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New Straits Times
06-05-2025
- Business
- New Straits Times
Zahid: NGCC underscores Malaysia's commitment to global competitiveness
KUALA LUMPUR: The establishment of the National Geo-Economic Command Centre (NGCC) clearly demonstrates the government's commitment to safeguarding national interests and ensuring that Malaysia remains competitive on the global stage. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the rural and regional development minister, said he views the challenges faced by rural communities due to global trade uncertainties seriously. "Many rural residents indirectly depend on the electrical and electronics, palm oil, rubber, and agricultural sectors, with the United States (US) being one of our key export markets. "Therefore, I believe the government's efforts to not only negotiate tariff reductions but also establish new markets in Asean, the Middle East, Egypt, Pakistan, and Cambodia are crucial in protecting the incomes and livelihoods of those affected," he said in a Facebook post today. Ahmad Zahid said he supported the measures announced by Prime Minister Datuk Seri Anwar Ibrahim during the Special Parliamentary Session to address the impact of the US' reciprocal tariffs on Malaysia. He also expressed his appreciation for the government's swift move in allocating RM1 billion to upgrade the Sabah and Sarawak-Kalimantan border areas. Ahmad Zahid said Malaysia continues to be a trusted leader in the global halal industry, with exports expected to reach RM61.79 billion in 2024 – a 15 per cent increase from the previous year – maintaining its top ranking in the Global Islamic Economy Index for ten consecutive years. However, he noted that the global economic slowdown due to the US tariff policies is expected to reduce international demand for various export products, including halal goods, thereby putting pressure on local industry players. Nonetheless, he said current efforts to explore new markets, particularly in the Gulf Cooperation Council and South Asia, through business matching and participation in international expos are key to driving export growth, opening new opportunities for local entrepreneurs, and strengthening Malaysia's position as a global halal hub. Ahmad Zahid said the Rural and Regional Development Ministry, together with the Malaysia External Trade Development Corporation (Matrade) and the Halal Development Corporation, will continue to ensure that halal entrepreneurs, particularly those in rural areas, continue to penetrate international markets. – Bernama
Barnama
05-05-2025
- Business
- Barnama
Special Parliamentary Session Outlines Efforts To Address US Tariff
BUSINESS By Nor Baizura Basri and Zarul Effendi Razali KUALA LUMPUR, May 5 (Bernama) -- The Special Parliamentary Session on the United States (US) tariffs provided the government an opportunity to enlighten Members of the Parliament (MPs) about ongoing efforts to manage the impact of global economic uncertainty on Malaysia following the imposition of the tariffs. The session, which lasted over five hours, started with a briefing by Prime Minister Datuk Seri Anwar Ibrahim, where he outlined the current state of the economy and how Malaysia's strong economic fundamentals have placed the country in a relatively stable position to weather external shocks and cyclical challenges. 'Ongoing efforts to strengthen domestic economic resilience have enabled us to achieve economic stability with sufficient fiscal space. This has helped the country withstand financial and economic crises. 'The government is confident that a data-driven and well-planned policy response can address current uncertainties. Monitoring mechanisms have been activated, and targeted measures will be implemented as needed to support affected individuals and businesses,' said Anwar, who is also the Finance Minister. He said the MADANI Government must continue planning and strategising in facing the global economic scenario to safeguard the country's short- and medium-term economic stability and national interests. Following Anwar's briefing, which lasted for about 45 minutes, 23 MPs were given eight to 15 minutes each to debate the issue. Among the proposals was a call by Datuk Indera Mohd Shahar Abdullah (BN–Paya Besar) for the government to expedite the announcement of the revised gross domestic product (GDP) forecast to help the economic sector to take relevant measures to adjust to the new scenario. Meanwhile, Lim Guan Eng (PH-Bagan) proposed that Bank Negara Malaysia's Overnight Policy Rate be lowered by 1.0 percentage point to 2.0 per cent from the current 3.0 per cent.
