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BANGKOK: The medical devices market in Malaysia is expected to grow at a compound annual growth rate (CAGR) of 9.5% by 2028, reaching a market value of US$4.5 billion. During his welcoming remarks at the International Healthcare Week (IHW) 2024 Networking dinner in Bangkok, Malaysia External Trade Development Corporation (MATRADE) Chairman Datuk Seri Reezal Merican Naina Merican said that the government is actively promoting Malaysia as a regional manufacturing hub. He mentioned that the government is also committed to developing the healthcare industry, a key contributor to the manufacturing sector, in line with its vision of becoming a high-income economy driven by innovation, creativity and high-value activities. “To ensure the continued growth and competitiveness of Malaysia’s healthcare industry, the New Industrial Master Plan 2030 (NIMP) has identified medical devices and pharmaceuticals as priority sectors. “NIMP focuses on advancing Malaysia’s capabilities in product design and development as well as integrated services, aiming to create more value and increase competitiveness,” he added. Reezal Merican highlighted that the industrial blueprint provides a strategic direction for the country to build a stronger healthcare sector and shape a future wherein Malaysia can stand tall in the global arena. “To achieve this vision, Malaysia leverages (free) trade agreements (FTA) to solidify its position as a healthcare industry leader. These FTAs help to streamline trade and investment, integrating Malaysia deeper into the global supply chain and fuelling economic growth across all sectors, including healthcare,” he said. To strengthen the medical devices industry globally, he said MATRADE Supported the formation of the first medical device manufacturer association in Malaysia called the Malaysian Medical Device Manufacturers Association (PERANTIM) in November 2018. He emphasised that the objective is to complement the medical device manufacturing ecosystem in Malaysia and as a platform for the local industry players to champion industry growth through strategic collaborations with all relevant stakeholders. Meanwhile, Reezal Merican also revealed that Malaysia will have the honour of hosting the IHW 2025 in Kuala Lumpur scheduled for 16-18 July at the Malaysia International Trade and Exhibition Centre. We eagerly await your visit to our beautiful country, where you will experience our renowned hospitality and witness our advancements in the healthcare sector, he said. For IHW 2024 in Bangkok, the 10 participating Malaysian companies exhibit a wide range of products including clean room manufacturing, air ventilation systems, smart sensors for data loggers, syringes, blood collection tubes, electric potential therapy devices, collapsible tubes, disposable tourniquets, and in-vitro diagnostic rapid test kits. — BERNAMA

SINGAPORE: The Asia Responsible Enterprise Awards (AREA) 2024 celebrated a cohort of 81 exemplary ESG champions dedicated to shaping a sustainable future for the region and beyond, setting new benchmarks for corporate responsibility. Presented by regional NGO Enterprise Asia, the AREA is widely regarded as the gold standard for ESG and sustainability practices across Asia. Beholding over 5,000 ESG programs for more than a decade, the AREA serves as a platform to showcase and provide well-deserved recognition to businesses and organisations championing sustainability, ultimately inspiring more enterprises to integrate sustainable business practices into their business strategies. Enterprise Asia President, Richard Tsang stated in his welcome speech, “The interconnected challenges of climate change and social inequity underscore the urgent need for a comprehensive approach to sustainability. “By adopting ESG principles, companies can innovate boldly, reduce operational risks, attract purpose-driven talent, and earn consumer loyalty through ethical practices. This holistic approach not only aligns with global sustainability goals, but also positions businesses as champions of lasting transformative change across borders and generations,” he said. Since 2011, the AREA has been recognising businesses from various industries while honouring their achievements in various categories. This year, over 300 submissions across 19 countries and markets have undergone a gruelling judging process based on 3 criteria: relevance, effectiveness and reach, and sustainability. The recipients of the Responsible Business Leadership Category, which recognises visionary leaders who champion responsible entrepreneurship and embed sustainable practices in their business strategy, include Taiwan’s CTCI Group Chairman, John Yu; Far Eastern Big City Shopping Malls Co Ltd Chairperson, Philby Lee and E.SUN Bank Chairman, Joseph Huang, among others. In addition to the categories, the AREA bestowed the Emblem of Sustainability to businesses with a longstanding commitment to sustainability. Prior to the AREA, the International CSR & Sustainability (ICS) Summit 2024 was held on the day. The summit convened with over 300 C-suite-level executives, business leaders, and CSR practitioners from 19 countries. Themed “Embracing The Green Shift: Maximising Business Opportunities In Sustainability”, the summit provided a regional platform for leading thought leaders and CSR practitioners to explore and implement sustainable practices. The summit equipped attendees with the necessary tools and insights to navigate the ever-evolving sustainability landscape while also leveraging and unlocking new opportunities for growth and expansion. Enterprise Asia Chairman, Tan Sri Dr Fong Chan Onn expressed at the summit’s opening that, “Sustainability is no longer a mere option but a necessity, a driving force that shapes how we operate, innovate, and grow. Embracing this green shift means acknowledging that our environmental responsibilities go hand-in-hand with our economic goals. “By integrating sustainable practices into our business models, we not only protect our environment but also enhance our competitiveness, resilience, and long-term success,” he commented.

KUALA LUMPUR: Nippon Express (Vietnam) Co Ltd (NX Vietnam), a group company of Nippon Express Holdings Inc recently launched a service providing north-south rail transport between Hanoi and Ho Chi Minh City. This daily rail transport service covers 1,700km between Hanoi in the north and Ho Chi Minh City in the south in about 48 hours to lower susceptibility to traffic congestion and meet the logistics needs of its customers. According to a statement, rail transport is capable of transporting large volumes of cargo with far fewer carbon dioxide (CO2) emissions than truck transport, helping to reduce companies’ environmental impact. The Vietnamese economy has experienced remarkable growth in recent years, spurring a rapid increase in logistics needs across a variety of industries, including manufacturing and retail sales. The logistics networks linking the country’s north and south are in particularly high demand as key routes between manufacturing bases and consumption centres, resulting in severe and chronic traffic congestion in Vietnam, adding to the time and cost of truck transport. In addition, a new environmental protection law came into effect in the country in 2022, requiring companies to make even greater efforts to reduce their environmental impact. The NX Group will continue providing high-quality logistics services to meet the needs of its customers even as it strives to reduce CO2 emissions, achieve sustainable societies and grow alongside local communities worldwide. — BERNAMA

KUALA LUMPUR: Sarawak has attracted RM4.2 billion in approved investments in the first quarter of 2024 (1Q2024), a key part of the national growth story following the launch of the New Industrial Master Plan (NIMP) 2030. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said this ranks the state at fourth place in terms of value of investment flow. He said the key achievements since NIMP 2030’s launch almost a year ago include approved investments valued at RM329.5 billion recorded by Malaysia in 2023, potentially creating almost 130,000 jobs. “(We also achieved) approved investments of RM83.7 billion for 1Q2024, up 13% year-on-year (YoY), and out of this, more than 56% was approved foreign investment. “The total investments approved will create 29,000 new jobs for Malaysians, a 14.6% increase YoY),” he said in his remarks at the MIDA Invest Series titled ‘Sarawak Unfolding Its Business Potentials’. Tengku Zafrul mentioned that many electrical and electronics (E&E) as well as chemicals companies have established their presence in Sarawak, including Taiyo Yuden Sdn Bhd, OCI Co Ltd, Melexis and X Fab Sarawak Sdn Bhd. “Together with many other domestic and foreign investors, these investments have created valuable spillover opportunities for small and medium enterprises and our fellow citizens in Sarawak, proudly contributing to the vibrant economic development of the state and nation,” he said. The minister also said Sarawak’s ambitious green energy agenda, which aims to decarbonise its transport system and transition towards a low-carbon economy is highly complementary to the national level strategy on green investments, NIMP 2030 and National Energy Transition Roadmap (NETR). He also revealed that from 2021 to March 2024, about 80% of manufacturing projects approved had been implemented. “The high implementation rate has been made possible through initiatives such as the Invest Malaysia Facilitation Centre (IMFC) at the Malaysian Investment Development Authority, with support from key agencies like the Royal Malaysian Customs, Immigration, and Inland Revenue Board, to ease the investors’ journey in Malaysia,” he said. He added that the Investment, Trade and Industry Ministry has been focusing on revamping the whole industrial and investment ecosystem, including incentives, talent, infrastructure, as well as regulatory, procedural, and institutional mechanisms. — BERNAMA