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. The sectors hit the hardest were manufacturing, wholesale, and retail trade. Despite the job losses, Nasir stated that the overall labor market remained resilient, with the unemployment rate staying steady at 3% as of July.

Perkeso, the Social Security Organisation, assisted 143,653 workers in finding employment through the Employment Insurance System and MYFutureJobs during this time, demonstrating the government's intervention's effectiveness in providing temporary relief and helping affected workers regain employment. Nasir attributed the job losses to rising operational and working capital costs for businesses, with small and medium enterprises facing the brunt of the burden.

However, Bank Negara Malaysia reported that most companies could still source essential raw materials despite disruptions caused by the West Asian conflict. To address the situation, the Malaysian Investment Development Authority (Mida) identified 52 proposed measures and economic opportunities. These included positioning Malaysia as a "World+1" destination for companies seeking to mitigate supply chain risks, transforming the nation into a stable, neutral, and secure investment and trade base.

This initiative would particularly benefit sectors such as semiconductors, aerospace, medical devices, automation, green energy, and critical minerals. Additionally, Malaysia aims to enhance its role as an air and multimodal logistics hub for the semiconductor industry, with potential air cargo centers in Penang, Senai, and KLIA Aeropolis.

Over 36 potential export markets have been identified, comprising 23 new markets, while opportunities are also being explored in the oil and gas, construction, reconstruction projects in West Asia, and other sectors. The relevant ministries have been tasked with evaluating these proposals based on their priority, feasibility, and suitability.