ID :
27698
Fri, 10/31/2008 - 10:39
Auther :
Shortlink :
https://oananews.org//node/27698
The shortlink copeid
MSIA'S TRADE WITH CANADA GREW BY 62.2 PC OVER 10 YRS
KUALA LUMPUR, Oct 31 (Bernama) -- Malaysia's trade with Canada grew by
62.2 percent over the last 10 years following increased collaborations between Malaysian and Canadian businessmen, International Trade and Industry Minister Muhyiddin Yassin said Thursday.
"Continuous cooperation between our business communities could enhance
greater cross-border investments especially in mass transportation, food
products and health products," he said in his keynote address at the fifth
Malaysia-Canada Business Council Excellence Awards Gala Dinner 2008.
The text of Muhyiddin's speech was read out by his deputy Liew Vui
Keong.
Between January and August, Malaysia's exports to Canada totalled
RM2.11 billion while that of Canada's to Malaysia amounted to RM2.04
billion.
Of the 562 projects approved as of Aug 31, 2008, with RM36.77 billion in
foreign investments, 130 projects with a total investment of RM3.3 billion
were Canadian. (US$=RM3.5)
Manufacturing projects approved include food, chemicals, wood products and
electrical and machinery equipment.
Muhyiddin said Malaysia is continually reviewing and improving its policies
and procedures to make the country more business-friendly and competitive,
He said the high-level task force PEMUDAH, the public-private
partnership, is working intensely to facilitate and ease business.
"Among improvements made are in the area of expatriate work permit
approval.
This can now be done in seven days from the earlier 14 days," he said.
He said the introduction of the Business Licensing Electronic Support
Services (BLESS) will simplify and speed up licence approvals
through simultaneous processing of multiple licences.
Muhyiddin said Malaysia also focused significant effort and resources on
the development of small-and medium-scale enterprises (SMEs).
He said local SMEs are targeted to contribute 37 percent to the nation's
gross domestic product, provide 57 percent of total employment and increase
their total export share from 19 to 22 percent by 2010.
"To achieve this, I envision moving Malaysian SMEs towards economic
activities that are higher on the value chain and be significant and possibly
niche suppliers and contributors to manufacturing and services such as in
biotechnology, food technology, ICT and business-related services, logistics-
related services and as vendors for high-end component manufacturing," he said.
Through Small and Medium Industries Development Corporation (SMIDEC), the
government was extending various forms of financial assistance and capacity-
building programmes to nurture SMEs' development and encourage small-and medium-
sized entrepreneurs to enter into and invest in the targeted and promoted
economic sectors, he added.
-- BERNAMA
62.2 percent over the last 10 years following increased collaborations between Malaysian and Canadian businessmen, International Trade and Industry Minister Muhyiddin Yassin said Thursday.
"Continuous cooperation between our business communities could enhance
greater cross-border investments especially in mass transportation, food
products and health products," he said in his keynote address at the fifth
Malaysia-Canada Business Council Excellence Awards Gala Dinner 2008.
The text of Muhyiddin's speech was read out by his deputy Liew Vui
Keong.
Between January and August, Malaysia's exports to Canada totalled
RM2.11 billion while that of Canada's to Malaysia amounted to RM2.04
billion.
Of the 562 projects approved as of Aug 31, 2008, with RM36.77 billion in
foreign investments, 130 projects with a total investment of RM3.3 billion
were Canadian. (US$=RM3.5)
Manufacturing projects approved include food, chemicals, wood products and
electrical and machinery equipment.
Muhyiddin said Malaysia is continually reviewing and improving its policies
and procedures to make the country more business-friendly and competitive,
He said the high-level task force PEMUDAH, the public-private
partnership, is working intensely to facilitate and ease business.
"Among improvements made are in the area of expatriate work permit
approval.
This can now be done in seven days from the earlier 14 days," he said.
He said the introduction of the Business Licensing Electronic Support
Services (BLESS) will simplify and speed up licence approvals
through simultaneous processing of multiple licences.
Muhyiddin said Malaysia also focused significant effort and resources on
the development of small-and medium-scale enterprises (SMEs).
He said local SMEs are targeted to contribute 37 percent to the nation's
gross domestic product, provide 57 percent of total employment and increase
their total export share from 19 to 22 percent by 2010.
"To achieve this, I envision moving Malaysian SMEs towards economic
activities that are higher on the value chain and be significant and possibly
niche suppliers and contributors to manufacturing and services such as in
biotechnology, food technology, ICT and business-related services, logistics-
related services and as vendors for high-end component manufacturing," he said.
Through Small and Medium Industries Development Corporation (SMIDEC), the
government was extending various forms of financial assistance and capacity-
building programmes to nurture SMEs' development and encourage small-and medium-
sized entrepreneurs to enter into and invest in the targeted and promoted
economic sectors, he added.
-- BERNAMA
