World Bank: Malaysia’s economic fundamentals remain strong
- World Bank says Malaysia’s economic fundamentals remain strong
- Exports of auto parts, components to hit RM15 billion by 2020
- Proton vendors ink collaborative agreements with foreign vendors
- IRDA targets RM30 billion new investments for Iskandar Malaysia
- Sultan Abdullah proclaimed Sultan of Pahang
The World Bank says Malaysia’s economic fundamentals remain strong due to its diversified economy, despite the recent downgrade by Nomura Global Markets Research on the Malaysian equity market. World Bank Group’s Macroeconomics, Trade and Investment lead economist Richard Record said Malaysia’s diversified income stream such as electrical and electronic manufacturing, commodities, natural resources, agriculture, as well as external and domestic demand would give strength to Malaysia. “In the medium-term, there are challenges around human capital, productivity and governance.
Exports of auto parts, components to hit RM15 billion by 2020
The Ministry of International Trade and Industry (MITI) expects the exports of Malaysia’s automotive parts and components to reach RM15 billion by 2020. Its Deputy Minister, Dr Ong Kian Ming said the export growth would be driven by rising global demand and higher exports of locally made cars, including Proton. “Proton’s recovery plan and expansion into more Asian markets could be a major contributor to the export growth,” he said
In a related development, Proton Holdings Bhd (Proton) vendors today inked collaborative agreements with foreign vendors
that will see an initial investment of RM47mil into Malaysia. The collaborative agreements were inked in Kuala Lumpur. The agreements range from technical agreements and joint ventures to 100% foreign direct investments with foreign vendors investing into the Malaysian economy. Apart from investments in facilities and technology, the collaborations are expected to create about 450 new jobs in the automotive industry, ranging from assembly to design engineering that requires highly skilled workers. The vendors will supply parts to Proton’s manufacturing facility in Tanjung Malim, which is currently undergoing plant expansion initiatives at a cost of RM1.2bil. Meanwhile, following its official launch in December 2018, bookings for the Proton X70 has exceeded 15,000 units, with over 2,000 units delivered so far.
IRDA targets RM30 billion new investments for Iskandar Malaysia
The Iskandar Regional Development Authority is targeting to attract RM30 billion in new investments into Iskandar Malaysia this year. Chief executive Datuk Ismail Ibrahim said the target could be achieved as the development authority managed to record RM32.23 billion in investments last year. “We are very optimistic on hitting the target. We will work closely with the state government and the private sector to ensure not only that investments are brought into the state but they also create more employment and business opportunities for locals.
Sultan Abdullah proclaimed Sultan of Pahang
Sultan Abdullah Sultan Ahmad Shah was today proclaimed as the sixth Sultan of Pahang. The Tengku Muda of Pahang, Tengku Abdul Rahman Sultan Ahmad Shah, made the proclamation in a ceremony steeped in tradition at the Balairung Seri (Throne Room) of Istana Abu Bakar in Pekan. The proclamation was made under Article 9A, Part 1, of the Pahang State Constitution. The ascension to the Pahang throne entitles Sultan Abdullah, as the new Sultan of Pahang, to be on the list for election as the next and 16th Yang di-Pertuan Agong. The Sultan of Kelantan, Sultan Muhammad V, stepped down as the 15th Yang di-Pertuan Agong on January 6. The Conference of Rulers is scheduled to convene a special meeting on January 24 at Istana Negara to elect the 16th Yang di-Pertuan Agong.