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Ministry of International Trade and Industry Malaysia Official Blog

Tag Archives: Asean Economic Community

Malaysia Set To Offer More Opportunities At 45th World Economic Forum
June 16, 2015 , by admin2
AVOS (Switzerland), Jan 20 (Bernama) — “More Opportunities”. That is what Malaysia is set to offer at the upcoming World Economic Forum (WEF), which starts tomorrow until Jan 24. Whether it is business opportunities or ease of doing business in Malaysia, there are plenty to offer on the table amid concerns by economists around the world of a very challenging first half, this year. All preparations to hold the 45th annual forum at the world’s famous ski resort of Davos-Klosters in Switzerland are in place despite the shivering cold weather. With this year’s forum themed, “The New Global Context”, more than 40 head of states and government, together with 2,500 business leaders, will convene for five days here to discuss current global economic landscapes and strategies, moving forward. Eye-catching banners reading “Malaysia Doing Business. Building Friendships” and “More Opportunities”, placed at strategic locations around the Panorama Hotel, can be spotted...
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Working Visit Of YAB Dato’ Sri Najib Tun Razak, Prime Minister Of Malaysia To Davos, Switzerland In Conjunction With The Annual Meeting Of The World Economic Forum (WEF) On 21 - 24 January 2015
June 16, 2015 , by admin2
PUTRAJAYA, Jan 21 (Bernama) — YAB Dato’ Sri Najib Tun Razak, Prime Minister of Malaysia will be leading the Malaysian delegation to the Annual Meeting of the WEF which will be held in Davos, Switzerland from 21 until 24 January 2015.YAB Prime Minister will be accompanied by YABhg. Datin Sri Rosmah Mansor; YB Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry; YB Senator Dato’ Sri Abdul Wahid Omar, Minister at the Prime Minister’s Department and senior officials from the various Ministries and agencies. The high-level delegation will also include the participation of Malaysia’s corporate leaders. YAB Prime Minister is scheduled to participate in several sessions including a meeting of the ASEAN Regional Business Council (ARBC) themed “Shaping a Bold and Forward Looking Future for ASEAN in the New Global Context” where he is invited to deliver a speech as the special guest. The Prime Minister will also be attending the Informal Gathering of the...
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Asean to declare single market but delays deeper integration: Malaysia
June 16, 2015 , by admin2
Asean will officially call itself a single market by year’s end, but “big things” like seamless travel within the 10-nation bloc would only come in 2020, Malaysia’s trade minister told AFP in an interview. “We’re going to declare ourselves as an Asean Economic Community,” said Mustapa Mohamed, whose country holds the rotating presidency of the Southeast Asian bloc this year. “We don’t have complete integration or harmonisation yet, 2015 is laying the stage for bigger things to come,” he said on the sidelines of the World Economic Forum in Davos. “We’re going to get almost there by 2015 but the big things like seamless travel… would come in 2020. “What’s important is that we’re committed, I’m not saying that we’re backtracking,” added the minister. The Southeast Asian bloc, a market of about 600 million people, had set 2015 as a deadline for integrating the region’s vast economies into a single European Union-style market, with tariffs...
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Trade to grow despite China’s decelerating growth
June 16, 2015 , by admin2
KUALA LUMPUR: China’s decelerating growth may be a hard landing for exporters, but trade will continue to grow with hard work, says Minister of International Trade and Industry (Miti) Datuk Seri Mustapa Mohamed. He said China, the foremost trade partner for 120 countries in the world, grew by 7.4 per cent last year, and is very competitive to all exporters vying to gain a market share in that country. “As we work hard to promote our exports, many others will come up with their own initiatives to gain from the Chinese market. “As such, we hope our people will be more aggressive and continue to do well in the big China market,” he added. Mustapa also expressed the view that Malaysia can overcome the turbulence in the global economy as it is more diversified, with China making up only 13 per cent of exports, while having other export partners as Northeast Asia, the US , Japan, South Korea and the European Union. Speaking to reporters at the launch of the “My Asean...
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AEC Set To Transform ASEAN Into Economic Superpower
June 16, 2015 , by admin2
KUALA LUMPUR, Jan 27 (Bernama) — ASEAN has truly gained traction as an potentially dynamic economic entity with huge prospects for trade and investment. This will undoubtedly take on greater prominence with the realisation of the ASEAN Economic Community (AEC) by the end of this year. Undoubtedly, the AEC has created a conducive environment for local companies to increase sales, open operations outside their domestic market and enable sourcing on a region-wide basis. Its significance by being the seventh largest economy in the world with a combined Gross Domestic Product (GDP) of US$2.5 trillion, has attracted more non-ASEAN countries to be dialogue partners with it including Bangladesh and Timor Leste. Realising its potential back then, Australia was the first to come on board as a dialogue partner, quickly followed by China, Japan, South Korea, New Zealand, India, the United States, Russia, Canada and the European Union. To take this significantly further, ASEAN is in...
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Oil Price Slump Will Not Hinder AEC Take Off, Says Mustapa
June 16, 2015 , by admin2
KUALA LUMPUR, Jan 27 (Bernama) — The global slump in oil prices will not have an adverse effect towards the realisation of the Asean Economic Community (AEC), International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. He described the Brent crude oil price fall to US$48 a barrel until yesterday as temporary. “When I was in Davos for the World Economic Forum annual meeting recently, many leaders concurred that this situation will last for six months and there will be a correction in the second half of the year, and the price will likely rebound, not up to US$100, but between US$60-US$70 a barrel. “If this were to happen, it will be a bonus to us,” he said at a media briefing on the AEC here today. Hence, with the economic recovery expected in the second half of the year, Mustapa believes that the establishment of the AEC would come to fruition by year-end. On the status of the AEC, he said 80.7 per cent or 334 of the 414 Asean-wide measures targeted in...
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Global Oil Price Plunge Will Not Affect Aec Implementation
June 16, 2015 , by admin2
KUALA LUMPUR, Feb 10 (Bernama) — The plunge in global oil prices will not impact the implementation of ASEAN Economic Community (AEC), said Deputy Minister of International Trade and Industry, Datuk Ir Hamim Samuri. He said plans for ASEAN to declare itself as a single economic community were moving ahead with speed. “We are convinced that even the global slump in oil prices will not have an adverse effect towards the realisation of the AEC,” he said at Affin Hwang Capital Conference Series 2015 here today. He was one of the speakers at the conference. Hamim said Malaysia, as chair of ASEAN for 2015, was focused on realising the AEC by year-end. “We aim for ASEAN member states to complete 95 per cent of the integration measures by that date,” he said. He said the potentials for ASEAN were enormous and if combined with the conclusion of negotiations for the Regional Comprehensive Economic Partnership (RCEP), the region’s future economic growth would be...
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Country’s third O&G supply base to get RM100m investment
June 15, 2015 , by admin2
KUALA LUMPUR: TB Supply Base Sdn Bhd (TBSB), which has received interest from over 100 companies to utilise its facilities in Tok Bali, Kelantan, will spend RM100 million in 2015 for civil works and to build facilities such as additional warehouses, Customs and Immigration building, new offices, canteen, rigging loft, crew jetty and helipad. TBSB is ultimately owned by Kelantan royalty Tengku Rozanna Petri and Tengku Rozlynda Petri Tengku Mohd Nasrun, through Forlenza Holdings Sdn Bhd. Forlenza through Matrix Reservoir Sdn Bhd, owns a 99.99% stake in TBSB. TBSB’s directors include Tengku Datuk Mohamad Rizam Tengku Abdul Aziz (also the chairman), Tengku Rozanna Petri and Shankar Ray Shi-Wan. TBSB is a logistics hub located in Tok Bali, Kelantan specifically catered to providers of support services to the offshore oil and gas industry. It has invested RM90 million to date since June 2014, for facilities like warehouses, revamp works and wharf. TBSB is located on a 328 acres...
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Bincang cara mudahkan perdagangan negara Asean, kata Mustapa
June 15, 2015 , by admin2
Pemukiman Menteri-Menteri Ekonomi Asean ke-21 hujung minggu ini akan membincangkan kaedah memudahkan lagi perdagangan antara negara-negara Asean. Menteri Perdagangan Antarabangsa dan Industri Datuk Seri Mustapa Mohamed berkata program tersebut yang menjadi tempat percambahan minda menteri-menteri ekonomi Asean, akan mencari jalan mengurangkan karenah prosedur perdagangan supaya ia lancar dan menjimatkan masa. “Kita hendak bincang halangan-halangan perdagangan, bagaimana hendak permudahkan lagi perdagangan 2 hala selain membincangkan faedah yang bakal diperolehi. “Contohnya standard yang berlainan. Kalau kita hendak hantar barang yang sama ke pelabuhan berbeza di negara-negara Asean, ia perlu melalui beberapa prosedur dan ujian yang cukup ketat,” katanya pada sidang akhbar hari ini. Program pemukiman tersebut akan berlangsung dari 27 Februari hingga 1 Mac ini di sini. Mustapa juga berkata pemilihan Kota Baru sebagai lokasi penganjuran program itu untuk mempromosikan...
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MIDA: TOK BALI SUPPLY BASE OBTAINS ALL APPROVALS
June 15, 2015 , by admin2
Ready to Attract Oil and Gas Players KUALA LUMPUR, Feb 23 (Bernama) — Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry today announced that Tok Bali Supply Base Sdn Bhd (TBSB) has obtained the following approvals for its operations: a. Ministry of Finance approval for its establishment of the Supply Base in Tok Bali, on 7th January 2015. b. Supply Base & Bonded Warehouse License approval under Section 65 & 65A dated 12th January 2015 from Royal Customs Department. c. ISPS certificate from Marine Department Malaysia for the period of 5 years starting from 15th January 2015 to 14th  January 2020 for bulk carrier and oil tanker facilities. d. Supply Base License for leasing and rental activities from PETRONAS dated 21st January 2015. With these approvals, TBSB is now in a position to move on and attract relevant oil & gas industry players to locate their operations in Tok Bali. Recently, TBSB signed a sub-lease and throughput agreement with Astral...
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