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KUALA LUMPUR, April 29 – The Ministry of Investment, Trade and Industry (MITI) has appointed its Deputy Secretary-General (Trade), Mastura Ahmad Mustafa, as Malaysia’s chief negotiator for upcoming formal tariff discussions with the United States. According to MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz, the US has appointed one of its assistant trade representatives to lead its side of the negotiations. Both parties have agreed to begin formal talks once approval is granted by Malaysia’s Cabinet. “We are now waiting for Cabinet approval before proceeding. The US side has agreed to engage, and both the US Trade Representative (USTR) and the Secretary of Commerce are eager to move forward,” said Tengku Zafrul at MITI’s open house event. Key areas of negotiation include tariff reductions, easing of non-tariff barriers — especially in the agriculture sector — and addressing the current US$25 billion trade surplus Malaysia maintains with the US. The minister highlighted that Malaysia has reduced its trade surplus with the US from over US$40 billion to the current level over the past four years. Earlier in April, the US implemented increased tariffs of 24% on imports from around 60 countries, including Malaysia. However, a 90-day pause was granted to allow for trade negotiations. Tengku Zafrul led a Malaysian delegation to Washington on April 24 to meet with US Secretary of Commerce Howard Lutnick and USTR Jamieson Greer. The outcomes of these initial discussions will be reviewed at the National Geoeconomic Command Centre (NGCC) meeting chaired by the Prime Minister. The minister also noted that both sides have agreed to expand discussions to cover economic security matters, including technology safeguards and intellectual property enforcement. The US has expressed concerns over the potential for sensitive technology produced or developed in Malaysia to fall into undesirable hands. A proposed technology safeguard agreement is among the measures being considered. On the recent US tariff actions against some Malaysian and Chinese solar panel exporters, Tengku Zafrul clarified that these apply only to non-compliant firms. “We assisted the companies in presenting their defence, but some explanations were not accepted. It is now up to the affected firms to decide whether to continue exporting to the US or revise their strategies,” he said. He also confirmed that Malaysia has not requested an extension of the 90-day pause and intends to work within the current timeframe. –Bernama

KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) has completed its acquisition of Export-Import Bank of Malaysia Bhd (Exim Bank) and Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank), formalising the merger of the three government-linked development financial institutions. The acquisition, based on the net tangible assets of Exim Bank and SME Bank as of 31 December 2023, aligns with the government’s broader strategy to consolidate development finance institutions under the Malaysia Madani Economic Framework and other national policy blueprints. With a combined workforce of over 2,000, the newly consolidated BPMB group aims to deliver RM8.3 billion in impact capital this year. The group will continue supporting key development pillars including SME financing, Bumiputera entrepreneurship, cross-border trade, and sustainability-led initiatives. BPMB said the integration is expected to generate revenue and cost synergies over time while preserving jobs and enhancing capacity across the ecosystem. The move follows Prime Minister Datuk Seri Anwar Ibrahim’s 2024 Budget announcement to restructure DFIs for greater national development impact.–BERNAMA

KUALA LUMPUR: Malaysia’s halal product exports surged to RM61.79 billion in 2024, marking a 15% increase from RM53.72 billion the previous year, according to the Ministry of Investment, Trade and Industry (MITI). MITI deputy secretary-general (industry) Hanafi Sakri attributed the growth to Malaysia’s robust halal ecosystem, particularly in sectors such as food and beverage, finance, and travel. He shared the update during the soft launch of the Malaysia International Halal Showcase 2025 (MIHAS). Malaysia continues to lead the Global Islamic Economy Indicator rankings for the 10th consecutive year, underscoring its strong presence in Islamic finance and halal-related sectors. Looking ahead, the halal industry is projected to contribute RM231 billion—or 10.8%—to Malaysia’s GDP by 2030. Meanwhile, Malaysia External Trade Development Corporation (Matrade) chairman Reezal Merican Naina Merican said the nation’s 2025 export target of RM1.58 trillion remains attainable despite global challenges. He noted that Matrade is working on strategies to diversify markets and address trade deficits. Malaysia’s total exports reached RM1.51 trillion in 2024, surpassing its original target by RM10 billion.–FMT

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has appointed Shafiq Abdul Jabbar as its new Group Chief Financial Officer (CFO), effective 7 July 2025. He will succeed Khalijah Ismail in the role. With over 25 years of experience across various industries, Shafiq is expected to play a pivotal role in shaping Maybank’s strategic direction and transformation journey. The banking group said in a Bursa Malaysia filing that Shafiq will support President and Group CEO Khairussaleh Ramli in driving value creation and strategic decision-making. He will also lead the transformation of the group finance division by leveraging technology and data to build forward-looking financial capabilities. “Shafiq’s strong financial leadership will be instrumental in advancing our strategic growth agenda,” said Khairussaleh. “We look forward to his contribution as we continue positioning Maybank as the most positively impactful financial institution.” Shafiq will work closely with the group executive committee to enhance shareholder value, reinforce governance standards, and ensure long-term sustainable growth.