08/08/2025

BIZ & FINANCE FRIDAY | AUG 8, 2025

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Malaysian Paper

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Businesses told to brace for new world economic order

Awantec launches AI solutions developed in collaboration with Google Cloud PUTRAJAYA: AwanBiru Technology Bhd (Awantec) yesterday launched Awantec Intelligence, a suite of proprietary artificial intelligence (AI) solutions developed in collaboration with Google Cloud. This initiative aims to accelerate Malaysia’s digital transformation by empowering both public and private sector organisations through intelligent, data-driven technologies. Awantec CEO Azlan Zainal Abidin said the launch shows its strong commitment to supporting Malaysia’s journey into the digital era by offering local organisations smart and practical technology tools. “With Awantec Intelligence, we are delivering AI solutions that are practical, impactful and ready to be deployed today. Our collaboration with Google allows us to empower both businesses and government agencies to work smarter, lead with confidence and rise to the challenge of digital transformation.” The newly launched products under Awantec Intelligence include Awanlytics, AwanBot and AwanBot+, each designed to help organisations improve decision-making, customer service and operations. Speaking to reporters after the launch, Google Cloud director of strategic pursuit (public sector) Raja Azmi Adam said the project was led by a team of just four developers, who worked over a six-month period to bring the platform from concept to deployment. “The development process involved close collaboration with end users from the start. A proof of concept was rolled out early to validate functionality and ensure the platform met real operational needs. This user-centric approach enabled the team to shape Awantec Intelligence into a practical solution tailored for government use cases,” he said. According to Azlan, Awantec Intelligence solutions are designed for seamless integration with existing environments, ensuring security, scalability and ease of use for both public and private sector clients. Awanlytics is a real-time analytics solution that delivers meaningful, data-driven insights to enable faster and more informed business decisions. AwanBot is an intelligent virtual assistant that automates customer engagement using natural language processing to provide responsive, continuous support. AwanBot+, meanwhile, is an AI solution that accelerates operational efficiency by automating manual processes, uncovering actionable insights, and supporting smarter business strategies, all while helping organisations make better use of their data and resources. – Bernama International reserves at US$121.3b on July 31: BNM KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves rose to US$121.3 billion (RM513 billion) as at July 31. Malaysia’s official reserve assets totalled US$120.61 billion as of the end of June. In a statement yesterday, the central bank said the reserves are sufficient to finance 4.8 months of imports of goods and services. The reserves position is adequate to meet 0.9 times the total short-term external debt. According to BNM, its total assets amounted to RM603.2 billion, with gold and foreign exchange reserves, including Special Drawing Rights (SDR), accounting for RM512.8 billion. A breakdown of the international reserves showed that foreign currency reserves made up the largest portion at US$107.7 billion, followed by SDR US$5.9 billion, gold US$4.1 billion, the International Monetary Fund reserves position US$1.3 billion and other reserve assets US$2.3 billion. – Bernama

KUALA LUMPUR: Companies must brace for a rapidly evolving global economic order where multilateralism is under threat and protectionism is on the rise, warned Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Speaking at a fireside chat during the Asean Business Community Development Forum 2025 (ABCD Forum 2025), Tengku Zafrul urged businesses, both Malaysian and regional, to avoid being consumed by the “noise” of geopolitical tensions, such as US China tariff hikes, and instead focus on becoming more competitive, inclusive and resilient. “Companies need to start thinking about how to remain productive and competitive. Every country is now challenging the principles of multilateralism ... one protection will always lead to another,” he said, adding that global trade rules under the WTO (World Trade Organization) framework are now being questioned. He cautioned that the long-term impact of a “new world economic order” could alter how nations structure policies, with impli cations for business survival and sustain ability. “Is the current growth sustainable, inclusive, equitable and resilient? People are asking these questions and this will shape policy. You must navigate this landscape strategically,” Tengku Zafrul told business leaders at the forum. He acknowledged that while Malaysia’s 2025 gross domestic product (GDP) growth is still forecast at 4.0%–4.8% despite potential 19% tariffs on semiconductors, the real concern lies in structural risks and political pressures that could drive more countries including Malaysia towards economic insularity. Tengku Zafrul reaffirmed Malaysia’s efforts to hedge against rising global volatility through trade diversification and strategic diplomacy, including its recent application to join BRICS, the bloc of emerging economies comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United o Focus on becoming more competitive, inclusive and resilient amid rapidly evolving landscape, says Tengku Zafrul Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

Tengku Zafrul (second, right) at the Asean Business Community Development Forum 2025.

electrical and electronics, green energy and digital economy infrastructure. “We are not just talking about incentives. Investors are increasingly focused on infra structure readiness, ESG credentials, and policy clarity. Malaysia ticks these boxes,” he said. Tengku Zafrul emphasised that Malaysia’s role within Asean is pivotal to regional industrial transformation. The region’s collective GDP, young demographics and growing consumer class make it an attractive supply chain hub amid global decoupling from China. “Asean must not just be a passive player. We need to create our own narrative, our own value chains, and our own centres of ex cellence.” Tengku Zafrul urged companies to reflect on their role in society amid growing inequality and public scrutiny over issues such as CEO pay gaps and social equity. “I’m not saying don’t make money. But try to share it as much as possible. People are demanding fairer models. If they feel left out, they may push governments towards populism or protectionism.” His comments come at a time when Malaysia is actively crafting its National Industrial Master Plan, investing in advanced sectors such as semiconductors, electric vehicles and digital trade. Tengku Zafrul said local companies must move beyond depending on government incentives and grants, and instead adopt a mindset of co-creation and innovation. “The government is a facilitator, not a crutch. Our job is to create the enabling environment but industry must lead the way.”

Arab Emirates. “We’re an open economy. We can’t afford to be insular. We’re exploring new alignments like BRICS to widen our market access and mitigate risks from unilateral actions.” Tengku Zafrul said that while Malaysia is still assessing the long-term implications of the proposed 100% tariffs by the United States on China-made semiconductors, the Ministry of Investment, Trade and Industry has sought clarification from the US trade representative. He stressed that the impact on Malaysia is still uncertain and urged stakeholders to focus on long-term value creation rather than short term shocks. “We can’t react emotionally. Businesses must ask: do we have a real comparative advantage? Are we building resilience into our supply chains?” he posed. The minister reminded businesses that strong public-private alignment is key to surviving global disruptions. Entrepreneurs must ensure their products and services are viable and export-ready, so any government intervention, such as market facilitation or trade missions, translates into real economic gain. “Governments can only push if there’s something solid to push. If the product is not strong, then support is theoretical,” he said. Turning to Asean, Tengku Zafrul high lighted that Malaysia remains a top invest ment destination, driven by strong investor confidence and an improving ease-of-doing business ecosystem. He cited recent data from the Malaysian Investment Development Authority, which showed that foreign direct investments had continued to rise, especially in sectors such as

NanoMalaysia ready to contribute to 13MP agenda PETALING JAYA: In welcoming the launch of 13th Malaysia Plan (13MP), NanoMalaysia Bhd (NMB), a company under the Ministry of Science, Technology and Innovation, com mended the government’s bold ambition to restructure the economy, enhance sustain ability and position Malaysia as a regional leader in innovation and technology. strongly aligned with the 13MP’s emphasis on energy transition, food security, digital innovation, circular economy, and talent development, areas where NMB has already demonstrated tangible impact. 13MP presents a strategic and timely vision to propel Malaysia towards high-income status through the expansion of high-growth, high value sectors.

“We believe the 13MP creates the right momentum to build national economic and climate resilience, scale local technologies, to strengthen Malaysia’s position in the regional innovation ecosystem and ulti mately achieve technology sovereignty for the country synergising with Made by Malaysia approach.” As a key enabler of the deep tech eco system, he added, NMB is ready and looks forward to contributing to this national agenda.

Under the 12th Malaysia Plan (2021–2025), NMB has disbursed RM71.92 million to support 58 technology companies and startups in the Science, Technology, and Innovation sector; funded 65 projects, leading to the development of 56 new products; and completed 22 projects as of 2024, with projected contributions of RM201.4 million to Malaysia’s gross national income. NMB CEO Dr Rezal Khairi Ahmad, said: “The

The five-year master development plan outlines an inclusive roadmap to foster local technology advancement, industrial inno vation and sustainable economic growth. As the nation’s lead agency for nanotech nology commercialisation, energy storage, local electric vehicle technology and hydro gen technology development, NMB is