Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

Tag Archives: Malaysian economy

Mustapa: Asean on track for progressive trade liberalisation
October 13, 2015 , by admin2

Asean countries are on track for progressive liberalisation of trade within the region, covering 128 sub-sectors via the Asean Framework Agreement on Services (AFAS).

The liberalisation will boost the services sector’s contribution to the region’s gross domestic product (GDP) from the current 40% to 50%, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

He said AFAS will be a platform for services providers to take advantage of the market openings as well as to benefit from new ideas and processes arising out of the opening of the services sector.

Efforts has been put into concluding the AFAS 10th package by year-end to provide wider and better opportunities for members in tapping the benefits of the services sector,” he said in his opening address at the inaugural Asean Service Provider Confederation (ASPC) meeting yesterday.

His speech was read by Malaysia External Trade Development Corp (Matrade) CEO Datuk Dzulkifli Mahmud. Last year, Asean...

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MITI, SCE To Jointly Conduct Talent Development Programme
October 13, 2015 , by admin2

KUALA LUMPUR, Sept 8 (Bernama) — The Ministry of International Trade and Industry (MITI) has teamed up with Singapore Corp Enterprise (SCE) to conduct a talent development programme for officers from MITI and its agencies.

Deputy Minister, Datuk Ahmad Maslan, said the eight-month programme, from September 2015 to April 2016, was the first of its kind for Malaysian civil service and would involve 122 officers.

“The platform, called the Economic Policy Leaders programme, would enhance the professionalism and charisma of the officers,” he said after the signing of the memorandum of understanding between MITI Deputy Secretary-General, Datuk Jayasiri Jayasena, and SCE Chief Executive Officer, Kong Wy Mun, here today.

Also present was Temasek Foundation Chief Executive Officer, Benedict Cheong.

Ahmad said the programme would be held in Malaysia and will be followed by a learning visit to Iskandar, Johor and Singapore.

The cost of approximately RM750,927 would be equally funded...

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AEC To Spur Investments From ASEAN Into Malaysia
October 13, 2015 , by admin2

KUALA LUMPUR, Aug 10 (Bernama) — Foreign Direct Investments (FDI) in Malaysia from its ASEAN peers is expected to gain momentum with the ASEAN Economic Community (AEC) becoming a reality from Dec 31 this year.

Minister of International Trade and Industry (MITI) Datuk Seri Mustapa Mohamed said the sustained removal of barriers among the 10-member grouping, had led to an expansion in intra-ASEAN trade and investments, from US$1.22 billion in 2000 to US$24.4 billion in 2014.

“This accounts for 17.9 per cent of the total US$136.2 billion FDI inflows into the region last year,” he told reporters at the AEC Open Day here Monday.

Mustapa said similarly, intra-ASEAN trade accounted for 24 per cent of the total ASEAN trade or US$608 billion.

Meanwhile, ASEAN’s per capita income now stands at US$4,130 with intra-ASEAN trade expected to grow to 30 per cent by 2020.

He also said being the ASEAN Chairman this year, Malaysia wants to prepare local small and medium enterprises...

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HIGHWAY DEVELOPMENT - A NEW PRIORITY SECTOR FOR FDI IN INDIA
July 6, 2015 , by admin2
Malaysian companies are encouraged to explore opportunities offered by India for investment and collaboration in the development of highways. India’s Minister of Road Transport and Highways, Mr. Kamal Nath, announced during a visit to Singapore in mid-July 2009 that infrastructure, particularly development of roads, will be the key defining sector for attracting foreign investments in India in the coming decade; much like ICT was the focus sector in the 90’s and the present decade. India’s priority is on building world-class infrastructure through public-private partnerships (PPPs). India’s ‘Action Plan for Development of the National Highways Network’ expects that 45,974km of highways with an estimated investment of US$45 billion will be built during the period 2001-2012. To date, only 5,152km or 11.2% of the envisaged 45,974km of highways has been completed. In view of the slow progress, Minister Nath has set a target of 20km a day of highway construction as compared to...
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Another Milestone in FTAs
July 2, 2015 , by admin2
The ASEAN-India Free Trade Agreement (AIFTA) came into effect on 1 January 2010 for Malaysia and India. It is a remarkable milestone towards a freer market environment, and an important agreement for Malaysia as India is emerging as an important trading partner as well as a market for Malaysian exports. This FTA creates a market of 1.7 billion people with combined GDP of US$2.8 trillion and combined global trade of over US$2 trillion. Under the AIFTA, ASEAN Member States and India have agreed to progressively reduce and eliminate duties on substantial number of products over a period of 3-8 years beginning 1 January 2010. The Philippines, Cambodia, Lao PDR, Myanmar and Viet Nam are given an additional 2-3 years to reduce and eliminate their duties under this FTA. Dato’ Sri Mustapa Mohamed says that Malaysia is committed to eliminate import duties on 6,792 products or tariff lines by 31December 2013, while duties on another 1,266 tariff lines would be eliminated by 31 December...
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The Services Sector – Driving Growth
July 1, 2015 , by admin2
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…
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National Domestic Investments Dialogue & Seminar
July 1, 2015 , by admin2
 
National Domestic Investments Dialogue & Seminar
 
YB Minister presents his Keynote Address at the National Domestic Investments Dialogue & Seminar organised by MIDA and SME Corp. at Berjaya Times Square, Kuala Lumpur. The Dialogue & Seminar was well received with participants coming from all over the country.
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2009 Figures
June 29, 2015 , by admin2
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.
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Soon to be Unveiled….the New Economic Model
June 29, 2015 , by admin2

The much anticipated New Economic Model, to be launched at the end of the month by the Prime Minister will focus on the services sector. The plan is to increase its contribution to the GDP to 60% by 2015. How will this be done ?

The first of many steps include:

  • Liberalising the services sector
  • Strengthening the capacity and capability of local service providers
  • Raising the skills levels of Malaysian workers
  • Creating a conducive business environment for investors
  • Reviewing domestic regulations that hinder investments
  • Assisting export ready Malaysian companies to break into foreign markets

Ultimately, all sectors will need to work in tandem. Together, we can work towards reducing our dependence on low skilled labour and building more technology-intensive businesses that create greater value-added products.

All this will put Malaysia on course to achieving high income nation status.

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MITI Plays a Big Role in Spearheading the Economic Transformation Programme
June 29, 2015 , by admin2
 
MITI's Monthly Assembly On 6 April 2010
YB Dato’ Sri Mustapa Mohamed stressed the pivotal role of MITI in realising the Government’s aspiration to shift the nation towards high-income, knowledge-based economy at MITI’s monthly assembly today. Also present were YB Dato’ Jacob Dungau Sagan, Deputy Minister (Industry) and Y.Bhg. Tan Sri Abdul Rahman Mamat, Secretary General of MITI. He said that MITI, being the Ministry in-charge of the development of the manufacturing and services sectors, is responsible for at least 80% of the country’s Gross Domestic Product (GDP). “The GDP comprises 30% output from manufacturing and 50% services; therefore 80% of the GDP depends on the efficiency of MITI and agencies’ personnel in carrying out their duties and formulating the right policies for industry and trade to grow” said the Minister. YB Dato’ Sri Mustapa also stressed the importance of MITI officers acquiring the necessary knowledge and skills, including writing, communication and negotiation; in order...
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