Latest news with #RM20bil
The Star
05-05-2025
- Business
- The Star
Malaysia to safeguard commodities in US tariff talks
Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani PUTRAJAYA: Malaysia is making thorough preparations for official tariff negotiations with the United States, with the Plantation and Commodities Ministry emphasising the need to protect the interests of the country's commodities sector, particularly palm oil. Minister Datuk Seri Johari Abdul Ghani stated that although the United States is not the largest buyer of Malaysian palm oil products, exports to the country remain significant and strategically valuable. 'We have provided all relevant facts and information to the Investment, Trade and Industry Ministry to be used in the upcoming negotiations. 'For example, with regard to palm oil, even though the United States is not a major buyer, we still export nearly RM4.9bil annually to that market,' he told reporters at the Malaysian Palm Oil Board's Silver Jubilee Gala Night. Johari said Malaysia's largest export markets for palm oil currently are Europe, India, and China, which collectively contribute over 40% of total exports. 'But we cannot disregard the United States, because in addition to palm oil, we also export rubber gloves – more than RM8bil annually, wood products – nearly RM6.5bil, and cocoa – at around RM1.6bil. 'Total commodity exports to the United States alone amount to about RM20bil to RM21bil,' he noted, adding that the national commodities sector records total annual exports of around RM186bil worldwide. Johari stressed the need to continue engagement and diplomacy efforts with major buyers worldwide, given the large demand and market capacity beyond the United States. — Bernama
The Star
24-04-2025
- Business
- The Star
HR Minister urges semiconductor industry to re-imagine Penang's future
GEORGE TOWN: Industry leaders should turn uncertainty into opportunity and accelerate Malaysia's transition into a high-value economy driven by innovation, says Steven Sim. "They should boldly re-imagine Penang's future, one that shifts the state's economic force from Made in Malaysia to Made by Penang/Malaysia, transforming it from an outsourced manufacturing hub into an innovation-driven economy," said the Human Resources Minister. He was speaking at two industrial dialogues organised by InvestPenang over the weekend jointly with Deputy Investment, Trade and Industry Minister Liew Chin Tong and Invest Penang chief executive officer Datuk Loo Lee Lian. The event gathered over 30 key stakeholders from Penang's semiconductor and advanced technology sectors, including those from multinational corporations and local small and medium enterprises. Sim said nurturing local talent, developing homegrown technology and attracting strategic investments would empower Penang-based companies to not only serve global supply chains through manufacturing but innovate and design proprietary technologies backed by local expertise. In a statement, Sim said more than RM40bil in financing and guarantees have been mobilised to empower micro, small and medium enterprises (MSMEs), the backbone of local industry and job creation. "At the same time, government-linked investment companies will channel more than RM100bil domestically under the five-year (2024-2028) GEAR-uP programme to spur long-term growth. "To reinforce household spending power, the government has approved civil service pay hikes and raised the private sector minimum wage, ensuring an additional RM20bil in extra income being spent in the economy. As the Asean chair, Sim stated that Malaysia is leading efforts to strengthen the grouping's role as a cohesive regional economic bloc, where a recent joint statement by ASEAN economic ministers reaffirmed the region's united stance in navigating global economic challenges and external market volatility.
