NCCIM Welcomes New Committee’s Plan To Promote Economic Development
The National Chamber of Commerce and Industry of Malaysia (NCCIM) was looking forward to seeing a blueprint to chart the country’s economic future. Malaysia-China Chamber of Commerce president Tan Yew Sing said that the focus should be on developing a private sector driven economy rather than the one that was dependent on government linked companies (GLCs) and the public sector. More countries are looking at creating demand driven economic activities. This role is played by the small and medium enterprises (SMEs) which account for over 90% of our nation’s economic activities while creating some 50% in job opportunities.
Malaysian Investment Development Authority (Mida) Chief Executive Officer, Datuk Azman Mahmud stated that he encourage companies to invest in talent and technology to improve productivity and their capabilities to become future-proof. He also place great importance in engaging investors, particularly large multinational companies because they come with technology and processes required for the industries to grow and diversify. This initiative will contribute in many ways, especially in enabling lecturers and students to be familiar with the latest technologies in the industry. It will also provide hands-on experience for students in mechatronics engineering or those interested in joining the high-tech industry relating to mechanical, electrical and electronics, programming and vision technologies.
Malaysia’s Automotive Industry Has Finally Shifted Into High Gear
Malaysia’s automotive industry revving up for a better ride in 2019 with the launch of new vehicles under local brands and improved total industry volume, driven by heightened demand and a recovery in consumer sentiments.With a workforce of more than 600,000, the industry contributed 4 percent approximately around RM40 billion to Malaysia’s gross domestic product (GDP). The workforce that contribute in automotive industry are including, 27 vehicles manufacturers (OEMs), an estimated 53,000 aftermarket establishments, and about 700 parts and components suppliers. According to Deputy Minister of International Trade and Industry (MITI) Dr Ong Kian Ming, he stated that the automotive industry remains a catalyst towards developing a Malaysian workforce that is adept in technology and high value processes, compatible with the capabilities of advanced nations of the world. He also stated that the entire ecosystem now must further transform to meet changing demand for future automotive products and services. Industry observer becomes optimistic on Malaysia’s automotive scene due to possibilities of better sales with new policies set to take place this year.
Saudi Aramco-Petronas’s Pengerang Integrated Complex (PIC) Is Preparing For Start-Up
Asia’s refining capacity growth will experience a boost in 2019, with the start-up of the Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang around the corner, says S&P Global Platts. The start-up will increase Saudi’s crude oil inflow and add supply of refined petroleum products. It is said that the project is designed to meet both domestic and export fuel as the current domestic fuel demand is most likely to be affected by the lukewarm economic growth. PIC will add to the refined product supply while higher Chinese exports will add to Asia’s diesel surplus and pressure refinery margins. The jointly held Pengerang Integrated complex (PIC) is preparing for official start-up of RAPID.
Three New Awards For Petroliam Nasional Bhd (PETRONAS)
PETRONAS recently bagged three awards in the Asia Pacific Energy Award Council. PETRONAS retained the title “The Asia Pacific National Oil Company of The Year “three years in a row beating Indonesia and Thailand at the Asia Pacific Energy Award Dinner. This represents a global benchmark of excellence for those working in the oil and gas industry. Over 50 judges took part in narrowing down the long list of nominees to pick a winner. Petronas also won Asia Pacific Company of the Year for Downstream category and the Asia Pacific Female Executive of the Year Award went to Upstream Exploration Vice President Emeliana Rice-Oxley. Other than Petronas, oil and gas service provider Sapura Energy Bhd was awarded The Asia Pacific Company of the Year.
Oil And Gas Is Going To Be One Of Government’s Focus In 2019
The local oil and gas (O&G) sector is going to get more push from the government this year because of the rise in explorations and production (E&P) activities. This industry will be second in the limelight after electrical and electronics (E&E) industry. The rise is expected to be at US$10-20 per barrel of oil. This is to revive some of the E&P activities that may have been deferred or stopped due to the low price per barrel recently. The Ministry is expecting a lot of potential in the downstream projects and products referring to Petronas’ Pengerang Integrated Complex (PIC) in Johor. This activity is announced because so that everyone can see this is an industry that we want to expand in, especially the petrochemical products downstream.
A Malaysian Made To The List of Best Global Brand Guardian 2019
Petronas President and Chief Executive Officer (CEO) Tan Sri Wan Zulkiflee Wan Ariffin made it into Brands Finance’s list of 100 best global Brand Guardian for 2019 taking the 95th spot. In this ranking they measure up as brand managers scoring them according to their success in marketing investment, stakeholder equity and business performance. Tan Sri Wan Zulkiflee is the only Malaysian in the list. Petronas is also seen moving up the ladder from 127th spot from 132nd spot in a year. This can be seen as a significant achievement for the country and Petronas. Tan Sri Wan Zulkiflee can be seen steering the national oil company to become more resilient while achieving an improved performance.