Others News
- Malaysian PM calls for more investments from China
Date: 6-Jul-2007 Sources: (Xinhua Online)
Malaysia's Prime Minister Auk Seri Abdullah Ahmad Badawi Thursday calls for more investments from China to better reflect the excellent bilateral relationship currently enjoyed by the two countries.
At present, Malaysia only received less than 30 million U.S. dollars of direct investment from China, as against 320 million U.S. dollars of Malaysia's investments in China, according to Badawi.
'Given our strong and long-serving diplomatic ties, I believe that it is only natural for Malaysia and China to be able to enhance existing trade, business and investment cooperation,' he said in his keynote address at the Malaysia-China Business Forum 2007 at Persada International Convention Center in Johor Baharu, southern state of Johor.
As the world's fourth largest economy with a Gross Domestic Product (GDP) of 2.7 trillion U.S. dollars, China is now in a solid position to increase its overseas investments, particularly in the form of business and trade partnerships, on a large scale, according to Badawi.
In promoting Malaysia as a prime commercial destination, the Malaysian government continues to adopt an open investment climate, he said.
For example, there are no restrictions on profit repatriation for foreign owned businesses, while offshore financing may easily be transacted through the banking system.
In addition, full equity ownership is allowed in selected growth industries.
Badawi also spoke of a key initiative under the Ninth Malaysia Plan to achieve sustainable economic growth -- the development of strategic regional corridors in the northern, southern and eastern parts of the peninsula as well as in East Malaysia.
In stepping up economic activities in these regions, the development is also designed to attract a high level of foreign participation over the long term, he explained.
One such economic corridor is right here in southern Johor, the Iskandar Development Region (IDR), which is planned to be a modern focal point of convergence between Malaysia and a globalized world, according to Badawi.
The IDR, spanning 2,217 square kilometers or about double the landmass of Singapore, welcomes foreign participation through mutual business partnerships and cooperation, said Badawi.
He pledged long-term political support to ensure the success of the IDR, already evident in the fast regulatory approvals as well as the various incentives and support packages for business establishments.
'In all, investors can expect Malaysia's political and social stability to provide a conducive environment for developing regional business,' he said.
Badawi also held a closed door meeting with members of the Malaysia-China Business Council (MCBC) and the China Council for the Promotion of International Trade (CCPIT).
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