Latest news with #FreeTradeZone
The Sun
15 hours ago
- Business
- The Sun
Negeri Sembilan attracts biotechnology investors from China
PETALING JAYA: Negeri Sembilan remains a preferred destination for foreign investors in the biotechnology sector, with several companies from China expressing interest in investing in the state. Menteri Besar Datuk Seri Aminuddin Harun said that several Chinese biotechnology entrepreneurs and investors showed interest in investing in the state during a recent visit by the state government to China. He highlighted that several biotechnology investors and entrepreneurs have expressed a desire to relocate their operations to Negeri Sembilan and have requested that the state government allocate a dedicated area for this purpose. 'Discussions are ongoing between the state government and the interested companies and investors. We have identified a suitable site in Bandar Ensterk for developing this biotechnology segment. 'In collaboration with the Pilgrims Fund Board or Lembaga Tabung Haji, Negeri Sembilan will provide an area of approximately 161.88 hectares (ha) to host the project,' he told reporters after delivering his speech at the MIDF Lunch Talk, Negeri Sembilan: The Next Smart Frontier. Aminuddin added that once an agreement is reached with the investors, construction work will commence as soon as possible and is expected to take place this year. Meanwhile, he said that the state government's plan to develop an artificial intelligence (AI) powered smart container port as a Free Trade Zone (FTZ) at Pasir Panjang, Port Dickson, will proceed once the land acquisition process is completed. In his speech, Aminuddin also mentioned that Negeri Sembilan is home to more than 500 foreign and local manufacturing companies, mostly concentrated in the Seremban district, specifically in Nilai, Senawang, Sendayan, and Enstek. He noted that among the multinational companies established in the state are Samsung SDI Energy Malaysia Sdn Bhd, Coca‑Cola Bottlers (Malaysia) Sdn Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (Malaysia) Bhd, and others. 'Besides contributing to the state's gross domestic product, the presence of these companies creates more quality job opportunities, strengthens the value chain, and generally boosts the state's economy. 'Furthermore, the presence of these multinational companies enhances the state's image, increasing the confidence of prospective investors from both within and outside the country,' he said. In this regard, the menteri besar stated that in 2024, Negeri Sembilan recorded approved investments amounting to RM7.25 billion, which is expected to create more than 4,600 job opportunities in the state. Aminuddin added that over the past five years (2019–2024), the top five countries contributing to foreign investment in Negeri Sembilan were South Korea with RM7.49 billion, followed by Sweden with RM5.06 billion, the Netherlands with RM2.38 billion, Singapore with RM2.38 billion, and Japan with RM1.66 billion.
South China Morning Post
5 days ago
- Business
- South China Morning Post
Sri Lanka workers in limbo after UK garment factory abruptly shuts
On a Monday morning that began like any other, Nandani*, a machine operator at the Next Manufacturing factory in Sri Lanka's Katunayake Free Trade Zone, was unexpectedly asked to go home early. Later that day, the news came – not in a meeting or an official letter, but via WhatsApp. Advertisement The factory was shutting down. Permanently. 'I am 49 years old. My livelihood suddenly ended. I don't know what to do,' said Nandani, who had worked for 19 years at the Next factory. Like Nandani, more than 1,400 of roughly 2,800 workers were blindsided by the abrupt closure of Next Manufacturing, a subsidiary of the British retail giant Next. The company blamed 'increasingly high operating costs' in a media release dated May 19. Next Manufacturing's parent company had reported more than £1 billion (US$1.35 billion) in pre-tax profits in the last financial year. Advertisement Labour rights advocates say Next Manufacturing's closure has violated Sri Lankan law and risks undermining the country's fragile economic recovery, as global firms rethink their footprint in post-crisis economies.
The Sun
7 days ago
- Business
- The Sun
Sarawak plans free trade zone using Jebel Ali model
KUCHING: Sarawak has strong potential to become a regional trade hub through a more intensive implementation of the Free Trade Zone (FTZ) model, said Deputy Premier Datuk Amar Douglas Uggah Embas. Uggah who is also Minister for Infrastructure and Port Development said Sarawak can draw lessons from the success of Jebel Ali in the United Arab Emirates, where the integration of a modern port with a FTZ attracted over 11,000 companies worldwide and now contributes to 36 per cent of Dubai's GDP. He said that in a bid to emulate this success, the Sarawak government is now rolling out the Sarawak Ports Master Plan, a visionary initiative that seeks to transform the state's ports into engines of economic growth, making Sarawak the gateway to Borneo, the wider region and the global market. 'The plan aims to establish a modern, efficient and integrated port system that is internationally competitive and fully aligned with the state's Post COVID-19 Development Strategy (PCDS) 2030. 'The transformation will be driven by four key pillars: Streamlining governance; Modernising and developing port and FTZ infrastructure; Driving economic diversification; and Enhancing regional and global connectivity,' he said during the winding-up session for his ministry at the Sarawak State Legislative Assembly (DUN) sitting here today. Uggah said the Sarawak Ports Master Plan marks a historic first transformative initiative that positions Sarawak as a key player in global trade and logistics. 'More than just a development blueprint, it is a game changer for Sarawak's economic trajectory, laying the foundation for sustainable growth that goes beyond reliance on natural resources. 'By strengthening our port infrastructure and connectivity, we are creating new opportunities for businesses, empowering local industries, and opening Sarawak to the world,' he added.
The Sun
7 days ago
- Business
- The Sun
Sarawak plans to implement free trade zone, using Jebel Ali as success model
KUCHING: Sarawak has strong potential to become a regional trade hub through a more intensive implementation of the Free Trade Zone (FTZ) model, said Deputy Premier Datuk Amar Douglas Uggah Embas. Uggah who is also Minister for Infrastructure and Port Development said Sarawak can draw lessons from the success of Jebel Ali in the United Arab Emirates, where the integration of a modern port with a FTZ attracted over 11,000 companies worldwide and now contributes to 36 per cent of Dubai's GDP. He said that in a bid to emulate this success, the Sarawak government is now rolling out the Sarawak Ports Master Plan, a visionary initiative that seeks to transform the state's ports into engines of economic growth, making Sarawak the gateway to Borneo, the wider region and the global market. 'The plan aims to establish a modern, efficient and integrated port system that is internationally competitive and fully aligned with the state's Post COVID-19 Development Strategy (PCDS) 2030. 'The transformation will be driven by four key pillars: Streamlining governance; Modernising and developing port and FTZ infrastructure; Driving economic diversification; and Enhancing regional and global connectivity,' he said during the winding-up session for his ministry at the Sarawak State Legislative Assembly (DUN) sitting here today. Uggah said the Sarawak Ports Master Plan marks a historic first transformative initiative that positions Sarawak as a key player in global trade and logistics. 'More than just a development blueprint, it is a game changer for Sarawak's economic trajectory, laying the foundation for sustainable growth that goes beyond reliance on natural resources. 'By strengthening our port infrastructure and connectivity, we are creating new opportunities for businesses, empowering local industries, and opening Sarawak to the world,' he added.
Barnama
7 days ago
- Business
- Barnama
SARAWAK PLANS TO IMPLEMENT FREE TRADE ZONE, USING JEBEL ALI AS SUCCESS MODEL
KUCHING, May 28 (Bernama) -- Sarawak has strong potential to become a regional trade hub through a more intensive implementation of the Free Trade Zone (FTZ) model, said Deputy Premier Datuk Amar Douglas Uggah Embas. Uggah who is also Minister for Infrastructure and Port Development said Sarawak can draw lessons from the success of Jebel Ali in the United Arab Emirates, where the integration of a modern port with a FTZ attracted over 11,000 companies worldwide and now contributes to 36 per cent of Dubai's GDP. He said that in a bid to emulate this success, the Sarawak government is now rolling out the Sarawak Ports Master Plan, a visionary initiative that seeks to transform the state's ports into engines of economic growth, making Sarawak the gateway to Borneo, the wider region and the global market.
