Latest news with #InvestmentPromotionAgencies
New Straits Times
22-07-2025
- Business
- New Straits Times
Malaysia strengthens response to US tariffs, focuses on strategic industries
KUALA LUMPUR: Investment Promotion Agencies (IPAs) across the country will continue working closely with state governments to ensure that local industries in each state are not adversely affected by the United States (US) tariff issue. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government's establishment of the National Geoeconomic Command Centre (NGCC) would play a key role in monitoring, evaluating, and coordinating responses to shifts in the global trade landscape, including tariff shocks and non-tariff barriers. "This effort aims to ensure that the country's strategic and economic industries remain resilient and competitive in an increasingly challenging and uncertain global environment," he said in the Dewan Rakyat, responding to a question from Mohd Syahir Che Sulaiman (PN-Bachok). Mohd Syahir enquired about the government's steps to address the US tariff issue with the involvement of state governments to coordinate investment responses, restructure state incentives, and help local industries adapt to a more challenging trade environment. Meanwhile, Tengku Zafrul said that on May 5, Prime Minister Datuk Seri Anwar Ibrahim convened a Special Parliament Session on US retaliatory tariffs, during which several incentives were announced to support the small and medium enterprise (SME) sector. Among these, the government has allocated RM20 million to the Malaysia External Trade Development Corporation to help SMEs penetrate new markets. "The easy financing fund has also been increased by RM500 million through development financial institutions (DFIs) for the benefit of affected SMEs," said Tengku Zafrul. Additionally, the government has raised its guarantee facility under the Business Financing Guarantee Scheme (SJPP) by RM1 billion, specifically to assist SME exporters in obtaining loans. The Ministry of Finance has also spearheaded the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) with funds totalling RM25 billion to drive high-growth and high-value sectors. Tengku Zafrul noted that since US President Donald Trump announced the imposition of retaliatory tariffs on Malaysia and other trading partners on April 1, 2025, the government has made a strategic decision not to respond with retaliatory measures, opting instead to negotiate with the US administration. The Prime Minister has assured that in pursuing a reciprocal trade agreement, the government will not compromise on matters related to national sovereignty. "Although we are proactive, firm, and open in our negotiations with the US, we have several 'red lines' that were recently agreed upon by the new Cabinet," he said. These include the Bumiputera policy on ownership of local industries and strategic sectors, priority for local and Bumiputera companies in government procurement, adherence to halal guidelines recognised by the Department of Islamic Development Malaysia (Jakim), and the protection of intellectual property rights. "We will continue to engage with the US in a careful, transparent, and professional manner to ensure that every decision made benefits the people and supports balanced economic development," added Tengku Zafrul.
The Sun
22-07-2025
- Business
- The Sun
Malaysia boosts trade resilience amid US tariffs, supports SMEs
KUALA LUMPUR: Investment Promotion Agencies (IPAs) nationwide are collaborating with state governments to mitigate the impact of US tariffs on local industries. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the National Geoeconomic Command Centre (NGCC) as pivotal in monitoring global trade shifts, ensuring Malaysia's strategic sectors remain competitive. Responding to Mohd Syahir Che Sulaiman (PN-Bachok) in Parliament, Tengku Zafrul outlined measures to restructure state incentives and assist industries facing trade challenges. On May 5, Prime Minister Datuk Seri Anwar Ibrahim announced RM20 million for SME market expansion and a RM500 million boost to easy financing via development financial institutions (DFIs). The government also raised the Business Financing Guarantee Scheme (SJPP) by RM1 billion for SME exporters and launched the RM25 billion GEAR-uP programme to spur high-growth sectors. Tengku Zafrul reiterated Malaysia's non-retaliatory stance since US tariffs took effect on April 1, 2025, opting for negotiations while safeguarding sovereignty. 'We have 'red lines,' including Bumiputera policies, halal compliance, and intellectual property rights,' he stated. - Bernama
Malay Mail
22-07-2025
- Business
- Malay Mail
Tengku Zafrul: Government steps up coordination with states to cushion US tariff impact
KUALA LUMPUR, July 22 — Investment Promotion Agencies (IPAs) across the country will continue working closely with state governments to ensure that local industries in each state are not adversely affected by the United States (US) tariff issue. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government's establishment of the National Geoeconomic Command Centre (NGCC) would play a key role in monitoring, evaluating, and coordinating responses to shifts in the global trade landscape, including tariff shocks and non-tariff barriers. 'This effort aims to ensure that the country's strategic and economic industries remain resilient and competitive in an increasingly challenging and uncertain global environment,' he said in the Dewan Rakyat, responding to a question from Mohd Syahir Che Sulaiman (PN-Bachok). Mohd Syahir enquired about the government's steps to address the US tariff issue with the involvement of state governments to coordinate investment responses, restructure state incentives, and help local industries adapt to a more challenging trade environment. Meanwhile, Tengku Zafrul said that on May 5, Prime Minister Datuk Seri Anwar Ibrahim convened a Special Parliament Session on US retaliatory tariffs, during which several incentives were announced to support the small and medium enterprise (SME) sector. Among these, the government has allocated RM20 million to the Malaysia External Trade Development Corporation to help SMEs penetrate new markets. 'The easy financing fund has also been increased by RM500 million through development financial institutions (DFIs) for the benefit of affected SMEs,' said Tengku Zafrul. Additionally, the government has raised its guarantee facility under the Business Financing Guarantee Scheme (SJPP) by RM1 billion, specifically to assist SME exporters in obtaining loans. The Ministry of Finance has also spearheaded the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) with funds totalling RM25 billion to drive high-growth and high-value sectors. Tengku Zafrul noted that since US President Donald Trump announced the imposition of retaliatory tariffs on Malaysia and other trading partners on April 1, 2025, the government has made a strategic decision not to respond with retaliatory measures, opting instead to negotiate with the US administration. The Prime Minister has assured that in pursuing a reciprocal trade agreement, the government will not compromise on matters related to national sovereignty. 'Although we are proactive, firm, and open in our negotiations with the US, we have several 'red lines' that were recently agreed upon by the new Cabinet,' he said. These include the Bumiputera policy on ownership of local industries and strategic sectors, priority for local and Bumiputera companies in government procurement, adherence to halal guidelines recognised by the Department of Islamic Development Malaysia (Jakim), and the protection of intellectual property rights. 'We will continue to engage with the US in a careful, transparent, and professional manner to ensure that every decision made benefits the people and supports balanced economic development,' added Tengku Zafrul. — Bernama
Filipino Times
03-05-2025
- Business
- Filipino Times
Marcos: Unemployment rate drops to 4.3% in 2024, lowest in 20 Years
President Ferdinand R. Marcos Jr. announced that the Philippines recorded a 4.3% unemployment rate in 2024, the lowest figure in two decades. He made the statement during the 123rd Labor Day celebration held in Pasay City, citing improvements in the country's labor market. 'Dulot ng masiglang ekonomiya, noong nakaraang taon, naabot natin ang pinakamababang unemployment rate sa loob ng 20 taon – 4.3 percent. Pinakamababa sa 20 taon,' Marcos said. 'Patuloy ang pagbuti ng kalagayan ng ating labor market. Nitong Pebrero bumaba pa sa 3.8 percent ang unemployment rate nation.' Marcos attributed the lower unemployment rate to the government's push to bring in more foreign and local investors to the country. From 2022 to 2024, the Philippines saw US$27 billion in investments and over Php4.35 trillion in total investments through Investment Promotion Agencies, which are government offices that help promote the country to investors. These investments are expected to result in over 350,000 new jobs across the country. The President also highlighted the government's effort to organize job fairs nationwide, in cooperation with the private sector. Over 4,000 job fairs have been held since July 2022, with nearly one million job seekers participating and almost 170,000 hired on the spot.
