Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

Tag Archives: Economy

Malaysia: MITI Expects 2015 Halal Industry Export Surplus To grow
June 16, 2015 , by admin2
KUALA LUMPUR, Jan 26 (Bernama) — The Ministry of International Trade and Industry (MITI) expects total export surplus for the halal industry this year to exceed the RM32 billion achieved in 2013. Deputy Minister Datuk Hamim Samuri said there is massive untapped growth potential the global halal industry which local Halal players should tap. “The weakening ringgit can also be a key driver to the exports as importers can buy products at lower prices,” he told reporters after the soft launch of Halal Ingredients Asia 2015 here today. Meanwhile, Halal Development Industry Corporation Chief Executive Officer Datuk Seri Jamil Bidin expressed hope the number of local players of certified Halal ingredient manufacturers would increase this year. “To date, we have about 200 Halal manufacturing companies certified by the Department of Islamic Development Malaysia (Jakim), 70 per cent of which are multi-national companies. “We hope more Malaysian companies, including...
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Government To Set Up Automotive Council Within Two Months - Mustapa
June 16, 2015 , by admin2
KUALA LUMPUR, Jan 30 (Bernama) — The government will establish an automotive council within two months to provide a platform for policy makers to interact with industry players. Chaired by Minister of International Trade and Investment Datuk Seri Mustapa Mohamed, the council will consist representatives from the government and business community, as well as, non-government organisations representing consumers. “The council will provide a platform for policy makers to interact so that we can have inputs from the industry and have clear directions as to which way the automotive industry will move,” Mustapa told reporters during the National Automotive Policy (NAP) 2014 update here Friday. Saying that the council would probaby hold its first meeting end of march, he added that the automotive sector was an important to the economy as more than 500,000 people are employed and involved in the industry. “It is in many ways, the pulse of the nation’s economy,” he said. In...
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Setting the stage for integration
June 16, 2015 , by admin2
After years of planning and negotiations on trade in goods and services among the 10 member states of the Association of Southeast Asian Nations, the ASEAN Economic Community (AEC) may finally emerge by the end of this year. The more established and sophisticated businesses in the 600 million-strong region have already positioned themselves accordingly. The challenge will be to ensure that small and medium-sized enterprises also benefit from the creation of a common market and production base in the region. One business that is almost certain to do well is AirAsia, which has expanded its routes across the region. Speaking at the recently concluded World Economic Forum (WEF) in Davos, Switzerland, the Malaysian low-cost carrier’s CEO Tony Fernandes called for the creation of a single aviation authority for ASEAN and expressed optimism about the future of the region. “A superb ASEAN meeting with 10 ministers and top business leaders. Best attended meeting in Davos. Future of...
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Miti forecasts moderate growth in trade, exports
June 16, 2015 , by admin2
KUALA LUMPUR: Malaysia’s trade and exports are expected to grow at a moderate pace of 2% to 3% each this year, lower than the 5.9% and 6.4% achieved respectively in 2014, said Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed. “The 2% to 3% increase in trade and exports takes into account the following: one is the weakening global economy from 3.8% to 3.5%, number two is the uncertainty in currency market, number three is the decline in oil prices and perhaps continued modest growth in terms of commodity prices; we don’t see a sharp uptrend. The two growth forecasts have taken into account these factors,” he told reporters at a briefing on Malaysia’s 2014 trade performance yesterday. He said crude oil prices have been hovering around US$50 per barrel in the past few days but he believes that the US$55 per barrel forecast this year by the ministry is achievable and recovery in oil price is expected next year. Commenting on the currency, Mustapa...
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Malaysia’s 2014 Trade Surplus Registers Double-Digit Growth
June 16, 2015 , by admin2
KUALA LUMPUR, Feb 5 (Bernama) — Malaysia’s 2014 trade surplus registered double-digit growth of 16.6 per cent, a remarkable achievement when compared with the negative scenario in 2012 and 2013, says Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed today. “The growth impetus in exports resulted in a trade surplus of RM83.11 billion, representing Malaysia’s achievement of 17 consecutive years of trade surplus,” he told reporters at the unveiling of “Malaysia’s Trade Performance 2014″, here today. He said exports in 2014 rose by 6.4 per cent or RM46.14 billion to RM766.13 billion, surpassing the forecast export growth of six per cent in the 2014/2015 Economic Report. Mustapa noted that the country’s imports increased by 5.3 per cent or RM34.32 billion to RM683.02 billion. Malaysia’s total trade expanded by 5.9 per cent to reach RM1.45 trillion in 2014 compared with RM1.37 trillion in 2013. He said the continued uptrend was supported by...
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TNB Tariff Cut Consistent With Government Aspirations: Mustapa
June 16, 2015 , by admin2
KUALA LUMPUR, Feb 11 (Bernama) — Tenaga Nasional Bhd’s (TNB) move to reduce electricity tariffs is consistent with the government’s aspirations and in accordance with international rates, said Minister of International Trade and Industry Datuk Seri Mustapa Mohamed. Mustapa applauded the reduction in electricity tariffs, saying it would reduce the cost of doing business. Earlier today, TNB announced a reduction in electricity tariffs by 2.25 sen/kWh or 5.8 per cent, from March 1 to June 30, 2015. According to TNB, its average tariff will be reduced from 38.53 sen/kWh to 36.28 sen/kWh. TNB also announced that for Sabah and Labuan, tariffs will decrease by 1.20 sen/kWh (down 3.5 per cent) and the average tariff will decrease from 34.52 sen/kWh to 33.32 sen/kWh. “Even though the reduction is not substantial, it will certainly be welcomed by the business community,” he told reporters on the sidelines of the opening of the new office of the European Union-Malaysia Chamber...
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Mustapa: 6 Per Cent Growth Still Encouraging
June 16, 2015 , by admin2
KUALA LUMPUR, Feb 12 (Bernama) — The six per cent growth rate to the gross domestic product (GDP) recorded by the Malaysian economy last year is still encouraging despite the uncertain world economy. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the number was still positive and remained the highest compared with other Asean members. “With this growth, I am confident that Malaysia will continue to progress to be a high-income nation by 2020,” he told reporters on the sidelines of the launch of the Mid-Tier Companies Development Programme here today. Today, Bank Negara Malaysia reported GDP growth of six per cent for 2014 compared with 4.7 per cent a year ago. As for the fourth quarter, the central bank reported a higher growth of 5.8 per cent versus 5.6 per cent in the third quarter.  
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ASEAN Targets 95 Per Cent Completion Of AEC By End of 2015
June 16, 2015 , by admin2
KUALA LUMPUR, Feb 12 (Bernama) — The ASEAN Economic Community (AEC) 2015 is still a work in progress and ASEAN member states are targeting to complete 95 per cent of the integration measures by the end of 2015. Ministry of International Trade and Industry senior director of ASEAN Economic Cooperation Division P. Ravidran said the economic ministers believe 95 per cent is doable by end-2015. “Ninety five per cent should mark a great achievement as nowhere in the world is there 100 per cent economic integration. “The five per cent short-fall is said to be implemented as a priority implementation measure in 2016,” he said at the Economic Diplomacy Series 1/2015 organised by the Institute of Diplomacy and Foreign Relations (IDFR), Ministry of Foreign Affairs, Malaysia here today. On the status of the AEC implementation, Ravidran said the overall implementation rate for Phases I to III (2008-2013) is 80.7 per cent or 334 out of 414 ASEAN-wide measures. For ASEAN-wide Phase...
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Final TPPA Cost-benefit Study To Conclude By June: Mustapa
June 15, 2015 , by admin2
KUALA LUMPUR, Feb 16 (Bernama) — The government is expected to conclude its final Cost-Benefit Analysis (CBA) regarding the Trans-Pacific Partnership Agreement (TPPA) by the end of June this year, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said a few outstanding issues need to be resolved and talks on the proposed regulatory and investment treaty are still ongoing to ensure it is in Malaysia’s favour. “We are going to execute the final CBA study in the near term, collaborating with an international firm, on whether the TPPA is beneficial for the country or otherwise,” he told reporters after the ministry’s session with Heads of Foreign Missions here today. He said the CBA revolves around four issues, starting with the TPPA’s impact on the nation, including the country’s sovereignty and whether it would affect the weightage in delivering the government’s policies. The second is the TPPA’s impact on small and medium enterprises...
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PEMUKIMAN MENTERI-MENTERI EKONOMI ASEAN KE-21, KOTA BHARU, KELANTAN, 28 FEBRUARI - 1 MAC 2015
June 15, 2015 , by admin2
KUALA LUMPUR, 18 Feb (Bernama) –Menteri-Menteri Ekonomi dari negara-negara anggota ASEAN akan berada di Kota Bharu, Kelantan dari 28 Februari - 1 Mac untuk menghadiri satu mesyuarat penting bagi merancang usaha-usaha ke arah penubuhan Komuniti Ekonomi ASEAN (ASEAN Economic Community – AEC). Pemukiman Menteri-Menteri Ekonomi ASEAN ke-21, salah satu daripada mesyuarat-mesyuarat ASEAN yang dianjurkan bersempena kepimpinan ASEAN oleh Malaysia pada 2015, akan dipengerusikan oleh Y.B. Dato’ Sri Mustapa Mohamed, Menteri Perdagangan Antarabangsa dan Industri.  Menteri-Menteri Ekonomi ASEAN yang akan menghadiri Pemukiman ini adalah seperti di Lampiran A. Pemukiman yang merupakan acara tahunan ini kebiasaannya diadakan bertujuan untuk membolehkan Menteri-Menteri Ekonomi ASEAN menilai dan mengambil maklum tentang pencapaian keseluruhan proses integrasi serantau selain mempertimbang dan membincangkan inisiatif-inisiatif baru. Walau bagaimanapun, Pemukiman kali ini adalah sangat...
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