Latest news with #TengkuDatukSeri
The Sun
2 days ago
- Business
- The Sun
Asean's ambition of becoming world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.
The Sun
3 days ago
- Business
- The Sun
Asean's ambition of being world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.
Cision Canada
3 days ago
- Business
- Cision Canada
DayOne Signs Landmark CRESS Agreement with TNB to Secure Up to 500MW of Renewable Energy
SINGAPORE and KUALA LUMPUR, Malaysia , June 12, 2025 /CNW/ -- DayOne Data Centers, a global pioneer in digital infrastructure platforms, announced on June 11 th the signing of a Corporate Renewable Energy Supply Scheme (CRESS) agreement with Tenaga Nasional Berhad (TNB), a leading Malaysian utility company in Asia. The agreement enables DayOne to secure up to 500 megawatts of renewable energy over a 21-year term to support its data center operations in Malaysia. This makes DayOne the first corporate to execute a Bilateral Energy Supply Contract (BESC) under the national CRESS framework, setting a new benchmark for large-scale corporate green energy adoption in the country. The renewable energy will be backed by new solar generation capacity developed and operated by TNB Renewables, a wholly owned subsidiary of TNB. DayOne's operations in Malaysia currently include two hyperscale campuses in Nusajaya Tech Park (NTP) and Kempas Tech Park (KTP). "This partnership with TNB marks a bold step forward in our decarbonization journey," said Jamie Khoo, CEO of DayOne. "It reflects the ambitious collaboration needed to power the AI-driven digital economy sustainably—and to do so at scale. We are proud to lead by example in Malaysia through the country's first CRESS agreement. Sustainability is core to how we build, operate, and grow. At DayOne, we are not only transitioning our campuses to renewable energy—we are working to embed ESG principles into every part of our value chain." DayOne is deeply committed to sustainability and responsible growth. The company is working toward full renewable energy use across its operations and is taking concrete steps to reduce Scope 1 and 2 emissions, while helping its customers decarbonize their digital infrastructure. This landmark agreement not only advances DayOne's ESG strategy, but also demonstrates how green energy adoption and digital transformation can go hand in hand to build future-ready infrastructure for Malaysia. The signing ceremony was officiated by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry. Minister Zafrul commented, "The formalization of the partnership between DayOne and Tenaga Nasional Berhad clearly demonstrates the private sector's confidence in Malaysia's reindustrialization and clean energy visions. Such policy clarity, as laid out in the New Industrial Master Plan 2030 and the National Energy Transition Roadmap, has also sent a strong signal to the world: Malaysia is open for business, with focused execution on the investor's journey to lead the next wave of sustainable digital growth, high-quality jobs, and a future-ready development that will benefit our people and our economic expansion." Datuk Ir. Megat Jalaluddin Megat Hassan, President/CEO of Tenaga Nasional Berhad, emphasized that the agreement is more than just a power contract—it reflects a shared ambition for a smarter, cleaner, and more sustainable future. "As the first CRESS agreement to deliver up to 500 megawatts of green energy, this partnership is a powerful signal of how a strategic collaboration can unlock reliable and scalable clean energy solutions for Malaysia's most demanding digital infrastructures, including hyperscale data centers." "TNB is proud to lead in this transition—not only by supplying renewable energy, but by building the grid resilience, energy infrastructure, and digital backbone that enable AI, cloud, and high-performance workloads. Through initiatives like the TNB Green Lane Pathway and One-Stop Center (OSC) for data centers, we are supporting Malaysia's 70% RE target and net-zero ambition, while driving inclusive growth and job creation." The Corporate Renewable Energy Supply Scheme (CRESS), introduced by Malaysia's Ministry of Energy Transition and Water Transformation (PETRA), allows medium and high-voltage corporate consumers to directly access renewable energy through TNB's grid system. CRESS supports Malaysia's transition toward a greener and more sustainable energy ecosystem by enabling businesses to procure clean energy efficiently. In October 2024, DayOne and TNB strengthened their partnership through the signing of the fourth Electricity Supply Agreement (ESA) and a Memorandum of Understanding (MoU), under the Green Lane Pathway Initiative and One-Stop Center (OSC) for Data Centers. This collaboration advances key green initiatives, including rooftop solar via GSPARX, dark fiber connectivity through ALLO, and renewable energy solutions under CRESS. As Malaysia accelerates its energy transition and digital infrastructure development, DayOne is committed to being a long-term partner in building a low-carbon, future-ready, and globally competitive digital infrastructure platform. About DayOne DayOne is a data center pioneer that develops and operates next-gen digital infrastructure for industry leaders who demand reliable, cost-effective, and quickly scalable solutions. Our cutting-edge facilities empower hyperscalers and large enterprises to achieve rapid deployment and enhance connectivity, driving transformative engagement and innovation as we shape the future of industries. DayOne's data centers are located across tier-one and emerging markets, including Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Hong Kong SAR, Tokyo, and beyond. Headquartered in Singapore, DayOne's leadership team draws on over two decades of industry experience and a track record of building Asia's largest data center business. With DayOne, they have created the SIJORI (Singapore, Johor, and Riau Islands) market as a global data center hub.
Malay Mail
25-04-2025
- Business
- Malay Mail
Bursa Malaysia extends gains for third straight day on trade optimism
KUALA LUMPUR, April 25 — Bursa Malaysia extended its uptrend for a third consecutive day on Friday, closing higher on renewed buying interest amid positive regional market performance due to potential de-escalating US-China trade tensions. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.68 points, or 0.18 per cent, to 1,509.20 from Thursday's close of 1,506.52. The benchmark index opened 5.12 points better at 1,511.64, and moved between 1,505.68 and 1,512.29 throughout the day. Market breadth was positive, with advancers beating decliners 651 to 325, while 434 counters were unchanged, 1,047 untraded, and 39 suspended. Turnover improved to 3.10 billion units valued at RM1.95 billion against Thursday's 3.08 billion units valued at RM2.14 billion. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said notably, foreign investors have re-emerged as net buyers, with positive net inflows recorded on Wednesday and Thursday. 'This development aligns with our view last week, which outlined several key convictions: the market bottoming on April 9, 2025; geopolitical drivers dominate; tariff escalation likely peaked (at least for most countries); and technical rebound in play,' he told Bernama. He said in today's session, export-oriented sectors, namely chemicals, semiconductors, and industrials — exhibited consistent strength, though many counters continue to trade below their one-month highs. 'These trends suggest improving sentiment, particularly for trade-sensitive stocks. 'Additionally, we observe an emerging sectoral rotation from consumer-linked names towards export-oriented plays, which could lead the market in the near term,' he added. Regarding the positive market sentiment following the meeting between Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and the United States (US) officials in Washington, along with the easing of US-China trade tensions, he remarked that these developments have come at the right time. 'Export-oriented stocks (index-linked components) began rising after midday, contributing to the upward movement of the FBM KLCI, which climbed up at 3.30 pm amid choppy trading. 'Additionally, foreign institutional investors generally increase their participation in the Malaysian market during the afternoon session, coinciding with higher liquidity levels observed in the latter part of the trading day. 'We're hopeful that today will see net foreign buying,' he added. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the market pared earlier gains amid profit-taking in energy and banking heavyweights, but still managed to close in positive territory. 'Key regional indices advanced on renewed optimism over easing US-China trade tensions, with sentiment further lifted by expectations of an earlier-than-expected US Federal Reserve rate cut,' he said. Thong is positive about the impact of the de-escalating trade tensions between the US and China as this is expected to reduce market volatility and restore investors' confidence in the local market. Among the heavyweights, CIMB added 1.0 sen to RM6.99, Maybank eased 8.0 sen to RM9.87, Public Bank and IHH Healthcare went down 1.0 sen each to RM4.36 and RM6.87, respectively, and Tenaga Nasional lost 4.0 sen to RM13.56. As for the actives, Richtech gained 3.0 sen to 27.5 sen, Nationgate added 12 sen to RM1.30, My E.G. Services inched up 1.0 sen to 90.5 sen, Tanco edged up half-a-sen to 22.5 sen, and Bina Puri shed 11 sen to 26.5 sen. — Bernama
