Editor’s Choice: 7 November 2017

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  • At Least 1,500 SMEs to join DFTZ In 2018
  • MITI urges MIA to help improve financial literacy among SMEs
  • G2G Cooperation with China can boost e-Commerce
  • Malaysia Internet Business Summit 2017 On November 23
  • Motor Vehicle Sector on Track to Contribute 10% to GDP
  • Grab Surpassed One Billionth Mark
  • China Expands Tax benefits to Boost Real Economy

 

At Least 1,500 SMEs To Join DFTZ In 2018
At least 1,500 small and medium enterprises (SMEs) are expected to come on board the newly-launched Digital Free Trade Zone (DFTZ) in 2018. Deputy Minister of International Trade and Industry, Datuk Chua Tee Yong said, “We encourage more SMEs to use the DFTZ as a platform to trade their products as it will shorten documentation and clearance processes and enable them to have a bigger global reach.”

Meanwhile, Datuk Chua urged the Malaysian Institute of Accountants (MIA) to help SME owners improve their financial literacy. He said the enterprises and their growth was strongly influenced by financial management, whereby any financial mismanagement would eventually lead to failure, thus affecting overall enterprise and trade performance. “Accountants can play an important role as trusted business partners by providing financial consultation and other relevant business support” he said. He added that to date, 98.5 per cent of business enterprises in Malaysia comprised of SMEs, with the number reaching 907,065 businesses in 2015, he said.

G2G Cooperation With China Can Boost e-Commerce
International Trade and Industry Minister II, Datuk Seri Ong Ka Chuan said Malaysia and China need to strengthen cooperation and understanding on regulatory coordination at the government-to-government (G2G) level to set clear policy direction in order to facilitate and boost e-commerce trading with China. “We will work on this immediately and come up with something concrete by the first half of next year. “We need to sit down with them (China) to zero in on all the barriers that need to be cleared before signing the MoU,” he told reporters after launching the mini eCommerce forum in conjunction with the visit of China Vice-Minister of Commerce Wang Bingnan in Kuala Lumpur.

Malaysia Internet Business Summit 2017 On November 23
The Selangor and Kuala Lumpur Internet Alliance Association (IA), a non-profit association that represents the country’s major pool of digital service and ‘middleware’ infrastructure providers, will organise the one-day Malaysia Internet Business Summit 2017 (MIBS 2017) on November 23 as part of its effort to provide an effective platform and opportunity for knowledge sharing. IA President Chan Kee Siak expects MIBS2017 to attract at least 300 local and regional digital business owners and executives. “This year, MIBS 2017 aims to draw a comprehensive group of digital service players that comprise brand owners, cloud providers, distributions, e-commerce platforms, online merchants, commercial logistics companies, payment gateway services, software solution providers and digital marketing advocates,” he said in a statement.

Motor Vehicle Sector on Track to Contribute 10 per cent to GDP
Malaysia’s motor vehicle sector is on track to contribute 10 per cent to the gross domestic product (GDP) in 2020, said Malaysia Automotive Institute’s (MAI) Chief Executive Officer, Datuk Madani Sahari. He said the sector had contributed 3.6 per cent to the GDP last year, valued at RM40 billion. “The industry has 700,000 people. Malaysia’s motor vehicle industry has been recognised by the government as an important contributor to the economy with its expected contribution of 10 per cent to our GDP in 2020,” he said.

Grab Surpassed One Billionth Mark
Ride hailing services provider, Grab has surpassed the one billionth mark with 66 concurrent rides in one second across all seven of its markets in Southeast Asia: Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam and Myanmar. Grab said the pace demonstrates the on-demand transport’s enormous untapped potential in Southeast Asia, and how its multi-modal, hyper-local approach, as well as its world-class technology, have enabled it to capture the increasing demand. “This milestone is a great testament to the strength of Grab’s business and our management team that we have dramatically increased the size of our business in such a short time and not only maintained the same great service — but improved it by continuing to innovate our business, solve local problems and change lives through technology,” Grab Co-Founder and chief executive officer Anthony Tan said. Tan said the one billion ride milestone builds on a series of major upgrades to Grab’s research and development (R&D), as well as technological capabilities as the platform rapidly scales up to meet dramatically increasing demand from driver-partners and passengers. According to TNS, a global market research firm, Grab is the brand that is used most often in Singapore, Indonesia, Philippines, Malaysia, Thailand and Vietnam, compared with other ride-hailing apps and taxi booking apps.

China’s Agriculture sector, small businesses will receive preferential treatment
Tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank lending to support real economy development, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation. Small and micro-sized enterprises, with monthly sales of 20,000 to 30,000 yuan ($3,050-$4,575), will be exempted from value-added tax from the beginning of next year until the end of 2020, the announcement said. During the same period, those enterprises that borrow money from financial institutions need not pay the stamp tax, which usually costs 0.005 percent of the loan contracts. In addition, financial institutions’ value-added tax on their interest income from small loans to peasant households, small and micro-sized businesses, will also be removed from December this year to the end of 2019, said the announcement.

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