ID :
29099
Sat, 11/08/2008 - 15:08
Auther :
Shortlink :
https://oananews.org//node/29099
The shortlink copeid
MALAYSIA'S TRADE WITH COUNTRIES UNDER FTAs UP 5.9 PERCENT
KUALA LUMPUR, Nov 8 (Bernama) -- Trade between Malaysia and countries under five free trade agreements (FTAs) increased by 5.9 percent to RM570.1 billion (US$1=RM3.55) last year from RM538.2 billion in 2006.
The five FTAs were between Malaysia and Japan, Pakistan, China, South
Korea
and Asean.
International Trade and Industry Minister Muhyiddin Yassin said
trade with Pakistan recorded the biggest increase, up by 39 percent to RM4.6
billion last year from RM3.3 billion in 2006, followed by China (16.8 percent),
Japan (4.3 percent) and South Korea (1.6 percent).
Muhyiddin said the certificate of origins (COs) issued to exporters
under
the preferential schemes of the five FTAs increased by 49.4 percent to 196,856
COs valued at RM27.2 billion in 2007 compared to 148,127 COs worth RM18.2
billion in 2006.
"Out of 1,525 companies utilising the FTAs' COs, 381 of them are small and
medium enterprises (SMEs)," he said at the 2008 Enterprise 50 award ceremony
here Friday.
While Malaysia's overall trade performance with the FTA countries has
improved, Muhyiddin said the business and trading community must strategise and
formulate comprehensive marketing plans to exploit the potential benefits
offered under the FTAs.
"The trade associations will need to be proactive and mobilise their
members in the formulation of strategic business and marketing plans," he
said.
"Companies will need to develop enduring long-term business relationships
with customers, partners and suppliers, as well as regulatory agencies. For many
companies, this is translated into the need to have a specific brand," he added.
In this respect, the minister said government has provided incentives to
encourage brand development and since the inception of the brand promotion grant
in 2003, a total of 67 applications were approved amounting to RM114
million.
Out of these, 32 applications were from SMEs, comprising almost 50 percent,
with grants valued at RM46.9 million, he said.
Muhyiddin also urged the business community to channel their feedback and
share ideas with his ministry on strategies and actions required to cushion the
impact of the financial crisis on the Malaysian economy.
He said the Federation of Malaysian Manufacturers (FMM) and the Small and
Medium Industries Development Corporation (Smidec) have started to undertake a
joint survey on the impact of the current economic slowdown on SMEs.
The outcome of the survey is expected to be made available in January next
year.
The minister also said that Smidec has redesignated as the SME central
coordinating agency, to be named SME Corporation Malaysia which will be
operational in April next year
The five FTAs were between Malaysia and Japan, Pakistan, China, South
Korea
and Asean.
International Trade and Industry Minister Muhyiddin Yassin said
trade with Pakistan recorded the biggest increase, up by 39 percent to RM4.6
billion last year from RM3.3 billion in 2006, followed by China (16.8 percent),
Japan (4.3 percent) and South Korea (1.6 percent).
Muhyiddin said the certificate of origins (COs) issued to exporters
under
the preferential schemes of the five FTAs increased by 49.4 percent to 196,856
COs valued at RM27.2 billion in 2007 compared to 148,127 COs worth RM18.2
billion in 2006.
"Out of 1,525 companies utilising the FTAs' COs, 381 of them are small and
medium enterprises (SMEs)," he said at the 2008 Enterprise 50 award ceremony
here Friday.
While Malaysia's overall trade performance with the FTA countries has
improved, Muhyiddin said the business and trading community must strategise and
formulate comprehensive marketing plans to exploit the potential benefits
offered under the FTAs.
"The trade associations will need to be proactive and mobilise their
members in the formulation of strategic business and marketing plans," he
said.
"Companies will need to develop enduring long-term business relationships
with customers, partners and suppliers, as well as regulatory agencies. For many
companies, this is translated into the need to have a specific brand," he added.
In this respect, the minister said government has provided incentives to
encourage brand development and since the inception of the brand promotion grant
in 2003, a total of 67 applications were approved amounting to RM114
million.
Out of these, 32 applications were from SMEs, comprising almost 50 percent,
with grants valued at RM46.9 million, he said.
Muhyiddin also urged the business community to channel their feedback and
share ideas with his ministry on strategies and actions required to cushion the
impact of the financial crisis on the Malaysian economy.
He said the Federation of Malaysian Manufacturers (FMM) and the Small and
Medium Industries Development Corporation (Smidec) have started to undertake a
joint survey on the impact of the current economic slowdown on SMEs.
The outcome of the survey is expected to be made available in January next
year.
The minister also said that Smidec has redesignated as the SME central
coordinating agency, to be named SME Corporation Malaysia which will be
operational in April next year
