Malaysia’s Trade To Grow 10-20 Per Cent This Year
Malaysia’s trade is expected to grow at a strong double-digit growth of between 10 per cent and 20 per cent in 2017. Malaysia External Trade Development Corporation (MATRADE) Chief Executive Officer, Ir Dr Mohd Shahreen Zainooreen Madros said the growth would mainly be driven by sustained demand in electrical and electronics, palm oil and petroleum sectors. “Overall, what we have seen is that the numbers for the first six months have been very good. All reports indicate that the next six months will also see follow through momentum.”
RAM Rating Broadly Positive On Business Prospects For Q3-Q4
RAM Rating Services Bhd is broadly positive on business prospects for the third and fourth quarter (Q3-Q4) of 2017, based on its third successive positive sentiment reading of the survey-based RAM Business Confidence Index. “Small and Medium Enterprises (SMEs) sentiment rose to 54.0 from 52.1 while corporate sentiment likewise stayed positive at 55.3, albeit, dipping slightly from 55.8,” it said. Across the board, export-oriented businesses continued to register higher index values, in contrast with domestic-oriented firms. “This is consistent with the strong momentum in trade activity, evidenced by seven consecutive months of double-digit export growth between December 2016 and June 2017.” Within the corporate segment, the agriculture/mining sector recorded the highest and most improved index reading of 57.6, largely driven by positive hiring and business expansion intentions, consistent with the recovery trend in the oil palm sector.
Johor Poised To Become New Economic Powerhouse
Johor has the potential to become an economic powerhouse in Malaysia as well as the ASEAN region, as the state receives among the highest amount of investments in Malaysia. US Ambassador to Malaysia, Kamala Shirin Lakhdhir said the state’s healthy business climate and the availability of quality workforce required by industry players would attract more foreign investments in the future, including from the United States.” There are certain factors that US investors would look for including business climate, regulations, taxes and government-to-government services that are efficient, supportive and most importantly, assist in helping them to figure out how to make an investment.” “All of these things must be consistent. If there are any changes, they would like to have consultation between the government and their companies.” Lakhdhir also stressed that Johor had a pool of skilled and competitive workforce who were able to communicate in English.
Based on statistics by the State Tourism, Domestic Trade and Consumerism Committee, Johor recorded RM33.7 billion in foreign investments from 2013 to 2016, out of which RM4.96 billion were from US companies. These included investments in scientific and measuring equipment, electronics and electrical products, machinery and equipment, transport equipment, food manufacturing sector, chemical and rubber products and fabricated metal products.
Tokio Marine Introduces Online Claims
Tokio Marine Life Insurance Malaysia has introduced a new digital feature service called e-Claims, that allows its customers to submit online claim via its customer portal 24/7. Tokio Marine Life customers need only to perform four simple steps – login to customer portal; fill up claim details; upload claim documents and submit after validation of the banking details, to complete the claim process. The paperless service is secure, personalised and faster. It comes with a smart feature to auto detect the policies that have the relevant benefits to claim for. Throughout the claims process, claimants will receive email and SMS notifications on every touch point. The life insurance industry has registered an increase of 5.1% in claims payouts amounting to RM9.7 billion in 2016 as compared to RM9.2 billion in 2015.
Singtel to roll out nationwide cellular Internet-of-Things (IoT) network next month
Singtel today announced that it will roll out its nationwide cellular IoT network by end-September that will enable enterprises to gain operational and cost efficiencies through the use of low-power IoT devices. The network will support CAT-M1 and NB-IoT technologies which will allow businesses to benefit from applications with low-power consumption, deep coverage and multiple connections. Singtel will also harness its cyber security expertise to support businesses in implementing secure and reliable IoT solutions.
Since 2016, Singtel has been exploring IoT usage with local companies and large corporations across a diverse range of applications, including environmental sensing, asset tracking, waste management and monitoring of medicine consumption. The roll out of the nationwide cellular IoT network will accelerate businesses’ adoption of such innovative technologies, and help them create exciting new products and services for consumers.
Adobe partners with Indonesian Tourism Ministry to meet growing visitor demand
MINISTRY of Tourism (MoT), Republic of Indonesia, has partnered with Adobe to elevate the country’s tourism industry and deliver exceptional experiences for visitors. By leveraging on 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 a platform for digital marketing and will help the ministry achieve key objectives that will raise Indonesia’s profile as a destination of choice. The partnership rides on the rising tide of Indonesian tourism, and MoT aims to capitalise on this growth. In 2016, the country registered 12 million foreign tourist arrivals—a 15.5% increase from the year before. This year, the ministry expects 15 million foreign visitors and projects 20 million by 2019.