Economy

KUALA LUMPUR — Securing the Malaysia-United States Agreement on Reciprocal Trade (ART) means stable jobs and thriving industries for Malaysian small and medium enterprises (SMEs) even in uncertain times, said the American Malaysian Chamber of Commerce (AMCHAM).

The chamber said the agreement will provide Malaysian SMEs with tariff-free access to the US market, making exports easier and more cost-effective.

“Local SMEs will have the opportunity to integrate as high-value supply chain partners to US firms in high-tech industries as well as to invest in innovation, technology and workforce upskilling.

“With government and business support, SMEs can leverage these new openings to expand globally. Malaysia’s technology and pharmaceutical sectors have received a significant boost, and zero tariffs will pave the way for greater exports, partnerships and global leadership,” AMCHAM said in a social media post on Instagram today.

It added that the Malaysia-US ART supports the nation by lowering barriers to trade with the US, protecting local industries and jobs, enabling regulatory harmonisation, and expanding access to social and cultural programmes, all while upholding Malaysia’s national interests.

The ART between Malaysia and the US was signed on Oct 26 by Prime Minister Datuk Seri Anwar Ibrahim and US President Donald Trump who was visiting Malaysia to attend the 47th ASEAN Summit and related meetings. — BERNAMA

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GYEONGJU (South Korea) — The Nvidia Corporation-YTL Power International Bhd partnership’s significant progress in building artificial intelligence (AI) infrastructure is an impetus to accelerate the country’s AI drive for the benefits of all Malaysians, says Prime Minister Datuk Seri Anwar Ibrahim.

Anwar also congratulated the two companies on achieving this significant milestone within 22 months.

“Malaysia aims to become a leading AI nation by 2030 — leveraging AI to boost productivity, enhance public services, and build a sustainable, inclusive and ethical digital economy. 

“Establishing our own sovereign AI is very important in developing a secure, trusted AI-enabled digital ecosystem,” said Anwar in a statement after meeting with Nvidia Corp founder and chief executive officer Jensen Huang and YTL Power managing director Datuk Seri Yeoh Seok Hong.

The meeting was held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, which kicked off today.

Also present was Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

This was Anwar’s second meeting with the “newest tech megastar”, as described recently by the industry, with the last being in Putrajaya in 2023. 

Among key achievements are the successful completion of YTL Power’s state-of-the-art AI data centre facility in partnership with Nvidia at the 600MW YTL Green Data Centre Park in Kulai, Johor.

This facility, powered by liquid-cooled NVL72 Grace Blackwell (GB 200) GPUs, along with Ilmu, represents a major step forward in building Malaysia’s own sovereign AI.

In July last year, both companies developed AI infrastructure powered by green energy in Malaysia, backed by an investment worth RM10 billion. 

According to the statement, Malaysia has made huge strides in its aspiration to become an AI Nation in a short time. 

It launched the National AI Office under the Digital Ministry in December last year and has announced a set of initiatives to drive AI adoption in the country, including the development of a sovereign AI cloud and a range of programmes for AI upskilling and adoption in the public and private sectors. 

Malaysia also launched Ilmu, its first large language model, at the ASEAN AI Summit in August of this year.

Meanwhile, Tengku Zafrul said the government has earmarked RM5.9 billion in its 2026 budget to bolster the nation’s AI sector. 

“The substantial investment underscores our unwavering commitment to positioning Malaysia as a premier regional hub for AI innovation and data centre excellence. 

“We will continue to actively promote strategic investments in AI infrastructure, driving forward our mission to lead in digital transformation. 

“In alignment with the National Industrial Master Plan, we are accelerating the adoption and integration of AI across the manufacturing and manufacturing-related services sectors — empowering industries to enhance productivity, competitiveness, and global relevance,” he said.

In a separate statement, Yeoh said it has become increasingly vital for nations to develop sovereign clouds to host government- and citizen-facing AI services.

“With the YTL AI Cloud now operational, and the launch of Ilmu — our Malaysian-developed and owned large language model, Malaysia will be among the first in the region to benefit from true sovereign AI capabilities.

“We thank the government for its foresight in establishing the policy frameworks that have enabled the rapid advancement of AI infrastructure across the country,” he said. — BERNAMA

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GEORGE TOWN — Penang is focusing specifically on the energy transition agenda and efforts to strengthen energy efficiency and the use of renewable energy in the state in an effort to implement sustainable development.

Chief Minister Chow Kon Yeow said his party is mobilising various parties towards sustainable development and a green economy, in line with the country’s aspiration to achieve net zero carbon emissions by 2050.

He said the energy transition was not just an environmental issue, but also a catalyst for a sustainable green economy and the effort required comprehensive cooperation between the government, industry, academics and the community to ensure that the actions taken truly had an impact.

“The state government is also committed to playing an active role in supporting the country’s clean energy agenda, after introducing the “Renewable Energy Roadmap” since last year as a guide to the implementation of renewable energy initiatives at the state level.

“In fact, Penang’s collective efforts have yielded tangible results, namely between 2019 and 2024, energy “intersity” in the manufacturing sector will decrease by 19 percent annually, water by 22 percent and industrial waste sent to landfill (24 percent),” he told reporters after officiating the Penang Green Summit 2025 at the Penang Waterfront Convention Centre (PWCC), here today.

Meanwhile, Chow said the summit organised by the Penang Green Council (PGC) themed ‘Moving Towards Sustainable Energy’ is an annual event and serves as a platform for inspiration, collaboration and collective action to bring together policymakers, industry players, academics and the community in driving forward the progress that sustainable.

Chow, who is also the PCG Chairman, said in line with the National Energy Transition Roadmap (NETR) which is the nation’s guide in achieving the net zero target by 2050, Penang continues to move forward and become one of the earliest states to take concrete action for the implementation of NETR at the state level, making the national aspiration a tangible and measurable reality.

The summit also saw a Memorandum of Understanding (MoU) between the state government and Alliance Bank Malaysia Berhad to establish the first state-level Climate Mitigation Fund (CM Fund) in Malaysia.

Chow said a transitional financing initiative aimed at helping SMEs and Medium-sized Companies (MTCs) in Penang move towards more sustainable production and the Climate Mitigation Fund would offer preferential loan rates as well as ESG capacity building programmes, with a focus on sectors such as Electrical and Electronics, medical devices, aerospace and others.

“Through this collaboration, PGC will work closely with Alliance Bank in setting eligibility criteria and monitoring to ensure that each investment truly contributes meaningfully towards our goal of making Penang a Climate Hub Green Manufacturing,” he said. — BERNAMA

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THE government is considering integrating all public aid and welfare assistance through the MyKad system to improve transparency and eliminate duplication across agencies.

Prime Minister (PM) Datuk Seri Anwar Ibrahim said the initiative aims to coordinate allocations from federal, state and zakat bodies under a unified digital platform.

He told the Dewan Rakyat that the system would consolidate all assistance data, including allocations from state governments, zakat institutions and other programmes, into one portal.

“This will allow us to know exactly how much each family receives,” Anwar said, as quoted by a news portal.

He added that the proposal followed a pilot study in Sentul, Kuala Lumpur (KL), which revealed overlapping aid distribution between federal and zakat programmes due to uncoordinated data.

The MyKad system, he said, would be linked to the Central Database Hub (Padu) to provide live tracking of household income and aid distribution.

While immediate financial assistance remained crucial, Anwar said the long-term objective was to help families generate sustainable income and exit the hardcore poverty cycle.

“Nearly RM20 billion has been channelled towards poverty eradication programmes this year, including RM15 billion under the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (Sara) schemes, and RM3.1 billion in Social Welfare Department assistance,” he said.

Anwar added that the recent increase in the minimum wage from RM1,200 to RM1,700 was part of a broader strategy to reduce income inequality.

He said Malaysia’s hardcore poverty rate now stands at 0.09%, reflecting closer coordination between the federal and state governments as well as Islamic religious councils.

“Our focus now is ensuring that no family falls back into poverty once they’ve been lifted out of it,” he said.

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BEIJING — Chinese President Xi Jinping’s meeting with US President Donald Trump on Thursday in Busan, South Korea, offers a vital opportunity for both countries to strengthen their relationship.

In a world full of uncertainties, the consensus reached between the two leaders provides a clear path forward for stabilising China-US ties and promoting global stability, according to Xinhua news agency.

This highlights the important role the head-of-state diplomacy plays in guiding China-US relations.

As noted by Xi during the meeting, in the face of winds, waves and challenges, the two leaders should stay the right course, navigate through the complex landscape, and ensure the steady sailing forward of the giant ship of China-US relations.

Since the beginning of this year, the two leaders have spoken on the phone three times, exchanged several letters and stayed in close contact. Under their joint guidance, China-US relations have remained stable on the whole.

This fully demonstrates that for the two giant vessels of China and the United States to move forward together, without veering off course or losing speed, it is essential to unwaveringly adhere to the strategic leadership of the two heads of state and fully implement their important consensus.

A sound, stable and sustainable bilateral relationship not only aligns with the long-term interests of both countries but also reflects the aspirations of the global community.

As noted by Xi, there is good potential for the two countries to work together on combating illegal immigration and telecom fraud, anti-money laundering, artificial intelligence, and responding to infectious diseases.

During the meeting, the two presidents agreed to enhance cooperation in economic, trade, energy and other fields, and to encourage more people-to-people exchanges.

This once again demonstrates that China and the United States gain from cooperation and lose from confrontation, Xinhua said.

The two countries share extensive common interests and vast areas for cooperation. They can be partners and friends, achieve mutual success, prosper together, benefit their own people and contribute to the world.

As two major countries with different national conditions, it is normal for the two leading economies of the world to have frictions now and then. The key is to respect each other’s core interests and major concerns, and to find appropriate ways to resolve issues.

China-US economic and trade relations have experienced ups and downs recently, which have not only caused losses to both countries but also cast a shadow over the global economy.

To allow the economic and trade relations to continue to serve as the anchor and driving force for China-U relations, not a stumbling block or a point of friction, the two sides should think big and recognize the long-term benefit of cooperation, and must not fall into a vicious cycle of mutual retaliation.

As urged by Xi, the two teams can continue their talks in the spirit of equality, mutual respect and mutual benefit, and continuously shorten the list of problems and lengthen the list of cooperation.

During the meeting, Xi also elaborated on the important secret to China’s success.

“Over the past seven decades and more, we have been working from generation to generation on the same blueprint to make it a reality. We have no intention to challenge or supplant anyone. Our focus has always been on managing China’s own affairs well, improving ourselves and sharing development opportunities with all countries across the world,” he said.

These remarks, open and confident, sent a clear message to the United States and the world about China’s firm commitment to peaceful development and win-win cooperation.

In a world marked by complex challenges, the international community looks to China and the United States to play a leading role. There are numerous global issues that both nations can address together, working in the interest of both countries and the world. To realise this vision, both sides must move forward with mutual effort and understanding.

Looking ahead, China and the United States should strengthen engagement, avoid misperceptions, manage differences, and expand cooperation, ensuring the implementation of the leaders’ consensus for a stable, healthy and sustainable bilateral relationship. — BERNAMA-XINHUA

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by AUFA MARDHIAH & SHAHRIN AIZAT NOORSHAHRIZAM

“Of course, the South China Sea is an issue that always comes up. We will continue to discuss it under the framework of ASEAN,” he said at a press conference ahead of the 19th ASEAN Defence Ministers’ Meeting (ADMM) and 12th ADMM-Plus today.

The matter will be among the key topics on the agenda at the meetings, where regional defence chiefs are expected to reaffirm their commitment to managing disputes through dialogue and cooperation rather than confrontation.

Furthermore, Mohamed Khaled said Malaysia continues to work closely with ASEAN member states to strengthen communication channels and build confidence between parties involved in overlapping claims.

He added that while ASEAN welcomes dialogue with all external partners, including China and the US, the bloc remains firm in asserting that its decisions will always be made collectively and free from external pressure.

“The ability of ASEAN to manage security challenges on its own terms — through mechanisms like the ADMM and ADMM-Plus — is proof that we can preserve our independence while engaging constructively with major powers,” he added.

The spirit of unity demonstrated under Malaysia’s chairmanship, he said, echoes the region’s long-standing commitment to ASEAN centrality, ensuring Southeast Asia remains an area of peace, stability and cooperation despite global uncertainties.

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by NURNABIHAH DINI

THE government’s efforts to eradicate hardcore poverty are showing encouraging progress, with the rate reduced to 0.09% this year. 

Prime Minister (PM) Datuk Seri Anwar Ibrahim said this marks a significant achievement under the Madani government, which has implemented targeted assistance programmes and cross-agency cooperation to lift families out of poverty.

“We can abolish hardcore poverty and we are doing it. According to data from the Implementation Coordination Unit (ICU), the current rate stands at 0.09%,” he told Dewan Rakyat today.

Anwar said the government is addressing not only hardcore poverty but relative poverty, which has remained stable at 16.7% in 2024 compared to 16.6% in 2022.

He was responding to Kuala Kangsar MP Datuk Iskandar Dzulkarnain Abdul Khalid, who asked about the government’s progress in addressing hardcore poverty and poverty in general.

Anwar added that initiatives such as the Sumbangan Tunai Rahmah (STR), Bantuan Sara and Payung Rahmah programmes have been instrumental in easing the financial burden of low-income households.

“This year alone, RM15 billion has been allocated for cash aid, while the Payung Rahmah initiative will continue to help over 560,000 women heads of households,” he said.

He also highlighted the minimum wage increase from RM1,200 to RM1,700 has helped narrow the income gap and reduce poverty among workers in the bottom 40% income group (B40).

Replying to a supplementary question, Anwar said more than 80% of eligible recipients have claimed the aid, while over 2,000 local shops are now participating in the Sara programme to facilitate spending among recipients.

“Through Sara, we are not only helping families purchase basic necessities, but also empower small rural traders to grow their businesses,” he said, adding that the initiative will continue next year.

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KUALA LUMPUR — The national construction sector continues to be a key economic driver, contributing RM143 billion in project value as of September this year.

Deputy Works Minister Datuk Seri Dr Ahmad Maslan (picture) said that of this total, RM109.37 billion involved 8,022 private sector projects, while RM33.67 billion comprised 4,011 government projects.

“The construction industry is a vital partner and a primary driver of national economic growth. As of September 2025, we have recorded over 12,000 projects worth RM143 billion nationwide,” he said during the QUEST Awards 2025 at the Malaysia International Trade and Exhibition Centre. 

Also present were Construction Industry Development Board (CIDB) Malaysia, chief executive Zainora Zainal, and chairman Datuk Yusuf Abd Wahab.

Ahmad also urged more industry players to implement quality, safety, and sustainability assessments to enhance both the performance and public image of the construction industry.

He said the Ministry of Works consistently assists developers and local authorities in strengthening quality standards and sustainable environmental practices via training and briefings, through CIDB. 

Ahmad said the QUEST Awards honour developers, contractors, consultants, and government agencies committed to excellence in construction workmanship, on-site safety, and environmental sustainability.

He added that the awards also reflect a growing culture of quality within the industry, aligning with the government’s efforts to build a more competitive and sustainable construction sector.

A total of 262 winners representing 132 projects were recognised at the awards, which were held in conjunction with the International Construction Week and Malaysia International Building and Construction Industry Exhibition (BuildXpo) 2025. 

The awards were based on five key CIDB assessment frameworks: QLASSIC (Quality Assessment System in Construction), SHASSIC (Safety and Health Assessment System in Construction), MYCREST (Malaysian Carbon Reduction and Environmental Sustainability Tool), Sustainable INFRASTAR, and the Special Recognition Awards. 

Together, they honour excellence in quality, safety, health and sustainability across Malaysia’s construction sector.

Sime Darby Property Bhd emerged as the top recipient, clinching five QLASSIC Excellence Awards and a Special Recognition Award for its long-term commitment to construction quality since 2008.

The Ministry of Health was also recognised through 14 hospitals and healthcare facilities that received MYCREST Excellence Awards under the Operations and Maintenance category, while Perbadanan PR1MA Malaysia was honoured for implementing QLASSIC assessments across 53 affordable housing projects nationwide. — BERNAMA

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KUALA LUMPUR — Prime Minister Datuk Seri Anwar Ibrahim has emphasised that Malaysia’s success in hosting the 47th ASEAN Summit should be a source of pride for all Malaysians, regardless of political affiliation, and not a subject of criticism or division.

He said among the significant achievements during the summit were the admission of Timor-Leste as ASEAN’s 11th member and the signing of the Kuala Lumpur Peace Accord between Thailand and Cambodia, both milestones that should unite Malaysians in shared pride.

Anwar noted that international recognition, including from major powers such as the United States, of Malaysia’s active role in promoting regional peace clearly demonstrated the growing confidence in the country’s diplomatic capability.

“Today, Malaysia’s name shines on the world stage… something that has rarely happened in our history. Let us seize this moment to strengthen our nation.

“Do not be resentful of our nation’s success; this is the country’s achievement. Prime ministers may come and go, rise and fall, but the nation must always be uplifted,” he said during ministers’ question time in the Dewan Rakyat today.

He was responding to a supplementary question from Syed Saddiq Syed Abdul Rahman (MUDA–Muar) on Malaysia’s efforts to balance its diplomatic and trade relations with major global powers.

The prime minister said Malaysia’s success was also reflected in its ability to bring together world leaders and major powers, including the United States, Russia and China, as well as representatives from the BRICS bloc, for a series of bilateral meetings throughout the 47th ASEAN Summit.

This achievement demonstrated Malaysia’s capacity to maintain balanced international relations grounded in neutrality and moderation, he said. 

“Imagine, within just a few days, we engaged with the United States, then Brazil, Africa, China and Russia, and all discussions were handled constructively.

“As a relatively small but developing nation, we must continue strengthening trade and investment ties with everyone,” he added. 

Anwar also said that Malaysia’s growing global recognition should not be viewed as a personal success for the Prime Minister, but rather as the result of the collective efforts of tens of thousands of civil servants and volunteers who ensured the smooth organisation of the high-profile summit.

At the same time, Anwar extended his appreciation to all civil servants, uniformed personnel, students, and private sector participants for their outstanding contributions to the success of the 47th ASEAN Summit. — BERNAMA

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