theVibes.com:
Time for Malaysia to move away from its traditional markets, says MITI
MITI also said there is a pressing need for the country, including the leading economies, to locate new markets to engage in meaningful and win-win trade relations.
Published on 09 Nov 2024 1:32PM
Liew said that the most important incentives Malaysia has given to investors are the intangibles: political and societal stability - November 9, 2024
by Ian McIntyre
MALAYSIA needs to seek out new export markets other than the traditional developed nations of the United States, China, Japan, South Korea, India and Europe.
This is to ensure Malaysia is able to compete better in the global economy.
Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong said there is also a pressing need for the country, including the leading economies, to locate new markets to engage in meaningful and win-win trade relations.
Sharing his remarks when representing MITI Minister Tengku Zafrul Tengku Abdul Aziz at the annual gala dinner of the Malaysian-French Chamber of Commerce and Industry (CCIFM), Liew said that since the end of the Second World War, successive Asian economies have grown rich by mainly exporting to the United States.
However, with the shrinking of the American middle class, that assumption is not going to work any longer, said Liew.
"The world can no longer view the US as the importer of the last resort, and has to create more markets beyond the US consumer market. To create a market, we need to first create consumers. To create the consumers, we need to make them rich enough and feel secure to consume."
Liew touched on the regional grouping of Asean where Malaysia is now its chair, saying that CCFM and Malaysians generally have a mission to make Malaysians and the people of the region richer.
"Asean has a population of 670 million. Assuming that in 15 years with 800 million people, half of them, or 400 million, living a middle-class life and consuming as such, the future Asean middle class would be the size of current China’s middle class."
While the world currently relies on the US, Europe, and China to consume the goods and services produced globally, the private sector should be brave enough to envisage a world with a few more consumer markets, namely Asean, South America, and the Middle East as well as Africa.
To create these markets, the French companies in Malaysia or Asean will have to pay better salaries to Malaysian workers and the workers in the region to enable them to become middle class and for them to feel secure to invest in others, said Liew.
"I am glad to share that Malaysia and France have built strong trade and investment ties over the past decades. Last year, France was ranked as Malaysia’s third largest trading partner within the EU, with total trade amounting to RM16.72 billion, accounting for about eight per cent share of our total trade with the EU. French investments into Malaysia are very diverse, ranging from E&E, infrastructure, aeronautics & defence, manufacturing, retail and services sectors."
"I am also very pleased to learn that about half of the 600 French companies present in Malaysia are built by French entrepreneurs who started their operations in Malaysia."
Liew said that the US and the world are unlikely to revert to the old free trade agenda of unfettered capitalism and trickle-down economy.
"In Europe and in the US, inequality has fueled the rise of right-wing populism. French voters certainly had a taste of a right-wing surge during the European Parliament election and the French election this year. I believe we have a collective responsibility to ensure that societies are more equitable to prevent populism from gaining ground here in Malaysia and in this region."
When the region becomes rich, in exchange, the French companies can benefit by creating a market for their products outside the US, Europe and China.
"I am also asked by the organiser to address the question of the global minimum tax (GMT). I hope French companies will be at the forefront in welcoming the Global Minimum Tax. GMT works in such a way that if a French company is not paying income taxes in Malaysia, the home country, in this case, France, will have to collect 15% of taxes from the said company. The objective of GMT is to ensure that countries do not compete to race to the bottom in terms of offering tax holidays to multinationals."
"If we are serious about creating middle-class markets outside the US, Europe, and China, Malaysia and ASEAN governments will need to collect enough taxes from multinational companies to pay for health care, aged care, child care, and public security of their respective nations so that their people will remain healthy for work, and feel emotionally and physically secured, therefore comfortable to spend as consumers."
Liew said that the most important incentives Malaysia has given to investors are the intangibles: political and societal stability, a very capable multilingual workforce, good infrastructure, and the rule of law. - November 9, 2024.
by Ian McIntyre
MALAYSIA needs to seek out new export markets other than the traditional developed nations of the United States, China, Japan, South Korea, India and Europe.
This is to ensure Malaysia is able to compete better in the global economy.
Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong said there is also a pressing need for the country, including the leading economies, to locate new markets to engage in meaningful and win-win trade relations.
Sharing his remarks when representing MITI Minister Tengku Zafrul Tengku Abdul Aziz at the annual gala dinner of the Malaysian-French Chamber of Commerce and Industry (CCIFM), Liew said that since the end of the Second World War, successive Asian economies have grown rich by mainly exporting to the United States.
However, with the shrinking of the American middle class, that assumption is not going to work any longer, said Liew.
"The world can no longer view the US as the importer of the last resort, and has to create more markets beyond the US consumer market. To create a market, we need to first create consumers. To create the consumers, we need to make them rich enough and feel secure to consume."
Liew touched on the regional grouping of Asean where Malaysia is now its chair, saying that CCFM and Malaysians generally have a mission to make Malaysians and the people of the region richer.
"Asean has a population of 670 million. Assuming that in 15 years with 800 million people, half of them, or 400 million, living a middle-class life and consuming as such, the future Asean middle class would be the size of current China’s middle class."
While the world currently relies on the US, Europe, and China to consume the goods and services produced globally, the private sector should be brave enough to envisage a world with a few more consumer markets, namely Asean, South America, and the Middle East as well as Africa.
To create these markets, the French companies in Malaysia or Asean will have to pay better salaries to Malaysian workers and the workers in the region to enable them to become middle class and for them to feel secure to invest in others, said Liew.
"I am glad to share that Malaysia and France have built strong trade and investment ties over the past decades. Last year, France was ranked as Malaysia’s third largest trading partner within the EU, with total trade amounting to RM16.72 billion, accounting for about eight per cent share of our total trade with the EU. French investments into Malaysia are very diverse, ranging from E&E, infrastructure, aeronautics & defence, manufacturing, retail and services sectors."
"I am also very pleased to learn that about half of the 600 French companies present in Malaysia are built by French entrepreneurs who started their operations in Malaysia."
Liew said that the US and the world are unlikely to revert to the old free trade agenda of unfettered capitalism and trickle-down economy.
"In Europe and in the US, inequality has fueled the rise of right-wing populism. French voters certainly had a taste of a right-wing surge during the European Parliament election and the French election this year. I believe we have a collective responsibility to ensure that societies are more equitable to prevent populism from gaining ground here in Malaysia and in this region."
When the region becomes rich, in exchange, the French companies can benefit by creating a market for their products outside the US, Europe and China.
"I am also asked by the organiser to address the question of the global minimum tax (GMT). I hope French companies will be at the forefront in welcoming the Global Minimum Tax. GMT works in such a way that if a French company is not paying income taxes in Malaysia, the home country, in this case, France, will have to collect 15% of taxes from the said company. The objective of GMT is to ensure that countries do not compete to race to the bottom in terms of offering tax holidays to multinationals."
"If we are serious about creating middle-class markets outside the US, Europe, and China, Malaysia and ASEAN governments will need to collect enough taxes from multinational companies to pay for health care, aged care, child care, and public security of their respective nations so that their people will remain healthy for work, and feel emotionally and physically secured, therefore comfortable to spend as consumers."
Liew said that the most important incentives Malaysia has given to investors are the intangibles: political and societal stability, a very capable multilingual workforce, good infrastructure, and the rule of law. - November 9, 2024.
Will the rest of the world, including stay ahead of the curve or continously play catchup and reacting to the Don? Is there a Malaysia First, or just Ali and Baba first? Chatters indicate there will be a lot of unorthodox governance style...let's see what will happen. Oh, will be watching that climate change EV renewable energy thingy...nothing bad about it, just about energy cost to the country...
ReplyDeletehttps://t.me/WeTheMedia/112100
Huge!! If Trump really does this it will save Americans thousands of dollars and it will deal a blow to the criminal banking cartels all at once.
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The Visa/MC credit card monopoly has put Americans into excessive debt with usurious interest rates at 25%+
President Trump wants a 10% cap on all credit card interest rates
JD Vance co-sponsored the Credit Card Competition act which fights the 2-4% hidden tax you pay every time you swipe
Common sense is back
Let’s get people out of debt, eliminate hidden taxes, and make america wealthy again
https://x.com/justinstillness/status/1856141030304735362?s=46
Short Video chitchat/someone rambling/giving his two cents...share as is
ReplyDeleteIs there something big coming? People seems to think so...in the west, there are those on to energy higher self thing feel something big, something never experienced before is coming. In MY (and where Christians who are fervent in their faith), amongst evangelical Christians, there are chatter about the end times, Jesus is coming back. Amongst Catholics, many are saying variation of end time, but not in the same frame of mind as Evangelical (also known as Protestant) Christians, more an understanding of things like Europe and Christian Wesr (including Aus n NZ) have lost their faith and spiritual heritage, churches become cafe, museum, mosques, gallery etc, society breakdown of moral knowns etc...amongst Muslim group, can discern chatters of end time too and dajjal, though not as deep and much exposure, more cursory level. Amongst Indian community and Buddhist or Taoist or of those similar persuasion, haven't follow any particular chatter of such nature, although my Myammarese contractor worker do acknowledge the terrible situation of their country but not at at religious/spiritual level.
I'd been if the world is in the apocalyptic times as a Catholic. Since DJT1.0, there were at least two awareness/observation within me...the Q high level security cleearance information drop via the anonymous boards which eventually got the attention of the highly skeptical and analytical anons prowling those boards that discused at sorts of topic that would generally got slapped with CT(not those from the Malayan jungle type) label in polite society. The questioning and contrast with real life situation and coincide with confirmation proof, albeit in a sleight of hand publicly, from DJT during his public office period, rally, speeches, images from Air Force 1, timestamp match delta between the anon board his twitter account etc provided confirmation proof.
The other one is a certain angst from following the Marian apparitions, supernatural and heavenly events including apparition of Jesus, angels and certain saints since the first one back in the 16th century through the successive century and with higher frequency after the French Revolutionof the in a consistent and regularity with messages and warning, that caught the imagination of the Catholic populace and the dismay of the Church hierarchy. The biggest one being Lourdes in France and Fatima in Portugal. There was the one in Kibeho Rwanda before the terrible anarchy that got so many people died between the Tutsi and Huti, and the many intepretation of the apocalyptic part of the Bible ( book of Daniel and Revelation) in youtube do make the mind wonder if this is period that Jesus talked about in Matthew 24.
1/2
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https://x.com/JackStr42679640/status/1855732313172430960?t=zIEBM3HYz01BiQeuDVaQCQ&s=19
2/2
ReplyDeleteCouple with Trump went thru, both in his first 4 years and the inter-years of court cases, mugshot, label all kinds of names and labels, and the assasination attempts on him.
In part, the question also come with the latest whistleblower, for which, we all now know link to Sabah, makes one wonder if this world is all about corruption and the resignation that it is same old same old in everyway...?
Maybe there is great naviety but I remembered listening to sharing about hope and dream and aspiration for a better in youth related getaway/retreat/activity. Also, hearing people lament about the craziness of war, whthervthe Iraq war at those times, Afghanistan war of bushjr or the atrocity of the killing fields for me who had watch the same movie with my dad, or even the story from elders and grandparents of the Japanese occupation of Malaya and the brutality some suffered at.
Now in the internet age, we are expose to just how long this tyranny the world had been, literally thousands of years by those who claim they had study the history of it. I believe it so although I have never look at in depth history.
Nevertheless, will see what is going to happen, even in Malaysia. Ipart want to expect that Trump winning the election mean some kind of magical change but the realist/pragmatic side recognize it won't be that way and there are more minefield especially for Trump. As of now, the non- MAGA faction in the Republican Party are planning weasel and probably treachery to prevent Trump taking office. There are also the vast deep state operatives whose necks are on the chopping block, as well as the globalist.
Mary had proclaim that her Immaculate Heart will triumph and an era of peace follow. For now, we live each accordingly. Wars and rumours of war still in play.
Regards.
Sorry for the long-windedness, something just need to come out. And blogspot just said, comment too long...que sera sera,