Economy

by SHAUQI WAHAB

ITALY  has chosen Malaysia as an investment destination because of its complete electrical and electronics (E&E) ecosystem and supply chain, which enables manufacturers to localise production efficiently while leveraging Malaysian suppliers,

Deputy Investment, Trade and Industry (MITI) Minister Sim Tze Tzin said Italian companies see Malaysia as more than just a manufacturing base, but as a strategic partner that offers an integrated industrial ecosystem capable of supporting advanced manufacturing, machinery and semiconductor investments.

“We can see that Italian companies are picking Malaysia because they feel that Malaysia has a complete ecosystem, complete supply chain for the machinery.

“They use our local suppliers to complete their projects, and that is a very good synergy and partnership,” he said after launching the Italy-Malaysia Business Mission 2026 today.

Sim gave examples such as an Italian crane manufacturer that operates with only 25 employees in Malaysia while relying on local suppliers to complete projects, as well as Perodua’s collaboration with Italy’s Magna Steyr on the QEV electric vehicle.

He added that Malaysia’s mature E&E and machinery sectors complement Italy’s expertise in advanced machinery manufacturing, creating opportunities for technology transfer and higher-value industrial collaboration.

“I believe Italy and Malaysia can work stronger together in many parts, including the E&E. I’m very confident that the Malaysia-European Union Free Trade Agreement (MEUFTA) will bring better collaborations between Malaysia and Italy,” he said.

Sim said negotiations remain on schedule, with five chapters already concluded after the fourth round of talks in Kuala Lumpur earlier this month.

The fifth round is scheduled to take place in Brussels from Sept 21 to 25.

He also highlighted Malaysia’s new incentive framework, introduced in March 2026, which supports investments in advanced manufacturing, front-end semiconductor activities and integrated circuit (IC) design.

During the event, a 35-company Italian business mission has begun in Kuala Lumpur to deepen economic cooperation with Malaysia, focusing on infrastructure and transport, energy transition, oil and gas, and advanced manufacturing.

The mission comes as bilateral trade reached €3.4 billion (RM13.79 billion) in 2025, a 6.3% increase year-on-year, reflecting the steady growth of economic ties between the two countries.

Meanwhile, Italian Ambassador Raffaele Langella said the initiative is aimed at translating strong bilateral relations into tangible business outcomes.

“Malaysia represents a strategic partner for Italy in Southeast Asia and a natural platform for the internationalisation of our enterprises.

“This mission is designed to move beyond dialogue and to actively generate new opportunities for investment, industrial cooperation and joint projects,” he said.

The programme includes sectoral roundtables, business-to-business meetings and site visits to Malaysian companies to foster new commercial partnerships and investment opportunities.

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KUALA LUMPUR — The National Entrepreneurship Institute (INSKEN) is expanding its global collaboration through its role as one of the stewards of the Rural Social Enterprise Network (RSEN), a platform that empowers rural communities through social entrepreneurship and promotes inclusive and sustainable economic development.

In a statement today, INSKEN said the initiative aims to support social enterprises in addressing community challenges while generating sustainable economic impact for rural populations.

“As a steward, INSKEN works alongside ecosystem partners to foster the growth of rural social enterprises by enhancing entrepreneurial capabilities, facilitating access to resources and creating opportunities for collaboration and market expansion,” it said.

The network, jointly stewarded by INSKEN, the Social Enterprise World Forum (SEWF) and Australian Centre for Rural Entrepreneurship (ACRE), provides the administrative and facilitative foundations necessary for the network to thrive, ensuring effective coordination, collaboration and long-term sustainability.

It said stewardship refers to supporting and nurturing the network on behalf of its members, rather than owning or directing it, allowing members to guide the network while stewards facilitate collective action and shared impact.

Drawing on its expertise in entrepreneurship development, INSKEN contributes to the network through capacity-building programmes, business coaching, mentoring and strategic interventions aimed at strengthening the resilience and scalability of rural social enterprises.

Meanwhile, INSKEN chief executive officer Viviantie Sarjuni said the organisation’s involvement in RSEN reflects its ongoing commitment to ensuring entrepreneurship remains a catalyst for positive social and economic transformation.

“Through INSKEN’s stewardship of the RSEN, we are able to collaborate with global and regional partners to strengthen rural social enterprises, expand access to opportunities and create lasting impact for communities.

“This reflects our commitment to building an inclusive entrepreneurship ecosystem where every community has the opportunity to participate, grow and thrive,” she added.

The RSEN serves as a collective platform that brings together social enterprises, development agencies, private-sector organisations and ecosystem enablers to accelerate the growth of impact-driven ventures in rural areas.

Through knowledge sharing, capacity development and strategic partnerships, the network seeks to create long-term socioeconomic benefits for underserved communities. — BERNAMA

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THE official BUDI MADANI portal has received more than 18,000 applications for an additional 100 litres of subsidised diesel per month from eligible owners of diesel-powered pickup trucks and SUVs as of 10 pm yesterday.

Second Finance Minister Datuk Seri Amir Hamzah Azizan said the early implementation of BUDI MADANI Diesel (BUDI Diesel), now in its second day, has proceeded smoothly without any technical issues.

“From yesterday until now, more than 40,000 transactions have been recorded involving users benefiting from the BUDI Diesel programme,” he told reporters after inspecting the early implementation of BUDI Diesel at NKVE, Damansara Bound Petronas petrol station, with Treasury secretary-general Tan Sri Johan Mahmood Merican.

Amir Hamzah said applications for the additional quota can be submitted online through the official BUDI MADANI portal and that those requiring assistance can seek help from officers at Inland Revenue Board (LHDN) offices, Urban Transformation Centres (UTCs), as well as service counters provided by several oil companies.

He added that the government has also introduced a quota transfer facility for cases where the registered owner of a vehicle is not the actual user.

“For quota transfers, applications can be made through the same portal. We will ensure that the quota is transferred to the actual user,” he said.

He explained that once the transfer is approved, verification at petrol stations will be carried out using the identity card (IC) number of the user linked to the quota.

“The quota will be tagged to the new user’s IC. When it is used at a petrol station, the system will recognise that the quota has been transferred.

“However, the quota amount remains tied to the vehicle and can only be used by the individual designated under the transfer,” he said.

Amir Hamzah said no technical issues involving the system or petrol station operators have been reported so far, and the government will continue to focus on ensuring the initiative runs smoothly ahead of July 1.

The early implementation of BUDI Diesel began yesterday in Peninsular Malaysia, with eligible users enjoying subsidised diesel at RM2.15 per litre under a flexible quota of up to 200 litres.

The subsidised price will be reduced to RM2.10 per litre starting this Wednesday. — BERNAMA

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LANGKAWI — The Ministry of Finance (MOF) has allocated RM5.5 million for the procurement of a sea ambulance for Langkawi and its initial operating costs, with the service expected to commence early next year.

Finance Minister II Datuk Seri Amir Hamzah Azizan said the initiative aimed to strengthen access to faster and more efficient emergency healthcare services, particularly for the Langkawi community and tourists.

Amir Hamzah, who is also co-chairman of the Langkawi Development Authority (LADA), said the sea ambulance would be operated by Hospital Sultanah Maliha (HSM) here, with its primary role being the transfer of patients from the hospital to the mainland.

“At present, patient transfers from Langkawi to referral hospitals on the mainland still depend on passenger ferry services.

“This becomes even more challenging when ferry frequencies are reduced, limiting travel options, especially in emergency situations requiring immediate patient transfers,” he told reporters here today.

Earlier, he attended the presentation of RM700,000 worth of healthcare equipment contributed by MOF to HSM.

He said the sea ambulance service would also ensure the health, safety and privacy of patients during transfers.

“I understand that the sea ambulance can accommodate two stretchers and 12 personnel who will ensure patients remain comfortable and safe during the transfer,” he said.

On the healthcare equipment contributed to HSM, Amir Hamzah said it was aimed at strengthening the hospital’s capacity to provide more efficient, modern and high-quality healthcare services to Langkawi residents and the millions of tourists visiting the island each year.

He said the equipment includes medical devices, information technology (IT) facilities, furniture, vehicles and security systems.

“We welcome the government’s new initiatives, including digitalisation, where the Electronic Medical Record (EMR) system will become a key pillar of the Health Ministry.

“We are providing computers on wheels, enabling nurses and doctors to enter patients’ data directly into the system during ward rounds, while connecting this hospital with other hospitals.

“This will speed up service delivery to patients, with medical records immediately available digitally in the system for healthcare personnel involved in their treatment,” he said. — BERNAMA

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KUALA LUMPUR — Malaysia and Vietnam will strengthen cooperation in the tourism and cultural sectors, including efforts to develop medical and halal tourism, said Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing.

He said the matter was discussed during a meeting with Vietnam’s Minister of Culture, Sports and Tourism Lam Thi Phuong Thanh on the sidelines of the 13th Tourism Ministers’ Meeting in Macao, China.

“Thanh shared that Malaysia and Vietnam have many common strengths in tourism, culture and the arts. She expressed interest in Malaysia’s development of medical tourism and halal tourism, and looked forward to greater exchanges and closer collaboration between both countries,” he said in a Facebook post today.

Reaffirming Malaysia’s commitment to strengthening long-standing ties with Vietnam, Tiong said tourism remains a key bridge connecting both peoples, with strong potential for further collaboration in promotion, cultural exchanges, business events and industry partnerships.

“We also agreed that, while visitor exchanges between our two countries continue to grow, there remains considerable potential that can be further unlocked through stronger joint promotion, closer industry collaboration and the development of more attractive tourism experiences.

“Malaysia values Vietnam as an important ASEAN partner. I look forward to building on this positive momentum and working more closely together to create new opportunities for our tourism industries, strengthen people-to-people ties and deliver greater mutual benefits for both countries,” Tiong said.

Tiong said Thanh had invited Malaysia to participate in several major events in Vietnam this year and next year, including Asia-Pacific Economic Cooperation (APEC)-related programmes, the Vietnam International Travel Mart (VITM) in Hanoi, a high-level dialogue on culture and creative industries, and an international cultural festival. — BERNAMA

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