Malaysia records RM109.8b approved investments from Jan till Sept
Malaysia recorded a total of RM109.8 billion worth of approved investments in the manufacturing, services and primary sectors for the first nine months of this year, said the International Trade and Industry Ministry (Miti). The manufacturing sector contributed RM65.3 billion or 59.5%, followed by services (RM42.8bil or 39.0%) and primary sector (RM1.7bil or 1.5%), it said. Of the total investments approved, domestic direct investments (DDI) accounted for 61.2%, or RM67.2 billion, while foreign direct investments (FDI) made up the rest. Miti said the top five sources of approved FDI for the three sectors were China (RM17.0bil), Singapore (RM8.0bil), the United States (US) (RM2.8bil), Switzerland (RM2.8bil), and the Netherlands (RM2.4bil). Senior Minister and Miti minister, Datuk Seri Mohamed Azmin Ali, said the government, through the Malaysian Investment Development Authority (MIDA), looks forward to leveraging the competitive incentives in Budget 2021 to scout and entice more investors, both local and foreign, to capitalise on the opportunities in Malaysia fully. (Malay Mail)
AME Elite to establish and list AME REIT on Bursa Malaysia
AME Elite Consortium Bhd has proposed to establish and list an industrial real estate investment trust (AME REIT) on the Main Market of Bursa Malaysia Securities Bhd. The leading integrated industrial space solutions provider said the investment portfolio of AME REIT would comprise assets to be identified from existing industrial leasing properties owned by subsidiaries of AME. Currently, AME owns and manages industrial leasing properties at its industrial parks in Johor, namely i-Park@SiLC, i-Park@Indahpura, i-Park@Senai Airport City, and District 6. Additionally, the i-Parks are supported by workers’ dormitories, namely i-Stay@Indahpura and i-Stay@Senai Airport City which provide accommodation to customers’ workers. According to AME, the proposed AME REIT would also provide stable and recurring income to investors, with at least 90% of its income to be distributed to unitholders. “Further details on AME REIT will be announced when all terms and conditions have been finalised,” it added. (NST Online)
Too complex for Selangor to follow KL ‘free trade’ move, say officials
Selangor officials said they agreed with the concept of a “free trade zone” to spur micro-businesses but the state’s circumstances made it difficult to emulate the federal territories in implementing such a plan. State executive councillor for Housing, Urban Welfare and Entrepreneur Rodziah Ismail said the state’s 12 municipal and city councils must take into account aspects such as safety, public peace, and hygiene before deciding where traders could set up shop safely. “We need to understand that Selangor has a 6.52 million population and 8,000km2 in land size compared to Kuala Lumpur with its 2 million population and 243km2 in land size,” she said. Rodziah also said allowing such a venture in Selangor would make it challenging to ensure that foreigners, documented or otherwise, did not use the opportunity to set up stalls. The “free trade zone” initiative gained attention after Federal Territories Minister Tan Sri Annuar Musa announced that all residents of Kuala Lumpur, Putrajaya and Labuan may sell any non-contraband products at virtually any location with minimal approval between November 15, 2020 and April 15, 2021. (Malay Mail)
Chow: Penang LRT project to proceed with other financing options
The Penang government will be proceeding to implement the Light Rail Transit (LRT) project from Komtar to Bayan Lepas even though the application to obtain loan and guarantee amounting to RM2 billion has been rejected by the Finance Ministry recently. Chief Minister Chow Kon Yeow said the project is very important to the development of the state’s economy and the state government will not give up. “The state government is continuing to carry out the LRT project as the Penang government has several other financial options to fund projects under the Penang Transport Master Plan (PTMP),” he said. simultaneously, the state government would continue to inject confidence in the federal government to give priority to finance the project as well as the commensurating treatment to Penang which continued to play an important role in championing foreign direct investments in the country’s manufacturing sector. The LRT project covers 29.9 km rail route with 27 stations from Komtar to Penang International Airport and the other areas involving reclaim islands south of Penang at an estimated cost of RM8 billion. (Bernama)
Top Glove likely to be charged over cramped dorms
Nineteen investigation papers have started on Top Glove, which has been linked to the Teratai cluster in Selangor where infections have raged among workers at its dormitories. Labour director-general Asri Ab Rahman said the department opened 21 investigation papers on violators of the Workers’ Minimum Standards of Housing and Amenities Act following an enforcement operation in Perak, Kedah, Kelantan, Negri Sembilan and Johor last week. Out of that number, 19 of the investigation papers were on Top Glove. However, he did not reveal the number of charges levelled against Top Glove. In total, he said 63 possible charges were awaiting violators of the Act including Top Glove. Top Glove’s workers hostels in Meru, Klang, have been placed under enhanced movement control order following a rise in Covid-19 cases. As of Monday, a total of 5,805 tests had been conducted on workers of the rubber glove manufacturer, with 3,406 found infected. Teratai is the country’s biggest Covid-19 cluster to date. (The Star Online)
