Nearly two thirds of GDP by 2015 will be services. The new economic model for Malaysia places emphasis on raising the productivity level of workers to help them earn higher incomes as well as raising the country’s income status as a whole from middle to high. When the new economic model is unveiled, necessary changes and realignment to policies and strategies outlined in the IMP3 will have to be made. These include changes to macro-frameworks and to inject the elements of innovation and creativity into the development strategies. The target has been set; the contribution of the services sector is to increase to 60 per cent of the GDP by 2015. We want to hear your feedback…

 

 

YB Minister, Dato’ Sri Mustapa Mohamed received a courtesy call from German Ambassador, H.E. Dr. Guenter Georg Gruber and Dr Ernst Roeder-Messell, Counsellor for Economic, Commercial and Environmental Affairs Germany at his office.

Total trade for 2009, the bulk of which went to North east Asia and ASEAN reached the RM988.2billion mark. Exports were valued at RM 553.3 billion. Total investments approved for the year in the manufacturing sector came to RM32.6 billion. This exceeded the RM27.5 billion target set under the Third Industrial Master Plan. Foreign investments garnered RM22.1billion while domestic investment raked in the rest. Total trade in services for the most part of 2009 amounted to RM141.8 billion, with exports accounting for RM72.7 billion and imports RM69.1 billion. Total investments of RM208.3 billion were approved in the services sector from 2006 – 2009 with domestic investment this time comprising 88% and foreign investment 12%. View the  media release of YB Minister’s session with foreign Ambassadors, High Commissioners and Trade Counsellors.

 

H.E. Kiat Sittheeamorn, President of the Thailand Trade Representative (TTR) led a 130-member delegation for a visit to Malaysia from 28-29 March 2010. Aimed to further strengthen the bilateral economic relations between the two countries, the visit also sought to explore potential business opportunities for both countries. The visit reinforces the commitments made by leaders of both Malaysia and Thailand when Y.A.B. Dato’ Sri Mohd Najib Tun Razak visited his Thailand counterpart, H.E. Abhisit Vejjajiva last year to bring existing bilateral relation to a higher level. A series of activities were held in conjunction with the visit, including a Seminar on Malaysia -Thailand Trade and Investment Cooperation, bilateral meetings with Minister of International Trade and Industry, Minister of Plantation Industries and Commodities, as well as the signing of a Memorandum of Understanding between British Dispensary (L.P.) Co. Ltd. and CCM Co. Ltd. Malaysia. During the bilateral...

The Government of Malaysia has received a safeguard petition fromMegasteel Sdn. Bhd. representing the domestic industry producing hot rolled coils (HRC). HRC is used as base material in various industries such as automotive, construction, electric and electronics, fabrication, engineering and manufacturing. The petitioner alleges that importation of HRC into Malaysia have increased from 2007 to 2010 and have caused serious injury to the domestic industry in Malaysia. Based on the petition, the Government has established that there are sufficient evidence of increase in imports of HRC into Malaysia, serious injury and causal link. As such, the Government has decided to initiate a preliminary safeguard investigation on imports of HRC commencing on 1 May 2011. In accordance with Act 657 and its Regulation, preliminary determination will be made within 90 days from the date of commencement of the investigation. Further investigation would be carried out if preliminary affirmative...

Malaysia will host the 4th Federation of Japanese Chambers of Commerce and Industry in ASEAN (FJCCIA) Annual Dialogue, Kuala Lumpur on 8 - 9 July 2011. There are five major highlights at the 4th FJCCIA Annual Dialogue: • FJCCIA Dialogue; • Symposium on Enhancing ASEAN-Japan Relations on Specific Sectors (Automotive, SMEs, Electrical and Electronics, and Agriculture); • Networking dinner; • Dialogue between AEM, METI Minister, SG ASEAN and FJCCIA; and • Media conference. It is anticipated that 50 FJCCIA delegates will be involved. The Dialogue will be held back-to-back with the Joint Symposium on “Enhancing ASEAN-Japan Relations on Specific Sectors (Automotive, SMEs, Electrical and Electronics and Agro-Based Industries)”. Speakers and moderators from ASEAN and Japan are invited to participate in the Symposium. About 25-30 delegates are expected to attend each of the panel discussion. This event underlines the significant contributions of the Japanese private...

The Institute for Management Development (IMD), based in Lausanne, Switzerland, issued its World Competitiveness Yearbook 2011 Report (WCY2011) yesterday, reporting that Malaysia’s ranking among 59 economies has declined from 10thposition in 2010 to 16th position this year. The Malaysian Government has embarked on a number of initiatives to enhance competitiveness. The Government Transformation Programme (GTP) has addressed fundamental nationwide changes through 6 national key result areas (NKRAs) (Reducing Crime, Fighting Corruption, Improving Student Outcomes, Raising Living Standards of Low-Income Households, Improving Rural basic Infrastructure, Improving Urban Public Transport). Subsequent to that in October 2010, the Economic Transformation Programme (ETP) has prioritized 11 sectors of National Key Economic Areas (NKEAs) and the Greater KL Project. The ETP has identified a total of 131 Entry Point Projects (EPP) with a total investment value of RM794.5 billion as part of...

Mandatory standards requirement provides a competitive edge to Malaysian exporters in the global arena, while protecting the interest of consumers in the local market. As of 31 March 2011, a total of 6,450 Malaysian Standards (MS) have been developed. A total of 3,811 standards are aligned with international standards (59.1%) and 328 standards have been made mandatory (5.09%). Mandatory standards aim to improve and set an acceptable quality of imported and local products in Malaysia’s market. The three elements of safety, health and environment are safeguarded by mandatory standards. MITI through the Committee on Mandatory Industrial Standards (CMIS) has been tasked to identify and coordinate the implementation of mandatory standards for manufactured products with a view to promote quality and safety. The CMIS has established four taskforces comprising members from both the public and the private sectors to identify products that would be made mandatory. These include building...

The Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA) will come into effect on 1 July 2011. The free trade agreement addresses issues related to the liberalisation of trade in goods, trade in services, investments and economic cooperation. It is Malaysia’s fourth bilateral FTA after Japan, Pakistan and New Zealand.The benefits provided by MICECA are in addition to those already made available under the ASEAN-India Trade in Goods Agreement (AITIG) which was implemented on 1 January 2010. Under MICECA, Malaysia and India will progressively reduce or eliminate tariffs on an agreed list of industrial and agricultural products between 1 July 2011 and 31 December 2019. Malaysian exporters will enjoy free duty market access for rubber products, chemical products and electrical equipment from 1 July 2011. Imports from India into Malaysia will enjoy zero or lower duties for live animals and meat, textile materials and manufactures of metal beginning 1 July 2011. For...