Malaysian Investors Eye Other Cities In Australia

KUALA LUMPUR, Oct 8 (Bernama) -- Malaysian property investors are now looking at investment opportunities in Australian cities other than Melbourne and Sydney. Malaysia-Australia Business Council (MABC) Vice Chairman, Peter Tan Choon Hoo, said as demand for quality property in Australia continues, several Malaysian big players have started to make their mark in Australia. "We have also seen leading Australian companies taking positions in iconic projects in Malaysia and this has created the current condition where there is a healthy two-way investment flow," Tan told reporters at a luncheon Friday ahead of the Trading Up 'Accessing Opportunities for Australian Businesses in Asia' conference. MABC, which took over the chairmanship of the grouping of 17 Australian business chambers in Asia known as Australian Business Asia, is organising this major conference to be held on Nov 9-11 here. Tan, who is also Perunding Kos T&K Sdn Bhd Managing Director, said the conference will focus on sharing ideas, stimulating investments into Australia and Malaysia, and creating business opportunities in other areas for the two countries. Malaysian developments in Australia which are currently grabbing the headlines include Maison Carnergie by SP Setia Bhd, Aurora Melbourne Central by UEM Group, West Village in Sydney by Eco World Development Group Bhd and The Easton Burwood by MRCB. More are in the pipeline and these companies look set to enjoy the benefits of strong demand in the property market in Australia. A recent Australian government study found that most Australian companies prefer Malaysia, Thailand and Singapore as countries to establish operations in ASEAN. This trend will continue because the ASEAN Australia–New Zealand Free Trade Agreement and the Malaysia-Australia Free Trade Agreement have set the groundwork for business collaboration. This year marks MABC's 30th anniversary. The Annual Gala Dinner, which has for many years been the highlight of MABC’s social and business calendar, will be held on Nov 10 and is set to be bigger than ever. "The highlight of the evening, especially for those starved of Australian entertainment, is Australia’s Queen of Soul, Kate Ceberano. We are expecting approximately 600–700 guests, including prominent Malaysian and Australian business people and government officials," added Tan. Speakers at the conference include The Airport Economist Tim Harcourt, Glenreagh Sdn Bhd Managing Director Nordin Abdullah, AirAsia X Bhd Chief Executive Officer Benyamin Ismail, Tun Razak Exchange Managing Director Stuart Mendel and Flexiroam Ltd Managing Director Ong Kenn Tat. Malaysia is Australia's second largest trading partner in ASEAN and the eighth largest trading partner overall. MABC is under the co-patronage of Minister of International Trade and Industry Datuk Seri Mustapa Mohamed and Australian High Commissioner to Malaysia Rod Smith. Two-way Australia-Malaysia investments more than doubled over four years from 2010 to A$30.6 billion (A$1=RM3.08) in 2014. In 2014, Malaysian investments in Australia totalled A$21 billion. Australian companies continue to pursue opportunities in Malaysia, with Australian investment in Malaysia at A$9.6 billion in 2014. -- BERNAMA