Afternoon Highlight (31/01/13/19/717) Johor okays 3,642.17ha for farming project

Johor okays 3,642.17ha for farming project

NUSAJAYA: Johor has approved 3,642.17ha in the Mersing district as an integrated farming project to boost food production in the state.

The state agriculture and agro-based industries chairman Datuk Abd Aziz Kaprawi said Johor Corp (JCorp) had been tasked to undertake the project in Endau starting this year.

Abd Aziz said 70% of the entire land area must be dedicated to the contract farming activities to be given to local smallholders who have no vested interest in JCorp or its related parties.

“JCorp is managing the entire project where it will buy the products from the smallholders and sell and distribute them to consumers,'' he said.

He said this in the weekly press briefings on the latest development and progress on the issues related to Johor's agriculture and agro-based sector.

Each of the smallholders would be allocated about 20.23ha of land from the 3.642.17ha and they would lease land from JCorp, Abd Aziz said, adding that it was up to them to employ staff to toil the land.

He said the majority of the land area would be planted with the MD2 pineapple varieties for export markets, corn and poultry and cattle breeding activities.

“This will be the country's first large-scale commercial farming, with the main aim of encouraging more locals especially young people to go into agriculture and agro-based business,'' said Abd Aziz.

He said under the programme, smallholders would buy their pineapple and corn seedling as well as chicks and cattle from JCorp.

According to him, JCorp will buy the chickens from the farmers to be distributed to its Kentucky Fried Chicken and Pizza Hut outlets in Malaysia and Singapore and also process the chicken meat into value-added products.

“It is a win-win situation for JCorp and the smallholders where it will ensure a constant supply of raw materials for its food-based companies and the latter will have no worries to market their produce,'' he said.

Separately, he said the agriculture and agro-based activities remained an important sector to Johor, contributing RM12bil in earnings, up from RM8.9bil and RM10.7bil in 2010 and 2011, respectively.

Source : The Star

Date : 30 Jan 2013

Afternoon Highlight (31/01/13/19/717)

Today's Pick (31/01/13/18/716) MRT Corp awards RM19.5m contracts to Bumi contractors

MRT Corp awards RM19.5m contracts to Bumi contractors

KUALA LUMPUR: A total of 44 work packages for the Klang Valley Mass Rapid Transit (MRT) project worth RM19.5 million were awarded yesterday to Classes G1, G2 and G3 Bumiputera contractors.

In announcing this, MRT Corp Sdn Bhd chief executive officer Datuk Azhar Abdul Hamid said the contracts were part of the government's target of achieving 43 per cent participation by Bumiputera contractors in the nation's largest infrastructure project.

Speaking at the balloting ceremony yesterday, he said it was the second to be held and involved 541 applicants. The first balloting was held at the end of last year where nine contractors were awarded RM7.5 million worth of contracts.

MRT Corp has allocated 250 work packages worth RM200 million for Bumiputera contractors.

"We expect most of the contracts to be awarded this year and the rest by the beginning of next year the latest," he said. 

He added that MRT Corp will hold a ballot every quarter to award contracts for the construction of the MRT Sungai Buloh-Kajang line.

The work scope available for Bumiputera contractors in Classes G1, G2 and G3 includes the maintenance of existing roads; surface drainage works; landscaping and turfing; road furniture; fencing; fencing and gates; and taxi and bus stand construction.

"Successful Bumiputera contractors will undergo a mandatory two-day training before commencing construction works. Modules for this training are prepared by the Contractors Service Centre under the Ministry of Works, Institute of Public Works Malaysia, Bumiputera Agenda Coordinating Unit and MRT Corp," he added.

Construction of the 51km MRT Sungai Buloh-Kajang line, now in full swing, is expected to be completed in 2016 and commence operations in January 2017. Bernama

Source : Business Times

Date : 31 January 2013

Today's Pick (31/01/13/18/716)

Today's Pick (21/01/13/14/938) Advancing SMEs to e-payment

Advancing SMEs to e-payment

WITH the crime rate rising, carrying a lot of cash in one's purse is probably not an advisable thing to do.

Personally, I have stopped carrying large amounts of bills in my handbag as I am more comfortable with either the debit or the credit card.

The current banking offerings are also driving us consumers to adopt and use the more advanced technological features for all our banking needs. In fact, I no longer need to go to the post office now to settle my utility bills as it can all be literally done at my fingertips.

Now, with the aid of technology, SMEs will also be able to enjoy hassle-free banking transactions.

I am sure those of you who had the privilege to spend your holidays overseas are overwhelmed that taxis in those countries accept credit or debit cards.

In fact, even our favourite mamak restaurants have begun to accept credit/debit cards! In keeping up with the Joneses, SME Corp initiated the programme 'Enabling ePayment for SMEs and Microenterprises'.

This project, under the "Digital Malaysia" initiative is aimed at increasing the adoption of e-payment among SMEs, in particular the micro enterprises. It is a platform that provides service for entrepreneurs to accept credit card payments from their technologically savvy smartphones such as iPhones, Blackberry, Samsung Galaxy, iPads, tablets or androids.

Unfortunately, many SMEs, in particular micro enterprises, are still reluctant to acquire the e-payment facility, citing among others, budgetary constraints and the tedious process of e-payment.

Nonetheless, with the availability of this platform, SMEs and micro enterprises are able to transact this e-payment business hassle-free!

How does this e-payment work?

A piece of hardware, essentially a tiny card reader (or termed as "dongle") will be installed at the bottom of a smartphone or tablet device. Whenever there is a business transaction, the credit or debit card will be placed in the card reader and the details of the items or services purchased will be processed, whereby the financial transaction will be uploaded into the smartphone or tablet.

With this, micro enterprises such as your family grocery shop, or your neighbourhood hair salon or even your favourite "nasi lemak" seller can start accepting electronic payments without much hassle!

This is indeed an area we are strongly focusing on as we want to help broaden the revenue base of micro enterprises, especially now that they can accept payments through credit or debit cards for goods sold and services offered.

I hope that this facility will especially assist many "mom-and-pop shops" and stalls throughout the country as they would otherwise not qualify to enjoy these facilities from the banks as they would not meet the minimum monthly sales requirements from the current credit card system.

In this intitiative, SME Corp will be subsidising 10,000 terminals with Third Party Acquirers (TPA) needing to sell three terminals to get the fourth one free.

In essence, the TPA will enjoy a 25 per cent discount for every four devices sold and the discount savings will be passed on to the micro enterprises. Each micro enterprise is allowed a maximum of two devices under this programme with the cost of the hardware ranging from RM300 to RM700 each.

Our target is that by 2020, this project is expected to generate 1,125,000 million ePayment merchant outlet points enabled by the Electronic Funds Transfer Point-of- Sale (EFTPOS) terminal. I wish to also share that the project's target for 2012 to reach out to 25,000 merchant outlets has been met, although the project was only started in the last quarter of the year.

In reaching out to the e-payment merchant outlets points, we wanted the market segment to be different and targeted the operators of "pasar tani", small restaurants, night market, flea market as well as cottage industries, among others.

In order for SMEs and micro enter-prises to participate in this program-me, they must first of all ensure that they are legal business entities registered under the Business Act 1956 or Company Act 1965; fulfil the defi-nition of SMEs and micro enterprises, have at least 60 per cent Malay-sian equity; possess a valid business licence from the local authority; and subscribe to only one of the approved Third Party Acquirer (TPA).

SMEs and micro enterprises who are interested to enable themselves with the ePayment merchant outlet points can access to one of the following appointed Third Party Acquirer (TPA) website www.managepay.com or www.revenue.com.my. So, wait no more!

With all the facilities in place, business is definitely made simple, less hassle and cash-free!

Source : New Straits Times

Date : 21 January 2013

Today's Pick (21/01/13/14/938)

Today's Pick (30/01/13/18/716) Malaysia sees RM1bil foreign direct investment from China this year

Malaysia sees RM1bil foreign direct investment from China this year

Malaysia-China Kuantan Industrial Park set to spur investments

KUALA LUMPUR: Malaysia is expecting about RM1bil in foreign direct investment (FDI) from China this year, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

Up to November last year, the FDI approved for the manufacturing sector from China to Malaysia was RM1.5bil, 7.8% from the total RM19.1bil FDI approved for the sector for the same period, said Mustapa.

“We are hoping for more investments from China with the development of the Malaysia-China Kuantan Industrial Park (MCKIP) in Gebeng, Kuantan,” he said at a briefing on the park.

Mustapa revealed that Prime Minister Datuk Seri Najib Tun Razak will officiate at the groundbreaking ceremony for MCKIP scheduled for Feb 5. He expects the park to be fully developed within two years.

He added that this was the first industrial park to be jointly developed by both Malaysia and China and the project is expected to take the two countries' bilateral and trade ties to greater heights.

MCKIP was mooted in response to the China-Malaysia Qingzhou Industrial Park (CMQIP) in Qingzhou, China, which has been accorded national-level status by the Chinese State Council.

“Gross development cost for the MCKIP site is almost RM1.5bil, which will include the infrastructure cost. We expect it to create 5,500 jobs and RM7.5bil in total investment value in 2020,” Mustapa said.

He also said that the MCKIP project was timely, as Malaysia-China ties were currently at an all-time high.

“China has been Malaysia's biggest trade partner since 2011, surpassing Singapore. For the first 11 months of 2012, the total trade between Malaysia and China was at RM165.32bil, 9% higher than the same period in 2011,” he said.

On whether the much-talked-about Lynas rare earth refinery that was located near the MCKIP site would affect the project, Mustapa said China investors had never raised the issue and were showing keen and sustained interest to continue investing in MCKIP, contributed in part by its strategic location.

The estimated shipping time from Kuantan Port to Qinzhou Port, for instance, is three to four days, while a time span of between four and eight days has been set for other Chinese ports.

MCKIP, strategically located for investors in Asean, Asia-Pacific and the Far East, is seen to be an economic catalyst for the East Coast Economic Region or ECER Special Economic Zone.

The industries targeted for the site include the manufacture of equipment for plastics and metal, automotive components, fibre cement boards, stainless steel products, palm oil processing, carbon fibre, electric and electronic,petrochemical, information and communications technology, and research and development.

Source: The Star

Date: 30.1.13

Today's Pick (30/01/13/18/716)

Today's Pick (30/01/13/18/716) Four Seasons to open in KL

Four Seasons to open in KL

PETALING JAYA: The Kuala Lumpur City Centre’s (KLCC) collection of superlatives is growing with the launch of the Four Seasons Place tomorrow. Sited on just slightly more than 1 hectare, the new addition to that area is set to change the city’s skyline. The iconic brand, synonymous with luxury and prestige, will launch its Malaysian chapter tomorrow.

Located beside the Petronas Twin Towers and fronting Jalan Ampang, the hotel, serviced residence and retail concept will occupy 1.4 million sq ft of space, of which about 238,000 sq ft, or 20%, is expected to be allocated for luxurious retail, a source said.

The 65-storey Four Season Place will be the second highest building in the KLCC vicinity after the 88-storey high Petronas Twin Towers. Menara Maxis, which is adjacent to it, is 49 storeys high. The serviced residences, marketed by property portals at between RM2,500 and RM2,800 per sq ft, will also be among the highest on a per sq ft basis in the Klang Valley.

The new design will be launched by Prime Minister Datuk Seri Najib Tun Razak. It will be the first Four Seasons Place in South-East Asia, and the third in the world.

It is being built by Venus Assets Sdn Bhd, a firm controlled by Ipoh-born tycoon Ong Beng Seng, Tan Sri Syed Yusof Tun Syed Nasir and Selangor’s Sultan Sharafuddin Idris Shah.

Ong currently owns Four Seasons resorts in Bali, Singapore and the Maldives, via his controlling stake in Singapore-based Hotel Properties Ltd while Syed Yusof, or JoJo as he is fondly known, has carved his name and fortune via his ventures in property and the entertainment industry.

He has brought in international artistes such as Michael Jackson, Kenny G, Ricky Martin and Linkin Park to Malaysia via his company Jojo Entertainment. He is also a close confidant of the Selangor Sultan and handles the business interest of the royalty. Both of them own six hotels in the country under the Concorde Hotels & Resorts and Casa Del Mar banner (in Langkawi). Also under their wings are the Hard Rock Café and Planet Hollywood chain of restaurants.

The Four Seasons Place was first approved in 2007, but the development was shelved when worsening economic conditions triggered a global meltdown in the financial world, coupled with the project going back to the drawing board.

It was reported that the gross development value of the project may exceed RM2.5bil.

Source :The Star

Date : 29.1.2013

Today's Pick (30/01/13/18/716)

Afternoon Highlight (29/01/13/17/715) Positive outlook for Johor property

Positive outlook for Johor property

JOHOR BARU: The outlook for the Johor property market is likely to remain positive this year, with Iskandar Malaysia continuing to drive growth in the years to come.

Johor Real Estate and Housing Developers Association (Rehda) branch chairman Koh Moo Hing said that the “feel good” factor from last year would continue in 2013.

He said many of the Johor Rehda members had reported good response for most new property launches in 2012 and were optimistic of the momentum being maintained this year.

“Iskandar has been progressing well in the last six years, bringing great changes to the landscape of the property market in South Johor,'' Koh told StarBiz.

Some 36 developers which had participated in the Malaysian Property Exposition (Mapex) held last November had raked in RM672.14mil in sales over a one-month period compared to RM612.63mil from the May Mapex that year.

The total units of properties transacted had also increased from 1,269 in May compared with 1,449 in November.

The 30-day period starting from the first day of Mapex is the benchmark used by Rehda to determine the value of sales by participating developers.

He said that statistics compiled from developers taking part in Mapex Johor Baru in 2009, 2010, 2011 and 2012 showed that they recorded good sales.

For instance, developers taking part in Mapex April 2009 registered RM120.52mil in sales and the figure rose to RM142.02mil in April 2010.

For the May 2011 Mapex, RM384.24mil sales were transacted, while for May 2012, RM612.53mil sales were recorded.

During Mapex November 2009, developers chalked up RM254.96mil, with the figure going up to RM331.89mil and down to RM256.83mil in November 2010 and 2011, respectively, only to rise to RM672.14mil in November 2012.

“Iskandar has helped push up house prices between 10% and 20% from 2009 until 2012 in South Johor; hence the better sales registered,” said Koh.

However, he stressed that the prices of properties in Iskandar were still lower compared with those in the Klang Valley or Penang, as Iskandar still had large tracts of land for future housing projects.

Source: The Star

Date : 29 Jan 2013

Afternoon Highlight (29/01/13/17/715)

Today's Pick (29/01/13/18/942) Brahim's shortlists 2 for sugar refinery job

Brahim's shortlists 2 for sugar refinery job

AWARD SOON: Kunming and Sutech in the running to build RM130m factory in Kuching

BRAHIM'S Holdings Bhd has shortlisted two turnkey contractors from Southeast Asia to help build its RM130 million sugar refinery in Kuching, Sarawak.

They are Kunming Light Industrial Engineering Co Ltd of China and Sutech Group, which has built more than half the sugar mills in Thailand.

Kunming's partner in the bid is a low-profile Sarawak-based company, people familiar with the matter said.

It is understood that a company from Germany, BMA Technology GmBH, had also made a bid but was voted out in the final selection.

Brahim's director Datuk Howard Choo remained tight-lipped when asked to comment on the status of the project.

"We have shortlisted a few parties and expect to award the job soon. We are targeting for construction to start in the current quarter and the plant to be operational by mid-2014," Choo told Business Times.

Brahim's, through its 60 per cent- owned unit Admuda Sdn Bhd, has a licence from the Ministry of International Trade and Industry (Miti) to produce refined sugar and molasses for Sabah and Sarawak.

As sugar is a regulated commodity, the licence to Admuda was the third by Miti in 37 years.

The licence is important to Brahim's as it will help reduce its dependence on airline catering, and restaurant businesses.

For fiscal 2011, Brahim's posted net profit growth of 42.4 per cent to RM9.37 million on higher revenue of RM184.46 million.

Some 75 per cent of the earnings were driven by in-flight catering services at the Kuala Lumpur International Airport and Penang Airport, and the rest from its restaurant business.

Brahim's expects earnings to surge significantly from next year when it starts selling the refined sugar under the Borneo Sugar brand.

Brahim's executive chairman, Datuk Ibrahim Ahmad Badawi had said he expected 10 per cent to 15 per cent contribution in net profit and RM250 million in revenue from the refinery in its first year of operation.

Annual demand for sugar in Sabah and Sarawak is about 350,000 tonnes, met via imports from the peninsula.

Currently, the sugar market in Malaysia is controlled by Felda Global Ventures Holdings Bhd's unit MSM Malaysia Holdings Bhd and Tan Sri Syed Mokhtar Al-Bukhary's Central Refinery Sdn Bhd, with two sugar refineries each in Peninsular Malaysia.

Brahim's is aiming to dominate Sabah and Sarawak by taking 30 per cent of the market share at the initial stage.

Its sugar refinery will have capacity to produce 100,000 tonnes a year with a potential for expansion to 400,000 tonnes per year.

Source : New Straits Times

Date : 25 January 2013

Today's Pick (29/01/13/18/942)

Afternoon Highlight (25/01/13/16/714) CapitaMalls seeks to buy more malls

CapitaMalls seeks to buy more malls

It plans to focus on asset enhancement initiatives

Lim: ‘First, we will look at the sustainability of the rentals.’

KUALA LUMPUR: CapitaMalls Malaysia Trust (CMMT) is constantly on the lookout for new shopping mall acquisitions.

“We are always exploring, but we will inform the market only when we are ready,” said CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM) chief executive officer Sharon Lim at a briefing yesterday.

Lim added that CMMT, which was managed by CMRM, would maintain its criteria in selecting prospective mall acquisitions.

“First, we will look at the sustainability of the rentals to determine if it is an income-producing mall or not,” she said.

The mall would ideally have a public catchment of between 400,000 and 500,000 people. Finally, CMMT's ability to apply its retail management skills in value adding towards the rental rates of the mall was also among its criteria for future mall acquisitions, Lim said.

There is no region CMMT is specifically looking at for new acquisitions.

“As you can see in our portfolio, we are a sub-urban, day-to-day necessity shopping mall,” said Lim.

CMMT currently has four shopping malls on its belt, namely, Gurney Plaza, Sungei Wang Plaza, The Mines and East Coast Mall.

Unlike luxury shopping malls, necessity shopping malls are not greatly affected by any economic situation, she explained.

With East Coast Mall as the latest addition to its portfolio, Lim said the trust would be focusing on implementing asset enhancement initiatives there for the next two years.

The Kuantan mall was added to CMMT's portfolio in November 2011.

“We are looking at embarking on some asset enhancement work, which will entail remixing, creating new space and the works itself. This would last over a period of about two years,” Lim noted.

The asset enhancement work at East Coast Mall would cost between RM50mil and RM60mil over the two-year period.

In late 2012, asset enhancement works at Gurney Plaza costing RM3.4mil was completed. Refurbishment works at Sungei Wang Plaza, meanwhile, are ongoing and expected to be completed by end-2013.

Yesterday, CMMT announced that it had recorded a 13.7% increase in a distributable income of RM37.30mil for the fourth quarter ended Dec 31, 2012 from a year ago, attributed to the full-quarter contribution from East Coast Mall along with the completion of the asset enhancement works at Gurney Plaza.

Net property income for the quarter grew 13% to RM49.5mil from RM43.8mil previously.

Revenue increased by 16.8% to RM73.78mil from RM63.14mil a year ago. CMMT's distribution per unit also increased by 6% to 2.11 sen from 1.99 sen in the previous year.

Lim said: “Our occupancy rate remained high at 98.5% as at end-December 2012, while rentals across CMMT's portfolio increased by a healthy 6.4%.”

For the full financial year ended Dec 31, 2012 (FY12), distributable income increased 26.1% to RM149.1mil from RM118.3mil in FY11. On the other hand, total distribution per unit for the full financial year stood at 8.44 sen, 7.2% higher than FY11.

CMRM chairman David Wong Chin Huat said: “Looking ahead, CMMT will continue to benefit from Malaysia's steady growth momentum. The global economy is starting to show signs of recovery, led by China. In line with this, the Government expects the economy to expand by between 4.5% and 5.5% in 2013, with retail sales forecast to grow by an estimated 6.0%.

“Such growth bodes well for a dedicated retail REIT such as CMMT,” he said in a statement.

Source : The Star

Date : 23 January 2013

Afternoon Highlight (25/01/13/16/714)

Today's Pick (25/01/13/17/941) Property prices to keep rising

Property prices to keep rising

PETALING JAYA: High property prices are set to “keep increasing” in certain areas with good fundamentals, said the Association of Valuers, Property Managers, Estate Agents and Property Consultants (AVPEP) president Lim Lian Hong.

“In certain areas, property prices will keep increasing. The property market is backed by the country's economic fundamentals.

“It is better not to try to guess which one will go up and which one will come down. This is because the property market is not (volatile) like the stock market,” Lim said.

He said the prices were also determined by other fundamentals such as population growth, access to highways, and also types of design and finishes that a particular property offered to buyers.

Speaking at a briefing during the Property Market Outlook For 2013 forum organised by AVPEP, Lim said other important factors to include in evaluating a property was its surrounding area such as other upcoming developments.

He also said credit had to be given to certain developers for being able to market and sell their products so well in spite of the high prices.

“They (the developers) have been able to develop properties so well that sees values go up and this is good for everybody,” Lim added.

He said that another factor which influenced property prices was the supply-demand factor.

“If you ask me (specifically) in which areas the prices will go up or down, you will have to look at the supply and demand (equilibrium),” he quipped.

AVPEP honorary secretary Foo Gee Jen said another factor was the property's access to transportation facilities roads, rails or highways

Source : The Star

Date : 23 Jan 2013

Today's Pick (25/01/13/17/941)

Afternoon Highlight (23/01/13/15/713) Economists see slight rise in Malaysia inflation rate

Economists see slight rise in Malaysia inflation rate

KUALA LUMPUR: The inflation rate in Malaysia remained stable in 2012 but it is expected to edge up in 2013, said economists.

They have projected the Consumer Price Index, which is the official barometer to measure the inflation rate, to grow by an average 1.38 per cent for December.

The Statistics Department will release the details today.

TA Research economist Patricia Oh said the modest inflation for the year has been supported by the government's subsidies on essential goods.

For the month of December 2012, the petrol subsidy for RON95 was RM0.74 per litre based on the pump price of RM1.90 per litre.

"Going forward, we do expect the reduction in subsidies in tandem with the government's reformation and transformation plans."

The government has proposed to reduce its overall spending on subsidies during 2013 as part of its initiative to lower the budget shortfall and the budget allocation for subsidy bills has been reduced to RM37.6 billion (or -11.3 per cent year-on-year) this year.

"While prices of goods will surge accordingly and inflation could rise in 2013, nonetheless, this will be compensated by the improved fiscal credibility in the long run."

OCBC Bank also thinks that inflation should return to about three per cent in 2013 (from below two per cent in 2012), a level that is more in sync with Malaysia's medium-term inflation trend.

Meanwhile, UOB Bank economist Ho Woei Chen expects inflation to rise to an average of 2.5 per cent in 2013 on the back of some recovery in the global outlook.

Higher wages and consumption demand will put upward pressure on the prices, she added.

DBS Bank economist Irvin Seah warned that the December's figure will mark the turn in inflation for Malaysia.

"Expect a broad-based gradual increase in inflation readings in the coming months as the effect of strong domestic demand, rising property prices and wage costs start to dig in."

Although DBS Bank expects Bank Negara Malaysia to hold the overnight policy rate steady at 3.00 per cent right through the year, the risk of a rate hike to anchor inflation expectation is rising.

Source: New Straits Times

Date : 23 January 2013

Afternoon Highlight (23/01/13/15/713)

Today's Pick (23/01/13/16/940) No more duty exemptions for 18 grades of steel imports

No more duty exemptions for 18 grades of steel imports

PETALING JAYA: From Feb 1, a total of 18 grades of steel imports will cease receiving duty exemptions, said the International Trade and Industry Ministry (Miti).

It said in a statement that it would also cease the issuance of Temporary Certificate Of Approval (TCOA) in 30 days from yesterday and that companies currently utilising TCOA might be considered for fast-track clearance for a period of six months.

“This six-month grace period is to enable the companies to make the necessary adjustments in adhering to the streamlined processes for the importation of iron and steel products,” Miti said.

However, for companies that were currently not using the TCOA facility, the present process of applying for COA remained in place, it added.

Miti said to facilitate clearance at the ports, importers also had the choice of having their products tested by accredited laboratories, both domestic and foreign. The list of accredited laboratories is available online at www.standardsmalaysia.gov.my.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said in the statement that the Government would take appropriate measures to promote the development of the domestic steel industry, adding that it would be done while respecting Malaysia’s international obligations to promote free and fair trade.

He said the Government’s approach would be to focus on the enforcement of mandatory standards to prevent below-par products from entering the local market, adding that appropriate measures would be taken to counter unfair trade practices.

Mustapa also said he was eyeing the establishment of an independent entity called Malaysia Steel Institute (MSI) by the first quarter of 2013.

“The MSI will have an important role to play, especially in human resource development, research and development, formulation of standards and laboratory testing for the industry,” he said.

He added that the Government would also secure better market access for Malaysia’s steel products through free trade agreements.

“Overall, the industry is supportive of the efforts by the Government to restructure the industry. The implementation of the measures will further enhance the industry’s competitiveness and help build its capacity to face challenges,” he added.

Source: New Straits Times

Date : 23 January 2013

Today's Pick (23/01/13/16/940)

Afternoon Highlight (22/01/13/14/712) M’sia-India trade to hit RM45bil

M’sia-India trade to hit RM45bil

KUALA LUMPUR: Bilateral trade between Malaysia and India is expected to breach US$15bil (RM45bil) this year, a fast-forward from the initial target year of realisation of 2015.

Indian High Commissioner to Malaysia Vijay K. Gokhale said the movement of goods and services between Kuala Lumpur and New Delhi was expected to be over US$13bil last year.

Even though the final figures are yet to be released, the envoy said continuous aggressive implementation of the Malaysia-India Comprehensive Economic Cooperation Agreement and the ever-growing domestic demand in India was the major driver of the trade growth.

Between January and October last year, Malaysia's exports to India totalled US$7.7bil, while imports amounted to US$3.3bil.

“Trade between Malaysia and India has been growing between 5% and 6%, which is very good considering that many Malaysian export data to other countries have shown a slight decrease.

“The trade this year will be fuelled by the proposed India-Asean FTA (free trade agreement) in services and investment. It is scheduled to be inked in August this year,” he told Bernama.

During a recent bilateral meet, Prime Minister Datuk Seri Najib Tun Razak and his Indian counterpart Dr Manmohan Singh jointly agreed to revise upwards the bilateral trade target to US$20bil by 2015 from US$15bil previously.

India is one of Malaysia's important trading partners. Since 1998, India has been Malaysia's largest export destination in the South Asian region.

Malaysia's major exports to India were electrical and electronics products, chemicals and chemical products, manufactures of metal and palm oil while Malaysia's main imports from India were also chemicals and chemical products, manufactures of meal and meat.

Asked whether Malaysian tourists to India will be granted the visa on arrival (VOA) facility, Gokhale said: “So far, no. I do not think the Indian government has so far considered expanding that scheme. It is still a pilot project with a few countries.”

Last year, the Indian government was reported to be planning to extend its VOA facility to countries like Thailand and Malaysia to attract more Buddhism-linked travellers.

Source: The Star

Date : 22 Jan 2013

Afternoon Highlight (22/01/13/14/712)