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...

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...

DAVOS (Switzerland), Jan 29 (Bernama) — Despite having his trip cut short, Prime Minister Datuk Seri Najib Tun Razak succeeded in his dual mission to promote both Malaysia and ASEAN as preferred investment destinations. And, reassured international investors convinced by the strong case Najib presented in highlighting Malaysia’s competiveness on its own merit and its strategic position within South East Asia (SEA), sounded out their long-term commitment to Malaysia and ASEAN. Although temperatures were below freezing point, Najib managed both in warming and winning the hearts of these investors who reaffirmed their commitment to continue to operate and expand in Malaysia such as Royal Vopak, Novartis and Lafarge. Najib, who is also the Finance Minister, took time to personally meet the corporate leaders of six companies — BAE, Lloyds, Royal Dutch Shell, General Electric, Nestle and Standard Chartered Group, which were looking at investing more in the country, as well as,...

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...

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...

KUALA LUMPUR 5 Feb. – Kementerian Perdagangan Antarabangsa dan Industri yakin Malaysia akan terus menghasilkan lebihan dagangan walaupun pertumbuhan eksport diunjurkan di paras dua hingga tiga peratus pada tahun ini. Menteri Perdagangan Antarabangsa dan Industri, Datuk Seri Mustapa Mohamed berkata, perkara tersebut bukanlah satu masalah kerana negara telah menghasilkan lebihan dagangan selama 17 tahun iaitu sejak Disember 1997. “Ia bukannya satu isu, kami yakin Malaysia akan terus menghasilkan lebihan dagangan yang sihat. Pada tahun lalu, negara telah menghasilkan lebihan dagangan sebanyak RM83.11 bilion,” katanya. Beliau berkata demikian sidang akhbar Laporan Prestasi Perdagangan Malaysia 2014 di sini hari ini. Pertumbuhan eksport yang kukuh menghasilkan lebihan dagangan sebanyak RM83.11 bilion pada 2014 yang merupakan lebihan dagangan tahun ke-17 berturut-turut dicatatkan. Lebihan dagangan tahun tersebut mencatatkan pertumbuhan dua digit iaitu sebanyak 16.6 peratus,...

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...

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...

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...

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.