Fund-of-Funds to fuel local firms

Fund RM1BIL set aside to invest in innovative highi-growth start-ups, says PM 

Fund of Funds (FOF) Explained: How It Works, Pro & Cons, Example

KUALA LUMPUR: A sum of RM1bil for the “National Fund-of-Funds” will be set up to invest in innovative high-growth Malaysian companies, says Datuk Seri Anwar Ibrahim.

“I am pleased to share that Khazanah Nasional Bhd will launch a ‘National Fund-of-Funds’ with an initial RM1bil allocation,” the Prime Minister said when delivering his keynote address at the launch of the inaugural KL20 Summit here yesterday.

He said the setting up of the fund represented the government’s continued commitment to assisting local companies such as those run by bumiputra entrepreneurs, as well as startups and small and medium enterprises (SMEs), in line with Budget 2024 allocations.

ALSO READ: Policy advisory panel to focus on growth and economy

He said the government acknowledged the growing importance of startups in driving technological advancements in the country.

As such, he said the KL20 Summit provided an ideal launchpad for innovative ideas.

“KL20 does not simply represent a single-event summit but marks a clear break from the past, which is a comprehensive effort to catalyse the technology ecosystem,” he said

He added that KL20 would fit strategically into the central governing economic philosophy of the Madani Economic Framework, which is underscored by the principle that economic growth and compatible distribution are in harmony with market forces.

ALSO READ: Elevating the country to be a leading startup destination

“The government is also aiming to centralise investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah Nasional,” he said.

Anwar also announced the signing of agreements involving 25 entities from various sectors of the startup ecosystem to help create cutting-edge technology ventures in Malaysia.

Among them was the Asean Investment Initiative between Khazanah Nasional, Kumpulan Wang Persaraan (KWAP) and Blue Chip Venture Capital that will invest RM3bil in the South-East Asian and Malaysian ecosystems.

ALSO READ: KL20 Summit 2024 to attract high-quality investments - PM

He also said that 12 international venture capital firms would be setting up offices in Kuala Lumpur, which will help Malaysian startups be discovered and nurtured to be globally successful.

On semiconductors, he said the nation’s substantial hold on the backend had made it conducive to pursue high-value front-end work, primarily in the integrated circuit (IC) design category.

“I am pleased to announce the largest IC Design Park in South-East Asia, which will house world-class anchor tenants and collaborate with global companies such as Arm.

“This is done with the backing of the Selangor Information Technology and Digital Economy Corporation (Sidec), with the Selangor state government, and this is proof that momentum is already being built on the ground,” he said.

ALSO READ: Making the Malaysian startup pitch

He added that the country was positioning itself as one of the leaders in semiconductors, clean energy, agritech and Islamic fintech.

To make Malaysia a true gateway to major economies, Anwar said a city-to-city connection between Kuala Lumpur and Hangzhou would be established so that capital, talent and market access would no longer be a barrier.

Earlier in his speech, Economy Minister Rafizi Ramli said the goal of the KL20 Action Plan was to bring the top 20 startups in the world into the country.

This, he said, would be done through the immediate introduction of several measures.

He said the move was aimed at accelerating the critical areas of a startup ecosystem here.

“The ambition is for Malaysia to be the choice destination for early-stage and growth capital and to be the centre for world-class entrepreneurs and skilled talent,” said Rafizi.

He added that it was also the goal for the nation to be the home for leading startups in the world.

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Kuala Lumpur ranked 22 in list of 100 best cities for remote work

 

KL ranked 22nd for remote work - The Star

The city to be in: Malaysia is a prime destination for employers looking for quality team members, and for many businesses to establish an Asian hub in Kuala Lumpur. — IZZRAFIQ ALIAS/The Star

KUALA LUMPUR: Kuala Lumpur made a significant leap to the 22nd position, a significant climb from its 84th place in the 2022 rankings, cementing its status as one of the premier global destinations for remote work.

This upward trajectory is mirrored by other Southeast Asian cities like Taipei, securing the 8th spot, and Bangkok, ranking 18th, according to Remote, a prominent global HR platform.

Published by Remote, the list of the top 100 global destinations for remote work showcases cities such as Madrid (Spain), Madeira (Portugal), Toronto (Canada), Auckland (New Zealand), and Tokyo (Japan) among the top 10 choices.

Factors such as quality of life, safety, internet infrastructure, cost of living, inflation, attractiveness, openness, and incentives for remote workers were meticulously considered in the analysis.

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Utilising the latest data, the list aims to guide digital nomads and remote professionals in making informed decisions aligned with their personal preferences and career goals. Kuala Lumpur particularly stands out, ranking in the top five for its favourable remote work visa and incentive programs.

Remote underscores the increasing significance of selecting the right destination as remote work evolves into a lifestyle choice.

It highlighted Kuala Lumpur's appeal as a magnet for remote workers, reflecting the proactive stance of the Malaysian government in positioning itself as a prime destination for digital nomads within the ASEAN region.

The allure of Kuala Lumpur lies in its blend of a relatively low cost of living, attractive incentives for digital nomads, and the availability of fast and reliable internet services. Nonetheless, factors such as quality of life and openness have also played a pivotal role in shaping its overall ranking, it said.

Job van der Voort, co-founder and chief executive officer of Remote, highlighted the transformative nature of remote work, enabling professionals to sustain careers in environments that inspire productivity and balance.

This year's list reflects not only the best places for remote living and working but also the evolving needs of remote professionals in a post-pandemic world, he said.

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Job-seekers put high value on remote work

Malaysia, a magnet for international students

 

CLICK TO ENLARGE

PETALING JAYA: Malaysia has the potential to attract more international students due to its quality education and affordable cost of living.

Malaysian Association of Private Colleges and Universities (Mapcu) president Datuk Parmjit Singh said factors that encourage students to study in Malaysia include the availability of high quality education programmes system delivered by universities with a strong international outlook and well-developed campuses and facilities.

“Tuition fees are relatively lower... (The same goes for the) living cost in Malaysia,” he said, adding that Malaysia also offers a student-friendly social ecosystem to provide the sort of lifestyle sought by international students.

“The tightening of regulations for international students is happening in a few countries, with some mainly due to shortages of accommodation in these countries.

ALSO READ: Growing worry over rising cost of studying overseas

“This does present opportunities for Malaysia to attract those students who are now unable to study in countries such as Australia, the United Kingdom and Canada.

“However, factors such as opportunities to work while studying and more inclusive post-study work opportunities – all of which are available to international students in those countries – may need to be enhanced in order to encourage these students to select Malaysia as a preferred alternative destination,” said Parmjit, who is also Asia Pacific University of Technology & Innovation (APU)chief executive officer (CEO).

Vice-Chancellors’ Council for Private Universities chairman Prof Mushtak Al-Atabi said in order to attract international students to our shores, Malaysia should make itself a more accessible destination.

“There are multiple countries in the region that are competing with Malaysia to be the regional education hub,” said Prof Mushtak, who is also Heriot-Watt University Malaysia provost and CEO.

National Association of Private Educational Institutions secretary-general Dr Teh Choon Jin said it is important for Malaysia to maintain a good reputation in terms of treatment of international students or foreigners in order to entice students to come here.

ALSO READ: INTERACTIVE: How the jobs mismatch may derail Malaysia’s drive to become a high-income nation

“If there is any negative report of ill treatment of foreigners, it may discourage potential international students from pursuing their studies in Malaysia,” he said.

Dr Teh also said these students may face challenges in finding employment opportunities in Malaysia after graduation as there are limited numbers for international graduates, compared to those in countries with more robust job markets.

On the plus side, Malaysia offers great cost savings due to the ringgit’s exchange rate being low compared with countries such as the UK, Australia, Canada and the United States, he added.

Malaysia’s location in South-East Asia with good connectivity to other countries within the region and those beyond the region also makes it an attractive destination to experience Asia, Dr Teh said.

He added that the nation is perceived as a safe country, Muslim-friendly and has a wide variety of food catering to different needs.

“Malaysia has relatively straightforward visa regulations compared to some other countries, making it easier for students to obtain study visas,” said Teh, who is also APU registrar.

Education Malaysia Global Services (EMGS) CEO Novie Tajuddin said the number of international students coming to Malaysia has been increasing over the years.

He said the principal body that manages the movement of international students in Malaysia, including facilitating visa processing, had received 65,207 applications by the end of 2023.

This is a huge increase compared with 10,453 applications in 2020.

“Malaysia is attractive to international students as (the living cost in the country) is affordable... The people are (also) friendly, and we are advanced in terms of transnational education,” he said when contacted.

“EMGS continues to promote our education, opening the door for new areas, looking into existing policy and working closely with the Higher Education Ministry and to work with other relevant ministries,”

Novie stressed.He also posited that the country could benefit from the tightening of regulations governing international students in other countries such as Canada, Australia and the UK.

Novie highlighted that Malaysia offers a graduate pass for students from 25 countries, including Brunei, Singapore, South Korea, Japan and Australia.

This year, he said, China and India were added to the list of countries that offer the pass.

“The graduate pass allows international students to stay for a year after completing their study.

“In this time, they can go on vacation, progress to the next study level or work in Malaysia,” he added.

The graduate pass is a long-term social visit pass that allows holders to gain multiple entries into the country.

The said pass is offered to international graduates who have completed their degree programmes at local universities and other higher education institutes

Source link:.https://www.thestar.com.my/news/nation/2024/04/10/a-magnet-for-international-students

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China’s up on human rights

Majority of countries affirm China's human rights progress ...

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China's human rights record to be examined by Universal 

ON Jan 26 this year, China’s human rights report was unanimously adopted by the UN Human Rights Council’s Universal Periodic Review (UPR) Working Group for the fourth cycle. More than 120 countries spoke highly of China’s remarkable achievements and unremitting efforts in human rights protection.

The concept of “human rights” became known from the West, yet its essential ideas have long existed in Chinese political culture. It was fully embodied in the long-cherished “people-being-first-of-all” political principle.

In the Book of Documents, one of China’s oldest classics written 3,000 years ago, it is written that “People are the foundation of a country. Only when people lead a good life can the country thrive.”

Mencius, the famous Chinese ancient sage, said the same thing: “People are the most important; the state is secondary.”

Since the establishment of the People’s Republic of China in 1949, priority has been given to ensuring and safeguarding the human rights of all Chinese citizens. Seeing both the global trend and China’s unique situation, the Chinese government has successfully pioneered its own way of advancing human rights protection and made historic achievements in various fields.

The following are three major principles. People are always at the centre. President Xi Jinping said: “... to ensure all Chinese people a life of contentment is China’s most weighty human right.”

After eight years of painstaking efforts, China has successfully alleviated nearly 100 million people out of poverty, putting an end to its centuries-long absolute poverty history.

This is an achievement not only for the Chinese people but also, more importantly, a victory for mankind as a whole. By realising the poverty reduction aim of the United Nations 2030 Agenda for Sustainable Development 10 years ahead of time, China has contributed significantly to global poverty reduction and progress in human development.

China has made solid progress in advancing high-quality development and established the world’s largest education, social security and healthcare systems, bringing tangible benefits to people of all ethnic groups.

Human rights are equally enjoyed by all. China is as diverse and as multiethnic as Malaysia. There are 56 ethnic groups living on this vast land. Like seeds of a pomegranate hugging each other closely, people of different ethnic groups in China love and support each other as brothers and sisters do in one big family.

Big or small, all ethnic groups in China enjoy equal social status. Their rights and benefits are legally stipulated and protected, and freedom of religion is ensured to everyone.

Recent years have seen additional “Outlines for Women’s and Children’s Development” adopted, and “Law on the Protection of Women’s Rights and Interests” amended to further promote gender equality and all-around development of women and children in China.

The physically underprivileged in China are also given proper support with their medical, educational, occupational and spiritual needs.

In upholding the principles of fairness and justice, China has been cooperating with other countries in the UN Human Rights Council and other multilateral organisations.

China has facilitated the adoption of a series of major international human rights conventions and declarations, and shared its wisdom with the rest of the world by proposing the vision of “building a community with a shared future for mankind”. This vision has been incorporated into a number of UN Human Rights Council resolutions.

Besides conducting human rights dialogues with Malaysia and 30 other countries or regions, China has been promoting exchanges and cooperation in various fields to promote human rights protection.

China has proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, which are Chinese solutions to addressing the global concerns of development deficits, security predicament and civilisational alienation.

Human rights are not abstract terms. They are specific in denotation, achievable in practical form and evolve with history. There are no fixed standards or one-fits-all models. Therefore, every country’s human rights development path should be allowed and respected, and success or failure can only be judged by its own people.

By undertaking Chinese-style modernisation, China is steadily advancing its cause of national rejuvenation to make it a stronger and more prosperous country.

China will bring better equitability to all its people and promote human rights protection to new heights.

Malaysia is also a diverse and inclusive society protecting human rights under the rule of law. As a good neighbour and close partner, China is willing to work with Malaysia in various fields to jointly contribute to the advancement of human rights development in both the region and the world.

Article 1 of the UN Universal Declaration of Human Rights states: “All human beings are born free and equal in dignity and rights. They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.” I believe that with the collective efforts of all, these common aspirations of humankind will eventually become a reality.

By OUYANG YUJING Ambassador extraordinary and plenipotentiary of the People’s Republic of China to Malaysia

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