Latest news with #ZafrulTengkuAbdulAziz
The Star
2 days ago
- Politics
- The Star
Selangor Umno Youth urges Tengku Zafrul to step down from minister's post
SHAH ALAM: Selangor Umno Youth has described Tengku Datuk Seri Zafrul Tengku Abdul Aziz's decision to resign from Umno and join PKR while remaining in Cabinet as irresponsible and disappointing, Sinar Harian reports. Its leader, Datuk Mohd Imran Tamrin, said that such an action should not be emulated and does not set a good precedent in the country's political practices, the Malay language daily reported. "His position in the Cabinet was previously based on his capacity as a senior Umno leader. When he leaves the party and joins PKR, he should also step down from his government position," he told Sinar Harian. Selangor Umno Youth also urged the Umno leadership to maintain the number of ministers and deputy ministers from the party in the unity government Cabinet. "We want the number of ministers (seven) and deputy ministers (five) from Umno to be retained. "This is important to maintain the party's voice in the government," Imran stressed further in a press conference late Monday (June 2) night. Previously, it was reported that Tengku Zafrul had submitted his resignation letter from Umno to join PKR. He also confirmed that the resignation letters as a member of the Umno supreme council, Kota Raja Umno chief and Umno member have been submitted to the party leadership. In addition, Tengku Zafrul confirmed that he had expressed his intention to join PKR to its president Datuk Seri Anwar Ibrahim and secretary-general Fuziah Salleh. Meanwhile, Tengku Zafrul also expressed his gratitude to Umno president Datuk Seri Dr Ahmad Zahid Hamidi, and fellow party members for their support and encouragement throughout his involvement in Umno.
The Star
5 days ago
- Business
- The Star
Forging a brave new world
POSTERITY, I dare say, will regard the recently concluded Asean-Gulf Cooperation Council (GCC)-China Summit in Kuala Lumpur on May 27 as a historic turning point. While the 46th Asean Summit and its related meetings like the 2nd Asean-GCC Summit were equally historic for their role in progressing Asean's agenda, current trade wars and geopolitical fragmentation have somehow made many quarters perceive the inaugural Asean-GCC-China Summit as the game changer during the recent gathering. Malaysia could stand proud not merely for arranging such a smoothly-run summit, but also for the bridging of minds that have arguably emerged as key voices of the newly resurgent Global South – particularly through the successful issuance of a joint statement, usually the most difficult feat in any multilateral meeting. As part of their joint statement, the Asean-GCC-China leaders condemned the continued atrocities on the people of Gaza and called for a ceasefire, echoing the sentiments of all right-minded peoples across the world. Tengku Datuk Seri Zafrul Tengku Abdul Aziz: Asean can be a strategic gateway to the East Asian markets. Beyond politics, a deeper trilateral economic integration makes perfect sense. For context, the combined numbers for Asean, the GCC and China speak for themselves: 2.15 billion people (or just over a quarter of the world's population) and a collective GDP of almost US$25 trillion. Figures for foreign direct investment (FDI) inflows, too, stack up nicely: In 2024, Asean attracted US$235bil in FDI inflows, representing about 17% of global FDI. China received US$114.76bil, while the GCC secured US$70bil. Collectively, these figures accounted for roughly 30% of global FDI inflows. From such data alone, the significance of this combined economic might was clear to the leaders from China and the two economic blocs. Asean can be a strategic gateway to the East Asian markets. Malaysia in particular – with our well-established trade and industrial ecosystem, rule of law and ease of investor journey – is also well poised to facilitate such investments into the broader Asean and East Asian markets. The GCC's economic dynamism, strategic location connecting Europe, Asia and Africa, and its shared religious and cultural values with Malaysia as well as Asean make it an ideal partner for deeper economic integration. Indeed, in 2023, Asean's trade with the GCC stood at US$130.7bil and FDI inflows were US$390.2mil. On a wider scale, China was Asean's largest trading partner with US$696.7bil in trade and US$17.3bil in FDI. China and the GCC are hence crucial economic partners for Asean and for Malaysia. It therefore is totally appropriate for us to want to engage with them, both on a bilateral and trilateral format. That is also why Malaysia will soon start negotiations for a free trade agreement (FTA) with the GCC, because there is so much potential to increase the current total trade of US$22bil. But I want to go a bit more granular and show how engaging on an Asean-GCC-China scale can benefit ordinary Malaysians, including the youth, women and MSMEs. Through the 18 Priority Economic Deliverables (PEDs) under the Economic Pillar of Malaysia's 2025 Asean Chairmanship, the Investment, Trade and Industry Ministry and other related ministries are working diligently to ensure substantial progress for these PEDs by year's end. Some of these are of course directly linked to the GCC and China. For instance, we have completed negotiations to not only upgrade the Asean Trade in Goods Agreement but also the Asean-China Free Trade Area 3.0. Both of these will be signed in October, boosting both intra-Asean and Asean's trade with China – which as we know will be key to tide our region over during this period of geopolitical instability. Separately, another of our PEDs, namely the Joint Declaration on Economic Cooperation Between the Asean-GCC was also completed in full. Through this, our two regions will explore new avenues of cooperation like market integration, sustainability, decarbonisation, digital transformation and inclusion, including for MSMEs. Sectorally, Asean's PED on the Development of Policy Recommendations and Guidelines to Support Asean EV Implementation Roadmap will benefit from China's global leadership in electrical vehicles (EVs). Accounting for more than 70% of global electric car production in 2024, China also produced more than 70% of all EV batteries ever manufactured. Consider also the Endorsement of the Asean Plan of Action for Energy Cooperation 2026-2030, which is clearly in alignment with the GCC's ramping up of its efforts to diversify its economies and energy mix away from oil and gas in pursuit of renewable energy (RE). They have pledged an US$100bil investment in RE by 2030 to transition to clean energy and reduce carbon emissions. There are, indeed, many synergies for economic integration. Development of Asean Tourism Outlook? China and GCC are key tourist markets for Asean. An Asean Framework for Integrated Semiconductor Supply-Chain? China is both a major chip buyer and maker. In conclusion, when Malaysia proposed the PEDs for its Chairmanship year, we were clear on how we could boost Asean's socio-economic dynamism and ergo, the Asean-GCC-China trilateral relationship can likewise contribute to this. Furthermore, global demand for halal products is currently valued at over US$3 trillion and will grow to US$5 trillion by 2030. This is a market Asean, GCC and China can collaborate to tap into and even corner together. Also, as a combined market of more than two billion people, Asean, GCC and China should be regions where young Malaysian men and women, including those in small business, look for job or business opportunities. We are paving the way for all our Malaysian 'jaguh' to enter wider markets for their goods and services, while ensuring that their interests will always be safeguarded through well-negotiated FTAs. But one would argue that even spreading one's wings to Asean really is just a waypoint for the truly ambitious. While other regions may draw inwards, our three are seeking even greater connectivity for our people and businesses. The coming together of Asean-GCC-China's leaders signals that we refuse for our horizons to be limited – by ourselves or others – to our own borders or backyards. Indeed, deeper economic integration would do well to better support regional security, which feeds into Asean's Political Security deliverables. This is also why Asean – with its principles of centrality, neutrality, non-alignment – must matter to not only its member states, but also to partners like the GCC, China and indeed, other dialogue partners like Australia, Canada, the European Union, India, Japan, New Zealand, the Republic of Korea, Japan and New Zealand. Truth be told, what we can achieve together through this nascent Asean-GCC-China trilateral configuration is only limited by our imaginations. Tengku Datuk Seri Zafrul Tengku Abdul Aziz is the Investment, Trade and Industry Minister. The views expressed here are his own.
The Star
24-05-2025
- Business
- The Star
Call for Asean to maintain core principles in regional strategy
KUALA LUMPUR: Asean member states must adhere to the principles of centrality, neutrality and non-alignment as the region navigates forward, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pic). The Investment, Trade and Industry Minister said Asean must try its best to align common interests and respond in a more coordinated manner to navigate the current complexities of global trade. 'Towards that end, Malaysia takes its role as the Chair of Asean seriously,' said Tengku Zafrul in his speech during the pre-media briefing on the Asean Economic Community Strategic Plan 2026-2030 yesterday. Collectively, he said Asean and dialogue partners have also reaffirmed support for a rules-based multilateral trading system. 'As Asean Chair, Malaysia will continue to prioritise constructive engagements, premised on trade diplomacy. 'Up till recently, we are reasonably sure that Asean has and will continue being a region where investments and trade thrive. We are reasonably sure that Asean is well on its way to becoming the world's fourth largest economic bloc by 2030. 'Today, to ensure those projections remain true in the years to come, we need to organise and coordinate ourselves better,' he said. Asked about how Asean would navigate on the fears of certain products flooding the market amid the global trade war, Tengku Zafrul said the Asean economic ministers have decided that the bloc needed to form a GeoEconomic Task Force at the Asean level to address the issue. 'The decision was for Malaysia and Indonesia to co-lead this,' he said. Malaysia will host the 46th Asean Summit and Related Summits on Monday and Tuesday. Wisma Putra is taking the lead in organising these summits under Malaysia's Asean chairmanship this year with the theme 'Inclusivity and Sustainability'. Two other high-level meetings – the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the Asean-GCC-China Economic Summit – will also be held.
New Straits Times
07-05-2025
- Business
- New Straits Times
Malaysia eyes larger share in US glove market
KUALA LUMPUR: Malaysia is poised to expand its foothold in the US rubber glove market despite recent trade challenges, including a 10 per cent tariff hike and reciprocal measures by the United States. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysia's glove exports to the US are expected to grow, with market share projected to rise from the current 47 per cent to 55 per cent. Speaking during the Ministry's first-quarter 2025 performance briefing, Tengku Zafrul highlighted that Malaysia remains competitively positioned, particularly as producers from competing countries like China face steeper tariffs. Rubber products are among Malaysia's top five exports to the US, contributing RM7.41 billion or 3.7 per cent of total exports to the country. MITI's latest report estimates that the US rubber glove market will grow to US$4.17 billion by 2030, presenting significant opportunities for Malaysian manufacturers. Meanwhile, the Malaysian Rubber Glove Manufacturers Association (MARGMA) has expressed strong support for the government's new directive mandating that only rubber gloves fully manufactured and processed in Malaysia will qualify for export under the country's certificate of origin. The policy, announced by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, requires glove exporters to ensure that the entire manufacturing process takes place domestically to be eligible for certification from the Ministry of Investment, Trade and Industry (MITI). Only products that are fully processed and produced domestically are permitted for export in line with Malaysia's commitment to international trade partners such as the US. Johari said the government will not allow gloves produced abroad to be brought into Malaysia solely for repackaging or relabelling before being re-exported. MARGMA president Oon Kim Hung welcomed the decision, calling it both "timely and necessary" to safeguard the integrity of Malaysia's world-renowned glove industry. He said that re-exporting finished gloves that are merely trans-shipped through Malaysian ports threatens to erode years of trust built with international buyers. "By ensuring every critical manufacturing step takes place on Malaysian soil, we safeguard product quality, traceability and the stringent ESG standards demanded by global buyers," Oon said in a statement. Oon added that the directive reinforces Malaysia's reputation for transparency and excellence, levels the playing field for domestic manufacturers, and encourages continued investment in technology, research, and innovation. "It cements Malaysia's reputation for uncompromising quality and transparent supply chains, giving importers and healthcare providers clear assurance that gloves labelled as "Made in Malaysia" truly originate here. "It also creates fair competition by preventing trans-shipment practices that disadvantage manufacturers who invest heavily in domestic facilities, technology and skilled Malaysian employees," Onn said. Onn also welcomed the minister's clarification that importing raw latex—particularly from Thailand—remains permitted, given that domestic supply only covers about one-third of the industry's needs. "Importing latex for processing here is entirely different from importing finished gloves. This policy strikes the right balance between safeguarding quality and ensuring supply security," Oon explained. To support the directive's rollout, MARGMA said it will work closely with the Malaysian Rubber Board (MRB) to assist member companies with compliance, documentation, and audit readiness. It will also collaborate with enforcement bodies to prevent trade diversion and maintain the industry's international credibility. "We urge every licensed exporter to observe both the spirit of this directive. Together with the Ministry and MRB, MARGMA is committed to preserving Malaysia's position as the trusted global source of high-quality, responsibly manufactured rubber gloves," Oon said.
The Star
06-05-2025
- Business
- The Star
Malaysia's rubber glove market share in US expected to rise to 55%
KUALA LUMPUR: Malaysia's rubber glove market share in the United States is expected to increase to 55 per cent, despite facing a 10 per cent tariff hike and reciprocal tariffs imposed by the US on Malaysia. Minister of Investment, Trade and Industry (MITI), Tengku Datuk Seri Zafrul Tengku Abdul Aziz said glove producers from competing countries such as China are subject to higher tariffs, which gives Malaysia an advantage in expanding its rubber glove exports to the United States. "As for rubber glove exports, Malaysia is well-positioned to expand its market in the United States. We have about 47 per cent of the market share in the US rubber glove market. And it's expected to rise to 55 per cent based on the feedback the industry has given us," he said during MITI's 1Q 2025 performance report briefing held today. MITI's 1Q 2025 report showed that the US rubber glove market size by 2030 is projected to reach US$4.17 billion, with the potential of a 55 per cent market share for Malaysia. Rubber products are among the top five Malaysian exports to the United States, amounting to RM7.41 billion (3.7 per cent). - Bernama
