Latest news with #EconomicMinistry
Borneo Post
31-07-2025
- Business
- Borneo Post
13MP: Ship fueling supply services to reach RM19.4 bln by 2030
Under the 13MP, the blue economy will be further strengthened with the marine fuel supply services industry to reach RM19.4 billion by 2030, up from RM14.5 billion in 2024. — Bernama photo KUALA LUMPUR (July 31): Under the 13th Malaysia Plan (13MP) which runs from 2026 to 2030, the blue economy will be further strengthened with the marine fuel supply services industry to reach RM19.4 billion by 2030, up from RM14.5 billion in 2024. According to the Economic Ministry's main document, a dedicated blue economy satellite account is expected to be fully developed by 2030, with the number of modern fishing vessels projected to rise to 45 from merely eight in 2024. The plan also includes upgrading or building fishing vessel shipyards with construction, maintenance, and repair facilities at 10 targeted locations. 'Blue economy development will be managed sustainably to boost economic growth, improve societal well-being, and protect marine, coastal, and freshwater ecosystems for current and future generations,' the document said. The focus will be on growing key industries and preserving biodiversity. Strategic industries will include shipbuilding and repairs, logistics, fisheries and aquaculture, coastal/maritime tourism, and blue renewable energy. Port infrastructure will be enhanced to support growth. The document said Port Klang's capacity will be expanded with a third terminal on Carey Island and Westports 2 container terminal to adopt low-carbon practices. Port capacities in Sabah and Sarawak will also be upgraded. Existing financial incentives will be improved, and sustainable financing mechanisms, including joint financing, will be explored. 'The use of technology and innovation will also focus on ocean waste management, environmental conservation, and blue carbon initiatives,' it said. Additionally, regional cooperation will be intensified in research and development, commercialisation and innovation, technology transfer, talent development, and expertise sharing. Blue economy hubs will be developed in high-potential states like Kelantan, Perak, Sabah, and Terengganu to attract investment. Local expertise will be tapped to attract youth into high-income blue economy careers. To preserve biodiversity, enforcement of the Fisheries Act 1985 (Act 317) will be strengthened, especially in the South China Sea, to combat illegal, unreported, and unregulated fishing. The Act will also be amended to address declining fishery resources. The 13MP document also said the traditional methods of community-based fisheries known as the 'tagal' and 'tagang' practised in Sabah and Sarawak will be expanded to Peninsular Malaysia to protect inland fisheries. 'Strategic partnerships with the private sector, non-governmental organisations and local communities will be enhanced in waste management and beach cleaning programmes on islands. Tourism operators will be encouraged to adopt sustainable energy, water, and waste management technologies.' –Bernama 13MP blue economy economy
New Straits Times
31-07-2025
- Business
- New Straits Times
13MP: Ship fueling supply services to reach RM19.4bil by 2030
KUALA LUMPUR: Under the 13th Malaysia Plan (13MP) which runs from 2026 to 2030, the blue economy will be further strengthened with the marine fuel supply services industry to reach RM19.4 billion by 2030, up from RM14.5 billion in 2024. According to the Economic Ministry's main document, a dedicated blue economy satellite account is expected to be fully developed by 2030, with the number of modern fishing vessels projected to rise to 45 from merely eight in 2024. The plan also includes upgrading or building fishing vessel shipyards with construction, maintenance, and repair facilities at 10 targeted locations. "Blue economy development will be managed sustainably to boost economic growth, improve societal well-being, and protect marine, coastal, and freshwater ecosystems for current and future generations," the document said. The focus will be on growing key industries and preserving biodiversity. Strategic industries will include shipbuilding and repairs, logistics, fisheries and aquaculture, coastal/maritime tourism, and blue renewable energy. Port infrastructure will be enhanced to support growth. The document said Port Klang's capacity will be expanded with a third terminal on Carey Island and Westports 2 container terminal to adopt low-carbon practices. Port capacities in Sabah and Sarawak will also be upgraded. Existing financial incentives will be improved, and sustainable financing mechanisms, including joint financing, will be explored. "The use of technology and innovation will also focus on ocean waste management, environmental conservation, and blue carbon initiatives," it said. Additionally, regional cooperation will be intensified in research and development, commercialisation and innovation, technology transfer, talent development, and expertise sharing. Blue economy hubs will be developed in high-potential states like Kelantan, Perak, Sabah, and Terengganu to attract investment. Local expertise will be tapped to attract youth into high-income blue economy careers. To preserve biodiversity, enforcement of the Fisheries Act 1985 (Act 317) will be strengthened, especially in the South China Sea, to combat illegal, unreported, and unregulated fishing. The act will also be amended to address declining fishery resources. The 13MP document also said the traditional methods of community-based fisheries known as the "tagal" and "tagang" practised in Sabah and Sarawak will be expanded to Peninsular Malaysia to protect inland fisheries. "Strategic partnerships with the private sector, non-governmental organisations and local communities will be enhanced in waste management and beach cleaning programmes on islands. Tourism operators will be encouraged to adopt sustainable energy, water, and waste management technologies.
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Business Standard
05-07-2025
- Business
- Business Standard
India, Maldives in talks to deepen bilateral trade, investment ties
India and the Maldives discussed ways to explore new opportunities for economic cooperation and trade enhancement, state-run media said on Saturday. The discussion for strengthening trade was held during a meeting between India's Commerce Secretary Sunil Barthwal and Maldivian Economic Development and Trade Minister Mohamed Saeed here on Friday. The meeting, held at the Maldivian Economic Ministry as part of Barthwal's visit, focused on exploring new areas of economic collaboration and strengthening existing trade ties, according to Public Service Media (PSM News), the state-run media. After the meeting, Saeed said in a post on X: Had a productive meeting today with India's Commerce Secretary Sunil Barthwal. We discussed strengthening trade and investment partnerships between our nations and exploring new opportunities for economic cooperation. The Department of Commerce, Ministry of Commerce and Industry, in a post on X, said Barthwal had a constructive meeting with Saeed, focusing on enhancing trade and investment ties and exploring new avenues for economic cooperation between the two countries. As part of recent efforts to attract Indian investment, business forums were organised in three Indian cities to promote opportunities in the Maldives, the PSM News said. India continues to be a key development partner for the Maldives, contributing to several infrastructure and capacity-building projects, it added. New Delhi has also extended a USD 25.94 million currency swap facility to support the archipelagic nation's economy. Earlier on May 26, India and Maldives explored ways to boost trade and strategic cooperation during a three-day visit by Maldivian Foreign Minister Abdulla Khaleel, accompanied by a high-level delegation to New Delhi to review the implementation of the comprehensive economic and maritime security partnership. It was agreed during Maldivian President Mohamed Muizzu's trip to New Delhi last October. The ties between India and the Maldives came under severe strain after Muizzu, known for his pro-China leanings, took charge of the top office in November 2023. Within hours of his oath, he had demanded the withdrawal of Indian military personnel from his country. Subsequently, the Indian military personnel were replaced by civilians on a mutually agreed date. There was a thaw in the relations as Muizzu vowed to boost the bilateral ties with India during his visit to Delhi in October 2024. Maldives is India's key maritime neighbour and an important partner in India's Neighbourhood First' policy and Vision MAHASAGAR that is Mutual and Holistic Advancement for Security and Growth Across Regions.
BusinessToday
27-06-2025
- Business
- BusinessToday
Finance Minister II, Amir Hamzah To Helm Duties At Economic Ministry
Following the recent resignation of Economic Minister Rafizi Ramli, the Chief Secretary of the Government has announced that Amir Hamzah will take over the duties at the Economic Ministry. Rafizi's departure came after his defeat in his party's internal election. Amir Hamzah's appointment to this critical role was reportedly discussed and approved during a recent Cabinet meeting, with Prime Minister Datuk Seri Anwar Ibrahim giving his endorsement. The Prime Minister himself was instrumental in bringing Hamzah into the administration last year, signaling confidence in his capabilities. Amir Hamzah faces an immediate and significant challenge: to review and revamp the framework for the 13th Malaysia Plan, which is slated to be tabled in Parliament on July 30. This ambitious economic blueprint will require swift and decisive action. Beyond the 13th Malaysia Plan, Hamzah will also inherit a range of unfinished business left by his predecessor, Rafizi Ramli. These include the contentious petrol subsidy rationalization program, which has been a subject of public debate, and the comprehensive PADU (Pangkalan Data Utama) central database mechanism, a flagship initiative aimed at streamlining social protection and subsidy distribution. However, the statement issued by the Chief Secretary of the Government did not clarify the precise nature of Amir Hamzah's role within the Economic Ministry. It remains unconfirmed whether he will be appointed as a full Minister or will serve in an interim capacity to manage the existing portfolio and clear the backlog of ongoing projects. Related
Malay Mail
21-05-2025
- Business
- Malay Mail
Zahid reaffirms govt support for Bumiputera empowerment, follow-up talks with stakeholders set for Friday
KUALA LUMPUR, May 21 — The government remains firmly committed to supporting and strengthening policies and initiatives aligned with Bumiputera economic aspirations, to ensure lasting benefits for both current and future generations. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said a follow-up discussion with key stakeholders will be held this Friday to further refine the direction and implementation of the agenda. 'As a nation that upholds balance and stability as foundations of development, efforts to narrow economic disparities between communities must be pursued with strong and coordinated commitment, across ministries, agencies, and the private sector,' he said in a Facebook post today. Ahmad Zahid, who chaired the 2024 Bumiputera Economic Congress (KEB), said this after reviewing a presentation by Economic Ministry secretary-general Datuk Nor Azmie Diron on the 'One-Year Post-KEB 2024 Retreat' at his office today. Held from February 29 to March 2 last year, KEB 2024 outlined more than 80 resolutions aimed at enhancing Bumiputera socio-economic empowerment. These resolutions were the result of engagement sessions conducted through 10 clusters covering various key areas during the three-day congress. — Bernama
