Latest news with #IHW
The Sun
7 days ago
- Health
- The Sun
Malaysia ready to lead, build a more resilient and healthier world: Tengku Zafrul
KUALA LUMPUR: Malaysia is striving to establish itself as a global healthcare hub, underpinned by industrial reform, international partnerships and growing trade diplomacy. 'It is a declaration that Malaysia is ready to lead, collaborate and build a healthier, more resilient future not just for our nation, but for the world,' Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said in his keynote address when launching International Healthcare Week 2025 (IHW 2025) at Malaysia International Trade and Exhibition Centre here today. Tengku Zafrul identified healthcare as one of five priority sectors under Malaysia's industrial policy framework, citing strong performance in 2024. The sector attracted RM2.13 billion in investments in medical devices and pharmaceuticals, generated over 2,700 high-value jobs, and recorded a 7.8% increase in pharmaceutical exports during the first five months of 2025. The minister noted that Malaysia now hosts eight of the world's top 30 medical device manufacturers and over 300 healthcare companies, driven by a skilled workforce, mature supply chain and investor confidence. Tengku Zafrul said Malaysia, as Asean Chair in 2025, Malaysia is using IHW as a platform to promote deeper regional healthcare integration. He emphasised the importance of inclusivity, adding that no Asean member is left behind in advancing towards a more united, resilient and future-ready Southeast Asia. The event highlights Malaysia's readiness to lead globally in healthcare innovation, trade and strategic partnerships, despite growing external trade pressures, Tengku Zafrul said. 'Let us work together to shape a healthier, more connected and innovative future for Asean and the world.' IHW 2025, the region's largest healthcare event is co-hosted with Informa Markets, and features five major healthcare trade shows in one venue, covering medical devices, pharmaceuticals, diagnostics, digital health and medical technology. With over 900 exhibitors, more than 21,000 visitors from 50 countries, and 125 conferences, the event reflects Malaysia's growing ambition to lead Asean's healthcare transformation. Meanwhile, in addressing recent tensions surrounding US reciprocal tariffs, Tengku Zafrul assured stakeholders that Malaysia remains committed to protecting domestic industries. 'We are actively engaging with our US counterparts in good faith to seek clarity, minimise disruption and reach a mutually beneficial outcome,' he said, adding that Malaysia would never sacrifice sovereignty or sideline other trading partners. Tengku Zafrul acknowledged that Malaysia is facing an Aug 1 deadline to conclude ongoing tariff negotiations with the US, with pharmaceutical exports potentially subject to tariffs as high as 200%. 'We are closely monitoring developments, and contingency plans are being put in place. But let me be clear, quick fixes may win headlines, but poor trade deals will hurt Malaysia for years. We remain committed to an open, fair and rules-based multilateral trading system under the WTO (World Trade Organization),' he said. Tengku Zafrul emphasised the importance of these relationships in the face of global uncertainty, noting that incentives and reform strategies support them. Malaysia-US trade surged nearly 30% to RM324.9 billion in 2024, while American investments into Malaysia totalled RM77.5 billion since 1980. Informa Markets president and CEO Margaret Ma Connolly reaffirmed Malaysia's strategic value as a healthcare destination and trade gateway in Asia. 'Malaysia's leadership and supportive initiatives position it as a gateway for global healthcare collaboration. IHW 2025 is a pivotal event to elevate regional healthcare cooperation and economic growth.' She said the co-location of five flagship exhibitions under one roof offers a complete view of the healthcare value chain, making it a must-attend platform for global innovators. Spanning 26,000 square metres, IHW 2025 integrates CPHI Southeast Asia (pharmaceutical supply chain), WHX Kuala Lumpur (medical devices and hospital technology), WHX Labs (diagnostics and laboratory equipment), Medtec Southeast Asia (medical device design and manufacturing) and HIMSS APAC (digital health innovations), providing attendees with a comprehensive showcase of the latest in healthcare technologies and solutions. 'IHW 2025 brings together thought leaders, innovators, policymakers and investors to shape the future of healthcare across Asean and beyond,' Connolly said.
New Straits Times
7 days ago
- Business
- New Straits Times
Malaysia's healthcare sector well-positioned to capture growth in global medical devices
KUALA LUMPUR: Malaysia's healthcare industry is well-positioned to tap into the growing global medical devices market over the next eight years. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the global market is projected to grow 63 per cent from RM2.53 trillion in 2024 to RM4.13 trillion by 2032. He said the global healthcare sector has proven to be not only resilient but also transformative, offering immense opportunities in medical devices, pharmaceuticals, biotechnology and digital health solutions. "Thanks to our strong industrial reform agenda, robust industrial ecosystem, progressive policies, investor-friendly environment and a skilled, industry-ready workforce, Malaysia's healthcare industry is well-positioned to capture this growth. "From pharmaceuticals and medical devices to healthcare services and medical tourism, this sector is a catalyst for high-value job creation, innovation and exports," he said at the International Healthcare Week (IHW) 2025 today. Tengku Zafrul said local medical devices and pharmaceutical industries garnered RM2.13 billion in combined investments last year. The investments created over 2,700 high-value jobs across manufacturing, research and development, as well as and regulatory services. He said eight of the world's top 30 medical device companies have established operations in Malaysia. Tengku Zafrul said Malaysia is home to over 300 healthcare companies, comprising multinational companies (MNCs) and domestic players. The MNC partners, he said, lead in producing advanced products, from anaesthesia disposables to digital health technologies "This is no accident. It is the result of a well-developed manufacturing ecosystem, supported by, for example, strong E&E suppliers; the region's largest medtech talent pool; as well as our homegrown medical devices' champions," he added. Tengku Zafrul said pharmaceutical exports for January till May 2025 have increased by 7.8 per cent due to industrial reform initiatives. "Reforms build industrial resilience, which in turn feeds into our exports' resilience," he said. Malaysia External Trade Development Corporation (Matrade) said Malaysia's medical device sector recorded a remarkable 27.7 per cent growth in 2024, reaching a trade value of RM46.5 billion. Its chairman Datuk Seri Reezal Merican Naina Merican said the performance also had an increase of 31.6 per cent in exports from the previous year, with a value of RM37 billion. Top export destination in the past year was the US amounting to over RM13 billion (37 per cent), followed by Belgium (RM3.8 billion or 10 per cent), Germany (RM3.14 billion or 8.5 per cent) and Asean (RM3.48 billion). Reezal Merical said the medical device trade had tripled to RM46.5 billion last year from RM13.49 billion in 2014. "We have evolved from producing basic medical supplies to manufacturing sophisticated healthcare technologies - like advanced stents, precision pacemakers, orthopaedic implants and cutting-edge diagnostic equipment that serve patients worldwide. "It was also very encouraging to see, that in 2024, Malaysia was being recognised as a one of the top destinations for healthcare travellers. "It tells us we are on the right track in providing quality, affordable care and what we value most is knowing that international patients feel confident and secure in our healthcare system," he added.
The Sun
7 days ago
- Business
- The Sun
Malaysia ensures trade deals align with economic reforms and growth policies
KUALA LUMPUR: The government remains committed to ensuring all trade agreements align with the country's economic reforms and sustainable growth policies. Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz emphasised that any deal must avoid negative long-term consequences for the public and industries. 'Catchy, feel-good headlines last a few days, a week at most. However, poor deals will have long-term consequences for our people, industries, and economy,' he said during his keynote address at the International Healthcare Week (IHW) 2025. Tengku Zafrul highlighted Malaysia's goal of fostering open, rules-based multilateral trade, with the World Trade Organisation at its core. He stressed that agreements must protect market access while allowing emerging economies like Malaysia to develop sustainable supply chains. Malaysia's trade with the US surged nearly 30% to RM324.9 billion (US$71.4 billion) in 2024, reinforcing strong economic ties. Key exports include electrical and electronics, machinery, rubber gloves, wood-based products, and palm oil. Trade negotiations typically take 18 months, but MITI has completed some in as little as 11 months. The minister outlined non-negotiable principles, including preserving national sovereignty and maintaining balanced trade relations. Regarding US-imposed reciprocal tariffs, Malaysia has until August 1 to finalise negotiations. Tengku Zafrul noted the importance of mutual benefits in any agreement, responding to recent US tariff announcements affecting Indonesia. 'We are still in negotiations. We have until August 1, so there is still time. What is important is that any negotiation must ensure mutual benefit for both countries,' he said. - Bernama
Barnama
7 days ago
- Business
- Barnama
Govt Always Ensures Any Deals Support Economic Reforms, Sustainable Growth Policies
BUSINESS KUALA LUMPUR, July 16 (Bernama) -- The government's negotiating position aims to ensure that any agreement reached supports the country's economic reforms and sustainable growth strategies. Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said negative long-term outcomes are not what the public wants, nor what current and future taxpayers need. 'Catchy, feel-good headlines last a few days, a week at most. However, poor deals will have long-term consequences for our people, industries, and economy. 'Our objective is simple: we want to ensure that any agreement supports an open, rules-based and fair, multilateral trade, with the World Trade Organisation at its core,' he said in his keynote address at the International Healthcare Week (IHW) 2025, here today. The minister emphasised that any agreement should also safeguard market access, while recognising the need for emerging countries like Malaysia to develop sustainable supply chains and economies. 'Just like other countries, we value our economic ties with the United States (US). In 2024, total Malaysia-US trade rose nearly 30 per cent to RM324.9 billion (US$71.4 billion), with Malaysia being an important source for key products such as electrical and electronics (E&E) (+ semiconductors); machinery and equipment; rubber gloves, wood-based products and palm oil,' he said. As trade negotiations are a complex multi-stakeholder process, Tengku Zafrul said relevant ministries and agencies must be consulted to minimise conflict and ensure a smooth implementation post-negotiation. 'For context, the average duration for a regular trade negotiation is 18 months. For MITI, the fastest on record thus far is 11 months,' he said. Tengku Zafrul highlighted several red lines that the MADANI government will not cross in trade negotiations, including sacrificing the country's sovereignty or sidelining other trading partners in trying to close a trade deal.
New Straits Times
16-07-2025
- Business
- New Straits Times
Window for tariff reduction still open: Tengku Zafrul
KUALA LUMPUR: Malaysia still has time and room to renegotiate its own position with Washington, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said, amid news that the US has lowered its tariff on Indonesian goods. US President Donald Trump announced via his Truth Social platform that Indonesian goods entering the US would be subjected to a 19 per cent tariff. This is notably lower than the 32 per cent rate he had previously threatened. Tengku Zafrul said Malaysia is awaiting further information before drawing any conclusions. "We are waiting for an announcement from the Indonesian side. We've heard what President Trump said, but I have no further information at this point," he told reporters after launching International Healthcare Week (IHW) 2025. For Malaysia, Tengku Zafrul said any decision would only be finalised once discussions are concluded. "We are still in negotiations. Our talks continue until Aug 1, so there is still time," he added. He noted that the US continues to impose a 10 per cent tariff for now, with several key sectors such as pharmaceuticals and electrical and electronics (E&E), particularly semiconductors, remaining exempt. He said Malaysia is taking a cautious and realistic approach in the discussions, with priority given to national sovereignty and the protection of strategic industries. "There are issues on which we cannot compromise, such as sovereignty and our strategic industries. The negotiations must be based on a win-win principle," he added. Tengku Zafrul also said that any agreement with the US must be aligned with the principle of fair treatment for other trading partners, including Asean, Europe and China. Earlier in his speech, Tengku Zafrul said the government want to ensure that any agreement supports an open, rules-based and fair, multilateral trade, with World Trade Organisation at its core. He added that the agreement must also safeguard market access, while recognising the need of emerging countries like Malaysia to develop sustainable supply chains and economies. "We will continue to uphold the principles of positive reciprocity and fair competition while working alongside industry to innovate, diversify and maintain our resilience in the global market. "These developments are also strong reminders of how and why we must always be ready, agile and adaptable to external shocks," he said. In 2024, total Malaysia-US trade rose nearly 30 per cent to RM324.9 billion (US$71.4 billion), with Malaysia being an important source for key products such as E&E, machinery and equipment, rubber gloves, wood-based products and palm oil. Malaysia has long served as a key production hub for US investments, with 169 American-led projects valued at RM77.5 billion recorded since 1980, primarily in sectors such as E&E, machinery and scientific equipment.
