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New Straits Times
16-07-2025
- 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
16-07-2025
- 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
16-07-2025
- 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.
Free Malaysia Today
16-07-2025
- Business
- Free Malaysia Today
US wants foreign equity cap lifted in strategic sectors, says Tengku Zafrul
Investment, trade and industry minister Tengku Zafrul Aziz speaking to reporters after attending the opening ceremony of the International Healthcare Week in Kuala Lumpur today. KUALA LUMPUR : The US has asked Malaysia to lift foreign equity restrictions in strategic sectors as part of its tariff negotiations, investment, trade and industry minister Tengku Zafrul Aziz said today. Tengku Zafrul said his ministry was still in talks with stakeholders on the request. Asked by reporters today to specify the affected sectors, he said: 'It's easy. I think you would know. These are strategic sectors, which are all under the law. 'We are still in talks with industry players and regulators,' he said on the sidelines of the International Healthcare Week opening ceremony today. Malaysia currently imposes foreign equity caps in strategic sectors, including telecommunications. Other sticking points in negotiations with the US include non-tariff barriers related to halal certification and government procurement rules. Yesterday, Tengku Zafrul said the US had also asked other nations to consider liberalising the foreign shareholding restrictions in force on some sectors. Some sectors did not have such restrictions, while the manufacturing industry was 'nearly all open', he had said. Earlier this month, the Donald Trump administration set a 25% import tariff on all Malaysian goods, saying the tariff would be imposed if a trade deal is not reached by Aug 1.
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.
