Editor’s Choice: 15 November 2017

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  • Malaysia’s 3Q GDP growth seen unchanged at 5.8%
  • RCEP Likely to be Signed in November 2018
  • Over 800 SMEs to Benefit From Tok Bali Industrial Park
  • Exhibition Provides Opportunities For Tie-ups With China Firms
  • MFA Secures Potential RM125 Million Investments
  • Quek family seventh richest in Asia

Malaysia’s 3Q GDP growth seen unchanged at 5.8%
Malaysia’s third quarter economic growth is expected to match the brisk pace set over April-June, highlighting resilience in the manufacturing sector and strong private consumption. The median forecast in a Reuters poll of 13 economists is for growth to come in at 5.8% for July-September, matching the second quarter rate. Demand for electronics and higher food production likely contributed to 5.9% annual growth in the manufacturing sector over the third quarter, up from 4.3% average growth in the first half, Standard Chartered said in a note. (The Edge)

RCEP Likely to be Signed in November 2018
The Regional Comprehensive Economic Partnership (RCEP), which involves 16 countries, is expected to be signed in November 2018 during the ASEAN Summit in Singapore after two missed deadlines. Prime Minister Datuk Seri Najib Tun Razak said the leaders, who met for the first time during the RCEP Summit today, agreed to undertake intensive negotiations to seek a consensus and reduce the gap, with a new target of November 2018. “So far 20 rounds of negotiations and nine meetings at the ministerial levels have been held,” he told a press conference in Manila. If realised, the free trade agreement between the 10 ASEAN members and their six dialogue partners — Australia, China, India, Japan, New Zealand and South Korea – will create the world’s largest trading bloc, covering nearly a third of the global economy. RCEP has a population of 3.4 billion, with a total gross domestic product (GDP) of US$49.5 trillion or about 39 per cent of the world’s GDP. Datuk Seri Najib said ASEAN leaders noted that there were several issues regarding market access modality in the tariffs, services sector, investments and regulations which were unresolved which affected the negotiation process. (Bernama)

Over 800 SMEs to Benefit From Tok Bali Industrial Park
The Tok Bali Industrial Park, to be developed by the federal government in Pasir Puteh will provide opportunities to over 800 entrepreneurs in the small and medium enterprise (SME) sector in Kelantan to expand their respective businesses. Pasir Puteh parliamentary constituency’s Agriculture Development Council Chairman, Datuk Zawawi Othman, said the industrial park development was in line with the East Coast Rail Line (ECRL) project connecting Port Klang to Pahang, Terengganu and Kelantan. “The presence of a station (rail), which will be built in Tok Bali, will give entrepreneurs the opportunity to market their fish-based and agricultural products through the railway services to Kuala Lumpur and also (for export via) Port Klang,” he said. The construction of a port and industrial park in Tok Bali was among several development projects announced in Budget 2018, which is to be implemented in the 11th Malaysia Plan. The ECRL project, costing RM55 billion for the 688-kilometre route, is expected to be completed by 2024. (Bernama)

Exhibition Provides Opportunities For Tie-ups With China Firms
The 21st International Exhibition for Food, Drinks, Hospitality, Food Service, Bakery and Retail Industries (2017 FHC) provided opportunities for Malaysian entrepreneurs to explore collaborations with new business partners to export Malaysian food and beverage products to China as well as globally. n a statement today, the Ministry of International Trade and Industry (MITI) said their participation in the exhibition was coordinated by the Associated Chinese Chambers of Commerce and Industry Malaysia (ACCCIM). This year, 28 Malaysian companies participated at the three-day exhibition in Shanghai. (MITI)

MFA Secures Potential RM125 Million Investments
The Malaysian Franchise Association (MFA) has secured potential investments of RM125 million from 88 potential franchisees during the ‘Be My Dealer´ exhibition in Istanbul, Turkey. MFA President, Datuk Radzali Hassan, said the exhibition last month involved four local franchisors Marybrown, Manhattan Fish Market, Global Art and Laundry Bar. “The companies target to open two to five outlets in Turkey for the first year of operations during the exhibition. “Malaysian franchise brands also received enquiries from China, India, Tunisia, Egypt, Saudi Arabia, Iran and Iraq,” said Datuk Radzali. (Bernama)

Quek family seventh richest in Asia
The Kwek/Quek family from Singapore and Malaysia emerged as the seventh richest in Asia with a net worth of US$23.3 billion (RM97.6 billion), according to the 2017 Forbes list of Asia’s Richest Families. India’s Ambani (pic) family topped the list for the first time with a net worth of US$44.8 billion followed by South Korea’s Lee family whose wealth soared US$11.2 billion to US$40.8 billion this year. Overall, India enjoyed the biggest presence on the list for the first time with 18 families, followed by Hong Kong with nine. Forbes Asia Editor Tim Ferguson said the cascading wealth of Asia’s very richest active tycoons was reshaping the ranks of even the legacy-driven list. The collective wealth of Asia’s 50 richest families on the list are worth a record US$699 billion, up 35 per cent, from last year. (Malay Mail/Bernama)

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