ENORMOUS POTENTIAL FOR MALAYSIAN COMPANIES IN AUSTRALIA

By Wan Nor Azura Mior Abd Aziz

KUALA LUMPUR, Aug 16 (Bernama) -- There are abundant opportunities for
Malaysian companies to tap the leveraging business in Melbourne and the state of
Victoria, Australia.

"Any Malaysian company which invests in Victoria will be automatically
treated as a Victorian company, said the Victorian Commissioner for South
East Asia, Tim Dillon.

He told Bernama here Monday that Malaysian companies can not only apply for
government grants to pursue their business in Victoria but also enjoy subsidises
if they attend trade missions.

Dillon said Malaysian were encouraged to invest in Australia which was
strategically located, offered a competitive and dynamic business environment,
world-class infrastructure and a supportive government.

"We still don't see a lot of investments coming from Malaysia at present,
except for Secret Recipe outlets and we hope this will change in future," he
added.

Victoria's agribusiness, food & beverage, information communication
technology, aviation, biotechnology and education offered investors from the
Asia Pacific region enormous scope for investment

He said Melbourne and Victoria continued to top the list of favourable
investment destination in Australia.

"The Victoria state recorded the highest growth in private capital
expenditure over 12 months," said Dillon.

The Australian Bureau of Statistics reported private capital expenditure in
Victoria grew 16 per cent in the March-quarter to hit a record level of 14.7
per cent growth.

This was well above the national average growth of one per cent.

Dillion said opportunities were also abound in the biotechnology sector
as Victoria remained on track to become one of the world's leading biotechnology
location.

"Victorian companies recorded major success in developing new drugs,
treatments and products, and have secured new overseas markets.

"Biotechnology companies continue to increase their investment in research
and development, a sign of a matured and confident sector.

The July update of the International Monetary Fund's World Economic Outlook
said the Australian economy would grow at a faster rate than other advanced
economies this year and next year.

The report also said Australia's economic outlook was stronger than
the world's advanced economies with a 3 per cent growth predicted in 2010 and
3.5 per cent in 2011.

Meanwhile, the Victorian Government Business Office has a representative
office in Kuala Lumpur, which promotes the development of cultural and business
linkages, government to government exchanges to improve mutual understanding
and adoption of international best practices.
-- BERNAMA


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