KUALA LUMPUR: Investment Promotion Agencies (IPAs) nationwide are collaborating with state governments to mitigate the impact of US tariffs on local industries.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted the National Geoeconomic Command Centre (NGCC) as pivotal in monitoring global trade shifts, ensuring Malaysia’s strategic sectors remain competitive.
Responding to Mohd Syahir Che Sulaiman (PN-Bachok) in Parliament, Tengku Zafrul outlined measures to restructure state incentives and assist industries facing trade challenges.
On May 5, Prime Minister Datuk Seri Anwar Ibrahim announced RM20 million for SME market expansion and a RM500 million boost to easy financing via development financial institutions (DFIs).
The government also raised the Business Financing Guarantee Scheme (SJPP) by RM1 billion for SME exporters and launched the RM25 billion GEAR-uP programme to spur high-growth sectors.
Tengku Zafrul reiterated Malaysia’s non-retaliatory stance since US tariffs took effect on April 1, 2025, opting for negotiations while safeguarding sovereignty.
“We have ‘red lines,’ including Bumiputera policies, halal compliance, and intellectual property rights,“ he stated. – Bernama
