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The Star
27-04-2025
- Business
- The Star
We want to keep good ties with the US, says minister
KUALA LUMPUR: Malaysia seeks to maintain good ties with the United States, says Finance Minister II Datuk Seri Amir Hamzah Azizan. 'Malaysia has always been a good economic partner to the United States. That's why it has always been among Malaysia's largest foreign investors. 'We provide an environment where US companies are able to prosper. Intel has been in Malaysia since 1971. 'Other companies have been in Malaysia even longer, some since independence,' the minister said at the Asean Leadership Forum. 'So, what we want is the ability for us to continue with this positive relationship – to create a mechanism where both parties will gain opportunities to prosper within the space, compete within the space to grow and integrate what they have within Malaysia with their global supply chain. That's a great outcome,' he said. Amir Hamzah said he believed that a mutual understanding was achievable, as both countries had consistently approached the partnership with mutual respect. He emphasised making the cake bigger, rather than getting caught up in arguments over how to divide the cake into little pieces. On Malaysia's approach regarding the 24% reciprocal tariffs, Amir Hamzah said Malaysia had already started discussions with the United States. 'The good thing is, we have had our first conversation, and the conversation was received well enough. Next is a number of steps that will have to come after that,' he said. However, he noted a bilateral arrangement would take time. 'To lock up trade agreements takes a while – to work through the technicalities – but it starts with a first conversation and first principles, and then continued dialogue to close the gaps,' he added. Malaysia has expressed its openness to negotiate on four key areas – reducing the trade deficit; addressing non-tariff barriers; strengthening technological safeguards and security; and exploring a potential bilateral trade agreement.
The Sun
27-04-2025
- Business
- The Sun
Malaysia won't be overly fixated on economic growth forecasts: Amir Hamzah
KUALA LUMPUR: As Malaysia's growth forecast is being revised downward in reflection of a broader global trend, Finance Minister II Datuk Seri Amir Hamzah Azizan is emphasising the importance of not being overly fixated on growth figures. Instead, he said, the focus should be on building resilience and ensuring the country has the right tools and policies to continuously thrive amid heightened global volatility, a journey that the government has embarked upon over the last three years. The minister expressed confidence that despite headwinds and multilateral bodies revising Malaysia's growth target, mirroring declining global growth and trade numbers, Malaysia will continue to register growth in 2025. On Friday, the World Bank projected Malaysia's gross domestic product (GDP) growth rate for this year at 3.9%. Earlier in the week, the International Monetary Fund set its growth forecast for the country at 4.1%, down from 4.7% previously. These predictions came in lower than the government's target of 4.5% to 5.5%. 'The good thing is that it (the revised predictions) is still a growth,' Amir Hamzah said at the Asean Leadership Forum by Centre For Strategic and International Studies held in Washington DC on Friday. He said Malaysia's economic fundamentals remain strong and resilient, mainly supported by robust domestic demand, a well-diversified economy and sustained investments. 'Malaysia remains well positioned to navigate global uncertainties,' he added. Amir Hamzah pointed out that the country registered GDP growth of 5.1% in 2024, higher than the 3.6% achieved in the previous year. In the one-hour conversation, Amir Hamzah shared the Madani Government's focus on resetting the country's economy. '(Among others,) we have been trying to push the economy ahead from a middle income to a high income economy on a global scale and for that, we all have to punch through and break through the middle income trap.' One of the key challenges in achieving this vision lies in rethinking and redesigning the country's economic foundation, an effort that is central to the Madani Economy Framework, Amir Hamzah said. The framework, launched in 2023, focuses on redesigning the economy with good governance in place and at the same time build a better social protection as well as increasing living wages in the country. 'This is important because a stable society provides a much more conducive environment for progression in the country. At the same time, we want to re-strengthen our social nets and enhance good governance in the country,' he said. Hence, the key is to attract the right types of investments that focus on skills and investments in new priority sectors. 'So, it wasn't a surprise when Malaysia evolved to become one of the better data centres in Asia, and it also wasn't a surprise that artificial intelligence (AI) has also taken off (in terms of) what we can do and offer in Malaysia,' Amir Hamzah said. Last year, Malaysia's foreign direct investment experienced a significant growth, recording a historic high of RM378.5 billion in approved investments, a 14.9% increase year-on-year. Malaysia, the minister said, is also accelerating its green transition by attracting investments in renewable energy, electric vehicles and hydrogen technology. – Bernama
The Star
27-04-2025
- Business
- The Star
Malaysia focused on resilience
KUALA LUMPUR: As Malaysia's growth forecast is being revised downward to reflect a broader global trend, Finance Minister II Datuk Seri Amir Hamzah Azizan (pic) emphasises the importance of not overly fixating on growth figures. Instead, he said, the focus should be on building resilience and ensuring the country has the right tools and policies to thrive amid heightened global volatility – a journey the government has embarked upon over the last three years. The minister expressed confidence that despite multilateral bodies revising Malaysia's growth target, the country will continue to register growth in 2025. On Friday, the World Bank projected Malaysia's gross domestic product (GDP) growth rate for this year at 3.9%. Earlier in the week, the International Monetary Fund set its growth forecast for the country at 4.1%, down from 4.7%. These predictions came in lower than the government's target of 4.5% to 5.5%. 'The good thing is that it (the revised prediction) is still growth,' Amir Hamzah said at the Asean Leadership Forum organised by the Centre for Strategic and International Studies in Washington, DC. He said Malaysia's economic fundamentals remain strong and resilient, mainly supported by robust domestic demand, a well-diversified economy and sustained investments. 'Malaysia remains well positioned to navigate global uncertainties,' he said, reported Bernama. He pointed out that the country registered a GDP growth of 5.1% in 2024, higher than the 3.6% achieved the previous year. '(Among others,) we have been trying to push the economy ahead from a middle-income to a high-income economy on a global scale, and for that, we all have to punch through and break out of the middle-income trap,' he said. One of the key challenges in achieving this vision lies in rethinking the country's economic foundation – an effort that is central to the Madani Economy framework, Amir Hamzah said. The framework, launched in 2023, focuses on redesigning the economy with good governance, while at the same time building better social protection and increasing living wages. 'This is important because a stable society provides a much more conducive environment for progression in the country. At the same time, we want to re-strengthen our social nets and enhance good governance,' he said. Hence, the key is to attract the right types of investments that focus on skills development and new priority sectors. 'So, it wasn't a surprise when Malaysia evolved to become one of the better data centre hubs in Asia, and it also wasn't a surprise that artificial intelligence has taken off in terms of what we can do and offer in Malaysia,' he said. Last year, Malaysia's foreign direct investment experienced significant growth, recording a historic high of RM378.5bil in approved investments, a 14.9% year-on-year increase. Malaysia, he said, is also accelerating its green transition by attracting investments in renewable energy, electric vehicles and hydrogen technology.
New Straits Times
26-04-2025
- Business
- New Straits Times
Amir Hamzah: Asean will stay neutral, foster ties with both US, China
KUALA LUMPUR: Asean has consistently maintained a neutral stance in its relations with both the United States (US) and China, and this remains central to the region's diplomatic approach, said Finance Minister II Datuk Seri Amir Hamzah Azizan. "So, while the US position and the Chinese position may have very different stances along the way, what Asean has been good at over all these years is to maintain some sense of neutrality - some sense of being able to trade with each other, to trade with both sides without getting into very difficult 'gaps or mess' along the way," he said at the Asean Leadership Forum in Washington, DC, on Friday. "And I think that's what we will continue to want to do, because a much more harmonious, much more open mechanism allows for a better outcome than a fractured mechanism. "This has been proven in the past, and Asean want to continue to work towards that in the future," he added during a one-hour session at the Centre For Strategic and International Studies (CSIS) forum. He said this approach allows the bloc's 10 member states, including Malaysia which is currently the Asean Chair, to foster constructive ties with both global powers while safeguarding regional stability and unity. On whether individual member states engaging with the US separately contradicts Asean's message of a unified approach, Amir Hamzah said the different levels of development of the member states need to be taken into account. Asean, as a bloc, is quite sizeable with a combined with gross domestic product of close to US$3.8 trillion (RM16.6 trillion), making it the fifth-largest economic bloc globally. "However, Singapore is probably very high up the value chain, and other members may not be so high up, and the nature of their exports and imports is also very different (from each other) and the skill sets that exist in the countries are very different," he said. As a bloc, there are common areas and potentials where Asean can work together, he said. "So there is no misalignment in that instance, and we will continue to push to enable greater inter-Asean trade and predictability, and deployment of joint projects in infrastructure and so on that are beneficial for the Asean economy overall," Amir Hamzah said. According to him, the shift in the global trading environment needed a response. "So the first response that Asean said was actually, 'Don't fight it', because when you actually dig in positions, you don't create an environment where conversations can actually occur. Hence the non-retaliatory mechanism that we talked about," he said, referring to Asean's immediate response to US reciprocal tariffs. Although the tariffs are currently on a pause, Asean's Indochinese member states were the hardest hit, with Cambodia facing combined baseline and retaliatory duties totalling 49 per cent, followed by Laos (48 per cent), Vietnam (46 per cent), and Myanmar (44 per cent). Thailand was subjected to a tariff rate of 36 per cent, Indonesia 32 per cent, Malaysia and Brunei both 24 per cent, and the Philippines 17 per cent, while Singapore faced a baseline tariff of 10 per cent. Amir Hamzah said Asean continues to uphold its commitment to multilateral and rule-based mechanism. "We want a rule-based mechanism to continue to exist. And I think each member state has a grip on those high level principles. "But we are also practical in understanding that there may be differences between each state, and there may be differences in prioritisation that each state may want. Hence, bilaterals will continue to exist." Amir Hamzah said there's no blame regarding members pursuing what makes sense for their national interests. "But we must (also) have the ability to talk to each other, whereby we don't, in the (bilateral) discussions, make things worse for other Asean members. "Hence, there are regular ongoing communications between Asean members to make sure we don't pin other members into corners. I think that's the best outcome, giving flexibility that addresses the gaps in development growth while allowing members to exercise their sovereign rights to move on," he added. The minister said such diversity doesn't weaken the bloc; instead, it underscores the need for bilateral relationships to carry on alongside regional efforts.
Daily Express
26-04-2025
- Business
- Daily Express
Malaysia's views on US tariff well received, says minister
Published on: Saturday, April 26, 2025 Published on: Sat, Apr 26, 2025 By: FMT Reporters Text Size: Finance minister II Amir Hamzah Azizan said Malaysia wants to maintain good ties with the US. PETALING JAYA: Malaysia's views have been 'well received' in the first rounds of talks with the US on its 24% 'reciprocal' tariff, says finance minister II Amir Hamzah Azizan. However, he acknowledged that a bilateral arrangement will take time. Speaking at the Asean Leadership Forum at the Centre for Strategic and International Studies in Washington yesterday, Amir stressed that Malaysia seeks to maintain good ties with the US. 'Malaysia has always been a good economic partner to the US. That's why the US has always been among Malaysia's highest foreign investors. 'We provide an environment where US companies are able to prosper. Intel has been in Malaysia since 1971. (Other companies have) been in Malaysia even longer, (some) since independence,' Bernama quoted him as saying. He was asked what positive US-Malaysia economic relations would look like under President Donald Trump's administration without a global trade war. 'What we want is the ability for us to continue this (positive) relationship. 'Create a mechanism where both parties will gain in terms of opportunities to prosper and can compete to grow and integrate what they have within Malaysia with the global supply chain. That's a great outcome,' he said. Amir said he believes such mutual understanding and approach are doable as both countries have consistently approached the partnership with mutual respect. 'I think it can continue down that path, because both parties treat each other with respect. Both parties work to integrate things along the way and work to a common outcome,' he said. He emphasised the importance of focusing on how to 'make the cake bigger', rather than getting caught up in arguments over how to 'divide the cake into little bits', adding such an approach would add little value. On Thursday, investment, trade and industry minister Tengku Zafrul Aziz met with US trade representative Jamieson Greer and secretary of commerce Howard Lutnick in Washington to discuss the tariff, which has been put on hold for 90 days. In a statement on the meeting, the ministry said Malaysia stands ready to continue collaborating with the US to reach mutually agreeable solutions regarding the 'reciprocal' tariff announced by Trump's administration. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
