Latest news with #MITI
Malay Mail
4 days ago
- Business
- Malay Mail
Malaysia backs youth-led ventures as Asean chair, touts digital treaty and NIMP 2030 as key enablers
KUALA LUMPUR, June 28 — The Ministry of Investment, Trade and Industry (MITI) is actively creating more space for young entrepreneurs to thrive, in line with Malaysia's role as Asean chair, said Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said that through initiatives such as the Asean SME Academy and the Digital Economy Framework Agreement (DEFA), the ministry is breaking down barriers so that these entrepreneurs can start, scale, and connect their ventures beyond borders. 'DEFA, the world's first regional digital economy treaty, is projected to grow Asean's digital economy to over US$2 trillion by 2030 and generate millions of jobs. These are not just statistics; they are doorways to your future,' he said in his closing keynote address at the Nusantara Youth Forum 2025 held in Putrajaya today. Tengku Zafrul said that as Malaysia opens doors for young entrepreneurs and innovators, it is important to mention how Malaysia's own long-term strategies align with these regional ambitions. 'Through the New Industrial Master Plan 2030 (NIMP 2030), Malaysia is transforming our industrial landscape by focusing on high value-added sectors, advanced manufacturing, and future-oriented skills. 'NIMP's core mission is to create quality jobs and ensure our industries – especially in electrical and electronics (and) green tech – remain globally competitive, resilient, and sustainable,' he said. According to the minister, national frameworks such as NIMP are not just about Malaysia's progress. 'They also complement Asean initiatives like DEFA and the Asean SME Academy, creating a seamless ecosystem that supports youth, from upskilling and financing to market access, so you can truly take your ideas from the region to the world,' he said. Tengku Zafrul also gave recognition to arts and culture, saying that too often, the creative sector is wrongly treated as secondary to the 'main economy.' 'The truth is, culture and creativity are economic engines, identity builders and bridges between nations,' he said, adding that Asean's creative industries, from music to film, are gaining global attention. The MITI Minister said he cannot overstate the importance of entrepreneurship in driving both economic progress and social transformation. 'Today, the most exciting businesses in Malaysia, and indeed throughout Asean, are being founded, led, and grown by youths. 'Whether you are developing tech solutions, running sustainable farms, designing innovative products, or launching platforms for social impact, you show the world what is possible when ambition is united with purpose,' he added. — Bernama
The Sun
4 days ago
- Business
- The Sun
MITI boosts young entrepreneurs via DEFA and ASEAN SME Academy
KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) is expanding opportunities for young entrepreneurs, leveraging Malaysia's ASEAN chairmanship to foster cross-border business growth. Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted key initiatives like the ASEAN SME Academy and the Digital Economy Framework Agreement (DEFA) as pivotal in breaking barriers for startups. Speaking at the Nusantara Youth Forum 2025 in Putrajaya, Tengku Zafrul emphasised DEFA's potential to elevate ASEAN's digital economy to over US$2 trillion by 2030. 'These are not just statistics; they are doorways to your future,' he said, underlining the treaty's role in job creation and regional connectivity. Malaysia's New Industrial Master Plan 2030 (NIMP 2030) further aligns with these goals, prioritising high-value sectors like advanced manufacturing and green technology. 'NIMP's mission is to ensure our industries remain competitive and sustainable,' he added, noting its synergy with ASEAN-wide programmes for youth upskilling and market access. Tengku Zafrul also championed the creative economy, dismissing its marginalisation as outdated. 'Culture and creativity are economic engines,' he said, citing ASEAN's rising global influence in music and film. He lauded young entrepreneurs driving innovation across tech, agriculture, and social impact sectors, stating, 'You show the world what's possible when ambition meets purpose.'
Barnama
6 days ago
- Business
- Barnama
Malaysia Pavilion At Expo 2025 Osaka Draws Over 1.5 Mln Visitors In Three Months -- MITI
KUALA LUMPUR, June 26 (Bernama) -- The Malaysia Pavilion at Expo 2025 Osaka has drawn over 1.5 million visitors in less than three months since the event opened in April, exceeding its target ahead of expectations. In a statement, the Ministry of Investment, Trade and Industry (MITI) said the achievement was accompanied by the success of achieving over 69 per cent of the overall trade and investment target of RM13 billion. 'This success boosts Malaysia's momentum in achieving the two main objectives of participating in the World Expo, namely driving strategic economic outcomes and expanding the country's engagement with the global community,' said MITI.
The Sun
7 days ago
- Business
- The Sun
Malaysia Pavilion at Expo 2025 Osaka surpasses 1.5 million visitors
KUALA LUMPUR: The Malaysia Pavilion at Expo 2025 Osaka has welcomed more than 1.5 million visitors in just three months since its opening in April, surpassing initial expectations. The Ministry of Investment, Trade and Industry (MITI) confirmed the achievement, noting that 69 per cent of the overall trade and investment target has already been exceeded, with transactions valued at RM13 billion so far. MITI stated, 'This success boosts Malaysia's momentum in achieving the two main objectives of participating in the World Expo, namely driving strategic economic outcomes and expanding the country's engagement with the global community.' Malaysian Pavilion director Ellyza Mastura Ahmad Hanipiah expressed enthusiasm over the overwhelming public response and strategic interest. 'We hope to continue to create meaningful experiences so that every visitor brings home the smiles and fond memories of Malaysia,' she said.
The Sun
7 days ago
- Business
- The Sun
Malaysia ministries cut red tape, boost efficiency in film and trade sectors
KUALA LUMPUR: The Ministry of Communications has been lauded for streamlining foreign film script approvals, cutting processing time from 30 days to just seven, saving RM2.4 million per production. The achievement earned the ministry a special certificate of appreciation for reducing bureaucratic red tape. Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar highlighted the impact of these reforms, stating, 'This enhances Malaysia's competitiveness as a preferred destination for international film production.' The certificate was presented to the ministry's secretary-general, Datuk Mohamad Fauzi Md Isa, at a ceremony in Putrajaya yesterday. Two other ministries were also recognised. The Ministry of Housing and Local Government (KPKT) improved approval times for Electric Vehicle Charging Bay Plan Certifications, reducing the process from 28 days to three. The Fire and Rescue Department (JBPM) further expedited non-system-based technical plan certifications, cutting approval time from 30 days to seven. Shamsul Azri noted, 'Streamlined procedures and the e-Premis system upgrade saved RM1.776 million annually.' Meanwhile, the Ministry of Investment, Trade and Industry (MITI) facilitated financing in the aerospace sector, generating RM17 million in savings for 50 SMEs while boosting production capacity by 30 percent. Automation and certification also increased gross profit margins by over 20 percent. KPKT secretary-general Datuk Noor Azman Taib and MITI senior director M Punitha Veni received the awards on behalf of their ministries.
