VIEWS FOR ‘MORE INCLUSIVE’2022 BUDGET
Finance Minister Tengku Zafrul Aziz announced plans to present Malaysia's first-ever pre-budget statement ahead of the 2022 Federal Budget, emphasising inclusivity and economic recovery. He aims to engage all stakeholders, including government and opposition MPs, under the "Malaysian Family" concept. The Finance Ministry will also table the 12th Malaysia Plan and focus on welfare, prosperity, and resilience, aligning with the...
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RM3.9BIL FOR VACCINE BUY
The government has allocated a total of RM3.9bil for a signed contractual agreement to procure 79.9 million Covid-19 vaccine doses, the Dewan Rakyat was told. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz also expressed his appreciation for the contribution of 2.9 million doses of vaccine from Japan, the United States, China and the United Kingdom.
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ZAFRUL: GOVT TO IMPLEMENT CONSOLIDATION MEASURES TO STRENGTHEN FISCAL POSITION
The government will implement consolidation measures to strengthen its fiscal position including broadening the revenue base, enhance the tax administration and compliance, as well as increase the efficiency in spending to control the fiscal deficit level when the economy is restored, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
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GOVT READY TO RELAX DEBT RESTRICTIONS; TO FILE MOTION TO RAISE DEBT CEILING IN SEPTEMBER, SAYS TENGKU ZAFRUL
Malaysia's Finance Minister announced plans to raise the country's statutory debt ceiling due to limited fiscal space. The government has already implemented eight stimulus packages totaling RM530 billion to combat the COVID-19 pandemic's impact. With the reintroduction of movement restrictions, the government expects a downward revision of its initial GDP growth forecast for 2021. A formal revision will be announced...
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JANANIAGA BANTU ALIRAN TUNAI DUA JUTA PKS
Kerajaan Malaysia telah memperuntukkan RM300 juta untuk platform JanaNiaga bagi membantu Perusahaan Kecil dan Sederhana (PKS) dalam menguruskan aliran tunai mereka. Inisiatif ini bertujuan membantu PKS mendapatkan pembiayaan untuk mengatasi isu kelewatan pembayaran. Selain itu, kerajaan juga telah melaksanakan inisiatif CERDIK untuk meningkatkan akses digital bagi pelajar sekolah dengan menyediakan peranti digital. Kedua-dua inisiatif ini menunjukkan komitmen kerajaan dalam menyokong...
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MOF CARI JALAN PERCEPATKAN OBJEKTIF IMUNISASI – TENGKU ZAFRUL
Peranan Kementerian Kewangan dalam menyediakan tatacara perolehan dan peruntukan bagi memudahcara serta menyegerakan pelaksanaan Program Imunisasi Covid-19 Kebangsaan (PICK) demi mencapai objektif imunisasi lengkap rakyat menjelang Oktober nanti. Menteri Kewangan, Senator Tengku Datuk Seri Zafrul Tengku Abdul Aziz berkata, antara langkah diambil ialah menurunkan kuasa kepada Kementerian Kesihatan Malaysia (KKM) dan Kementerian Sains, Teknologi dan Inovasi (MOSTI) untuk memuktamadkan...
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GOVT TO SPEND RM1.2B TO EXTEND CONTRACTS FOR 14,000 MEDICAL, DENTAL OFFICERS, PHARMACISTS, SAYS TENGKU ZAFRUL
The Malaysian government has approved a RM1.2 billion expenditure to extend the contracts of approximately 14,000 medical doctors, dentists, and pharmacists for two years. This move aims to address the concerns of contract-status health workers and ensure continuity of healthcare services, particularly in light of the ongoing COVID-19 pandemic. Additionally, the government will extend contracts for those pursuing specialist studies...
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TENGKU ZAFRUL: WORKPLACE CLUSTERS RECORD HIGHEST COVID-19 CASES
Covid-19 clusters involving the workplace which stood at 735 clusters, recorded the highest number of cases at 60,000 cases from June 1 to July 23, said National Recovery Plan (PPN) Coordinating Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. The finance minister said of the total clusters, 373 or 50.7% involved the manufacturing sub-category, with 35,642 cases reported.
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KERAJAAN JEMPUT WAKIL PEMBANGKANG SERTAI MPN
Mesyuarat pertama Majlis Pemulihan Negara (MPN) turut menjemput wakil parti pembangkang menjadi ahli majlis itu. Menteri Penyelaras Pelan Pemulihan Negara (PPN) yang juga Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, berkata langkah itu selaras dengan pendekatan PPN yang berlandaskan prinsip kolaborasi, inklusif dan membabitkan penyertaan menyeluruh.
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ALLOCATION FOR SME CASH FLOW AID SCHEME EXPECTED TO REACH RM1.2B
The allocation for the National Supply Chain Finance Platform, JanaNiaga, is expected to reach RM1.2 billion, with additional funding from financial institutions which will participate in phases. Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said that to ensure the financing assistance could be extended to SMEs immediately, an allocation of RM300 million has been provided by Export-Import Bank...
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FITCH GIVES THUMBS UP TO MALAYSIA’S RESILIENCE
Fitch Ratings has affirmed Malaysia's credit rating with a stable outlook, acknowledging the country's strong economic fundamentals and diversified export base. Despite challenges like high public debt and political uncertainty, Malaysia's resilience is evident in its successful handling of the COVID-19 pandemic and its ongoing economic recovery. The government's National Recovery Plan and accelerated vaccination program are key drivers of...
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ZAFRUL: TABUNG HAJI DEPOSITORS WILL STILL BE PROTECTED
The Malaysian government has decided to place Tabung Haji (TH), the national haj fund manager, under the regulation of Bank Negara Malaysia (BNM). This move is aimed at strengthening TH's financial position and ensuring the protection of its depositors. By placing TH under BNM's purview, the government aims to improve its risk management practices, enhance transparency, and create a system...
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TH DI BAWAH BNM UNTUK KEMAS OPERASI
Diletakkan di bawah BNM bagi memperkasa kewangan agensi itu Kerajaan menyifatkan Lembaga Tabung Haji (TH) sebagai institusi penting bagi kestabilan sistem kewangan negara dan keputusan meletakkan TH di bawah kawal selia Bank Negara Malaysia (BNM) bertujuan menambah baik pengurusan serta operasi TH secara menyeluruh.
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BNM MOVE IS TO EMPOWER TH
The Malaysian government's decision to place Tabung Haji (TH), the national haj fund manager, under the purview of Bank Negara Malaysia (BNM) aims to strengthen TH's financial position and protect its depositors. Finance Minister Tengku Zafrul Tengku Abdul Aziz emphasizes that TH's large deposit base and investments make it a systemic institution within the country's financial system. Regulating TH under...
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FINANCE MINISTER: PLACING TH UNDER BNM DUE TO IMPORTANCE TO NATION’S FINANCIAL SYSTEM STABILITY
The decision to place Lembaga Tabung Haji (TH) under the regulation of Bank Negara Malaysia (BNM) is to improve the pilgrimage fund board's overall management and operations due to its importance to the country's financial system stability.
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REVIEW OF TH OPERATING MODEL TO IMPROVE GOVERNANCE, INTEGRITY – ZAFRUL
The review of Lembaga Tabung Haji's (TH) operating model aims to ensure that issues of governance, integrity and reputation are improved in the future, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said. He said the revision of the Tabung Haji Act 1995 (Act 535) is to ensure the sustainability and viability of the financial institution in the future...
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RM167.98 JUTA SOKONG INDUSTRI PERTANIAN
Sebanyak RM167.98 j u ta pembiayaan felah disalurkan kepada golongan petani, peladang dan nelayan setakat 2 Julai 2021 bagi menyokong industri pertanian dan makanan negara. Menteri Kewangan, Tengku Datuk Seri Zafrul Abdul Aziz berkata, pembiayaan tersebut adalah sebahagian daripada RM400 juta yang diperuntukkan bagi golongan tersebut."Di bawah skim sokongan industri pertanian dan makanan ini, RM350 juta merupakan peruntukan di bawah...
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PPN: INPUT SESI LIBAT URUS PARTI POLITIK
Konsultasi bersama parti politik menjadi antara langkah diambil bagi mendapat input yang boleh menambah baik Pelan Pemulihan Negara (PPN). Menteri Kewangan, Tengku Datuk Seri Zafrul Tengku Abdul Aziz berkata, pihaknya mengadakan sesi perbincangan dengan Umno, Pas dan Gabungan Parti Sarawak (GPS) bagi mendapatkan input untuk PPN.
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STATES IN NRP PHASE 2 WILL NOT REVERT TO PHASE 1 – TENGKU ZAFRUL
Malaysian states that have moved to Phase 2 of the National Recovery Plan (NRP) will not revert back to stricter measures, even if there are spikes in COVID-19 cases. Instead, targeted lockdowns, such as Enhanced Movement Control Orders (EMCO), will be implemented in specific areas. This approach aims to strike a balance between public health and economic recovery. The government...
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1 MILLION MICRO SMES GET AID
One million micro SMEs in Malaysia will receive RM500 each under the Pemerkasa Plus stimulus package, totalling nearly RM500 million. Payments will be made in stages directly to registered bank accounts from today. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the government’s commitment to supporting MSMEs facing cash-flow issues. Additional financial aid includes RM2.9 billion in easy...
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MSMES TO GET RM500 AID UNDER GKP 3.0
The Malaysian government is providing an additional RM500 aid to eligible micro, small, and medium enterprises (MSMEs) under the third Prihatin Special Grant (GKP 3.0), amounting to a total of RM1.5 billion. The RM500 will be credited to MSMEs' bank accounts gradually. Additionally, MSMEs that have never received aid can register for GKP 4.0 from now until the end of...
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MALAYSIA TO CUT 2021 GDP GROWTH OUTLOOK, LIKELY CLOSE TO 4% – TENGKU ZAFRUL
Malaysia is set to revise its 2021 economic growth forecast downward to around 4% due to Covid-19 movement restrictions, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. The government will adjust its previous 6%-7.5% projection amid rising cases, with the Klang Valley accounting for 60% of new infections. Political instability and lockdown costs of RM1 billion daily add...
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NRP AGILE, TO BE ENHANCED ACCORDING TO CURRENT NEEDS – ZAFRUL
The National Recovery Plan (NRP) is agile and will be continuously enhanced based on current needs, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. As the NRP coordinating minister, he emphasised the government's commitment to involving experts and stakeholders to evaluate its progress and refine strategies. The NRP focuses on six key principles: balancing life and livelihood, rebuilding...
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NRP IMPLEMENTATION AT STATE LEVEL FAIRER – TENGKU ZAFRUL
Implementing the National Recovery Plan (NRP) at the state level allows earlier transitions for states meeting thresholds, ensuring fairness, said Finance Minister Tengku Zafrul. Positive progress in states like Perlis, Kelantan, and Pahang has led to Phase Two transitions. Declines in daily cases, improved ICU capacity, and higher vaccination rates underscore its impact. Autonomy and incentives for states aim to...
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ZAFRUL: NO OTHER MORATORIUM AS COMPREHENSIVE
Malaysia's second comprehensive loan moratorium under the RM150 billion Pemulih package provides six months of relief to individual borrowers and micro-entrepreneurs without conditions like income reduction or job loss. With no compounded interest, penalties, or CCRIS records, the moratorium requires only an agreement to amend loan terms. Estimated to provide RM80 billion in relief, it is part of the National...
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TENGKU ZAFRUL: PEMULIH MORATORIUM ESTIMATED AT RM80 BIL, MALAYSIA ONLY COUNTRY IMPLEMENTING IT FOR SECOND TIME
The six-month loan moratorium under PEMULIH, estimated to provide up to RM80 billion in relief, is offered to all borrowers, including B40, M40, T20, micro-entrepreneurs, and SMEs. It requires no documentation, has no compounded interest, penalties, or CCRIS records. As a temporary measure in the National Recovery Plan, it aims to hasten economic recovery. Malaysia remains the only country to...
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TIADA DENDA, REKOD CCRIS JIKA PILIH MORATORIUM
Peminjam yang memilih moratorium PEMULIH tidak akan dikenakan denda atau direkodkan dalam CCRIS, hanya faedah terkumpul dikenakan. Moratorium ini membantu rakyat dan perniagaan dengan tempoh fleksibel. Malaysia antara negara pertama memperkenalkan moratorium menyeluruh. Selain itu, i-Citra KWSP membolehkan ahli mengeluarkan sehingga RM5,000. Elaun khas COVID-19 bernilai RM791.27 juta juga telah disalurkan kepada barisan hadapan yang terlibat.
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MORATORIUM: TIADA FAEDAH BERGANDA, PENALTI LEWAT BAYAR
Bank-bank akan mengecualikan faedah berganda dan caj penalti lewat bagi peminjam yang mengambil moratorium enam bulan di bawah Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih). Menteri Kewangan, Tengku Zafrul Tengku Abdul Aziz, mengesahkan perkara ini dan menasihati orang ramai untuk membuat aduan jika bank mengenakan caj yang tidak wajar. Moratorium ini akan bermula pada 7 Julai 2021, dan peminjam perlu...
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BANKS TO WAIVE COMPOUNDED INTEREST, PENALTY CHARGES OVER MORATORIUM
Banks will waive compounded interest and penalty charges during the six-month loan moratorium under Malaysia's National People’s Wellbeing and Economic Recovery Package. Borrowers across all income brackets can opt into the moratorium by contacting their banks, with approval given automatically. The scheme covers loans approved before July 1 and not in arrears for more than 90 days. Borrowers’ CCRIS records...
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GOVT’S OFFICIAL GDP FORECAST TO BE REVISED DOWNWARDS, SAYS FINANCE MINISTER
Finance Minister Tengku Zafrul stated that Malaysia's GDP forecast for 2021, initially projected at 6-7.5%, will be revised down due to the impact of the Full Movement Control Order. The revised figures, expected in mid-August, will also reflect a higher deficit. He noted that the PEMULIH stimulus package could uplift GDP by 2%. Zafrul assured that the government's fiscal injection...
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BANKS TO WAIVE COMPOUNDED INTEREST, PENALTY CHARGES OVER MORATORIUM, SAYS TENGKU ZAFRUL
Finance Minister Tengku Zafrul announced that banks will waive compounded interest and penalty charges during the six-month loan moratorium under the PEMULIH package. He urged borrowers to report any violations if banks impose such charges. The moratorium, aimed at easing cash flow for individuals and SMEs, applies to all income brackets, with automatic approval for affected borrowers. Zafrul expressed confidence...
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RM83 BILION SUNTIKAN FISKAL
Menteri Kewangan, Tengku Zafrul, mengumumkan bahawa sebanyak RM83 bilion diperuntukkan untuk membiayai lapan pakej rangsangan ekonomi sejak tahun lalu, termasuk Pakej Pemulih yang diumumkan Perdana Menteri. Pada tahun ini, RM45 bilion diperuntukkan, dengan RM18 bilion telah dibelanjakan. Selain itu, beliau juga menyatakan bahawa unjuran pertumbuhan KDNK 2021 mungkin perlu disemak semula akibat sekatan penuh. Kerajaan juga meminta bank untuk tidak...
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GOVT MAY REVISE GDP FORECAST
Finance Minister Tengku Zafrul announced that the RM150 billion Pemulih package will boost Malaysia’s GDP by two percentage points, but the government will revise its GDP growth forecast downward from 6-7.5% to around 4.5%. This follows a World Bank downgrade. He also mentioned that the national fiscal deficit could rise, with a RM10 billion fiscal injection through increased government revenue...
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ZAFRUL: BANKS TO WAIVE INTEREST, PENALTY CHARGES OVER MORATORIUM
Banks will waive compounded interest and penalty charges during the six-month loan moratorium under the PEMULIH economic recovery package, confirmed Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. The government raised the issue with banks, which agreed to it. Borrowers are advised to consult their banks about repayment methods as each bank has different terms. The moratorium aims to assist...
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NATIONAL RECOVERY PLAN’S ASSISTANCE STILL BEING FINE-TUNED, SAYS TENGKU ZAFRUL
The government is refining assistance under the National Recovery Plan (NRP) to support people and businesses amid ongoing challenges, Finance Minister Tengku Zafrul said. Existing aid, including the PEMERKASA Plus package, will continue during Phase 1 of MCO 3.0. The NRP progresses in phases based on key indicators like daily cases, ICU capacity, and vaccination rates. Measures include a loan...
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S&P RATINGS AFFIRMATION SIGNALS CONFIDENCE IN MALAYSIA
S&P Global Ratings has affirmed Malaysia's sovereign credit ratings at 'A-' for long-term and 'A-2' for short-term, reflecting confidence in the nation's strong external position, monetary policy flexibility, and economic resilience. Finance Minister Tengku Zafrul highlighted the National Recovery Plan (NRP) as pivotal in addressing pandemic challenges, with economic recovery expected as vaccination efforts progress. S&P also noted Malaysia's strength...
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RM30BIL MORE TO BE DISTRIBUTED
The Malaysian government has RM30 billion remaining from its RM46.3 billion allocation for 2021 to support citizens and businesses through cash aid and indirect assistance. Programmes like Bantuan Prihatin Rakyat and wage subsidies will continue until December, alongside indirect help for key sectors. Finance Minister Tengku Zafrul noted additional aid under the National Recovery Plan will be announced soon. The...
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STRICT MCO UNDER PHASE TWO OF RECOVERY PLAN
Malaysia's second phase of the National Recovery Plan will maintain strict Movement Control Order (MCO) measures, with social activities barred and movement restrictions enforced. Finance Minister Tengku Zafrul stated that transitioning to Phase 2 requires daily Covid-19 cases below 4,000, ICU usage at non-critical levels, and 10% of the population fully vaccinated. Phase 3, with 40% vaccination, adopts a "negative...
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GOVT REVISING 2021 GROWTH TARGET, SAYS TENGKU ZAFRUL
Finance Minister Tengku Zafrul Aziz announced that the government will revise its 2021 GDP growth forecast of 6-7.5% due to the impact of the first phase of the National Recovery Plan (NRP). The first phase aims to reduce new COVID-19 cases to below 4,000 daily and vaccinate 10% of the population. Tengku Zafrul expressed optimism for positive GDP growth compared...
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MORE AID FOR PEOPLE, SAYS TENGKU ZAFRUL
The Malaysian government is reviewing its measures and preparing to introduce additional support for people and businesses facing economic challenges. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz mentioned that the government is considering assistance for sectors that could not operate until the fourth phase of the National Recovery Plan. The Wage Subsidy Programme (PSU) is also under review,...
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EBELIA PARTICIPANTS CHOOSE SHOPEEPAY
Nearly 1 million youths have successfully claimed their eBelia credit via ShopeePay, generating sales amounting to 120% of the total disbursed by the Ministry of Finance. Around 140,000 sellers benefiting from the programme have reported positive results. ShopeePay's widespread use, both online and offline, has driven the adoption of e-wallets, with 40% of recipients being new users. Practical spending on...
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EATERY OWNERS, TRADERS WANT LONGER OPERATING HOURS
Restaurant owners and small traders in Malaysia are urging the government to extend operating hours beyond the current 8am to 8pm limit, as they face losses of up to 80%. They seek to open earlier at 6am and close at 10pm to better serve customers and sustain their businesses. The Malaysian Indian Restaurant Owners Association has also appealed for a...
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THERE IS NO PLAN B, WE NEED PLAN A-PLUS
Economists argue that Malaysia's economic recovery is at risk, with a higher likelihood of a weak recovery or recession due to ongoing lockdowns. Short-term measures like loan moratoria and grants, while helpful, won't address the deeper structural damage. A "Plan A-Plus" approach is proposed, focusing on reopening the economy swiftly while enhancing anti-virus strategies, including vaccines and alternative treatments like...
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STRUCTURAL REFORMS VITAL FOR ECONOMIC RESILIENCE
Economists argue that Malaysia's aspiration to become a high-income nation is hindered by a lack of structural reforms. Despite improvements in national income, the country remains behind in adopting technology and adapting to Industry 4.0. Experts stress the need for reforms across society, businesses, and government, with a focus on social protection, digitalisation, and carbon neutrality. The pandemic, they believe,...
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ALL PAYMENTS FOR GOVT SERVICES TO BE MADE ON CASHLESS BASIS BY 2022, SAYS TENGKU ZAFRUL
The Ministry of Finance, through the MyDIGITAL initiative, aims to ensure all government payments are cashless by 2022, enhancing transaction security, coordination, anti-corruption efforts, and information sharing. As of last year, 60% of government collections were made via e-payment. Tengku Datuk Seri Zafrul stressed that digitalisation is key to improving public service, reducing corruption, and ensuring transparency. He also highlighted...
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GOVT APPROVES RM1.9 BLN UNDER WAGE SUBSIDY PROGRAMME 2.0 AS OF MAY 21 – TENGKU ZAFRUL
The government has approved RM1.193 billion under the Wage Subsidy Programme 2.0 (PSU 2.0) as of May 21, benefiting 73,815 employers and supporting 642,123 workers. Additionally, 137,593 workers found employment through the Recruitment Incentive and Training Assistance programme. RM11.95 billion in SME Soft Loans has been approved for 25,406 SMEs. Furthermore, RM722.91 million in Frontliners Allowance has been distributed to...
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GDP, FISCAL DEFICIT NUMBERS LIKELY TO BE REVISED: TENGKU ZAFRUL
Malaysia's Finance Minister, Tengku Zafrul Aziz, indicated that GDP and fiscal deficit projections may be revised following MCO 3.0, with statutory debt at 58.5% after the Pemerkasa+ package. The government is assessing sectoral impacts and may adjust the 6% deficit forecast due to anticipated lower GDP. To fund stimulus packages, options include reprioritising expenditure, increasing revenue from statutory bodies and...
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FISCAL DEFICIT, STATUTORY DEBT ESTIMATES WILL ‘DEFINITELY’ BE REVISED, SAYS ZAFRUL
Malaysia's Finance Minister, Tengku Zafrul Aziz, stated that fiscal deficit and statutory debt estimates will be revised due to MCO 3.0 and the RM40 billion PEMERKASA+ package. The lockdown may lower 2021 GDP growth to 5%-6.5% from the earlier 6%-7.5% projection, with daily losses estimated at RM400-RM600 million. The RM5 billion fiscal injection will be funded through expenditure savings, borrowings,...
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ZAFRUL: MCO 3.0 FIRST OF THREE PHASES TO COMBAT COVID-19
Malaysia's Movement Control Order 3.0 (MCO 3.0) marks the first of three phases aimed at controlling Covid-19. Phase two, lasting around four weeks, will see the reopening of selected economic sectors, while phase three will involve a relaxed MCO with limited workplace capacity and restricted social activities. The RM40 billion PEMERKASA+ package supports this effort, allocating RM1 billion to healthcare...
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EXTENSION OF WAGE SUBSIDY PROGRAMME APPLIES TO ALL SECTORS, SAYS ZAFRUL
The Wage Subsidy Programme (WSP) has been extended until July, covering all sectors, with RM1.5 billion allocated to support up to 500 employees per company, benefiting 2.5 million workers and 200,000 employers. This brings total WSP funding to over RM20 billion. Additional measures include exemptions on HRD Corp levies for June and extended sales tax and stamp duty exemptions. The...
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FISCAL DEFICIT MAY BE ABOVE 6PC OF GDP
Malaysia’s fiscal deficit for 2021 is expected to exceed the revised target of 6% of GDP due to the ongoing Covid-19 crisis, according to Finance Minister Tengku Datuk Seri Zafrul. Despite the challenging fiscal position and a statutory debt level of 58.5%, the government has sufficient funds to manage expenditures. Measures include revising GDP growth targets, balancing short-term needs with...
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RM421M CHANNELLED TO MSMES AS AT APRIL THIS YEAR
As of May 14, 2021, RM421.2 million has been disbursed through the Micro Credit Financing under the Penjana plan, benefiting 12,666 MSMEs. The government also allocated RM3,000 in one-off assistance to over 5,000 tour agencies and RM600 to more than 4,000 homestay operators. Additionally, RM719.51 million has been distributed as a special allowance for frontliners, and RM400 million has been...
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INDUSTRI ELEKTRIK, ELEKTRONIK MASIH KUKUH
Despite the challenges posed by COVID-19, the electrical and electronics (E&E) industry remains strong, with high demand for skilled workers, particularly engineers. Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted that five E&E companies require at least 1,000 workers. Additionally, with over 1.5 million foreign workers returning home, local companies are offering training and higher-paying jobs to...
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PENJANA KAPITAL RAISES RM676M
Penjana Kapital has successfully raised RM676 million, exceeding its initial target of RM228 million. The funds were raised by eight Malaysian-based venture capital (VC) firms, with 55% from foreign investors, primarily from Hong Kong and South Korea. The VCs will invest RM110.15 million in eight start-ups, which are based in Malaysia or have operations in the country. Finance Minister Tengku...
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PUTRAJAYA APPROVES RM440M FOR STATE RESERVE FUNDS
The federal government has approved RM440 million for state reserve funds to assist states with deficits and support development projects. This decision, made during the National Finance Council meeting, includes increasing allocations for state grants, particularly for environmental sustainability. Additionally, RM260 million will be allocated for small-scale projects, benefiting Bumiputera small contractors. The government also announced RM55.9 billion in i-Sinar...
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WHAT PEMERKASA MEANS TO GOVERNMENT DEBT AND FINANCES
The RM20 billion People and Economic Strategic Empowerment Programme (Pemerkasa) involved a direct fiscal injection of RM11 billion, bringing the total Covid-19-related assistance given by the government to RM340 billion (RM72.6 billion in direct fiscal injection) in seven stimulus packages since February 2020, excluding the measures announced in Budget 2021.The latest stimulus will raise the country's fiscal deficit to 6%...
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PEMERKASA AN ADDITIONAL BOOST FOR ECONOMIC RECOVERY
The government’s sixth stimulus package worth RM20 billion will be the catalyst to existing initiatives under the 2021 Budget, said economists. They said the Strategic Programme to Empower the People and Economy (PEMERKASA) would help the government achieve its objectives outlined under theRM322.5billionbudget,which was tabled by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz on November 6 last year.
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MORE TARGETED INCENTIVES FINANCE MINISTRY TO CONTINUE HELPING THOSE IN NEED
Finance Ministry to continue helping those in need with its efforts to get the economy going and to continue with its assistance to the rakyat, aside from rolling out Budget 2021 measures, the Finance Ministry (MOF) will also focus on more targeted initiatives.
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RIDING THE POST-PANDEMIC ECONOMIC WAVES
Comment by Tengku Datuk Seri Zafrul Abdul Aziz: The year 2020 was an annus horribilis by any definition, and while there is now light at the end of the Covid tunnel with the arrival of vaccines worldwide, the world still has to grapple with its aftermath. At the time of writing, slightly over a year has passed since I took...
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MOF TO CONTINUE FIELD SESSIONS TO HELP THOSE AFFECTED BY COVID-19
The Ministry of Finance Ministry (MoF) will continue to take proactive action by going down to the ground to understand the needs of the people, especially those affected by the Covid-19 pandemic. Minister Tengku Datuk Seri Zafrul Abdul Aziz said MoF officials and him regularly held field sessions to find out, understand and formulate government initiatives so that more assistance...
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MOF EXTENDS WINDOW FOR WITHDRAWAL OF BPN 2.0
The Ministry of Finance has extended the withdrawal period for Bantuan Prihatin Nasional (BPN) 2.0 until June 2021. Recipients without bank accounts can collect their aid from Bank Simpanan Nasional (BSN) branches. Distribution is organized in Sabah and Sarawak, with mobile banking services being introduced to remote areas. For Sarawak, RM1.83 billion in BPN aid supports 1.04 million recipients, and...
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ECONOMIC REVIVAL IN THE LONG TERM
Following the challenging year of 2020, marked by the Covid-19 pandemic's impact on the economy and stock market, Tengku Zafrul's mission is to restore Malaysia's economic stability. The government is now prioritizing job creation as a key strategy to ensure ongoing financial recovery and revive the economy.
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DELOITTE TO PAY RM324MIL AS SETTLEMENT TO THE GOVT
The payment is intended to resolve claims related to 1MDB and SRC. Following its RM2.83 billion settlement with AMMB Holdings Bhd, the Malaysian government has agreed to a US$80 million (RM324 million) settlement with Deloitte PLT concerning the 1Malaysia Development Bhd (1MDB) scandal.
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