logo
Mosti: Malaysia retains spot as world's ninth-largest high-tech exporter, hits RM557b in 2023

Mosti: Malaysia retains spot as world's ninth-largest high-tech exporter, hits RM557b in 2023

Malay Mail24-04-2025
CYBERJAYA, April 24 — Malaysia successfully maintained its position as the ninth-largest exporter of high-technology goods out of 143 countries worldwide in 2023, the highest recognition it has achieved in the past decade.
Datuk Seri Hasnol Zam Zam Ahmad, secretary-general of the Ministry of Science, Technology and Innovation (Mosti), said that Malaysia's high-tech exports increased by US$2 billion (RM8.77 billion) to reach US$127 billion (RM556.7 billion) in 2023.
He said high-tech exports comprised 58.69 per cent of total manufacturing exports in 2023, up from 52.48 per cent recorded in 2022.
He also noted that the country recorded its highest trade surplus in a decade, totalling US$51.5 billion.
'Measuring the value of Malaysia's high-tech exports is not an easy task. First and foremost, the definition of 'high technology' must comply with international standards, including those set by the Organisation for Economic Co-operation and Development (OECD) and the World Bank.
'For a long time, the Malaysia Industry–Government Group for High Technology (Might) has been responsible for calculating and tracking Malaysia's high-tech export performance and will continue to carry out this important role moving forward,' he said during the launch of the Malaysia High Technology Performance Report 2023 here today.
The report's launch briefing was also attended by Might co-chair (industry) Tan Sri Ahmad Tajuddin Ali, co-chair (government) Tan Sri Zakri Abdul Hamid, and president and chief executive officer Rushdi Abdul Rahim.
Hasnol Zam Zam emphasised Mosti's commitment to expanding and strengthening the national innovation ecosystem to ensure sustained competitiveness across all development sectors, especially in high technology.
In addition to Might, he mentioned that several international institutions also use high-tech export indicators as a key measure to assess a country's competitiveness and innovation capacity.
Meanwhile, Rushdi noted that although the telecommunications electronics product group remained the largest contributor with US$36 billion, accounting for 80.58 per cent of total high-tech goods exports across nine subgroups, there remains significant growth potential in other categories such as scientific equipment, office machinery, electrical machinery, and aerospace surplus.
However, he highlighted that these categories must be supported by a robust innovation ecosystem and effective market penetration strategies.
'Beyond directly contributing to the nation's aspiration to become a high-income, technology-based economy, this dynamic innovation ecosystem also strengthens Malaysia's position in achieving technological sovereignty, ensuring the country is not only capable of utilising but also mastering and controlling these strategic technologies,' he added. — Bernama
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US drops sanctions on Myanmar junta allies after Trump praise
US drops sanctions on Myanmar junta allies after Trump praise

The Star

time8 hours ago

  • The Star

US drops sanctions on Myanmar junta allies after Trump praise

A trishaw driver rides as his passenger uses an umbrella to cover themselves from the rain in Yangon on July 21, 2025. -- Photo by Sai Aung MAIN / AFP YANGON (AFP): The United States has lifted sanctions on several allies of Myanmar's ruling general and their military-linked firms, a US Treasury notice shows, after the junta chief sent a glowing letter of praise to President Donald Trump. Junta chief Min Aung Hlaing seized power in a 2021 coup, deposing the civilian government and sparking a civil war that has killed thousands, leaving 3.5 million displaced and half the nation in poverty. Two weeks ago, the top general sent a letter to Trump, responding to his threat of tariffs by lauding his presidency with praise, including for shutting down US-funded media outlets covering the conflict. A US Treasury notice on Thursday said sanctions were dropped against KT Services and Logistics, the Myanmar Chemical and Machinery Company, and Suntac Technologies -- as well as their managers. In a statement, a US Treasury Department spokesperson denied there was an "ulterior motive" in the move, although the notice did not provide a reason for the removals. "Anyone suggesting these sanctions were lifted for an ulterior motive is uninformed and peddling a conspiracy theory driven by hatred for President Trump," said the spokesperson, on condition of anonymity. They added that individuals were "regularly added and removed" from the sanctions list "in the ordinary course of business." KT Services and Logistics and its CEO Jonathan Myo Kyaw Thaung were described as junta "cronies" when they were sanctioned in 2022 for leasing Yangon's port from a military firm for $3 million a year. The Myanmar Chemical and Machinery Company and its owner, Aung Hlaing Oo, and Suntac Technologies owner Sit Taing Aung were sanctioned later that year for producing arms, including tanks and mortars. A third Myanmar national, Tin Latt Min -- who the US previously described as owning "various companies that are closely related to the regime" -- was also removed from the sanctions list. Trump sent a letter to junta chief Min Aung Hlaing earlier this month, one among a raft of missives despatched to foreign leaders during his global tariff blitz. The letter -- believed to be Washington's first public recognition of the junta's rule since the coup -- threatened Myanmar with a 40 percent levy unless a trade deal was struck. Min Aung Hlaing responded with a multi-page letter expressing his "sincere appreciation" for Trump's message and praising his "strong leadership". - AFP

Oil prices ease to three-week low at weekend as negative economic news offsets trade optimism
Oil prices ease to three-week low at weekend as negative economic news offsets trade optimism

The Star

time11 hours ago

  • The Star

Oil prices ease to three-week low at weekend as negative economic news offsets trade optimism

JAKARTA/SINGAPORE (Reuters): Oil prices eased to a three-week low on Friday night on negative economic news from the United States and China and signs of growing supply despite optimism U.S. trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 76 cents, or 1.1%, to US$68.42 a barrel by 1:44 p.m. EDT (1744 GMT), while US West Texas Intermediate (WTI) crude fell 91 cents, or 1.4%, to US$65.12. That put Brent on track for its lowest close since July 4 and WTI on track for its lowest close since June 30. For the week, Brent was down about 1% and WTI down about 3%. European Commission President Ursula von der Leyen will meet U.S. President Donald Trump on Sunday in Scotland after European Union officials and diplomats said they expected to reach a framework trade deal this weekend. The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the U.S., meanwhile, new orders for U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting that business spending on equipment slowed considerably in the second quarter. Trump said on Friday that he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the U.S. central bank might be ready to lower interest rates. Central banks, like the Fed or ECB, use interest rates to keep inflation in check. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second biggest economy, fiscal revenue dipped 0.3% in the first six months from a year earlier, the finance ministry said on Friday, maintaining the rate of decline seen between January and May. GROWING SUPPLIES? The US is preparing to allow partners of Venezuela's state-run PDVSA, starting with U.S. oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), which would be welcome news for U.S. refiners, as it would ease tightness in the heavier crude market, ING analysts wrote. In the Middle East, Iran said it would continue nuclear talks with European powers after "serious, frank, and detailed" conversations on Friday, the first such face-to-face meeting since Israel and the U.S. bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (OPEC). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. A meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from OPEC and allies like Russia, a group known as OPEC+, is scheduled for 1200 GMT on Monday. Four OPEC+ sources told Reuters the meeting was unlikely to alter the group's existing policy, which calls for eight members to raise output by 548,000 bpd in August. In Russia, the world's second biggest crude oil producer behind the U.S., daily oil exports from its western ports are set to be around 1.77 million bpd in August, down from 1.93 million bpd in July's plan, amid the expected rise in refinery runs, Reuters calculations based on data from two sources show. In the U.S., energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. (Reporting by Scott DiSavino in New York, Robert Harvey in London, and Sudarshan Varadhan and Siyi Liu in Singapore. Editing by Kirsten Donovan and Emelia Sithole-Matarise) - Reuters

Malaysia's new ambassador to US pledges stronger bilateral relations
Malaysia's new ambassador to US pledges stronger bilateral relations

New Straits Times

time13 hours ago

  • New Straits Times

Malaysia's new ambassador to US pledges stronger bilateral relations

KUALA LUMPUR: Malaysia's new Ambassador to the United States (US), Tan Sri Muhammad Shahrul Ikram Yaakob, reaffirmed his commitment to further strengthening the Malaysia–US bilateral relationship during a credentials ceremony with President Donald J. Trump at the White House. In a Facebook post on Saturday, the Embassy of Malaysia in Washington, D.C. stated that Muhammad Shahrul Ikram presented his Letter of Credence to Trump during the Presentation of Credentials Ceremony at the White House on July 24. The ceremony officially marked him as the 18th Ambassador Extraordinary and Plenipotentiary of Malaysia to the United States. "During the ceremony, Muhammad Shahrul Ikram had the opportunity to briefly exchange warm pleasantries with Trump, conveying his commitment to further strengthen the Malaysia–United States bilateral relationship. "He also thanked the President for Secretary of State Marco Rubio's participation in the recent 58th Asean Foreign Ministers' Meeting and Related Meetings, held in Kuala Lumpur from July 8 to 11, which further reaffirmed the US's commitment to the region as well as the deepening of the Malaysia–US Comprehensive Partnership," the embassy said. Over the past six decades since 1957, Malaysia-US's ties have grown into a multifaceted partnership encompassing political, economic, defence and security, educational, and people-to-people cooperation. Muhammad Shahrul Ikram is a former secretary-general of the Foreign Ministry and a veteran diplomat with over 35 years of service. Born in Pahang, Muhammad Shahrul Ikram holds a Bachelor of Science (Honours) in Ecology from Universiti Malaya and completed the Advanced Management Programme at Harvard Business School in 2009. He began his career at the Foreign Ministry in 1988 as an Administrative and Diplomatic Officer. During his career in the public service, Muhammad Shahrul Ikram also served as Malaysia's Ambassador to Qatar and Austria, as well as Permanent Representative to the United Nations in New York. His previous diplomatic assignments included stints at Malaysia's diplomatic missions in Vienna, Washington, D.C., and Beijing. He also held the positions of deputy secretary-general of Bilateral Affairs, director-general of Asean-Malaysia National Secretariat (during Malaysia's Chairmanship of Asean in 2015) and Undersecretary of Multilateral Political Division. – BERNAMA

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store