Day: September 10, 2022

KUALA LUMPUR, Malaysian businessmen have been urged to capitalise on the investment opportunities laid out in India’s ‘Make in India’ initiative namely in food processing, renewable energy, automotive components and semiconductor sector, says founder chairman of Consortium of Indian Industries in Malaysia (CIIM) Umang Sharma.

He said Malaysia being one of the largest producer of solar panels could take advantage from the renewable energy sector in India, following Indian Prime Minister Narendra Modi’s announcement of making India net-zero by 2070, and achieving the ambitious target of 280 GW of solar capacity by 2030.

“In electronics and semiconductor sector, India is offering huge incentives on setting up manufacturing base in India in the electronics sector.

“Besides that, India is going big in the digital and financial services introducing Digital rupee, Digital University, Digital health systems and e-Passports with embedded chip, with Malaysia having great expertise in some of these areas,” he said in his speech at the special commemorative event ‘India-Malaysia@65’ organised by CIIM and Malaysia India Business Council (MIBC) to celebrate 65 years of the establishmentof diplomatic relations between India and Malaysia here, last night.

Make in India is a Government of India scheme launched by Modi in 2014 intended to boost the domestic manufacturing sector and also augment investment into the country.

Sharma said India produced 44 unicorns in 2021 with a total valuation of US$93 billion, with great eco-system for start-ups existing there, adding there is a huge opportunity for Malaysian businessmen looking for tie-ups in the republic.

“The Malaysia India Comprehensive and Economic Cooperation Agreement in 2011, triggered trade volumes in certain sectors, but there is still huge business potential lying untapped,” he said, adding Indian companies have invested over US$3 billion in Malaysia, creating over 100,000 jobs for Malaysians, both directly and indirectly, in various sectors.

Sharma also proposed a separate Malaysia-India SME CEO Forum to be set up to fast track engagement with the SMEs of both countries.

“While we already have a (Malaysia-India CEO Forum), it would be a good idea, if a separate Malaysia-India SME CEOs Forum is set-up. It can do wonders in trade for both the countries,” he added.

Source: Nam News Network

SINGAPORE, Total trade between Malaysia and Singapore for 2022 is expected to be in the region of S$150 billion (S$1=RM3.21), said the High Commissioner of Malaysia to Singapore Azfar Mohamad Mustafar.

Speaking at the reception of 65th National Day and 59th Malaysia Day on Friday (Sept 9), Azfar said for the first seven months of this year, total trade was recorded at S$90 billion.

“Our economic ties are robust. Malaysia is Singapore’s second-largest trading partner, and likewise, Singapore is Malaysia’s second-largest trading partner.

“In 2021, despite the disruptions caused by COVID-19, total trade amounted to S$128 billion,” he said.

The reception, which was held at Grand Hyatt here, was attended by the republic’s Health Minister Ong Ye Kung; high commissioners and ambassadors; members of the diplomatic corps; and Malaysians working in the island city.

Azfar noted that Singapore is also the second largest foreign investor in Malaysia with approved investments from Singapore valued at US$12 billion (US$1=RM4.49) last year.

The people-to-people ties are also very strong, he said.

“Many Malaysians and Singaporeans have relatives and friends who work, live or study across the causeway.

“The strong bond of friendship and kinship amongst our peoples will continue to be an important factor forming the core of our bilateral relationship,” he said.

As the world moves forward and embraces a digital, green, and circular economy, Azfar said both countries will continue to work together in these areas and support each other for mutual benefits and mutual advantages.

Malaysia and Singapore, he said, also work together and share common positions on many regional and international issues.

“Malaysia is committed to working with Singapore to ensure ASEAN’s centrality and unity.

“Malaysia is also committed to work with Singapore, as well as other countries, to maintain regional and international peace, security and stability, to ensure the supremacy of the rule of law, freedom of trade and multilateralism,” he said.

Azfar believes that Malaysia’s relations with Singapore will continue to deepen and grow from strength to strength.

“The longstanding, deep-rooted, and comprehensive bond of ‘Causeway Friendship’ will endure the test of time for the benefits of our peoples and our future,” he said.

The high commissioner highlighted that both countries’ leaders visit each other on a regular basis.

“Deputy Prime Minister Lawrence Wong was in Malaysia a few days ago and had fruitful exchanges with many Malaysian leaders.

“Our leaders will continue to strengthen our bilateral relations, and for the remaining months of 2022, a number of high-level visits have been planned,” he said.

Source: Nam News Network

KUALA SELANGOR (Malaysia), Malaysian government is optimistic that the economy in the third quarter (Q3) of this year will show stronger growth based on current positive economic indicators.

Finance Minister Tengku Zafrul Abdul Aziz said economic growth was in line with the unemployment rate which was recorded at 3.7 per cent in July, compared to 3.8 per cent previously.

He said the rate was also better than the unemployment rate during the pandemic which was around 5.3 per cent in May 2020.

“This shows a good trend, in line with economic growth which is still showing positive growth.

“The gross domestic product in the second quarter of 2022 showed excellent growth compared to the previous projection of 8.9 per cent,” he told the media here Saturday.

Tengku Zafrul said for the presentation of Budget 2023 on Oct 7, the government will focus on four main issues, namely the people, business, economy, and government.

“We want 2023 to be the year where we do reforms… for the global economy in 2023, which is expected to be more challenging, our country should be more prepared to take the right steps as the economic forecast for the next year depends on the global economic situation,” he said.

Source: Nam News Network

SEPANG (Malaysia), A total of 24 Malaysians who fell victim to job scams in Phnom Penh, Cambodia, were successfully brought back home Friday.

Foreign Minister Saifuddin Abdullah, who was in Phnom Penh on a working visit, brought back the victims aged between 20 and 30 with him, and they arrived at the Kuala Lumpur International Airport (klia2) on flight AK0539 at about 4.50 pm.

Saifuddin said another 29 Malaysians were still at the immigration depot in Cambodia because they did not have valid travel documents when they entered the country, and according to him, all of them are safe.

During his work visit to Phnom Penh, Saifuddin said he managed to visit seven Malaysians who were at the Phnom Penh immigration depot, while another 22 were reported to be in the Sihanoukville region.

“They will be repatriated in stages depending on the Cambodian immigration department because some do not have valid travel documents and the cases involve investigations by the Cambodian side,” he told reporters at klia2.

Saifuddin said out of 148 reported cases, 118 Malaysians who fell victim to job offer fraud in Cambodia have been rescued so far.

“Thank you to the Malaysian government, the Cambodian government, and Cambodian Prime Minister Hun Sen, who gave specific instructions to conduct an operation to save some Malaysians there,” he said.

Once again advising Malaysians to be wary of lucrative job offers abroad, he said: “If you get any offers, contact our embassy in Phnom Penh, so they can help check whether the company is legitimate or not instead of going there without the proper information.”

Saifuddin said there were about 500 Malaysian companies operating in Cambodia and 5,000 Malaysians working and doing business in the country, and all were doing well.

Source: Nam News Network