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Malay Mail
29-07-2025
- Business
- Malay Mail
Miti to roll out reforms, new incentive framework to attract high-quality investments, Parliament told
KUALA LUMPUR, July 29 — The Ministry of Investment, Trade and Industry (Miri) and the Malaysian Investment Development Authority (Mida) will intensify efforts to introduce policy reforms to boost investor confidence and strengthen Malaysia's position as a preferred investment destination. Miti said the ministry is aware that the uncertainty in global trade due to volatile geopolitical conditions requires an effective approach to ensure that Malaysia remains relevant as a preferred investment hub in the region through the implementation of measures and strategies to stimulate private investment. 'Among the approaches and strategies that have been and are currently being implemented through a whole-of-government approach to spur private investment include reforming the mechanism for the provision of tax incentives,' it said in a written reply uploaded on the Parliament website yesterday. Miti was responding to Datuk Seri Hasni Mohammad (BN–Simpang Renggam), who asked about the ministry's approach to stimulating private investment, which is expected to decline due to global trade uncertainties. Miti noted that the New Investment Incentive Framework (NIIF) will be implemented starting from the third quarter of 2025, with the framework focusing on high-value activities and economic spillover effects. 'The NIIF will introduce a new evaluation mechanism for the granting of incentives, ensuring that better incentive rates are given to high-quality investments,' it said. Miti added that the government prioritises quality investments that can enhance economic complexity, create high-value job opportunities for the people, and expand domestic supply chains. Attention is also being given to developing new economic clusters and strengthening existing ones, while also increasing inclusivity and supporting the environmental, social and governance agenda. Meanwhile, Miti said the Malaysia External Trade Development Corporation (Matrade) has also taken mitigation steps to address the impact of reciprocal tariffs by diversifying the country's export markets and exploring new destinations in non-traditional markets. It noted that Malaysia is currently negotiating several new free trade agreements (FTAs), including the Asean-Canada, Malaysia-South Korea, Malaysia-European Union, and Malaysia-Gulf Cooperation Council (GCC). 'At the same time, the Ministry is also studying the potential of FTAs with other countries such as Bangladesh and Sri Lanka,' said Miti in response to a question from Tan Sri Abdul Hadi Awang (PN–Marang) regarding the situation surrounding tariffs from the United States. Abdul Hadi had asked about Malaysia's policies to protect the people's economy, particularly the lower-income groups, in the face of high tariffs from the US, and how effective Asean trade strengthening strategies are in mitigating the negative impacts. — Bernama
Malaysian Reserve
23-07-2025
- Business
- Malaysian Reserve
MITI: Malaysia to host second round of EU Free Trade talks in November
KUALA LUMPUR — Malaysia is expected to host the second round of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) in November 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said the first round of MEUFTA talks took place in Brussels, Belgium, from June 30 to July 4, 2025, with 21 chapters currently under negotiation with the European Union (EU). 'In addition to traditional chapters such as trade in goods, rules of origin, customs and trade facilitation, services, and investment, the FTA with the EU also includes new chapters such as sustainable food systems and trade and sustainable development — topics which were not included when talks first began in 2010,' MITI said in a written reply published on the Parliament website today. The response was to a question by Datuk Seri Hasni Mohammad (BN–Simpang Renggam) on whether MITI plans to resume FTA talks with the EU and the Gulf Cooperation Council (GCC), and the areas of focus. MITI added that in 2024, bilateral trade between Malaysia and the EU reached RM218.9 billion (US$1=RM4.23), with exports totalling RM115.8 billion and imports RM103.1 billion. Malaysia's main exports to the EU included electrical and electronic products, manufactured goods, palm oil and related products, processed foods, and optical and scientific equipment. From 2021 to 2024, the total approved investments from EU countries in Malaysia's manufacturing and services sectors, overseen by the Malaysian Investment Development Authority (MIDA), amounted to RM198.2 billion. Meanwhile, on the Malaysia-GCC FTA, Malaysia signed a joint statement with the GCC on May 26, 2025, to launch negotiations on an FTA between the two parties. The first round of negotiations is scheduled to take place in September 2025. In 2024, bilateral trade between Malaysia and the GCC reached RM101.8 billion, with exports amounting to RM25.7 billion and imports RM76.1 billion. Malaysia's main exports to the GCC included electrical and electronic products, jewellery, petroleum products, palm oil and related goods, as well as processed food. Key focus areas in the Malaysia-GCC FTA include trade in goods, rules of origin, customs and trade facilitation, services, investment, digital economy, and broader economic cooperation — aimed at strengthening strategic trade and investment ties. 'It is expected that Malaysia will benefit from greater export market access in GCC countries. 'This, in turn, will strengthen the position of Malaysian companies in global supply chains and help reduce the trade deficit between the two economies,' MITI said. From 2021 to 2024, approved investments from GCC countries in Malaysia's manufacturing and services sectors under MIDA totalled RM105.9 million. — BERNAMA
Barnama
22-07-2025
- Business
- Barnama
Malaysia To Host Second Round Of EU Free Trade Talks In November
BUSINESS KUALA LUMPUR, July 22 (Bernama) -- Malaysia is expected to host the second round of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) in November 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said the first round of MEUFTA talks took place in Brussels, Belgium, from June 30 to July 4, 2025, with 21 chapters currently under negotiation with the European Union (EU). 'In addition to traditional chapters such as trade in goods, rules of origin, customs and trade facilitation, services, and investment, the FTA with the EU also includes new chapters such as sustainable food systems and trade and sustainable development -- topics which were not included when talks first began in 2010,' MITI said in a written reply published on the Parliament website today. The response was to a question by Datuk Seri Hasni Mohammad (BN–Simpang Renggam) on whether MITI plans to resume FTA talks with the EU and the Gulf Cooperation Council (GCC), and the areas of focus. MITI added that in 2024, bilateral trade between Malaysia and the EU reached RM218.9 billion (US$1=RM4.23), with exports totalling RM115.8 billion and imports RM103.1 billion. Malaysia's main exports to the EU included electrical and electronic products, manufactured goods, palm oil and related products, processed foods, and optical and scientific equipment. From 2021 to 2024, the total approved investments from EU countries in Malaysia's manufacturing and services sectors, overseen by the Malaysian Investment Development Authority (MIDA), amounted to RM198.2 billion. Meanwhile, on the Malaysia-GCC FTA, Malaysia signed a joint statement with the GCC on May 26, 2025, to launch negotiations on an FTA between the two parties. The first round of negotiations is scheduled to take place in September 2025.
Free Malaysia Today
05-06-2025
- Politics
- Free Malaysia Today
Preliminary report on fatal FRU crash to be tabled in Cabinet next week
Nine FRU personnel were killed in the May 13 incident when the truck they were riding in collided with a gravel-laden lorry along Jalan Chikus-Sungai Lampam. (JBPM pic) PUTRAJAYA : The preliminary investigation report on the Teluk Intan crash that killed nine members of the Federal Reserve Unit (FRU) last month will be presented to the Cabinet next week, transport minister Loke Siew Fook said today. Loke said the 30-day period given to the special task force investigating the accident, which began on May 15, was almost over. 'The task force's report will be presented to the Cabinet next week. I will present it to the Cabinet before any further action is taken,' he told a press conference at his ministry today. In the May 13 incident, an FRU truck in a convoy returning from duty during the Chitirai Pournami celebration collided with a gravel-laden lorry along Jalan Chikus-Sungai Lampam. Nine FRU personnel from Unit 5 Ipoh died in the crash. Former Johor menteri besar Hasni Mohammad and PAS MP Khairil Nizam Khirudin are among the members of the special task force investigating the tragedy. The task force itself is chaired by the ministry's chief inspector of air accidents, Tan Chee Kee. Besides probing the cause of the incident, including identifying any systemic weaknesses related to road safety, the task force is also responsible for analysing the effectiveness of current enforcement measures and regulations within the transport industry. 'Install platform safety doors at all LRT stations' Meanwhile, Loke instructed Prasarana Malaysia Bhd to install passenger safety doors at all LRT stations after the death of a Taiwanese man who reportedly fell on the tracks and was hit by a train in Puchong. Serdang police chief Farid Ahmad reportedly said that CCTV footage showed the man walking alone before falling onto the tracks. The body was sent to Sultan Idris Shah Hospital's forensic department for a post-mortem examination, while the case has been classified as sudden death. 'New MRT stations already have safety doors – there's a barrier before the train arrives… this is also the case for the monorail. 'However, for the Ampang LRT line, some of the older station designs still lack safety doors on the platforms,' Loke said.
Free Malaysia Today
19-05-2025
- Free Malaysia Today
Ex-Johor MB, PAS MP on panel probing fatal FRU crash
The driver of the lorry involved in the crash was charged last Friday with driving dangerously and causing the deaths of nine FRU personnel. (Bernama pic) PETALING JAYA : Former Johor menteri besar Hasni Mohammad and PAS MP Khairil Nizam Khirudin are among the members of a special task force probing the road accident that claimed the lives of nine Federal Reserve Unit (FRU) personnel in Teluk Intan, Perak, last week. Transport minister Loke Siew Fook said the Cabinet agreed to the establishment of the task force, which will be chaired by the ministry's chief inspector of air accidents, Tan Chee Kee. 'The team began its investigation last week and has been given 30 days from May 15 to present its preliminary findings. 'The probe will focus on identifying the root causes of the crash, particularly any systemic weaknesses related to road safety. 'The main objective of this investigation is not to point fingers at any party, but to identify flaws in the system and propose systematic and effective improvements to ensure the safety of road users, especially when it involves heavy vehicles,' he said in a statement. The task force includes independent engineer Foong Choy Chye and Universiti Putra Malaysia's KCM Kulanthayan. It will also comprise representatives from the road transport department, the Malaysian Institute of Road Safety Research, police and armed forces. Hasni, of Umno, and Khairil are both engineers by training. The driver of the lorry involved in the crash, which also left nine others injured, was charged last Friday with driving dangerously and causing the deaths of the FRU personnel. Rudi Zulkarnain Mat Radi, 45, pleaded not guilty to the charge under Section 41(1) of the Road Transport Act 1987, which provides for up to 10 years in jail, a maximum fine of RM50,000, and disqualification from holding a driving licence for at least five years, upon conviction.
