Focus Investment In ASEAN Countries, Says Minister Mustapa

From Mohd Sukri Bin Ishak VIENTIANE, Sept 7 (Bernama) -- Malaysian International Trade and Industry (MITI) Minister Mustapa Mohamed said Malaysian companies should focus on investing in ASEAN countries, which are more dynamic and viable. He said the ASEAN's population of 625 million people was a huge market for Malaysia's products and services. "What must be emphasised on is non-trade barriers such as standardised labelling practised by countries in the region," he told Malaysian reporters here today after accompanying Prime Minister Najib Razak who met the Malaysian business community and representatives in Laos. The prime minister is on a three-day visit to Laos to attend the Asean Summit and Related Summits, which begins today, nearly a year after the launch of the Asean Community in Kuala Lumpur. Mustapa said Malaysia's exports to ASEAN amounted to US$53.89 billion (RM219 billion) in 2015 while imports amounted to US$49.22 billion (RM200 billion). "We need to see ASEAN as a community and a dynamic region and MITI will continue to promote ASEAN as an investment destination with great potential," he said. On trade ties between Malaysia and Laos, Mustapa said Malaysian investments in Laos from 2001 to 2015 totalled US$569.6 million. "In 2015, Malaysian companies invested US$430.2 million, making it the sixth largest investor after countries like China and the United Kingdom," he said. Mustapa said Malaysian investments were mainly in the energy, finance, banking sector besides the development of township and specific economic zones. "Malaysian companies involved in major contracts in Laos include Giant Consolidated Ltd (in the US$5.8 billion East-West Economic Corridor Railway project from Savannakhet to Laos Bao) and Mega First Corporation Bhd (in the US$500 million) Don Sahong Hydropower project. --BERNAMA