68,000 lose jobs this year, mostly in manufacturing, retail trade

In Malaysia, 68,177 workers lost their jobs from January to September 16, marking a 15,196 increase compared to the same period last year, according to Economy Minister Akmal Nasir. Manufacturing and wholesale and retail trade sectors bore the brunt of these job losses. Despite this setback, the overall labour market remained resilient, with the unemployment rate remaining unchanged at 3% as of July.

The Social Security Organisation (Perkeso) and MYFutureJobs assisted 143,653 workers in securing new positions during this period, highlighting the government's efforts to provide temporary support and aid affected workers in finding employment. Nasir noted that businesses, particularly small and medium enterprises, were grappling with higher operating and working capital costs.

On a more positive note, Bank Negara Malaysia found that most firms could still acquire necessary raw materials despite disruptions stemming from the West Asian conflict. The Malaysian Investment Development Authority (Mida) identified 52 proposed measures and economic opportunities in response to these disruptions, including positioning Malaysia as a "World+1" destination for companies seeking to reduce supply chain risks.

These initiatives aim to position Malaysia as a stable, neutral, and safe investment and trade base, particularly for sectors like semiconductors, aerospace, medical devices, automation, green energy, and critical minerals. Malaysia is also exploring potential air cargo centers in Penang, Senai, and KLIA Aeropolis, with 36 potential export markets identified, including 23 new markets.

Furthermore, opportunities are being explored in the oil and gas, construction, and reconstruction sectors in West Asia. Relevant ministries have been tasked with assessing these proposals based on their priority, feasibility, and suitability.