Editor’s Picks: 11 August 2017

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Digital Economy’s Potential Growth Soar

Deputy Minister of Communications and Multimedia, Datuk Jailani Johari said whilst Malaysia’s digital economy’s potential growth have increased dramatically, so has the abuses. He said figures released by market research company, Ipsos, and the Centre for International Governance Innovation showed declining trust online were worrisome. “For all of us with an interest in harnessing the digital economy for growth, this trend needs to be reversed urgently. “Without trust online, vendors will find fewer customers on e-commerce platforms, teachers doubtful to allow students to access online educational contents and citizens more reluctant to contribute their views and opinions to discussions on the Internet,” he said.

 

Mobile Apps To Create More Business Opportunities For Malaysian Youths

Mobile applications are set to create more business opportunities for Malaysian youths under the National Transformation Programme (NTP) by enabling them to tap the vast business opportunities being generated by innovations in financial services. Malaysia University of Science and Technology Chief Executive President, Dr Premkumar Rajagopal said unlike the developed countries, Malaysia’s financial technology (fintech) is still in its infancy, with tremendous opportunities remaining unexplored. “Currently, there are only a handful of apps covering certain areas, such as bill payments and currency comparison, available in the country. He believed that more apps covering wider areas, ranging from investments, business bidding, to those which are able to settle the daily errands, would be developed in the near future to cater to the needs of people.

Malaysian Firms Generate Potential Sales of RM126 Million At Semicon West Trade Fair

Malaysian firms generated RM126 million worth of potential sales at the Semicon West trade fair, said Malaysia External Trade Development Corp (MATRADE). MATRADE said, Malaysian-made semiconductor products were well-received at the fair, which was held last month in San Francisco, US. “Six companies were involved in the trade fair, showcasing their products and services to counterparts from among others, the US, Canada, UK, France, Germany, Italy and the Netherlands,” it said. MATRADE said the event showcased products, namely, cables and busbars, communication engineering, computer and communication technology, data communications, electrical components and accessories and electronic engineering. “The top Malaysian products and services sourced at the event were original equipment manufacturer contract manufacturing services, design and assembly, precision tooling and fabrication of parts and components.

 

Singapore Narrows 2017 GDP Growth Forecast to 2.0-3.0 %

Singapore’s Ministry of Trade and Industry has narrowed the country’s 2017 GDP Growth Forecast to between 2.0 to 3.0 percent from 1.0 to 3.0 per cent earlier.

 

The Singapore economy grew by 2.9 per cent on a year-on-year basis in the second quarter, faster than the 2.5 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 2.2 per cent, a reversal from the contraction of 2.1 per cent in the preceding quarter. The manufacturing sector continued to grow at a robust pace of 8.1 per cent yearon-year in the second quarter, following the 8.5 per cent growth in the previous quarter. Growth during the quarter was primarily supported by the electronics and precision engineering clusters, which expanded on the back of strong global demand for semiconductors and semiconductor-related equipment.

 

Singapore aims for fully cashless transport system by 2020

Singapore aims to have a fully cashless public transport system by 2020, and a slew of initiatives were announced today to make this a reality. In a joint media release, the Land Transport Authority and TransitLink said that its Account-based Ticketing pilot, which has been in place since March this year, has seen participation grown steadily to more than 100,000 and feedback was encouraging.

 

Economic zones of Mandalika, Palu to start operations in Indonesia

As part of efforts to accelerate economic growth in eastern Indonesia, the government is gearing up to launch two special economic zones, one in Mandalika, West Nusa Tenggara, and the other in Palu, Central Sulawesi.

“We recommend the launch of operation of the two special economic zones in late August or in September by President Joko “Jokowi” Widodo,” said Coordinating Economic Minister Darmin Nasution after attending a meeting of the National Council for Special Economic Zones in Jakarta. The construction of infrastructure will cost Rp 2.2 trillion (US$164.84 billion) by 2025, while the potential investment from the private companies is Rp 28.64 trillion.

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