Page 115 – AMCHAM

After Budget 2024, the largest supply bill to date at RM393.8 billion, was released on 13 October 2023, AMCHAM held a Budget 2024 briefing session on 9 November to discuss its implications to businesses.

This event featured expert speakers – Dato’ Prof. Ulung Dr. Rajah a/l Rasiah, Distinguished Professor of Economics at the Asia Europe Institute at University of Malaya (UM); Clifford Yap and Emily Yew, Partners at PwC Malaysia. Speakers went over the notable areas of the Budget including capital gains tax, incentives & exemptions, sales & service taxes and e-invoicing., and what can we expect going forward.

Thank you to all our guest speakers for conducting the session and taking questions from the audience.

On 8 November, AMCHAM held a Spotlight Session featuring Deel on “how global hiring can help Malaysia’s growing economy”. This session featured speakers Karen Ng, Head of Expansion, Asia, Deel; Datuk Muhammad, Azmi Zulkifli, CEO, InvestKL; and Hsing Ren, Chief Growth Officer, Marketplace – Employers, Asia, Seek.

Speakers went over the latest hiring trends and challenges in Malaysia, the best practices currently shaping global hiring and Malaysia’s role in the global economy. They also provided insight into innovative solutions from Deel and best practices to hiring, future of work as well as how to develop an effective global talent strategy to meet the demands.

During the panel discussion, attendees got to raise questions to the expert speakers and learn more. Thank you to all our guest speakers for conducting the session

Hong Kong SAR, November 8, 2023 – FedEx Corp. (NYSE: FDX) released its annual economic impact report, analyzing the company’s worldwide network and role in fueling innovation during its 2023 fiscal year (FY 2023).[1] Produced in consultation with Dun & Bradstreet (NYSE: DNB), a leading provider of business decisioning data and analytics, the study demonstrates the positive impact FedEx has on individuals and communities around the globe — otherwise known as the ‘FedEx Effect.’

“FedEx has helped shape global supply chains and the e-commerce revolution over five decades by transforming the way businesses exchange goods, services, and ideas — all while continuously exceeding the evolving needs of our customers,” said Raj Subramaniam, President and CEO, FedEx Corporation. “This report underscores our significant contributions to the economy and dedication to making a positive difference in the communities where we operate.”

The report reveals that FedEx contributed more than $80 billion in direct impact to the global economy in FY 2023, despite recent economic pressures. This activity reflects the scale of the network FedEx has developed and the company’s ongoing efforts to enhance its innovative services that help businesses of all sizes connect with customers and strengthen their operations.

AMEA impact

FedEx Express serves more than 100 markets across the AMEA region. The study found that with its extensive network, FedEx Express contributed 0.3% of net economic output in the Transportation, Storage, and Communications sector[2] in the region during FY 2023. Across all sectors of the AMEA economy, FedEx Express contributed 0.02% of total net economic output, which grew approximately 6% in FY 2023 to $44 trillion.

The company’s impact also included $2.7 billion in indirect contributions to the regional economy in FY 2023. Among specific industries, FedEx Express indirectly contributed an estimated $1 billion to the critical $9 trillion Manufacturing sector.[3] The company’s indirect contribution to the Transportation, Storage, and Communications sector[4] was estimated as $772 million.

“The AMEA region has an increasingly prominent position in the global economy. We are committed to supporting the growth we are seeing here by investing in our facilities and network. Both directly and indirectly, our work supports a growing number of jobs in the wider economy, and we want that to continue,” said Kawal Preet, President, Asia Pacific, Middle East and Africa region, FedEx Express. “Our focus is on our customers and creating greater access to the possibilities that global trade brings. We believe that creating an even more connected and sustainable future will strengthen the FedEx Effect for team members, customers, suppliers, and communities across the region.”

“As the company celebrates its 30^th anniversary in the country, we remain committed to bolstering Malaysian businesses and creating more possibilities for our customers through best-in-class transportation and digital solutions that enable our customers to tap more international growth opportunities,” said Tien Long Woon, Managing Director of FedEx Express Malaysia.

The FedEx economic footprint in the region continues to grow.

FedEx spent $3.7 billion with suppliers in the AMEA region in CY 2022.
FedEx supplier spending makes a significant contribution to the small- and medium-sized business (SAM) market. The number of small business jobs supported by FedEx supply chain spending increased the most in AMEA and Europe, with both regions recording a 19% increase. In AMEA, 50% of FedEx supply chain spending went to SAMs.
FedEx Express announced plans to invest in additional capacity by establishing the new South China Operations center in Guangzhou.
FedEx opened several new facilities in the region, including a new pickup, delivery, and self-pickup/drop-off station in Taiwan; a new warehouse in Batam, Indonesia; and a new domestic hub in Adelaide, Australia that also supports international air freight shipments.
The new opened FedEx air gateway at Incheon International Airport in South Korea has double the package-sorting capacity of the previous facility and additional refrigeration chambers to support cold-chain shipments.
FedEx Express is digitizing its operations to develop its smart logistics network. This includes investing in an artificial intelligence-powered sorting robot at its sub-regional hub in Singapore in December 2022.
FedEx announced plans to open its first Advanced Capability Community (ACC) in Hyderabad, India to support the development of technological and digital innovations that enable FedEx to provide even greater value in the global supply chain ecosystem.

Giving impact

The report reveals that FedEx donated $58.6 million globally in FY 2023 to charities and local non-profits in the communities where its team members live and work. In AMEA, this includes environmental programs, childhood education, entrepreneurship, and healthcare initiatives to help improve lives. In April 2023, more than 1,000 FedEx volunteers and their families across 22 AMEA markets, including Malaysia, participated in the company’s 50 Days of Caring initiative. This involved a variety of sustainability and environmental protection activities including tree plantings, beach and park clean-ups, and hosting educational seminars on eco-living/eating, waste segregation, road safety, and sustainable logistics.

FedEx is committed to connecting the world responsibly, through its stated goal of achieving carbon-neutral operations by 2040 and pursuit of investments in renewable energy to power its operations.

FedEx celebrated 50 years of operations on April 17, 2023. The company has the most extensive transportation network in the world, providing services to more than 220 countries and territories. Additionally, FedEx employs over 500,000 people across more than 5,000 facilities and moves approximately 14.5 million packages per day.

Read the full FY 2023 FedEx Economic Impact Report and further explore the FedEx Effect across the AMEA region at fedex.com/economicimpact.

[1] Fiscal year (FY) 2023 is defined as June 1, 2022-May 31, 2023.

[2] As defined by the United Nations Conference on Trade and Development (UNCTAD).

[3] As defined by UNCTAD.

[4] As defined by UNCTAD.

Azmi & Associates has released a number of articles over October. Click on the links below to read the article.

On 4 Nov 2023, over 1,600 Plexus People participated in Plexus Pink Run 2023, held concurrently in Plexus Malaysia and Plexus Thailand to raise awareness on breast cancer. A total of RM20,000 was successfully raised in Penang through employee donations and company matched funding. The funds were donated to the Breast Cancer Foundation and Mount Miriam Cancer Hospital.

In his speech, Victor Tan, APAC Regional President of Plexus said, “We have been consistently organizing campaigns and talks on breast cancer awareness to our people. As a caring company, Plexus provides financial support to our employees who have been diagnosed with breast cancer. This covers surgery, helping them complete their chemotherapy and radiotherapy treatments, and counselling sessions as they go through the toughest time of their lives.”

Victor added that Plexus Malaysia has donated more than RM200,000 to NGOs and educational institutions in 2023. “The company’s ESG initiatives include: organizing more than 245 employee engagement events in 2023; providing opportunities, training, and resources for people growth and development; reducing carbon footprint via green energy deployment and waste reduction programs; 1:1 matching donations and contributions; encouraging Plexus people to volunteer through charitable giving initiatives; and supporting and promoting STEM education via sponsorships and collaborations with educational institutions.”

“On top of that, we established Employee Resource Groups such as Plexus Young Professionals and Women in Network in Plexus Malaysia to support our Diversity & Inclusion journey to provide leadership, growth and development opportunities to Plexus people,” he said.

Also present to witness the mock check presentation was YB Sim Tze Tzin, Member of Parliament for Bayan Baru.

On 7 November, AMCHAM held a Spotlight Session featuring Ally Logistic Property, held at Amari Spice Hotel Kuala Lumpur. Under the theme of “Future Workforce in Logistics: Humans and Robotics”, this session featured an ensemble of expert speakers diving into the subject of the transformation in the logistics sector – from the workforce, to the technology, and the new trends affecting that sector.

Yong Hui Loo, Group Chief Executive Officer of Swift Haulage Berhad, kicked things off with a presentation on the recent changes and trends to the logistics sector and how businesses can prepare themselves. Keren Liu, Managing Director of Ally Logistic Property (Malaysia), presented on how automation and robotics have revolutionized the logistics sector and how ALP can provide support. Lastly, Dr. Daniel Kearney, Head of Technology for ASEAN Strategic Industries at AWS, showcased how leveraging data for strategic decision-making benefits organizations.

After a short break, all three speakers proceeded to have the panel discussion, moderated by Mark Saw, Executive Director – Penang Branch of Knight Frank Malaysia. Attendees got to participate in discussions with guest speakers.