Latest news with #MadaniEconomicFramework
The Star
12 hours ago
- Business
- The Star
Malaysia's fiscal maths under tariffs
MALAYSIA'S fiscal mathematics just collided with geopolitical reality. US President Donald Trump's announcement of 25% tariffs on Malaysian imports starting Aug 1 transforms an already precarious national budget equation into something approaching impossible. Familiar complaints persist. Malaysia's unity government has elicited complaints from supporters who expected swift delivery on campaign promises. Meanwhile, ministries brandish national strategies – the National Industry Master Plan 2030, the Madani Economic Framework, the National Energy Transition Roadmap, to name a few – now increasingly misaligned with shifting trade dynamics.
The Star
4 days ago
- The Star
No longer just safe, but thriving
Site visit: Saifuddin Nasution visiting a border control post on Mataking Island in the Eastern Sabah Security Zone. — Bernama KOTA KINABALU: Sabah, particularly the Eastern Sabah Security Zone (ESSZone), remains a safe and secure destination for foreign tourists, says Home Minister Datuk Seri Saifuddin Nasution Ismail. Once marred by past security incidents, he said the region is now seeing tourism flourish and local livelihoods improve, which is a clear result of sustained peace and targeted development. 'This year marks the second time the Home Ministry, in collaboration with the Eastern Sabah Security Command (Esscom), has brought diplomats and foreign representatives from the United States, Australia, Belgium, Ireland, Germany, Canada, New Zealand, China, South Korea and Spain for a series of one-day visits to key tourist locations within the ESSZone,' he said. 'Security is no longer the only story here. It is about transformation. What we see today is the direct outcome of peace: jobs, income and thriving tourism,' he said during a site visit to Semporna's islands with a delegation of diplomatic representatives and officials yesterday. Also present was Assistant Tourism, Culture and Environment Minister Datuk Joniston Bangkuai. Saifuddin Nasution said tourist arrivals to Sabah's east coast have more than quadrupled since 2022. Official figures show 64,470 tourist arrivals in 2022, which jumped to 313,128 in 2023 and reached 319,479 by the end of May 2024. 'These are not just tourists from anywhere. Many are from countries that previously issued travel advisories to their citizens regarding the east coast of Sabah. 'This surge in visitors is proof that the perception is changing, people are coming back, and in bigger numbers,' he added. He said that countries such as Japan are already reviewing their travel advisories here following previous diplomatic engagements, adding that progress is being made with others like the United States, Britain, Ireland, New Zealand and Australia. 'These advisories still hold weight and affect public perception. That is why we do not wait for second-hand assumptions, we invite foreign representatives to experience the situation for themselves.' He said that the region's turnaround is not accidental, but a result of coordinated efforts under the Eastern Sabah Security Command (Esscom) and the Federal Government's Madani Economic Framework. He added that face-to-face engagements with international stakeholders remain the ministry's preferred strategy in changing outdated perceptions. 'There is no substitute for direct experience. 'We want them to see, hear and understand what Sabah really is today,' he said. With positive changes taking root, Saifuddin Nasution said the ultimate goal is for countries to revise travel warnings that no longer reflect the current reality.
The Star
5 days ago
- The Star
Sabah's east coast not just safe, but thriving, says Home Minister
KOTA KINABALU: Sabah's east coast is no longer just a safe zone, it has become a thriving region that has been transformed by peace, prosperity and growing global confidence, says Datuk Seri Saifuddin Nasution Ismail. The Home Minister said that the region, once marred by past security incidents, was now seeing tourism flourish and local livelihoods improve, a clear result of sustained peace and targeted development. 'Security is no longer the only story here. It is about transformation. What we see today is the direct outcome of peace: jobs, income, and thriving tourism,' said Saifuddin during a site visit to Semporna's islands with a delegation of foreign diplomats and officials on Saturday (July 5). Also present was state Assistant Tourism, Culture and Environment Minister Datuk Joniston Bangkuai. Saifuddin noted that tourist arrivals to Sabah's east coast have more than quadrupled since 2022. Official figures show 64,470 tourist arrivals in 2022, which jumped to 313,128 in 2023 and reached 319,479 by the end of May 2024. 'These are not just tourists from anywhere. Many are from countries that previously issued travel advisories. This surge in visitors is living proof that the perception is changing, people are coming back, and in bigger numbers,' Saifuddin said. He said that countries such as Japan are already reviewing their travel advisories following previous diplomatic engagements, adding that progress is being made with others like the United States, United Kingdom, Ireland, New Zealand and Australia. 'These advisories still hold weight and affect public perception. That is why we do not wait for second-hand assumptions, we invite foreign representatives to experience the situation for themselves,' he told reporters. He shared an example of one of the emerging success stories at Kampung Indra Sabah, a quiet island village now gaining traction among divers and eco-tourists, where the community, once dependent solely on fishing, had begun to pivot towards tourism, offering homestays, boat services, and cultural experiences. 'The peace we have built here is opening up new avenues for locals. Families are earning more, young people are finding jobs without having to leave home, and small businesses are growing,' said Saifuddin. Saifuddin stressed that the region's turnaround is not accidental, but a result of coordinated efforts under the Eastern Sabah Security Command (ESSCom) and alignment with the Federal Government's Madani Economic Framework. 'Peace is not just the absence of conflict. It is the presence of opportunity. Sabah's east coast is proof that when security is guaranteed, prosperity follows. This is the MADANI vision in action, empowering communities and uplifting lives,' he said. He added that face-to-face engagements with international stakeholders remain the ministry's preferred strategy in changing outdated perceptions. 'There is no substitute for direct experience. We want them to see, hear, and understand what Sabah really is today,' he said. With positive changes taking root, Saifuddin said the ultimate goal is for countries to revise travel warnings that no longer reflect the current reality. 'Look at the visitor numbers, the thriving communities, the booming tourism sector. This is not just about being safe. It is about a region that's alive, ambitious, and on the rise,' he said. Meanwhile, he gave top marks to ESSCom and its partner agencies for their seamless coordination in safeguarding the state's east coast. He highlighted how security forces across nine districts are working in synchronisation, with rotational deployments ensuring a constant presence on land and sea, noting that Malaysia's chairmanship of ASEAN this year has boosted joint operations, intelligence sharing, and evolving cross-border strategies, reinforcing the region's stability. To complement these efforts, Saifuddin said tourism police units are being strengthened to provide on-the-ground support to travellers. Their presence ensures quick assistance, helps build trust among foreign visitors, and contributes to a more secure and welcoming environment across key tourism zones. Saifuddin took the foreign visitors to visit four islands in Semporna, namely Omadal, Sibuan, Bohey Dulang, and Mataking.
The Sun
26-06-2025
- Business
- The Sun
Short-term impact on oil prices from Israel-Iran conflict: Amir Hamzah
KUALA LUMPUR: The Israel-Iran conflict is expected to have only a short-term impact on crude oil prices, according to Minister of Finance II Datuk Seri Amir Hamzah Azizan. He said that while prices surged sharply during renewed hostilities, oil prices quickly retreated as signs of peace talks and ceasefire efforts emerged between the two countries. Amir Hamzah highlighted that despite initial volatility, market stability returned as fears of prolonged conflict and supply disruption subsided, reinforcing the government's confidence in managing the situation amid ongoing global economic uncertainty. 'Oil prices rose sharply when the conflict occurred. However, with the onset of peace talks, prices have declined. For now, the overall impact appears to be short term,' he told reporters at the Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) 2025 Budget Initiative launch today. Amir Hamzah emphasised that peace is crucial not only for humanity but also for sustaining economic stability. 'We hope that efforts towards peace talks will continue, and Malaysia will remain steadfast in supporting all initiatives to maintain peace in the region,' he said. Oil prices briefly jumped by about 7% earlier this month due to fears that the war between Israel and Iran could disrupt supply. But prices have since fallen back to around US$67 per barrel after tensions eased and talks began. Meanwhile, a fragile ceasefire seemed to be holding for a second day today. SME Bank has launched a suite of strategic initiatives valued at RM211 million, reinforcing its commitment to advancing the government's Madani Economic Framework and aligning with the bank's mandate under Budget 2025. Focused on high-impact sectors such as technology, tourism, halal, and environment, social and governance, these initiatives also promote inclusivity by empowering B40 and asnaf entrepreneurs, reinforcing SME Bank's role in building a resilient and future-ready MSME ecosystem. Amir Hamzah said the initiatives reflect the country's future direction towards a more modern, sustainable, and competitive economy. In line with the Madani Economic Framework, Amir Hamzah, said Budget 2025 has provided extensive support for MSMEs. 'This includes more than RM40 billion in the form of loans and guarantees, stamp duty exemptions to reduce the cost of financing access, and matching grants to support digitalisation and sustainable business practices.' He said the aim is to strengthen the competitiveness of MSMEs, while ensuring they remain relevant in a future economic landscape driven by technology and sustainability agendas. 'Therefore, for 2025, the government has mandated SME Bank to roll out various initiatives with an allocation exceeding RM1 billion, including five new initiatives worth over RM200 million designed to support sustainable and inclusive growth for the MSME segment. 'The launch of these strategic programmes by SME Bank today is to realise the government's vision and aspiration to stimulate MSME-driven growth, strengthen domestic economic resilience, and in turn help maintain investor confidence in Malaysia,' Amir Hamzah said. SME Bank acting group president and CEO Datuk Dr Mohammad Hardee Ibrahim shared initiatives, including MySMELady 2.0, Umbrella Ecosystem Financing, Dana Kelestarian Alam, and Maju Usahawan Madani, which demonstrate an approach to nation-building and a commitment to strengthening the national entrepreneurial landscape. 'Additionally, we are also proud to roll out the fourth edition of the SME Bank iTekad Ishraf, a beyond-financing initiative designed to equip the B40 and asnaf entrepreneurs with the knowledge, skills and resources needed to sustain and grow their businesses,' he said. Riding on this momentum, Mohammad Hardee said, the bank remains on track to achieve its RM3 billion approved financing target for this year, with continued emphasis on key strategic sectors, with RM2 billion already recorded as of May 2025. 'These achievements reaffirm our sustained role in fostering MSME development, in alignment with the government's Madani vision to build a more inclusive, resilient and future-ready Malaysia,' he said.
New Straits Times
22-06-2025
- Business
- New Straits Times
Malaysia's IMD ranking rise a stepping stone for more reforms: FMM
KUALA LUMPUR: Malaysia's rise in the IMD World Competitiveness Ranking 2025 is a stepping stone toward more comprehensive reforms, Federation of Malaysian Manufacturers (FMM) said. FMM president Tan Sri Soh Thian Lai said the improvement by 11 places to 23rd out of 69 economies in the IMD ranking signals progress in several important areas. However, he highlighted that Malaysia remains 10th out of 14 Asia Pacific countries, lagging behind regional peers such as Indonesia and Thailand, indicating that more work is needed to narrow the gap. "While the ranking is encouraging, it should not be seen as an end goal. It must serve as a platform for deeper reform," Soh said in a statement. He said maintaining the momentum requires Malaysia to move beyond its traditional input-driven growth model, one dependent on labour, capital and natural resources, and to embrace a growth strategy centred on productivity and innovation. This shift is not only timely but crucial for ensuring Malaysia stays competitive in high-value sectors and adapts effectively to the fast-changing global landscape. "We believe a few focus areas require urgent attention. Firstly, investment in research and development must be scaled up significantly. "But beyond funding, it is critical to ensure that research is aligned with industry needs and national priorities. Strengthening the links between academia and industry will ensure that ideas are commercialised and translated into meaningful outcomes," Soh said. He noted that Malaysia's start-up ecosystem shows strong potential, particularly in the digital, green, and deep-tech industries. With appropriate support such as streamlined regulations, improved funding access and enhanced mentorship, local entrepreneurs could play a significant role in driving economic transformation. Soh said this year's improvement is a positive move towards achieving the national goal outlined in the Madani Economic Framework, to rank Malaysia among the world's top 12 most competitive economies by 2033. "Achieving this goal will require sustained commitment to structural reforms, policy consistency and bold execution across all levels of government and industry. "We applaud the government for this notable achievement. But to truly position Malaysia as a future-ready economy, we must stay focused on raising productivity, deepening innovation, and building long-term competitiveness," he added.
