Last year marked a significant milestone for Young Enterprise Program as it celebrated 35 years of empowering young entrepreneurs in Malaysia. Throughout this journey, Young Enterprise has played a pivotal role in nurturing the entrepreneurial spirit among our youth, equipping them with essential skills and knowledge to thrive in the business world.
We are proud to announce that the Best Enterprise winners from both Young Enterprise Central and Young Enterprise Penang Region are now gearing up to compete in the prestigious 2024 JA Asia Pacific Company of the Year (COY) Competition. This achievement is a testament to the dedication and hard work of these budding entrepreneurs, as well as the unwavering support from our community.
In continuation of this journey, JA Malaysia, honored to serve as the host nation for this prestigious competition, is thrilled to extend a special invitation to the Trade Fair of the 2024 JA Asia Pacific Company of the Year (COY) Competition. Seize this moment to applaud the ingenuity and creativity of our young entrepreneurs at this remarkable event.
Date: Tuesday, 12th March 2024
Venue: Upper Atrium, Level UG, Paradigm Mall, 1, Jalan SS7/26a, Ss7, 47301 Petaling Jaya
Time: 12.30PM to 3.00PM
The Trade Fair serves as the focal point of the COY competition, providing students with a platform to showcase their products and impress our esteemed secret shoppers. Your presence and support will undoubtedly serve as a beacon of inspiration for these aspiring entrepreneurs as they embark on their journey towards success. We invite you to join us at Paradigm Mall for an enriching experience and to immerse yourself in the diverse array of products crafted by our exceptionally talented participants.
With participants from Japan, South Korea, China, Hong Kong, Vietnam, Philippines, Singapore, Indonesia, Guam, Thailand, India, and of course Malaysia, the Trade Fair promises to be a vibrant celebration of creativity and innovation. Let’s rally together and make a difference in the lives of these remarkable young individuals.
We can’t wait to see you there! 😊
The Malaysian Government has gazetted the changes to Service Tax regulations. Click on the links below for more details
The service tax, including logistics and digital services has been gazetted. (english translation on page 5)
According to the Service Tax (Rate of Tax) Amendment Order signed off by Finance Minister II Datuk Seri Amir Hamzah Azizan, the prevailing 6% tax will be upped to 8%. Goods including courier services of documents, packages or goods originating from a place outside of Malaysia headed to another place outside the country, those with the last point of exit within Malaysia to a place outside Malaysia, are exempted from the tax.
Effective from 1 March, the service tax rate on digital services provided by FRP will increase from 6% to 8%. Service tax shall be charged at the rate of 8% on any digital service provided. (english translation on page 11)
KPJ Healthcare Berhad has announced a collaboration with Mayo Clinic through its two specialist hospitals; KPJ Damansara Specialist Hospital and Damansara Specialist Hospital 2 marking the first entry into the Mayo Clinic Care Network.
KPJ President Chin Keat Chyuan said, “Today is indeed a historic moment for KPJ as we become the first and only healthcare provider in Malaysia to become a member of the Mayo Clinic Care Network, through our two hospitals: KPJ Damansara Specialist Hospital and Damansara Specialist Hospital 2. This signifies a major leap for us towards healthcare excellence as we continuously find innovative ways to serve our patients better.
On Thursday, February 22, AMCHAM held a Teh Tarik session with Dato’ Anis Rizana Mohd Zainudin, Director-General of the Royal Malaysian Customs Department.
This was the first time that Dato’ Anis Rizana addressed AMCHAM members since taking up the role of Director-General in September 2023. The session allowed for members to introduce themselves and their business to the Director-General and her team at a more casual setting with teh tarik.
Thank you to Dato’ Anis Rizana and the Royal Malaysian Customs Department Team for taking the time to attend the session and meeting our members.
Click here for event photos
KUALA LUMPUR, 19 February 2024 – Commercial real estate investment in Asia Pacific rose 3% year-on-year (YoY) in Q4 2023 to US$31.6 billion, reversing seven consecutive quarters of decreasing volumes. According to data and analysis by global real estate consulting firm JLL (NYSE:JLL), the Q4 2023 uptick in volumes provides some upside after a challenging year that saw overall investment across the region decline by 17% YoY to US$106.8 billion.
China stood at the forefront of Asia Pacific’s investment rebound for the second consecutive quarter, recording a 50% YoY increase in volume to US$11.1 billion. Meanwhile, sectors such as logistics (down -5% to US$6.5 billion) and living (up 24% to US$1.5 billion) performed better than other sectors, especially in China. Investments in office, down 13% YoY to US$13.7 billion, continued to contract amid uncertainties on interest rate movements, the extent of re-pricing and occupancy.
“While the cost of debt remains elevated, investors across Asia Pacific are still erring on the side of caution. The prospect of interest rate cuts in 2024 may potentially reverse current trends, but we can expect greater sector diversification among investors – particularly towards sectors such as logistics and industrial and living , which have seen high investor conviction across the region,” said Stuart Crow, CEO, Asia Pacific Capital Markets, JLL.
While China was the most active market in the fourth quarter, Singapore experienced the steepest decline in investment volume – falling 29% YoY to US$1.8 billion. However, while cross-border investments in Asia Pacific declined by 64% YoY to US$3 billion in Q4 2023, Singapore emerged as the most active cross-border investor, making large hotel and logistics acquisitions across the region and accounting for 36% of quarterly investment volume.
Australia (US$4.3 billion) and Hong Kong (US$2.1 billion) both saw YoY improvements in investment volume, up 14% and 6% respectively. The improvement of the retail sector in Australia was the main contributor to higher investment volumes in the fourth quarter, while Hong Kong’s quarterly performance was bolstered by two sizeable office acquisitions made for occupation.
Meanwhile, investment volumes in Japan recorded a regression to US$4.4 billion, a 53% YoY dip, as concerns over the Bank Of Japan’s (BOJ) cessation of its negative interest rate policy impacted investor interest in office assets.
Despite a strong domestic capital bias in South Korea, large office transactions contributed to the market’s US$4.2 billion investment volume in Q4 2023 – which dipped by 7% YoY. While the leasing market held steady with low vacancy and positive rental growth, investment activities slowed down due to cautious investor sentiment.
“2023 concluded with a reduction in dry powder levels, indicating that investors deployed capital into the Asia Pacific commercial real estate market and were willing to take a long-term view in light of current market challenges. In 2024, challenges will remain with interest rate movements playing a decisive factor in investment activity and selling pressure mounting in some of the region’s bigger markets,” said Pamela Ambler, Head of Investor Intelligence, Asia Pacific, JLL.
“In Malaysia, we have observed similar trends where investors initially adopted a cautious approach towards real estate at the beginning of the year. However, towards the end of the year, investment activity picked up significantly, surpassing both the volumes and number of transactions seen in the previous year,” said Yulia Nikulicheva, Head of Research & Consultancy, JLL Malaysia.
Due to limited availability of standing assets for sale, a significant majority of transactions (57% by overall volume) involved the sale of land for future development. “Following that, logistics and industrial assets accounted for nearly a quarter of total transaction value, with offices coming in third at just 8%. In more traditional market segments such as offices and retail, we noticed only a few transactions, primarily involving Grade B assets. One noteworthy transaction that took place towards the end of the year was the sale of Oxley office Tower to Alliance bank,” Nikulicheva added.
Looking ahead, we maintain an optimistic outlook for market activity, aligning with positive macroeconomic expectations. We are observing the keen interest of both international and domestic investors who are carefully evaluating opportunities across all sectors. In the first quarter of 2024, we anticipate the potential occurrence of notable transactions in Malaysia.
Learn more in JLL’s Q4 2023 Capital Tracker.
On Friday, February 16, AMCHAM hosted a hybrid APEC Briefing with Ambassador Matt Murray, U.S. Senior Official for Asia-Pacific Economic Cooperation (APEC).
The roundtable, which was attended by AMCHAM members, provided updates on USA’s progress on APEC and expanded on the pillars and key focus areas of APEC Peru 2024. Members who attended were also able to share their feedback, as well as raise questions and concerns directly to the Ambassador on the topic of multilateral trade.
Thank you to Ambassador Matt Murray for briefing our members and taking their questions.
