Latest news with #MITI
Malaysian Reserve
14 hours ago
- 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
a day ago
- Business
- Barnama
Data Centre Investment Surges To RM144.4 Bln By March 2025 -- MITI
BUSINESS KUALA LUMPUR, July 22 (Bernama) -- From 2021 to March 31, 2025, Malaysia recorded 25 approved investment projects in the data centre sector, with a total investment value of RM144.4 billion. According to records from the Malaysian Investment Development Authority (MIDA), MITI said these projects were approved under the Digital Ecosystem Acceleration Scheme (DESAC) and are expected to create high-skilled, high-income jobs. 'These investments are projected to generate 1,429 new jobs, with roles requiring specialised expertise such as engineers, data scientists, big data analysts, cybersecurity engineers, and information technology (IT) engineers. 'Over 50 per cent of these roles will be high-income jobs, offering salaries of more than RM5,000,' MITI said in a written reply published on Parliament's website today. The ministry was responding to a question from Aminolhuda Hassan (PH–Sri Gading), who asked MITI to detail job opportunities arising from the expanding data centre sector and the potential economic and labour market impacts. On that front, the ministry said it will carry out a survey to assess the economic spillover effects of the data centre industry. 'MITI has identified several key parameters for data collection across four main segments in the data centre ecosystem. 'These include data centre companies and operators; major tech firms and content providers; telecommunications and mobile network operators; and equipment suppliers and service providers within the data centre industry,' it said. In addition, MITI noted that several leading global tech companies have committed to creating around 67,000 direct and indirect jobs, mainly in the IT sector and related supply chains, once their projects are fully implemented.
Barnama
a day ago
- 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.
Barnama
a day ago
- Business
- Barnama
Approved Investments Across Multiple Sectors Reach RM474.2 Bln As Of March 2025
KUALA LUMPUR, July 22 (Bernama) -- A total of RM474.2 billion in approved investments across various economic sectors was recorded between 2024 (full year) and March 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said these investments span the manufacturing, services, and primary sectors, involving 9,238 projects and creating 241,086 job opportunities. 'Domestic investment accounted for the majority of approved investments during this period, totalling RM242.5 billion or 51.1 per cent, while foreign investment made up RM231.7 billion (48.9 per cent),' it said in a written reply published on Parliament's website today.
Barnama
a day ago
- Business
- Barnama
Johari Calls For Agency Streamlining, Mandatory Registration Of Plastic Recyclers Under MITI
KUALA LUMPUR, July 22 (Bernama) -- Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani today urged a streamlined approach among agencies managing plastic waste and proposed mandatory registration of all plastic recycling companies under the Ministry of Investment, Trade and Industry (MITI) to boost oversight and enforcement. Johari, who is also the Acting Minister of Natural Resources and Environmental Sustainability, said the current system involves fragmented jurisdiction across several agencies, including the Department of Environment, Solid Waste Management Department, MITI and the Customs Department. 'To be effective, these four agencies must come together. I've submitted this proposal to the Ministry of Natural Resources and Environmental Sustainability,' he said during a parliamentary session today. He was responding to Datuk Seri Ibrahim Man (PN–Kubang Kerian), who asked about improving enforcement at plastic recycling plants, some of which are linked to the illegal import of waste. Johari emphasised the importance of thoroughly inspecting all plastic waste containers entering the country and called for stricter monitoring at processing facilities to trace waste back to licensed operators. 'If a container arrives with false declarations, Customs may not catch it immediately. But by monitoring every company processing this waste, we can track which factories receive it and verify their licensing status,' he said. He also raised concerns that only 10 to 20 per cent of imported plastic waste is processed, with the bulk ending up in Malaysian landfills. 'We bear the high cost of landfill management while the exporting countries pay nothing,' he said. To address these challenges, Johari proposed making it mandatory for these companies to register under MITI, ensuring greater transparency through annual license renewals that require audited financial statements detailing sales, exports and market destinations.
