Business

KUALA LUMPUR, The forward-looking ASEAN Digital Economy Framework (DEFA), currently under negotiation, is likely to be completed during the ASEAN Summit next year, said Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He said that intra-trade within ASEAN currently stands at 20 per cent, and DEFA is expected to boost intra-trade between member states, particularly for small and medium enterprises (SMEs). ‘One way to increase ASEAN’s intra-trade is through increasing digital e-commerce and this would help SMEs, especially when we trade more between the ASEAN members,’ he told reporters on the sidelines of the Eighth

KUALA LUMPUR, Collective efforts between the Federal and state governments are essential to create a more cohesive and dynamic business environment in Malaysia, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. By aligning strategies and complementing each other’s resources, the Federal and state governments can better support domestic industries and attract more investments into Selangor and Malaysia, he said. ‘To seize these opportunities, Malaysia must develop an ecosystem conducive to innovation, entrepreneurship, and investment. ‘This includes providing support to our entrepreneurs and small and medium enterprises (SMEs) and fostering strong partnerships between the public and private

KUALA LUMPUR, Selangor remains focused on maintaining its performance as the country’s largest investment contributor by state through the organisation of the Selangor International Business Summit (SIBC 2024), said Selangor Menteri Besar Datuk Seri Amirudin Shari. For the first quarter, Selangor was in third place with an investment of RM12 billion, while for the whole of 2023, Selangor was in second place with an investment of RM55 billion “So the target this time is to maintain the large amount of investment and create significant economic opportunities for the people,” said Amirudin following the opening of the 8th SIBC at the

KUCHING, Affin Bank Bhd has inked a memorandum of understanding (MoU) with three local industry players, namely Sarawak Digital Economy Corporation Bhd (SDEC), Dewan Usahawan Bumiputera Sarawak Kuching Branch and Chemsain Sustainability Sdn Bhd, to expand its footprint to boost small and medium enterprises (SMEs) in Sarawak. The collaboration with local industry players aims to foster digital transformation and sustainable growth in the region, said Affin Islamic Bank Bhd chief executive officer Datuk Syed Mashafuddin Syed Badarudin. ‘Through these collaborations, we aim to provide comprehensive support for SMEs in their digital transformation journey and facilitate access to a collaborative ecosystem,

KUALA LUMPUR, A total of 3.4 million of the 13.1 million Employees Provident Fund (EPF) members under the age of 55 have made withdrawals from the Flexible Account amounting to RM8.9 billion as of July 19, 2024. Finance Minister II Datuk Seri Amir Hamzah Azizan said that for the same period, a total of 3.8 million or 29.3 per cent of EPF members chose to have the initial amount in the Flexible Account (Account 3) with a transfer of RM12.6 billion, while RM5.6 billion was transferred to the Retirement Account (Account 1). He said the transfer to the Retirement Account