Malaysia and Hong Kong are expected to expand their cooperation in the banking and financial sector, especially in Islamic financing. Finance Minister Datuk Seri Ahmad Husni Hanadzlah and Hong Kong's Secretary of Finance John Tsang discussed efforts to expand the level of cooperation between the two countries in the financing and banking sector, especially Islamic financing. (Bernama)
Malaysian and Yemeni business communities must continue efforts to venture deeper into each other's business terrain and form smart alliance to boost bilateral trade and investment. Malaysian Ambassador to Yemen, Abdul Samad Othman, said both business communities should focus on exchanging experience and knowledge, while at the same time explore and expand trade as well as investment opportunities for their products and services. (Bernama)
The New Economic Model (NEM) to be introduced will not abolish bumiputera rights but will focus on cooperation with non-bumiputeras, parliament was told. Minister in the Prime Minister's Department Datuk Seri Mohamed Nazri Aziz said the form of cooperation would be in politics and business promotions. "We want joint-ventures where both parties, bumiputeras and non-bumiputeras, stand to gain," he said. (Bernama)
Japanese ambassador Masahiko Horie said that Malaysia could lose out in foreign direct investments (FDIs) from Japan if the manpower shortage faced by the manufacturing sector prolongs and coupled with the threat of removal of fuel subsidy by the government. These two elements would weight heavily on FDIs and Malaysia may lose its advantage to other countries. He added that Japanese companies, especially those in the electronics and electrical (E&E) sector, were having a hard time employing production operators who were crucial to their operations. (Financial Daily)
Various efforts are being undertaken to step up food production to reduce the nation's dependence on food imports. Agriculture and Agro-based Industry Minister Datuk Seri Noh Omar said these included five high-impact projects, which would also help raise the nation's rate of food self-sufficiency. The projects were the Permanent Food Production Park, contract farming, National Feedlot Centre (NFC), Aquaculture Industrial Zone and development of 15,000 agro-based entrepreneurs. (Bernama)
Agriculture and Agrobased Industry Minister Datuk Seri Noh Omar indicated the need to continue with the agriculture subsidy, but its distribution to be reviewed, to ensure sufficient food supply in the country. He said the agriculture subsidy might not be abolished because there were also developed countries which still provided subsidy for their agriculture sector. The agriculture subsidy should be continued to overcome the current trade deficit in the agriculture sector because of high import. "We are facing a deficit of about RM5.2bn. We import more agriculture produce. The country's target is to achieve a trade surplus in food of RM1.2bn this year," he added. (Bernama)
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