Tag: economy

Penang Economy Grows 7.3 Per Cent, Records RM130.3 Bln GDP In 2025

GEORGE TOWN, July 3 --  Penang's economy grew by 7.3 per cent in 2025, with its gross domestic product (GDP) rising to RM130.3 billion from RM121.4 billion in the previous year, driven by the strong performance of the manufacturing and services sectors. The Department of Statistics Malaysia (DOSM) said in a statement that the manufacturing and services sectors continued to dominate the state's economy, contributing a combined 94 per cent to GDP, followed by the construction sector, which accounted for 3.3 per cent. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the manufacturing sector contributed 47.3 per cent to Penang's GDP in 2025, with value-added amounting to RM61.7 billion, an increase of 10 per cent compared with 4.0 per cent growth in the previous year. "Electrical, electronic, and optical products were the main drivers of the manufacturing sector's 12.7 per cent growth, supported by increases in the electronic components and boards, communications equipment, and consumer electronics segments. "In addition, non-metallic mineral products, basic metals and fabricated metal products also supported the sector's expansion, growing by 8.7 per cent in 2025," he said in the statement. Mohd Uzir said the services sector recorded a value-added of RM60.8 billion, up from RM58.4 billion in 2024, registering growth of 4.1 per cent. The sector's performance was driven by a 5.6 per cent increase in the wholesale and retail trade, food and beverage, and accommodation subsectors, as well as 2.7 per cent growth in the utilities, transportation and storage, and information and communications technology (ICT) subsectors. The construction sector recorded a value-added of RM4.3 billion, compared with RM3.8 billion in the previous year, contributing 3.3 per cent to the state's GDP and expanding by 13.4 per cent. This was driven by double-digit growth in the civil engineering and specialised construction activities subsectors. The agriculture sector grew by 1.8 per cent in 2025, compared with a contraction of 0.5 per cent in 2024. This was supported by a 3.4 per cent increase in the fisheries subsector, while the mining and quarrying sector expanded by 1.1 per cent in 2025. "In terms of GDP per capita, Penang recorded an increase of RM4,477, rising from RM76,107 to RM80,584, exceeding the national average of RM59,167," the chief statistician said. -- BERNAMA

GEORGE TOWN, July 3 —  Penang’s economy grew by 7.3 per cent in 2025, with its gross domestic product (GDP) rising to RM130.3 billion from RM121.4 billion in the previous year, driven by the strong performance of the manufacturing and services sectors. The Department of Statistics Malaysia (DOSM) said in a statement that the manufacturing […]

YB Gobind Singh Deo: Energy Security and Digital Growth Key to Malaysia’s Next Economic Phase

KUALA LUMPUR, June 2026 — Digital Minister Gobind Singh Deo said Malaysia’s next phase of economic growth will depend on the country’s ability to align energy security, digital acceleration, and economic transformation in an increasingly competitive global environment, yesterday. Speaking during a Ministerial Dialogue at the Energy Transition Conference 2026 (ETCon26), organised by Tenaga Nasional Berhad (TNB), Gobind highlighted the growing importance of reliable, affordable, and low-carbon energy to support the expansion of artificial intelligence (AI), data centres, and advanced manufacturing industries. He noted that Malaysia’s competitiveness will be strengthened by ensuring a sustainable energy supply capable of meeting the demands of a rapidly evolving digital economy. Gobind shared the stage with Deputy Prime Minister and Minister of Energy Transition and Water Transformation Fadillah Yusof and Economy Minister Akmal Nasrullah Mohd Nasir during the discussion on Malaysia’s future growth prospects. The dialogue underscored the importance of a whole-of-government approach in driving greater coordination across energy system planning, digital infrastructure development, industrial policy, talent cultivation, and investment readiness. Gobind stressed that as Malaysia continues to navigate a rapidly changing regional landscape, the nation must remain focused on building a resilient, innovation-driven, and future-ready economy capable of sustaining long-term growth and prosperity. The Energy Transition Conference 2026 brought together policymakers, industry leaders, and stakeholders to discuss strategies for advancing Malaysia’s energy transition agenda while supporting economic and digital development. -- MINUTESMY -- SOURCE : FB Gobind Singh Deo

KUALA LUMPUR, June 2026 — Digital Minister Gobind Singh Deo said Malaysia’s next phase of economic growth will depend on the country’s ability to align energy security, digital acceleration, and economic transformation in an increasingly competitive global environment, yesterday. Speaking during a Ministerial Dialogue at the Energy Transition Conference 2026 (ETCon26), organised by Tenaga Nasional […]

Datuk Seri Dr. Ahmad Zahid TVET No Longer A Second Choice, Increasingly Preferred By Youth

KUALA LUMPUR, May 28 -- Technical and Vocational Education and Training (TVET) is no longer a second choice but a preferred option among the younger generation, driven by rising enrolment and high employability rates among graduates. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said as such the government remains committed to strengthening the TVET agenda as a key driver of human capital development and future economic growth. "I hope that the government's efforts through the organisation of National TVET Day will change public perception, showing that it is no longer a second choice but a top career path capable of producing a future generation of professionals, technology creators, entrepreneurs, and industry leaders," he said in a Facebook post today. He added that the nation’s economic future will be driven by a highly skilled workforce, new technologies, and a culture of innovation, which is why empowering TVET remains a priority. Ahmad Zahid said that to strengthen the national vocational education ecosystem, the government has declared June 2 as National TVET Day each year to raise public awareness of the field's importance in building a more progressive, competitive, and skills-based future. He said the National TVET Day 2026 celebration, scheduled to take place at Dataran Putrajaya from June 5 to 7, will bring together educational institutions, industry players, entrepreneurs, youth, and the general public. A variety of programmes are lined up, including technology and innovation exhibitions, a TVET Career Carnival, industry seminars, robotics and Drone Soccer challenges, a Future Skills Showcase, a TVET entrepreneurship platform, and interactive activities for families. Ahmad Zahid said the celebration will also reinforce strategic cooperation between TVET institutions and industry, ensuring talents meet current job-market demands rooted in technology, innovation, and skills. He said that 1,398 TVET institutions nationwide are now a core part of the nation's development. Ahmad Zahid, the National TVET Council chairman, said 229,121 students, or 56.86 per cent of Sijil Pelajaran Malaysia (SPM) school leavers and equivalents, chose TVET studies, while total enrolment reached 459,558 last year. "What is even prouder is that the country's TVET graduate employability rate rose to 95.9 per cent in 2025 compared to 95.6 per cent the previous year," he said. He said this achievement proves that TVET is not only increasingly accepted by the younger generation but has also successfully produced the highly skilled workforce truly needed by the country's industries and economy. "Let us come together to make National TVET Day 2026 a success," he added. -- BERNAMA

KUALA LUMPUR, May 28 — Technical and Vocational Education and Training (TVET) is no longer a second choice but a preferred option among the younger generation, driven by rising enrolment and high employability rates among graduates. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said as such the government remains committed to strengthening the […]

AGIBOT Showcases Humanoid Robotics at GSMA Digital Nation Summit Hanoi 2026

HANOI, Vietnam, May 26, 2026 /PRNewswire/ -- AGIBOT, a global leading AI Robotic company, announces its participation in the GSMA Digital Nation Summit Hanoi 2026, the premier gathering of industry leaders, investors, and policymakers shaping Vietnam's digital future. AGIBOT's presence at the summit, represents an important step of its expansion in Vietnam and the broader Asia Pacific market.   Vietnam is prioritizing artificial intelligence as a key driver of its digital economy, which is expected to account for a substantial share of GDP by 2030. AGIBOT's products and solutions are ideally suited to accelerate the digital transformation by addressing critical needs across key sectors. These include loading and unloading on production lines and industrial material handling in manufacturing; logistics sorting, guided tours, shopping assistance, and wayfinding in retail and hospitality; education and research; security patrol and inspection; and commercial and industrial cleaning. These represent the commercial scenarios and productivity solutions that AGIBOT robots deliver. "We are introducing advanced embodied AI productivity solutions to Vietnam," said Abel Deng, President of the Middle East and Asia Pacific Region at AGIBOT. "As Vietnam accelerates its transformation into a leading digital economy, embodied AI represents a critical new layer — turning digital intelligence into real-world physical productivity. Our vision is to unlock a new era of productivity, where robots seamlessly integrate into factories, commercial spaces, and everyday life, augmenting human capability and driving sustainable growth. " Beyond its presence at the summit, AGIBOT is actively building a local ecosystem of partners and value-added services to support Vietnam's industries with training, maintenance, and continuous innovation. By combining cutting-edge robotics with deep local collaboration, AGIBOT is committed to being a trusted, long-term partner in Vietnam's journey to become a regional leader in digital transformation and economic growth. About AGIBOT AGIBOT is an Embodied AI foundation model company developing both the intelligence layer and the corresponding robotic embodiments needed to bring general intelligence into the physical world. AGIBOT's "Three Intelligences in One" architecture integrates Locomotion Intelligence, Interaction Intelligence, and Manipulation Intelligence into a unified embodied system. Its portfolio spans humanoid robots, quadrupeds, dexterous systems, and commercial cleaning solutions. In March 2026, AGIBOT announced that its 10,000th robot had rolled off the production line. Source: AGIBOT

HANOI, Vietnam, May 26, 2026 /PRNewswire/ — AGIBOT, a global leading AI Robotic company, announces its participation in the GSMA Digital Nation Summit Hanoi 2026, the premier gathering of industry leaders, investors, and policymakers shaping Vietnam’s digital future. AGIBOT’s presence at the summit, represents an important step of its expansion in Vietnam and the broader […]

PhotonPay Completes its First Live Agentic Payment Together with Mastercard

HONG KONG, May 14, 2026 /PRNewswire/ — PhotonPay, a next-generation financial operating system, today announced a milestone in agentic transaction together with Mastercard, marking a significant step in the exploration of AI-driven financial infrastructure in Hong Kong. In a live operational demonstration, a PhotonPay tokenized card was securely provisioned for use by an AI agent, […]

PM Anwar Reaffirms MADANI Government’s Commitment to Sabah’s Welfare and Development

KUALA LUMPUR, 13 MAY -- Prime Minister Anwar Ibrahim today received a courtesy visit from Deputy Minister of Human Resources Khairul Firdaus Akbar Khan and Sabah Minister of Agriculture, Fisheries and Food Industry Jamawi Jaafar. During the meeting, they discussed and reviewed several matters related to the development and welfare of the people of Sabah. The discussion also focused on efforts to improve the living standards of citizens, particularly those in rural areas, including initiatives to strengthen economic opportunities and enhance the people’s welfare. Prime Minister Anwar stressed that the MADANI Government will continue to prioritise Sabah’s needs to ensure that every policy and assistance announced is effectively implemented and truly felt by the people on the ground. “Insya-Allah, the government remains committed to ensuring that development and aid initiatives benefit the rakyat directly and comprehensively,” he said. -- MINUTESMY -- SOURCE: FB ANWAR IBRAHIM

KUALA LUMPUR, 13 MAY — Prime Minister Anwar Ibrahim yesterday received a courtesy visit from Deputy Minister of Human Resources Khairul Firdaus Akbar Khan and Sabah Minister of Agriculture, Fisheries and Food Industry Jamawi Jaafar. During the meeting, they discussed and reviewed several matters related to the development and welfare of the people of Sabah. […]

Targeted Subsidies Shield The Public From Global Energy Crisis Impact – Amir Hamzah

KUALA LUMPUR, April 10 -- The government has created a buffer by maintaining targeted subsidies for RON95 and diesel at fixed prices, while aligning the prices of non-subsidised fuel with market rates to shield the public from the direct impact of the global energy crisis. Finance Minister II Amir Hamzah Azizan said the measure is crucial to protect critical sectors, including fishermen, public transport and eligible logistics vehicles, which continue to enjoy diesel at controlled rates. “Critical sectors that still benefit from subsidised diesel, such as fishermen, continue to receive diesel at RM1.65. “For land public transport vehicles, including school and express buses, ambulances and fire engines, the price is RM1.88 per litre, while eligible logistics vehicles and users in Sabah and Sarawak pay RM2.15 per litre,” he said at a global energy crisis briefing today. He said current global price pressures stem from low supply relative to high demand, security threats, as well as rising shipping and insurance costs. Amir Hamzah said Malaysia’s fuel supply is more robust compared with other countries, with Petroliam Nasional Bhd (Petronas) and several other oil companies managing the nation’s resources responsibly. “We can see this through petrol stations that continue to operate. Malaysians can still purchase fuel. Some countries have already imposed rationing, and hundreds of petrol stations elsewhere have been closed due to supply shortages,” he said. He said the crisis should be viewed as an opportunity for Malaysia to continue strengthening its economic resilience and to seize the chance to become a more dynamic and progressive society. “The people play an important role. This is the time for us to set aside our differences and choose unity in facing the crisis, including practising moderation in our daily lives. “The government’s priority at this time is to ensure sufficient supply of fuel, energy, essential goods and medicines for the rakyat. At the same time, the government is striving to safeguard the national economy and protect the people,” he said.

KUALA LUMPUR, April 10 — The government has created a buffer by maintaining targeted subsidies for RON95 and diesel at fixed prices, while aligning the prices of non-subsidised fuel with market rates to shield the public from the direct impact of the global energy crisis. Finance Minister II Amir Hamzah Azizan said the measure is […]

Boost Bank Drives Fintech Growth as Malaysia Accelerates Digital Economy Agenda

KUALA LUMPUR, April 1 — Malaysia’s fintech sector continues to gain momentum as a key driver of the nation’s digital economy, with industry leaders highlighting ongoing efforts to accelerate innovation and financial inclusion. During a recent engagement, Sheyantha Abeykoon, Group Chief Executive Officer of Boost Holdings, and Ungku Liza, Deputy CEO of Boost Bank, presented the latest developments and strategic initiatives undertaken by the digital bank in advancing the fintech landscape. The session underscored the growing importance of fintech in propelling Malaysia’s digital economy to greater heights, particularly in enhancing accessibility, efficiency, and innovation within the financial ecosystem. Efforts by Boost Bank were positively received, with recognition given to its role in delivering tangible impact across the sector. Its initiatives are seen as contributing significantly to expanding digital financial services and supporting broader economic growth. The engagement reflects continued collaboration between stakeholders to ensure Malaysia remains competitive in the rapidly evolving global fintech space, while fostering a more inclusive and resilient digital economy.

KUALA LUMPUR, April 1 — Malaysia’s fintech sector continues to gain momentum as a key driver of the nation’s digital economy, with industry leaders highlighting ongoing efforts to accelerate innovation and financial inclusion. During a recent engagement, Sheyantha Abeykoon, Group Chief Executive Officer of Boost Holdings, and Ungku Liza, Deputy CEO of Boost Bank, presented […]