24/04/2025

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THURSDAY | APR 24, 2025

Berjaya Food to open Iceland’s first-ever Starbucks retail stores in Reykjavik in May PETALING JAYA: Berjaya Food Bhd (BFood) through subsidiary Berjaya Food International is set to introduce Iceland’s first-ever Starbucks retail stores in Reykjavik in May, under an operating licence granted by Starbucks Coffee Company. second store will be opened later at a lively hub for food, shopping and culture, playing a key role “As we introduce the iconic Starbucks Experience and warm Malaysian hospitality, we the community. “We’re pleased to expand our presence in the Nordic markets alongside our trusted and long term business partner, Berjaya Food Berhad, and contribute to the vibrant local coffee community in the region,” said Duncan Moir, president of Starbucks Europe, Middle East and Africa. in shaping the diverse com munity of Reykjavik’s new harbour district. The opening dates and exact locations will be announced in due course. “We are thrilled to finally

are also committed to em powering the local community by creating job opportunities and sourcing from local busi nesses,” he added. The company remains dedi cated to upholding Starbucks’ promises that customers in other markets have come to

This expansion marks the first entry of a Malaysian public-listed food and beverage company into the Icelandic coffee market. Opening in May in the heart of the city, the first store will be located at Reykjavik’s bustling main shopping street, known for its vibrant mix of boutiques, bars, restaurants and cafes. The

“Building on our 26-year relationship with BFood, we are excited to further connect with more customers over a handcrafted Starbucks beverage and make impactful investments in our green apron partners (employees) as well as the community,” he added. Miti committed to finding best solution in US reciprocal tariffs issue: Tengku Zafrul KUALA LUMPUR: The Ministry of Investment, Trade and Industry (Miti) is committed to seeking the best solution for mutual benefit with regard to US reciprocal tariffs, said Minister Tengku Datuk Seri Zafrul Abdul Aziz, who is currently in Washington. “Before meeting with senior US government officials, I held discussions with the Miti team here. We reviewed strategies and recent efforts to strengthen Malaysia-US trade relations,” he said in a social media post. “We are committed to finding the best solution for our shared interests,” he added. The minister is scheduled to meet with US Trade Representative Jamieson Greer and other officials in Washington today. In a recent media briefing, Tengku Zafrul said the Malaysian delegation would also take the opportunity to meet with several business chambers, companies, and interest groups to explain the country’s stand on the tariff issue, as well as the feedback received from the Cabinet. “We need to be there to clarify how Malaysia, as a neutral country, plays a key role in the semiconductor and electrical and electronics sectors. Our goal is to demonstrate that Malaysia supports industries in the US rather than posing a threat to them,” he explained. Tengku Zafrul is accompanied by Miti deputy secretary-general (trade) Mastura Ahmad Mustafa and other ministry officials. Miti representatives at the Malaysian embassy in Washington will also join the delegation. At a media briefing last week, Tengku Zafrul said that although the visit is focused on Malaysia, he will take the opportunity to express Asean’s stance on the tariff issue, particularly the outcomes of the recent special meeting of Asean economic ministers. The Indochina Asean member countries have been the hardest hit by these tariffs, with Cambodia facing a combined base and reciprocal tariff rate of 49%, followed by Laos (48%), Vietnam (46%) and Myanmar (44%). Thailand faces a 36% tariff, Indonesia 32%, Brunei and Malaysia both at 24%, the Philippines 17%, and Singapore has a base tariff of 10%. Except for China, the reciprocal tariffs are under a 90-day suspension period. In a separate post titled “Seeking a Fair and Equitable Trade Solution”, Tengku Zafrul said he held productive discussions in Washington with US ambassador (Apec senior official) Matt Murray. “Malaysia comes as a constructive partner, not only in bilateral contexts but also as Asean chair in 2025 and a committed Apec member. We appreciate the openness of the US to listen and its readiness to continue structured discussions for our mutual benefit,” Tengku Zafrul said. – Bernama

bring Starbucks to Iceland and hope that these stores will be a destination for excellent coffee and a third place for the community,” said BFood Group CEO Datuk Sydney Quays.

know, with the goal of serving the world’s finest coffee, and to contribute positively to

Uganda keen to tap M’sian palm oil expertise

Ű BY JOHN GILBERT sunbiz@thesundaily.com

o Republic invites investors, highlights agriculture, tourism, science, technology, digital transformation, energy and minerals

KUALA LUMPUR: Uganda’s journey in palm oil is just beginning and the republic is keen on tapping Malaysian expertise in cultivation and development of the commodity, Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu said. “We have only recently started planting oil palm trees, and it is still in its early stages. But when you fly into Malaysia, it is an entirely different story. Oil palms almost entirely dominate the landscape. It is hard to comprehend the scale of it until you see it first-hand. “What is the story behind Malaysia’s success with palm oil? How did they get to where they are today? “My minister of agriculture is here with us, and it is a conversation we need to have, because there is much we can learn from Malaysia’s experience,” she told reporters at the Uganda Pearl of Africa Business Forum and Expo 2025 yesterday. Uganda is inviting investors from Malaysia to establish partnerships and tap into various resources in the African country, particularly in agriculture, tourism, science, technology and digital transformation. Ruth Nankabirwa said Uganda sees significant potential for collaboration with Malaysia, particularly in the mineral development sector. She said Malaysia has already begun mineral extraction, and there are oppor tunities for both countries to share ex periences and strategies. “Uganda has implemented one of the most robust regulatory frameworks for the mineral sector on the African continent, with a strong emphasis on value addition. In the oil and gas sector, Uganda is already working with Malaysia’s Petronas through the Uganda National Oil Company, and there is a clear desire to deepen this partnership. “Uganda is on the verge of commencing oil production, and there is much to share – from technical insights to challenges faced. Both countries are transitioning away from fossil fuels, yet Uganda and Malaysia continue to rely on the revenue these resources provide to fund development.” Ruth Nankabirwa said Uganda is actively advancing its energy and mineral develop ment initiatives, creating significant oppor tunities for international collaboration and investment. Among the key projects is the Kabalega

Ruth Nankabirwa speaking at a press conference following the official opening of the Uganda Pearl of Africa Business Forum and Expo 2025 in Kuala Lumpur yesterday. On the right is Uganda High Commissioner to Malaysia Betty Oyella Bigombe. – BERNAMAPIC

company, and are now open for reallocation. “On the mineral side, investors can partner with the Uganda National Mining Company to develop mines across a range of mineral resources. “These developments form part of Uganda’s broader strategy to promote value addition and sustainable resource manage ment while positioning the country as a key player in regional energy and mineral markets,” Ruth Nankabirwa said. With Malaysia’s annual exports to Uganda reaching US$250 million (RM1.1 billion), the expo is poised to deepen trade relationships and introduce Uganda as the prime investment destination in East Africa. The Uganda Pearl of Africa Business Forum and Expo 2025 showcases the seriousness of investment and trade ties between Uganda and Malaysia, with the presence of four of Uganda’s key Cabinet ministers. Organised by the High Commission of Uganda to Malaysia and World-One Business Federation, the two-day event presents an opportunity for stakeholders to connect directly with Uganda’s top policymakers to explore opportunities and forge strategic partnerships.

Petrochemical Industrial Park, strategically positioned to benefit from Uganda’s oil refinery. “As the refinery is developed, a wide range of industrial opportunities will emerge. For instance, by-products such as ammonium nitrate can support the production of fertilisers, opening doors for investment in petrochemicals and agro-industrial inputs. “The industrial park itself will also require a variety of support services, including hospitality and logistics, presenting further business potential. Additionally, the park is home to Uganda’s second international airport, enhancing its connectivity and strategic importance,” she said. Beyond the refinery, Ruth Nankabirwa noted that Uganda is preparing to announce new licensing rounds for oil exploration. She said that to date, only 40% of the country’s petroleum potential has been explored, leaving 60% untapped. “Companies interested in entering the sector will have opportunities to acquire new exploration blocks, including some that have been returned by TotalEnergies SE, a French multinational integrated energy and petroleum