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The Star
27-05-2025
- Business
- The Star
Making strides in innovation
KUALA LUMPUR: Malaysia is stepping up efforts to position itself as a key player in the global innovation landscape, says Chang Lih Kang. The Science, Technology and Innovation Minister said Malaysia climbed from 36th place to 33rd in the Global Innovation Index 2024, a sign that the country's innovation agenda is gaining international recognition. 'This is no small feat. It shows the world that Malaysia is serious about building an innovation-driven economy,' he said. Chang said the improvement was the result of focused government policies and strong investment in research and development, as well as growing collaboration between the public and private sectors. 'But we cannot stop here. To keep moving forward, we need strong partners. China, with its strengths in advanced manufacturing, artificial intelligence (AI), green technology and more, is undoubtedly one of them,' he said during a speech at the Asean-China Economic Forum and the Third China International Supply Chain Expo Roadshow here yesterday. He said Malaysia's central position in Asean, combined with its skilled, multilingual workforce and business-friendly policies, makes it a natural partner for global companies looking to expand in the region. 'China brings scale and advanced technology. Malaysia brings agility and connectivity. Together, we can build not just strong supply chains, but smart and sustainable ones,' he said. Chang added the ministry is ensuring that science and technology become the backbone of Malaysia's future economy. This plan includes major investments in areas such as hydrogen, robotics, AI and semiconductors. He pointed to national efforts like the Hydrogen Economy and Technology Roadmap and the soon-to-be-launched National Semiconductor Strategy, both of which create space for deeper engagement with China and Asean. 'These efforts align with the Malaysia Madani vision – to build a sustainable, innovative and resilient nation,' Chang said. Malaysia-China Business Council (MCBC) chairman Tan Sri Low Kian Chuan said the recent upgrade of the Asean-China Free Trade Agreement (ACFTA 3.0), which includes new chapters on digital and green economies, supply chain connectivity and small and medium enterprises (SME) cooperation, has further strengthened regional ties. Asean and China, he said, are now each other's largest trading partners, with strong growth in trade and investment. China has been Asean's top trading partner for 16 years straight since 2009, and Asean has also become China's largest trading partner for the last five years since 2020, he added. 'Countries like Malaysia, Indonesia, Thailand and Vietnam are emerging as competitive production hubs, navigating geopolitical shifts while deepening economic ties with China,' he added. The MCBC and the China Council for the Promotion of International Trade (CCPIT) jointly hosted the forum and roadshow. It aims to strengthen Asean-China economic ties, promote resilient and sustainable supply chains, and showcase collaboration opportunities in key sectors such as advanced manufacturing, green agriculture, the digital economy, smart infrastructure and healthcare. The event is aligned with the forthcoming Third China International Supply Chain Expo, scheduled to take place in China from 16 to 20 July. Low said the forum and roadshow offer not just opportunities for large firms but also open doors for SMEs to integrate into China's vast supply chain network. 'This platform promotes greater inclusivity, resilience and sustainable growth,' he said. He also noted that as Asean Chair this year, Malaysia is well-placed to drive regional supply chain integration in sectors like semiconductors, renewable energy, electric vehicles and digital technology. 'Our strategic location and capabilities make Malaysia an ideal hub. With the National Energy Transition Roadmap offering RM637bil in opportunities by 2050 and China's strengths in solar and hydropower, we see strong potential for collaboration,' Low said. Also present were the Prime Minister's political secretary Chan Ming Kai, MCBC director and chief executive officer Datuk Tan Tian Meng, CCPIT president Ren Hongbin and China International Exhibition Center Group chairman Lin Shunjie.
South China Morning Post
20-05-2025
- Business
- South China Morning Post
‘Asean's gateway' Singapore offers foreign tech start-ups unparalleled growth potential
Singapore, with its dynamic digital economy and supportive business environment, has become a magnet for foreign technology start-ups and also serves as a strategic gateway to the fast-expanding markets of Southeast Asia. The transformation of the city state and other countries among the 10-member Association of Southeast Asian Nations (Asean) bloc – which includes Indonesia, Malaysia, the Philippines, Thailand and Vietnam – was highlighted in the Global Innovation Index 2024, published by the World Intellectual Property Organization. The latest edition of the index, which ranks the creativity of 133 of the world's economies and the top 100 science and technology clusters, reveals the rapid progress of various Asean member nations over the past decade in advancing their innovation ecosystems. It also makes special mention of Asean's close regional integration and, importantly, vital cooperation in the areas of science, technology, intellectual property, and facilitating the free flow of information and investment capital. Moreover, key metrics show that Asean's combined investment in research and development (R&D) reached US$54.9 billion in 2023, which is more than five times the US$10.6 billion recorded for 2002. This has helped to make the bloc a global leader in hi-tech exports – an area of trade which in Asean rose in value from US$303 billion in 2013 to US$598 billion in 2022. Many overseas tech companies realise that the bloc's many burgeoning strengths make it an ideal location for regional manufacturing centres, new markets, research partners, or simply a good base to establish a start-up.
Yahoo
27-02-2025
- Business
- Yahoo
China's economic resilience: new policies to buoy growth after achieving 2024 target
BEIJING, Feb. 27, 2025 /PRNewswire/ -- A news report from Beijing Review: Having reached its 2024 target, China is poised to continue promoting economic growth by exploring new drivers, analysts said. China's economy reached its annual growth target for 2024, with gross domestic product (GDP) expanding 5 percent year on year to reach 134.9084 trillion yuan ($18.5 trillion), according to data released by the National Bureau of Statistics (NBS) at a press conference on January 17. In the third quarter of 2024, the Central Government introduced a series of incremental policies to encourage consumption and the creation of a more favorable business environment to boost the economy, which played a key role in achieving the full-year target, Kang Yi, Commissioner of the NBS, told the press conference. "The supporting policies stabilized the stock and housing markets and boosted domestic demand. China's economy made a robust rebound in 2024," Xu Hongcai, Deputy Director of the Economic Policy Commission at the China Association of Policy Science, told Beijing Review. Xu noted that the quick ascent was aided by better-than-expected export performance and growing investment in hi-tech industries. According to the statistics released by the General Administration of Customs of China, China's import and export value reached 43.85 trillion yuan ($6 trillion) in 2024, a 5-percent year-on-year increase and a new historical high. Exports totaled 25.45 trillion yuan ($3.5 trillion), up 7.1 percent year on year. In 2024, multiple sectors were promoting the integration of technological innovation and industrial innovation. Kang added that the Global Innovation Index 2024, released by the World Intellectual Property Organization, had ranked China 11th among the world's most innovative economies, up one spot from the previous year. The development of the country's new-energy industries also achieved outstanding results in 2024. The greening of the energy industry is accelerating, and the proportion of clean energy generation is increasing. In 2024, hydropower, nuclear power, wind power and solar power accounted for 32.6 percent of power generation. As of late December, the number of new-energy vehicles (NEVs) in use in China had reached 31.4 million, a 260-fold increase over the past decade, the Ministry of Public Security said on January 17, attributing the growth to improved charging infrastructure and more eco-friendly consumption options. NEVs refer to vehicles completely or mainly driven by new-energy sources, including battery electric vehicles, plug-in hybrid vehicles and fuel-cell vehicles. Consumption continued to be a key driver. In late August last year, the government introduced a trade-in policy to encourage people to replace outdated household appliances and vehicles with newer, smarter and greener ones. This policy has had a strong, positive effect on the sales of new vehicles and home appliances. In 2024, China's total auto sales reached 31.44 million, setting a new record, according to the China Association of Automobile Manufacturers. The trade-in policy gave a firm boost to auto sales. Looking ahead, the government plans a stronger macroeconomic policy push for 2025, and has pledged to adopt a more proactive fiscal policy and a moderately loose monetary policy this year. Contributing around 30 percent of global economic growth annually in recent years, China has been a major engine driving the world economy. The Chinese market continues to provide new opportunities for the world and the country has maintained its position as the world's second largest importer for several years, with total import value reaching 18.39 trillion yuan ($2.5 trillion) in 2024. However, it remains a developing country, with a big gap in per-capita GDP compared to developed nations, Kang said. He cautioned that challenges, including weak consumer spending, difficulties facing businesses and employment pressure, remained. Geopolitical conflicts and rising protectionism have also added to the existing uncertainty. In 2024, the national Producer Price Index (PPI) declined 2.2 percent year on year, less than the 3-percent drop in 2023. Xu said that the negative growth of PPI, a gauge of industrial product demand, was caused by weak demand in global and domestic markets, making it a key problem to address this year. In 2024, fixed assets investment expanded 3.2 percent on a yearly basis. "But private investment saw negative year-on-year growth of 0.1 percent, suggesting that private enterprises lacked confidence," Xu said. At a symposium on private enterprises attended by prominent entrepreneurs including Huawei's Ren Zhengfei and BYD's Wang Chuanfu in Beijing on February 17, President Xi Jinping called for firming up confidence to promote the healthy and high-quality development of the private sector. According to Xu, the authorities should channel more funds into hi-tech and green sectors, and improve the expectations of private and foreign-funded enterprises to expand investment. Xu suggested further improving people's incomes by boosting employment and the social security system cushioning the life of low-income groups. "The government should also shore up rural consumption through enhancing logistics in remote areas and develop new growth drivers from emerging sectors such as the silver economy, which focuses on China's elderly population," he said. 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