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Malay Mail
a day ago
- Business
- Malay Mail
13MP: Malaysia to adopt free market model, lead region by 2040, says Economy Ministry
KUALA LUMPUR, July 31 — Malaysia will continue to progress as a developed nation based on its definition and values, embracing a free market system, becoming a top global investment destination, and leading the regional market by 2040. According to the 13th Malaysia Plan Report (2026-2030), themed 'Redesigning Development', this success stems from a shift towards a more diverse economy that enables high-value product output across global value chains. 'This transition also offers fair opportunities for skilled local talent to boost productivity with progressive wages,' the Economy Ministry said in the report. It added that Malaysia's industries are recognised for producing advanced technologies developed through locally led research, development, commercialisation, and innovation. The government plays a responsive and facilitative role in strengthening the economic ecosystem, enabling all economic agents to operate efficiently. It also sets clear, consistent, and strategic policies and directions to guide stakeholders in making aligned decisions towards national development goals. 'The government is also responsible for ensuring comprehensive, integrated, and high-quality infrastructure and public facilities to support business, society, and public needs,' the five-year strategy document said. Government support, such as financing, incentives and targeted programmes will continue to be improved to ensure inclusivity and address economic disparities. Meanwhile, Malaysian companies are enhancing their capacity and competitiveness globally and are venturing into new high-potential industries. 'They actively collaborate with research institutions and investors to produce disruptive products and services that generate high value,' the report adds. Employers offer fair, progressive wages, foster worker-friendly environments, and invest early in identifying and developing talent and skills to improve workforce productivity. Individuals and communities also play a vital role in creating an inclusive economy by participating actively in economic activities and supporting local businesses. Individuals are seen as future-ready human capital who strive to contribute their skills and energy across sectors. They are strategic thinkers who seek and create opportunities through entrepreneurship to generate value, income, and wealth. 'Communities act as change agents, sharing responsibility in cultivating a culture of innovation and supporting local economic activity,' the report concludes. — Bernama
Malay Mail
06-07-2025
- Business
- Malay Mail
Citing Petronas and Yinson success in Brazil, Anwar urges Malaysian firms to go beyond China, US
RIO DE JANEIRO, July 6 — Malaysian companies must be willing to explore new markets and trading opportunities overseas. In making the call, Prime Minister Datuk Seri Anwar Ibrahim said they must not solely rely on traditional markets, but instead venture into new ones. Anwar said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil. Anwar, who is here at the invitation of President Luiz Inácio Lula da Silva to attend the 17th BRICS Leaders' Summit, said Lula was surprised to see Malaysian companies doing business in the country. 'I mentioned Yinson and Petronas to him, and their role in Brazil. He was surprised and asked for more details,' he said at a dinner hosted by Yinson Production here. Also present were Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz and Yinson Holdings Bhd executive chairman Lim Han Weng. Yinson, an independent owner and operator of floating, production, storage and offloading (FPSO) vessels, has three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria and FPSO Atlanta. Petronas has ventured into oil production in Brazil and last year opened its petrol station as well. Anwar, who is also the Finance Minister, said that although Malaysia's biggest market and source of investment is the United States and China, there are opportunities beyond them. Anwar said he has asked Zafrul to facilitate and offer assistance to Malaysian companies doing business in Brazil. Brazil has not only shown its strength as a voice of the third world, but has also become an important economic power, he said. In his meeting with Lula da Silva this morning, Anwar said they discussed various issues of importance between the two countries. Anwar said Lula has accepted his invitation to visit Malaysia during the ASEAN Summit in October. 'He wants to bring key ministers and business groups to Malaysia. There will be a special conference with both of us jointly addressing the event,' he said. Malaysia participated in the BRICS Leaders' Summit as a partner country and as ASEAN chair 2025. It officially became a BRICS partner country on Jan 1, 2025. Bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in 2023. Brazil is one of Malaysia's main trading partners in Latin America. — Bernama
