Highlights:

  1. Government targets RM55 billion revenue from cooperatives by 2020
  2. Malaysia to tap halal market share at Tokyo Olympics 2020
  3. Suspension of Pasir Gudang restricted area, Seletar Airport ILS extended to March 31
  4. Sabah poised for more investments in wood, wood-based industry
  5. UK announces US$43m Low Carbon and Economic Reform Programmes in ASEAN

Ministry targets RM55 bln in revenue from co-ops by 2020
The Ministry of Entrepreneur Development is targeting to achieve RM55 billion in revenue from cooperatives registered under Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) by 2020. Its minister, Datuk Seri Mohd Redzuan Md Yusof said the target would be an increase of RM5 billion from the previous mark and was expected to contribute five per cent to gross domestic product. “The co-ops should use the opportunity and all forms of assistance provided by the government to achieve the target. “The technological development need not be used only in financial management, but also in agriculture to produce food sources for exports,” he said at the gathering of co-ops and the launch of the MyAzZahra Portal, in Kuala Lumpur.The MyAzZahra Portal is an online electronic loan application system developed by Orion IXL Bhd for Angkasa’s co-op and individual members. As at June 2018, Angkasa has 6.5 million members, with a turnover of RM40.24 billion.

Malaysia to tap halal market share at Tokyo Olympics 2020
Malaysia targets to secure a portion of the US$300 million halal market during the 2020 Tokyo Olympics, especially in the food and beverage (F&B) sector. Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof said Japanese companies have expressed deep interest in Malaysia’s F&B, as well as health and beauty sectors. “The Japanese have open their doors to the halal market compared to 10 years ago, and if Malaysia’s small medium enterprises (SMEs) do not take this chance, it is a huge miss,” he said. In 2017, Malaysia’s halal export to Japan was worth RM2.8 billion and it is expected to steadily increase to RM3.1 billion in 2018, RM3.4 billion in 2019 and RM3.7 billion in 2020. Datuk Seri Mohd Redzuan said that more than 10 SMEs from the 320 exhibitors have exported to Japan and the rest is ready to do so. “We hope that at this expo, we could exceed the RM50 million sales target we set for the business matching sessions,” he said. As at today, RM40.8 million sales have been generated from 32 business matching sessions, comprising 27 SMEs.

Suspension of Pasir Gudang restricted area, Seletar Airport ILS extended to March 31
Singapore has accepted Malaysia’s counterproposal to extend the mutual suspension of the Pasir Gudang restricted area and Instrument Landing System (ILS) procedures at Seletar Airport until the end of March. an on Friday (Jan 25). This comes after Malaysian Transport Minister Anthony Loke was quoted as saying that Putrajaya had suggested March 31 as the deadline of the extension, instead of May 31 as proposed by his Singapore counterpart Khaw Boon Wan. Khaw added that the Civil Aviation Authority of Singapore and its Malaysian counterpart have published new notices to airmen simultaneously at 6pm to effect the decision.

Sabah poised for more investments in wood, wood-based industry
The Malaysian Investment Development Authority (MIDA said Sabah is poised for more investments in the wood and wood-based industry, given the state’s abundant natural resources. MIDA deputy chief executive officer Datuk N. Rajendran said it acknowledged the importance of the furniture and wood-based industry as one of the key industries to be developed in the state “The recent announcement made by Chief Minister Datuk Seri Mohd Shafie Apdal to make Sandakan a furniture centre in Sabah is certainly a step in the right direction for the state,” Rajendran said in a statement today.

UK announces US$43m Low Carbon and Economic Reform Programmes in ASEAN
The UK’s Minister of State for Asia has announced the launch of two programmes that will deliver a total of US$43m in funding to support low carbon transitions and economic reform in the ASEAN region. The US$24m Economic Reform Programme will enable inclusive economic growth by promoting fairer business environments and underdeveloped financial markets.  In addition, the US$19m Carbon Energy Programme will enable partners to work with UK expertise in tackling urgent low carbon transitions domestically. Both programmes will be delivered through the UK’s Prosperity Fund and Malaysia will benefit from both these programmes. The Low Carbon Energy programme will focus on two specific areas which match host government needs and areas of UK expertise: Green Finance and Energy Efficiency. The programme will provide policy support, capacity building and technical assistance to improve energy security and inclusive access to clean and reliable energy sources, thus contribute to greenhouse gas reduction. The Economic Reform in Malaysia will provide policy support, capacity building and technical assistance, particularly in the areas of capital market development (including Islamic Finance), Fintech, competition policy (logistics sector) and business environment. It aims to enhance the ease of doing business, competitiveness and growth potential as well as contribute to social outcomes such as financial inclusion and inclusive growth. The announcements were made following a meeting between the UK’s Minister of State for Asia, Mark Field, and Dato Lim Jock Hoi, the ASEAN Secretary General in Singapore.