Latin American Business Day 2017
The Latin American Business Day is expected to expand Malaysia’s trade and investment relations with Latin America The event, led by the Ministry of International Trade and Industry Malaysia underscores Malaysia’s firm commitment to further expand trade and investment relations with economies in Latin America. Co-organised by the Malaysia External Trade Development Corporation (MATRADE) and the ten Latin American Embassies in Malaysia namely Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru, Uruguay and Venezuela, the event received overwhelming response from the business community in Malaysia, with attendance of nearly 800 participants. Malaysia’s trade with Latin America grew by 2.1 per cent between 2011 to 2016 and grew by 31.7 per cent between January to May 2017. Malaysia’s total exports to Latin America grew by 3.6 per cent between 2012- 2016, and 25.4 per cent in the period between January to May 2017. Currently Mexico is Malaysia’s largest export partner in Latin America.
According to the Malaysian Investment Development Authority (MIDA), Mexico stands out as the largest investor in the manufacturing sector with investments valued at RM135.7 million. Majority of investments from Latin America are in the food processing, pharmaceutical and chemicals industries.
Malaysia to Host Worldchefs Congress & Expo 2018
Kuala Lumpur’s reputation as a culinary haven has been further reaffirmed with its winning bid to host the prestigious Worldchefs Congress & Expo 2018 from in July next year. Over a thousand culinary heavyweights from all over the world are expected to attend the creme de la creme of the culinary world which is expected to generate RM11million in economic impact to the country. The event is strongly supported by the Ministry of Tourism and Culture Malaysia and its agency, Malaysia Convention & Exhibition Bureau (MyCEB) in line with the government’s mission of attracting international business events to Malaysia.
Organised by the World Association of Chef’s Societies (Worldchefs) founded in 1928 at Sorbonne, Paris, the Worldchefs Congress is a unique opportunity for Malaysia to showcase its vibrant and diverse cuisine, culture, traditions, chefs and to capture the interest of the international culinary community. Delegates will discuss latest developments in the culinary field while trade shows will showcase latest offerings in the food and beverage scene.
Private Investment Growth Could Hit 7.7 % This Year
RHB Research Institute expects private investment to grow at a quicker pace of 7.7 per cent, year-on-year in 2017, from 4.3 per cent registered last year, on account of ongoing construction of infrastructure projects and a pick-up in exports. It said this would, however, be partly offset by the rising cost of doing business and subdued capital expenditure in the oil and gas and, housing sectors. The research firm said its gross domestic product (GDP) forecast for Malaysia at 4.8 per cent this year was in line with the Malaysian Institute Of Economic Research (MIER)’s latest revised figures. “For 2018, we expect Malaysia’s economic growth to trend higher to 5 per cent in tandem with a stronger global growth outlook. MIER said last week domestic demand is expected to continue to be the engine of growth for the Malaysian economy this year, with a stronger growth of 4.6 per cent in 2017, from over 4.3 per cent in 2016.”
Energy Commission says Electricity Tariff Formulated Systematically Based on Actual Costs
The Energy Commission said electricity tariff was based on actual costs that are formulated transparently and systematically. Head of Electricity Pricing Unit, Energy Development and Market Regulatory Department, Marlinda Mohd Rosli said the tariff rate adjustment, which was reviewed under the Imbalance Cost Pass-Through mechanism every six months, was divided into three elements, including costs of supply and capital. “These are the costs that we will determine efficiently and transparently through the Incentive-Based Regulation (IBR), which was introduced by the government.” she said. The IBR was introduced by the Commission in 2014 to improve the tariff imposition process for consumers, as well as to enable the government to effectively monitor the cost of electricity supply. Through the IBR, the tariff base is set every three years, taking into account all costs associated with generation, transmission and distribution of electricity to enable the review of fuel costs to be made every six months using the ICPT mechanism.
Adobe Partners with Indonesia’s Ministry of Tourism to Meet Growing Visitor Demand
Indonesia’s Ministry of Tourism has partnered with Adobe to elevate the country’s tourism industry and deliver exceptional experiences for visitors. By leveraging Adobe Experience Cloud, the ministry aims to broaden its reach, connect with travellers better, and improve its competitiveness in the region. Adobe Experience Cloud is the leading platform for digital marketing and will help the ministry achieve key objectives that will further raise Indonesia’s profile as a destination of choice. The partnership rides on the rising tide of Indonesian tourism, and MoT aims to capitalize on this growth. In 2016, the country registered 12 million foreign tourist arrivals—a 15.5 percent increase from the year before. This year, the ministry expects 15 million foreign visitors and projects 20 million by 2019.
US spending, factory data point to moderate economic growth
A gauge of US. factory activity slid from a near three-year high in July amid a slowdown in new orders and consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter. That was reinforced by other reports on Tuesday showing motor vehicle sales in July recorded their biggest year-on-year drop in nearly seven years. A plunge in construction spending in June suggested the government could cut its second-quarter GDP growth estimate. The Commerce Department reported last week that the economy grew at a 2.6 percent annual rate in the April-June period, accelerating from the first-quarter’s tepid 1.2 percent pace.