Ministry in 'active discussions' with firm claiming Japan expo plagiarism
Last month, the ministry was slapped with a letter of demand seeking compensation and acknowledgement of the direct marketing company's designs for the Malaysian pavilion at the international exposition.
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The Star
41 minutes ago
- The Star
Malaysia's semiconductor exports still exempted from retaliatory tariffs, says Tengku Zafrul
KUALA LUMPUR: Malaysia's semiconductor exports to the United States remain exempt from retaliatory tariffs for now, says Tengku Datuk Seri Zafrul Abdul Aziz. The Investment, Trade and Industry Minister said the exemption remains in place at present, but it is subject to review and may be affected by future shifts in US trade policy. 'Currently, Malaysia's semiconductor exports to the US are not subjected to the retaliatory tariffs. However, this exemption is conditional and may change depending on the US government's evolving policies,' Tengku Zafrul told the Dewan Rakyat on Thursday (Aug 7). He was responding to Lim Guan Eng (PH–Bagan), who asked about reports that US president Donald Trump had announced plans to impose 100% tariffs on semiconductors imported from countries that do not produce — or do not plan to produce — chips within the US and only companies that have invested in or are building chip-manufacturing facilities in the US would reportedly be exempt. 'This is a significant move that will undoubtedly affect major semiconductor-exporting countries like Malaysia,' Tengku Zafrul said. He said that in April, the US Department of Commerce launched an investigation under Section 232 of its Trade Expansion Act to determine whether imports of semiconductors, chip-making equipment and related products pose a threat to US national security. 'Although the report was initially expected by the end of December, we've learnt that the timeline has been expedited. 'Preliminary findings from this investigation may soon form the basis for future policy decisions — including the possibility of higher tariffs,' he said Tengku Zafrul stressed that the US government has yet to officially announce the mechanism for implementing the tariffs. 'Based on current information, the exemptions may not be based on countries, but on companies that invest directly in the US, regardless of where they are headquartered,' he said. As such, the impact on Malaysia would depend largely on the structure and investment strategies of multinational firms operating locally. Tengku Zafrul said Malaysia's electrical and electronics (E&E) exports to the US totalled RM119bil in 2024 — roughly 20% of the country's total E&E exports. Of that, semiconductors alone made up RM60.6bil, or about 20% of Malaysia's total semiconductor exports. He noted that 68% of Malaysia's semiconductor exports to the US came from American companies based in Malaysia. 'These companies employ around 72,000 skilled Malaysian workers and are supported by approximately 7,200 local suppliers, most of which are SMEs,' he said. He said the government is also ramping up outreach and engagement with key local exporters and players in the semiconductor supply chain, while encouraging companies to expand to alternative markets. 'Ultimately, we are committed to monitoring this development closely and negotiating proactively. 'We want a clear understanding of what the US defines as 'semiconductors' in this context, so our industry can prepare appropriately,' he said.
New Straits Times
41 minutes ago
- New Straits Times
Airbnb injects RM9.2bil into Malaysian economy in 2024, driving RM2.1bil in wages
KUALA LUMPUR: Airbnb generated RM9.2 billion in economic impact for Malaysia in 2024, accounting for 5 per cent of the tourism sector's contribution to the nation's gross domestic product (GDP), according to a new report released by Oxford Economics. The report, The Economic Impact of Airbnb in Malaysia (May 2025), highlights the expanding footprint of the short-term rental platform, which supported about 93,600 jobs nationwide and contributed RM2.1 billion in total wage income. "Malaysia's tourism recovery reflects a strong and resilient demand for domestic travel. Malaysian travellers are instrumental in driving the resurgence in the tourism sector. At the same time, traditional international markets, especially those within the APAC region, remain important sources of inbound tourists, reinforcing Malaysia's appeal as an attractive travel destination in the region," said James Lambert, director of economic consulting Asia for Oxford Economics. Domestic guests accounted for 67 per cent of Airbnb stays in Malaysia in 2024, surpassing pre-pandemic levels and reflecting a rebound in local travel appetite. Meanwhile, international travellers made up 33 per cent of Airbnb's guest base – more than double their share in 2022. The majority of these guests came from within Asia Pacific, underlining Malaysia's strengthened positioning in the global tourism map. Airbnb guests spent a total of RM11 billion in Malaysia last year, encompassing accommodation and on-the-ground expenditures such as dining, retail, and transport. On average, guests stayed two nights and spent RM640 per day on non-accommodation essentials. For every RM1,000 spent, RM290 went to restaurants and shopping, RM160 to arts and entertainment, and RM110 and RM140 to groceries and transport, respectively. Airbnb's economic ripple extended well beyond traditional tourism sectors. In 2024, the platform's activity directly supported RM1.4 billion in manufacturing output, RM1.2 billion in both transport & storage and food & beverage services, and over RM1 billion in wholesale and retail trade. In terms of employment, Airbnb tourism sustained 37,200 jobs in food and beverage, 13,400 in wholesale and retail, 10,300 in transport and storage, and 9,700 in arts and entertainment. These roles translated into tangible wage benefits, with Airbnb activity contributing around RM376 million in food and beverage wages, RM332 million in manufacturing wages, and RM281 million in transport and storage sector wages, highlighting a broad and meaningful economic uplift across communities. Meanwhile, travel in Malaysia showed that it was moving beyond the big cities. In 2024, over half of all Airbnb guest spending took place outside Kuala Lumpur and Selangor. There was also a 68 per cent increase in non-urban accommodation spending compared to 2019, signalling growing interest in exploring lesser-known parts of the country. Notably, areas outside Kuala Lumpur and Selangor accounted for 62 per cent of Airbnb's total GDP contribution in Malaysia, helping support 63,500 jobs and RM1.3 billion in wages, delivering meaningful economic impact to local communities across the country.
BusinessToday
41 minutes ago
- BusinessToday
ASEAN Chairmanship, BRICS Engagement Key In Building Economic Resilience
Minister of Investment, Trade and Industry, Senator Tengku Datuk Seri Utama Zafrul Aziz, today delivered a keynote address at the PRAXIS 2025 Public Policy Conference, outlining Malaysia's strategy to navigate an increasingly volatile global landscape. Speaking on the theme 'From Fracture to Future,' the minister detailed how Malaysia's ASEAN Chairmanship and its new engagement with the BRICS bloc are key to building economic resilience and promoting sustainable growth. Tengku Zafrul highlighted several achievements and priorities under Malaysia's 2025 ASEAN Chairmanship, which he said is focused on deepening regional cooperation. Trade Agreements: Negotiations have been concluded to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and the ASEAN-China Free Trade Area (ACFTA). These new agreements, expected to be signed in October, will expand cooperation into services, e-commerce, and SMEs. Digital Economy: The upcoming ASEAN Digital Economy Framework Agreement (DEFA) is a major priority, aiming to provide a comprehensive framework for a digital economy projected to reach USD2 trillion by 2030. Supply Chain: Malaysia has proposed the ASEAN Framework on Integrated Semiconductor Supply Chain (AFISS) to position Southeast Asia as a unified production base for microchips, promoting collaboration over competition among member states. New Partnerships: Malaysia successfully convened the first-ever ASEAN-GCC-China Summit, which could serve as a springboard for a future ASEAN-GCC Free Trade Agreement. The minister underscored that Malaysia's regional efforts mirror its national priorities of maintaining an open, transparent, and rules-based global trade order. BRICS Engagement: Tengku Zafrul announced that Malaysia was invited as a new Partner Country of BRICS, calling it a significant milestone. He framed this engagement as a forward-looking strategy to diversify partnerships and rebalance the global order, rather than an ideological move to disrupt it. Economic Non-Alignment: The minister firmly stated that Malaysia's policy is one of economic non-alignment. 'It is not in our interest to choose between [the United States and China] or decouple from either,' he said, emphasising that neutrality is Malaysia's strength. Bilateral Growth: He also pointed to recent agreements, including a Comprehensive Strategic Partnership with India and MoUs on semiconductors with Brazil, as examples of Malaysia's strategic outreach. Acknowledging challenges like regional disputes and trade tariffs, Tengku Zafrul outlined three key points for ASEAN to move from 'fracture to future.' Double Down on the ASEAN Way: Upholding the principles of non-alignment and dialogue with all like-minded partners. Continue Diversification and Integration: Leveraging the collective strength of ASEAN's 680-million strong market to 'tide us over' during this fractured era. Pursue National and Regional Reform: Emphasising the success of national reform plans like the New Industrial Master Plan (NIMP) 2030 and the upcoming 13th Malaysia Plan (13MP) as crucial for building a strong foundation for regional discussions. He concluded that Malaysia will not drift aimlessly in a turbulent global environment, but will 'anchor ourselves to our principles, chart a course through complexity, and embrace the boldness required to lead.'
