On Tuesday, PM Anwar announced that Malaysia aims to attract $100 billion in semiconductor sector investments. This project aims to position the country as a worldwide manufacturing hub. Malaysia accounts for 13% of global semiconductor testing and packaging and has received major investments from industry players like Intel and Infineon. The intended investments would focus on integrated circuit design, sophisticated packaging, and semiconductor chip manufacturing equipment. Furthermore, Malaysia aims to support the growth of at least ten indigenous design and innovative packaging enterpr
According to preliminary government figures, the economy of the United Arab Emirates (UAE) increased 4.3% year over year in the fourth quarter of 2023, with non-oil economic development notably surpassing overall GDP. The banking and insurance sectors, as well as the transportation, storage, real estate, and construction industries, all saw increases in their non-oil GDP of 6.7% during this time. The UAE has been stepping up its investments in cutting-edge technology and renewable energy as part of its efforts to diversify its economy away from petroleum. Currently, the GDP that is not
Japan is prepared to build a comprehensive strategy aimed at decarbonisation and industrial policy, which will determine the country's course until 2040, as part of a concerted effort to lead sustainable growth. On Monday, the ministry representatives disclosed that the goal of the Japanese government is to present this comprehensive strategy by the end of March next year. The carefully crafted plan, which seeks to combine industrial development with decarbonisation objectives, is intended to stimulate investments that would accelerate the country's shift to a greener economy and increa
On May 10, President Kassym-Jomart Tokayev of Kazakhstan signed economic changes with the aim of increasing investment opportunities, competition, and entrepreneurship, especially for Indian investors eyeing the region. A National Privatisation Office, improved corporate governance for the Samruk Kazyna Sovereign Wealth Fund, and increased competition in product marketplaces are some of the measures. To facilitate digitization and optimise company processes, regulatory policies will be streamlined. Decriminalisation of some offences is one of the measures put in place to safeguard the righ
South Korea is preparing a $7.3 billion support package for its chip industry to boost investments and research. Finance Minister Choi Sang-mok revealed the strategy, which targets fabless businesses, equipment manufacturers, and chip materials. Policy loans and a new fund supported by public and private organisations might be included in the package. President Yoon Suk Yeol has promised tax breaks for investments, highlighting the semiconductor industry's strategic significance. In Yongin, South Korea is constructing the largest high-tech complex in the world, a megachip cluster. This
The United States has overtaken China as Germany's primary trading partner in the first quarter of this year. Based on data from the German Statistics Office, this trend can be seen: commerce between China and Germany was just under 60 billion euros, while trade between the U.S. and Germany totaled 63 billion euros ($68 billion). Trade with China has decreased due to several reasons, such as China's increased domestic manufacturing of commodities that were formerly imported from Germany. Furthermore, trade with the US has increased because of the country's robust economy. Commerzbank ec
Saudi Arabia plans to make a significant investment in Uzbekistan's economy. The 3rd Tashkent International Investment Forum attracted global investors, notably from the Gulf, resulting in $26.6 billion in agreements. Over 2,500 participants from 93 countries attended, showcasing its global reach. Key projects included regional energy initiatives like Kambarata HPP-1 and Yavan HPP, with the presence of Uzbek and Kyrgyz Prime Ministers highlighting their importance. Uzbekistan celebrated the forum's success, noting the jump from $11 billion in 2022 to $26.6 billion this year. Notable Saudi
Nigeria is offering 12 new oil blocks to international investors with financial and technical capability, aiming to enhance the exploitation of its vast oil and gas reserves. The nation, which produces the most oil in Africa, started its licencing process on April 29 in an effort to access its estimated reserves of 209.26 trillion cubic feet of natural gas and 37.5 billion barrels of crude oil. In response to earlier worries about the transparency of bid awards, Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), promised a fair and transparent proce
According to the S&P Global South Africa PMI, there was a slight increase in private sector activity in April as a result of higher business confidence, which led to increased hiring and purchasing. It reached its best level since February, from 48.4 in March to 50.3, signifying growth above 50. The boost in sentiment stemmed from reduced power cuts and a lesser decline in new orders. Economics director at S&P Global Market Intelligence Andrew Harker reported lessening challenges, crediting the improvement to less supply-chain delays and load shedding. A few businesses are exp
Indonesia's GDP grew by 5.11% yearly in Q1, surpassing forecasts due to heavy state spending on elections. Even though this momentum has exceeded the 5% prediction of economists, global forces and local monetary policies pose obstacles to its continuation. Analysts caution that these increases are only transitory due to impending worries about US interest rates, tensions in the Middle East, and Indonesia's recent interest rate hikes, which have increased by 275 basis points since mid-2022. In Q1, government spending increased by about 20% each year. Meanwhile, growth in investments slow