Communications and Digital Minister YB Fahmi Fadzil‘s four-day official visit, through MDEC, to the United Arab Emirates (UAE) has attracted estimated potential investments of RM600 million and export opportunities worth over RM300 million. The minister stated that the potential investments were the outcome of eight memorandums of understanding exchanges between Malaysia, Dubai and Middle East companies, meeting with Damac Group Chairman Hussain Sajwani and through the participation of 12 Malaysian technology companies. The mission coincided with the Gulf Information Technology Exhibition (GITEX Global 2023) and the Expand North Star (ENS) events.
ASEAN, Canada Edge Closer to Concluding Free Trade Agreement
ASEAN and Canada are closer to concluding a free trade agreement (FTA) with Canada, officially achieving the strategic partnership status during the ASEAN Summit in late September. Canada has been a dialogue partner to ASEAN since 1977. Negotiations for an ASEAN-Canada Free Trade Agreement (ACAFTA) agreement began in 2021 and are expected to conclude by 2025. For Canada, ACAFTA presents an opportunity to access the large Southeast Asia market of over 600 million consumers and a region predicted to have the fourth-largest economy in the world by 2030. Canada already has a free trade arrangement with several ASEAN states (Malaysia, Singapore, Vietnam, and Brunei) through their membership of the Comprehensive Progressive Agreement for the Tran-Pacific Partnership (CPTPP), formally signed in 2018.
Southeast Asia’s Tech Boom: A Gateway for Baltic Investors
The e-Conomy report compiled by Google, Temasek, and Bain & Company stated that Southeast Asia’s digital economy is forecasted to reach a gross merchandise value (GMV) of US$330 billion in 2025, a significant increase from the US$194 billion in GMV recorded in 2022. As such, with an increasingly tech-savvy and prosperous consumer class and over 450 million internet users, the region’s digital economy offers many opportunities for investors in Baltic countries. In recent years, the number of tech startups from Baltic countries has risen, with Estonia and Lithuania recording over 1,000 startups each and Latvia with more than 600 as of 2021. Estonia already has 10 unicorns, an impressive feat considering the country’s population of just 1.2 million.
Malaysia to Continue Growing as Preferred Data Centre Development Destination, Says Fahmi
According to Communications and Digital Minister YB Fahmi Fadzil, Malaysia’s position as a preferred destination for data centre development will likely continue growing, driven by the country’s strategic location, infrastructure, stability, and government support. As data plays an increasingly critical role in the digital age, the Minister said that the government’s support encourages foreign investments and underscores the nation's commitment to fostering innovation and technological advancements. He added that the country's political stability and well-established legal framework, such as the New Industrial Master Plan 2030, create a secure environment, further bolstering its appeal for data centre investments.
Malaysia Must Liberalise Services Sector to Attract FDI, Says World Bank
The World Bank stated that Malaysia needs to liberalise its services sector to attract foreign direct investments (FDI) and domestic direct investments (DDI) into the country. Malaysia lead economist Apurva Sanghi said the sectors that could be opened include digital, legal, accounting, logistics, and transport. He mentioned that Malaysia’s investment-to-gross GDP ratio has been consistently coming down since the Asian financial crisis from a high of over 40% of GDP to below 20% today, adding that reviving investments is an essential aspect of boosting Malaysia’s growth. He also said that proactively liberalising services and the New Industrial Master Plan’s (NIMP) successful execution will remain key in boosting Malaysia’s investment, further adding that the NIMP will give renewed impetus to foreign and domestic investments.