Latest news with #RM6.7
New Straits Times
4 days ago
- Business
- New Straits Times
Malaysia must strengthen role as strategic AI, data hub, says HLIB
KUALA LUMPUR: Malaysia must reinforce its position as a neutral, stable, and indispensable hub for data and artificial intelligence (AI) development to remain competitive in the rapidly evolving digital economy, said Hong Leong Investment Bank Bhd (HLIB) chief executive officer Lee Jim Leng. Lee said this goal demands bold, future-ready policies that not only catalyse homegrown AI innovation and uphold data sovereignty, but also accelerate the development of energy-efficient, sustainable data centre infrastructure, critical components of any advanced digital ecosystem. Lee added that deeper collaboration between the government, industry players, and academia will be crucial to ensuring Malaysia builds long-term competitiveness in high-performance digital infrastructure. "Malaysia is entering the era of Data Centre 2.0, a phase where the focus moves beyond basic co-location services to advanced, high-performance computing infrastructure that supports AI workloads, green innovation, and data sovereignty. "With RM6.7 billion in approved investments and another RM3.9 billion currently in advanced hyperscale discussions, Malaysia is no longer a peripheral player in the region. "Malaysia should now be positioning itself as a key digital infrastructure hub," she said at the Bursa Malaysia–HLIB Stratum Focus Series, themed "Data Centre 2.0: The Ecosystem and What's Next for Malaysia?" held here today. Lee noted that the global AI revolution is transforming every industry, and data centres are the backbone of this new digital era. However, she cautioned that this transformation is unfolding amid growing geopolitical tensions, particularly the recent US restrictions on exports of advanced AI chips, which have sent shockwaves through the global technology supply chain. "While Malaysia is not a direct target of these restrictions, we remain a vital node in an interconnected global economy. "Any disruption to the supply of high-performance chips from giants like NVIDIA and AMD will directly affect the cloud providers, hyperscalers, and enterprises that are powering our digital future," she said. Despite these global challenges, Lee believes Malaysia has a real opportunity to solidify its position. She said this shift is backed by data reflecting rising investor confidence and market interest. She pointed out that the Malaysian Investment Development Authority (MIDA) has already approved RM6.7 billion in data centre investments. While that figure is impressive, she said the additional RM3.9 billion currently under advanced discussion signals the massive opportunities still ahead. "This domestic boom is also further validated by our growing presence on the regional stage. "According to global real estate services firm Jones Lang LaSalle (JLL), Malaysia now attracts 38 per cent of all new data centre investments across the Asean region. "Even more notably, JLL projects that our market share could surpass 40 per cent by next year. "This isn't just growth. It marks a consolidation of our role as the destination of choice for digital infrastructure investment. "The momentum is clear, with RM2 billion worth of data centre construction contracts already awarded this year, proving that these multi-billion-ringgit commitments are moving quickly from blueprints to physical infrastructure," she said. Furthermore, Lee said global tech giants such as Google, Microsoft, and AWS are not only investing in Malaysia — they are doubling down, recognising the country's immense potential as a regional data powerhouse. She noted that demand for data centres continues to rise, fuelled by the rapid expansion of AI and cloud computing. Overall, Lee said the transition to Data Centre 2.0 presents both a challenge and an opportunity, but with the right strategies, Malaysia can turn global uncertainty into a national advantage and cement its leadership as Asean's digital infrastructure hub.
The Sun
6 days ago
- Business
- The Sun
Penang seeks federal tax revenue share amid SST changes
GEORGE TOWN: The Penang state government hopes the federal government will consider sharing tax revenue to support the state's development and social welfare programmes, especially considering the implementation of the revised and expanded Sales and Services Tax (SST) on July 1. Chief Minister Chow Kon Yeow said he had taken the initiative last year to request a 20 per cent share of tax revenue collected within Penang, but the proposal was neither approved nor taken up by the federal government. 'We always welcome approval and allocations from the federal government for infrastructure projects, but we also require funding to implement other state-related projects as well as welfare and social programmes. 'If 20 per cent is a burden, why not start with 10 per cent? We can understand their (the federal government's) position as well, but I think it is an appropriate time for them to consider this seriously,' he told a press conference on Penang's approved manufacturing investment for the first quarter of 2025 (1Q 2025), here today. Chow added that every state faced constraints in terms of getting sufficient revenue to run operations, and that he is mulling the decision to lobby other Menteri Besar and Chief Ministers to raise this matter as a group. Commenting on the state's investment prospects, he said Penang remained optimistic about its short- to medium-term outlook despite ongoing external uncertainties, including the global tariff uncertainty. 'Despite these uncertainties, InvestPenang continues to report strong investor inquiries from various countries every month, signalling sustained interest in both new investments and reinvestments,' he said. In 1Q 2025, the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total, positioning Penang as the second-highest contributor among all states. These investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. Significantly, he said 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign direct investments, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. 'The breakdown further reflects our industrial strengths, with 79 per cent directed to the electrical and electronics sector, and 15 per cent into machinery and equipment. The United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). 'As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity by cultivating innovation, empowering our workforce and building a resilient ecosystem that welcomes high-impact, transformative investments,' he added.
New Straits Times
6 days ago
- Business
- New Straits Times
Penang appeals for tax sharing to boost state development
GEORGE TOWN: The Penang state government hopes the federal government will consider sharing tax revenue to support the state's development and social welfare programmes, especially considering the implementation of the revised and expanded Sales and Services Tax (SST) on July 1. Chief Minister Chow Kon Yeow said he had taken the initiative last year to request a 20 per cent share of tax revenue collected within Penang, but the proposal was neither approved nor taken up by the federal government. "We always welcome approval and allocations from the federal government for infrastructure projects, but we also require funding to implement other state-related projects as well as welfare and social programmes. "If 20 per cent is a burden, why not start with 10 per cent? We can understand their (the federal government's) position as well, but I think it is an appropriate time for them to consider this seriously," he told a press conference on Penang's approved manufacturing investment for the first quarter of 2025 (1Q 2025), here today. Chow added that every state faced constraints in terms of getting sufficient revenue to run operations, and that he is mulling the decision to lobby other Menteri Besar and Chief Ministers to raise this matter as a group. Commenting on the state's investment prospects, he said Penang remained optimistic about its short- to medium-term outlook despite ongoing external uncertainties, including the global tariff uncertainty. "Despite these uncertainties, InvestPenang continues to report strong investor inquiries from various countries every month, signalling sustained interest in both new investments and reinvestments," he said. In 1Q 2025, the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total, positioning Penang as the second-highest contributor among all states. These investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. Significantly, he said 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign direct investments, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. "The breakdown further reflects our industrial strengths, with 79 per cent directed to the electrical and electronics sector, and 15 per cent into machinery and equipment. The United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). "As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity by cultivating innovation, empowering our workforce and building a resilient ecosystem that welcomes high-impact, transformative investments," he added.
New Straits Times
6 days ago
- Business
- New Straits Times
Penang records RM6.7bil in approved manufacturing investments in Q1
GEORGE TOWN: Penang continues to demonstrate its resilience and competitiveness as a leading investment destination, even amid global uncertainties and persistent trade tensions. In the first quarter of this year (Q1 2025) , the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total and positioning Penang as the second-highest contributor after Sabah. Chief Minister Chow Kon Yeow said these investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. He said, significantly, 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign sources, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. He also said the breakdown further reflected the industrial strengths, with 79 per cent directed to the electrical and electronics (E&E) sector and 15 per cent into machinery and equipment. He added that the United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). "I remain optimistic about Penang's medium- to long-term investment prospects. "Although we are currently facing uncertainties related to the United States' tariffs, Invest Penang, the state's investment promotion agency, continues to receive strong interest from global investors, both for new investments and reinvestments in Penang. "We are currently filtering through these investor enquiries and hope they will yield positive results once due diligence is completed," he told newsmen when announcing the state's approved manufacturing investment for quarter one here today. In quarter one last year, the state recorded RM1.8 billion in approved manufacturing investments. For the whole of last year, the state recorded RM17.3 billion in approved manufacturing investments. Chow said this sustained interest echoed Penang's strong performance in 2024, when Singapore (RM4.0 billion), the United States (RM2.9 billion), and Taiwan (RM2.1 billion) ranked as our top investing economies, underscoring continued trust from the world's leading technology players. "This upward momentum is the result of Penang's consistent focus on building a resilient, innovation-driven economy. "Our strategic positioning in the global supply chain is strengthened by the alignment of forward-looking policies, industrial infrastructure, and a highly skilled talent pool. "While we continue to excel in manufacturing, Penang is now actively advancing into high-value domains such as IC design, advanced packaging, and precision equipment manufacturing, in support of the National Semiconductor Strategy," he added. At the same time, Chow said the state was nurturing emerging sectors, including medical technology (MedTech) and global business services (GBS), to ensure broader, more sustainable growth. "As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity. "Our priorities are clear: to cultivate innovation, empower our workforce and build a resilient ecosystem that welcomes high-impact, transformative investments. "Let today's announcement not just be a reflection of past success but a signal of Penang's readiness to lead Malaysia's industrial transformation – boldly, strategically, and collaboratively with all our partners, both local and global," he said. Meanwhile, Chow said the state expected a clearer picture to only emerge in the second quarter figure following the uncertainty over the tariff announcement. "The tariff, announced during the first quarter, is expected to have a greater impact in the second quarter or the second half of the year. "So, it is still too early to determine the full extent of this impact," he said.
Malaysiakini
05-06-2025
- Malaysiakini
Bitter brew: Cops say sue over RM6.7m coffee machine scam
After the Deputy Public Prosecutor's Office determined that no fraud-related charges could be pursued, Selangor police are now advising complainants in the coffee vending machine investment scheme to seek civil recourse instead. According to Bernama, the police received 101 reports related to the vending machine investment fraud, involving total losses amounting to RM6.7 million, from January to April this year. State police chief Hussein Omar Khan said...
