Latest news with #MITI
The Star
13 hours ago
- Business
- The Star
Boeing opens KL office to support Malaysia's aerospace aspirations
KUALA LUMPUR: Boeing's new office in the heart of Kuala Lumpur will serve as a pivotal hub to strengthen the aerospace company's customer support, aviation safety, sustainability and supply chain in Malaysia, according to its president, Penny Burtt. In a statement today, she said the company is honoured to support the nation's vision of becoming a key aerospace node in the region as outlined in the country's Aerospace Blueprint 2030, noting that Malaysia is home to one of the largest aviation markets in Asia-Pacific "The opening of Boeing's new expanded corporate office in Kuala Lumpur reflects our deep commitment to the Malaysian government, our employees, customers and partners in the country," she said. The opening ceremony of the aviation giant's corporate office in Menara Hap Seng 3 here today was officiated by the Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong, United States Ambassador to Malaysia Edgard D. Kagan and National Aerospace Industry Coordinating Office (NAICO) chief executive officer Shamsul Kamar Abu Samah. In his opening remarks, Liew said the new office is a testament to Boeing's commitment to Malaysia as a part of the nation's aerospace journey. "Boeing's journey with Malaysia spans over 70 years, beginning with the delivery of the Douglas DC-3 aircraft in 1947. "Since then, Boeing has played an important role in supporting our aviation and aerospace growth," he said. Liew added that to date, more than 140 Boeing aircraft have been delivered to Malaysian carriers, including over 100 Boeing 737s to Malaysia Airlines. "The Malaysia Aviation Group (MAG) has also announced its intention to purchase 30 Boeing 737 MAX 8s and an option to procure 30 more. "This provides Boeing and Malaysia the opportunity to collaborate on the next phase of aerospace development, from local supply chain expansion to talent upskilling and sustainability leadership," he said. The New Industrial Master Plan 2030 (NIMP 2030) lists aerospace as a priority sector to drive innovation, deepen economic complexity, and achieve net-zero ambitions. The initiatives for the aerospace industry under NIMP 2030 are spearheaded by the National Aerospace Industry Corporation Malaysia, the key implementing agency. Liew noted that Boeing's presence in Malaysia goes beyond aircraft sales, as the company has also set up its sole wholly owned manufacturing facility in Southeast Asia in Bukit Kayu Hitam, Kedah. "With a workforce of nearly 1,000 Malaysians, the Boeing Composites Malaysia has an impeccable record in producing composite parts for the 737, 767, 777, and 787 programmes-contributing directly to Boeing's global production network," he added. - Bernama
Malay Mail
21 hours ago
- Business
- Malay Mail
Tengku Zafrul warns against poor trade deals as Malaysia continues US tariff talks
KUALA LUMPUR, July 16 — 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. Meanwhile, he said Malaysia still has until August 1 to negotiate with the US regarding the 25 per cent reciprocal tariff imposed by the country thus far. He made this comment in reaction to Donald Trump's recent announcement regarding a 19 per cent reciprocal tariff on Indonesia, which has not yet provided any official statement on the issue. 'I have no further information regarding that (reciprocal tariff rate on Indonesia). What we know is based on the announcement made by the US president. We are now waiting to see what will be announced by the Indonesian side. 'As for Malaysia, 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
The Sun
21 hours 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
21 hours 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.
The Star
a day ago
- Business
- The Star
Poor deals have long-term impact on Malaysia, says Tengku Zafrul
KUALA LUMPUR: Poor deals will have long-term repercussions on Malaysia, which is why Putrajaya follows specific principles when negotiating with the US, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Tengku Zafrul said Putrajaya's stance is that deals with the US must support Malaysia's economic reforms and sustainable growth policies. "Our negotiating stance is always to ensure that whatever deal we land on will support the country's economic reforms and sustainable growth policies,' he said. "Catchy, feel-good headlines last a few days, a week at the most. Poor deals will have long-term consequences on our people, industries and economy - I am certain negative long-term outcomes are not what the public wants, nor what current and future taxpayers need," said Tengku Zafrul in his opening remarks at the International Healthcare Week 2025 in KL on Wednesday (July 16). Tengku Zafrul said Putrajaya will never sacrifice the country's sovereignty or sideline other trading partners to close a deal with the US. ALSO READ: Malaysia still working on tariff negotiations with US, says Tengku Zafrul "Our people's rights, our country's sovereignty and trust with our valued partners are not bargaining chips," added Tengku Zafrul. Malaysia currently faces a 25% tariff rate for all exports to the US, and Putrajaya has until August 1 to negotiate. According to Tengku Zafrul, trade negotiations are a complex process involving multiple stakeholders and relevant ministries and agencies must be consulted for smooth implementation. "For context, the average duration for a regular trade negotiation is 18 months. For MITI, the fastest on record thus far is 11 months," said Tengku Zafrul. He was referring to the recently signed comprehensive partnership agreement between Malaysia and the United Arab Emirates (UAE). "So, we need to be realistic about trade deals that can be completed within 90 days," added Tengku Zafrul. Tengku Zafrul said Putrajaya wants to ensure any agreement with the US supports an open, rules-based and fair multilateral trade system, with the World Trade Organisation (WTO) at its core. "The agreement must also safeguard market access while recognising the needs of emerging countries like Malaysia to develop sustainable supply chains and economies," said Tengku Zafrul. He noted that last year, Malaysia-US trade rose nearly 30% to RM324.9bil, with Malaysia being an important source for products such as E&E, machinery, rubber gloves and palm oil. He said Malaysia has been a significant production base for US investments for at least five decades. "From 1980 to 2024, there have been 169 American investment projects in Malaysia (RM77.5bil), in sectors such as E&E, machinery and scientific equipment." Tengku Zafrul said for the past 50 years, these companies have received various incentives like investment tax allowances and high-impact grants valued at RM4.1bil cumulatively. Annual incentives in recent years have ranged from RM800,000 to RM1.2bil. "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 strong reminders of why we must always be ready, agile and adaptable to external shocks," said Tengku Zafrul. Meanwhile, Tengku Zafrul said the global medical devices market is projected to grow 63% from RM2.53tril in 2024 to RM4.13tril by 2032. "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," he said. Last year, the medical devices and pharmaceutical industries garnered RM2.13bil in investments, creating over 2,700 high-value jobs in manufacturing, R&D and regulatory services. "Today, eight of the world's top 30 medical device companies have operations in Malaysia," he said, adding that Malaysia is home to over 300 healthcare companies. Pharmaceutical exports from January to May this year increased by 7.8%. "This is due to our industrial reform initiatives. Reform builds industrial resilience, which in turn boosts our exports' resilience," added Tengku Zafrul. Commenting on the IHW, Tengku Zafrul said it's more than just a healthcare event, as it brings together global leaders, innovators, policymakers and investors to shape Southeast Asia's healthcare future. "I feel that the IHW 2025 represents more than an exhibition - it is a call to action for us to strengthen collaboration, accelerate innovation and ensure our healthcare systems remain inclusive, sustainable and future-ready," added Tengku Zafrul. The IHW 2025 takes place from July 16 to 18.
