KUALA LUMPUR: Malaysia is capable of exceeding the RM1 trillion total exports target this year, boosted by strong collaboration between various government agencies and private sectors, said International Trade and Industry Minister Datuk Darell Leiking.
Last year, Malaysia according to him recorded RM998 billion in total export, about 0.2% short of surpassing the RM1 trillion threshold.
“But this year we believe we will have an export growth around 3.4% and hopefully we will be able to meet the said (RM1 trillion) target,” he told reporters on the sidelines of the Beyond Paradigm Summit today.
Darell’s bullish statement today was in line with the optimism expressed by Malaysia External Trade Development Corporation (Matrade) on Tuesday, that the country’s total exports could breach the RM1 trillion mark this year due to all-round positive catalysts and economic outlook.
Its CEO Wan Latiff Wan Musa said from January to May this year, Malaysia’s total exports stood at RM405.36 billion, which was an increase of 0.3% compared with the corresponding period last year.
Malaysia according to Darell has a different kind of market and due to that unique feature has enticed many investors to set up their business here.
Meanwhile, the minister was also asked on negotiations to create the world’s largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP) and said, the member countries have just concluded their latest rounds of discussion in Australia recently.
“We are finding common grounds for reasons to conclude it for Malaysia as well as the other nine Asean countries plus the six dialogue countries.
“We will have a meeting just after next week in Beijing, where I will be attending on behalf of the government, to try and close some chapters and to give better directions of Asean so that hopefully we can conclude it by the end of the year,” he said.
RCEP is a proposed free trade agreement between 10 Asean member countries and six Asia Pacific nations, namely Australia, China, India, Japan, South Korea and New Zealand.
The free trade agreement was officially launched at the 2012 Asean Summit in Cambodia.
RCEP has a combined population of 3.4 billion with the gross domestic product (GDP) valued at US$49.5 trillion (RM203.2 trillion) or 39% of the global GDP.
Since Pakatan Harapan coalition of political parties took over the government administration from Barisan Nasional, it has managed to close a few chapters in the RCEP’s negotiation without risking the sovereignty of the country, said Darell.
KUALA LUMPUR, July 17 — Malaysia is capable of exceeding the RM1 trillion total exports target this year, boosted by strong collaboration between various government agencies and private sectors, said International Trade and Industry Minister Datuk…
PETALING JAYA: ARB Bhd has entered into a memorandum of understanding (MoU) with Chean Chhoeng Thai Group Co Ltd (CCTG) to deploy Internet of Things (IoT) and information technology (IT) to the latter’s US$1.5 billion (RM6.2 billion) mixed development project in Phnom Penh, Cambodia.
The total value for ARB’s IoT and IT project is not less than US$100 million (RM417 million).
CCTG’s mixed development project involves the development of office buildings, a commercial complex, an arts centre, a cultural square, resorts, condominiums, a five-star hotel, an exhibition centre, and a public park, along the Tonle Sap river.
CCTG is the private vehicle of the major shareholders of Shanghai-listed Guangzhou Yuetai Group Co Ltd.
In addition, ARB also entered into an MoU with HK Yue Tai Life Insurance (HKYT) to provide to the enterprise resource planning system and solutions.
The project is valued at no less than US$20 million.
Under the MoU, ARB will deploy the related hardware and software for HKYT and in turn the HKYT will outsource the IT management project to ARB.
PHNOM PENH, July 9 ― Cambodia's Smart Axiata said it had begun 5G trials in partnership with China's Huawei Technologies yesterday and could start rolling out the mobile network by this year. Smart Axiata, part of Malaysia's Axiata Group Behard,…
BEIJING: Only a small number of companies are moving supply chains out of China, a commerce ministry official said on Tuesday, amid signs that some firms are shifting production to other countries as the U.S-China trade war drags on.
The problem shouldn’t be overstated, Chu Shijia, a department director at the ministry, said at a media briefing.
In recent years, some Chinese manufacturers had already started to relocate capacity to countries such as Vietnam and Cambodia, due to high operating costs at home. The Sino-U.S. dispute is now pushing more to follow suit, especially makers of low-tech and low-value goods.
Some Chinese companies had concerns initially when the trade frictions started, but now they have found some ways to cut costs and to minimise the impact, Chu said.
GUANGZHOU, June 27 — Pressured by a labour crunch and rising wages in China, Shu Ke’an, whose company supplies bulletproof vests, rifle bags and other tactical gear to the United States, first considered shifting some production to Southeast…
WASHINGTON, June 27 — US President Donald Trump said yesterday that a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose US tariffs on virtually all remaining Chinese imports if the two countries…
WASHINGTON, June 19 — The top US trade negotiator said today it is in the interests of China and the United States to have a successful trade pact and he expects to meet with a senior Chinese official ahead of next week’s G20 summit in Japan…