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TAPiO Newsletter – September 2019 Issue
DTA to Reduce Malaysia-Cambodia Trade Imbalance – Dr M
Prime Minister Tun Dr Mahathir Mohamad attend a dialogue with Malaysian businessmen and investors, involving 28 Malaysian companies operating in Cambodia, in Phnom Penh. The signing of the Double Taxation Avoidance (DTA) agreement between Malaysia and Cambodia will open the new dimension in trade between the two nations said Tun Dr Mahathir Mohamad. Many Malaysians are doing businesses and investing in Cambodia, and they have to pay high taxes, which is detrimental. Thus, with the signing of the DTA, it can reduce the costs borne by Malaysian businessmen and investors. It will also reduce the imbalance in the trade where Cambodia suffers a deficit in terms of trade with Malaysia.
Japan has proposed for a leaner management structure as part of its cost-cutting plan for the deferred Kuala Lumpur (KL)-Singapore high-speed rail (HSR) project. Japanese Ambassador to Malaysia H.E. Dr Makio Miyagawa said Tokyo has engaged with representatives from Malaysia and Singapore on a simplified organisation structure that would eliminate overlaps, which in turn could reduce the cost to build the 350km rail line. Both the Malaysian and Singaporean governments have decided to create five companies just to run the HSR from KL to Singapore and agreed to suspend the construction of the HSR project for a period up to May 31, 2020.
Malaysia Approves RM2.3b Investments to Make Sanitary-Related Products
The Malaysian Investment Development Authority (MIDA) has approved 21 projects to manufacture sanitary-related products, involving investments of RM2.3 billion, from 1980 to June this year. Of the total, RM2.2 billion comprised foreign investments while the balance of RM125 million was from domestic sources, MIDA said in a statement. MIDA, the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI), lauded efforts by Vinda Group, a leading manufacturer of branded hygiene products such as baby diapers, incontinence products and feminine protection products, to fortify its presence in the region through the establishment of the regional HQ.
Halal Industry Development Corporation Sdn Bhd (HDC) international footprint manager Mohammad Shukur Sugumaran said Indian importers had expressed strong interest in sourcing for halal cosmetics and personal care products due to increasing awareness in using clean, organic, healthy and safe products, especially among the young. Shukur said halal food and beverages also remained the top-picked products in the Indian market, despite the strict labelling regulations.