ID :
30049
Thu, 11/13/2008 - 16:24
Auther :
Shortlink :
https://oananews.org//node/30049
The shortlink copeid
MALAYSIA NEEDS TO BOOST SERVICES SECTOR
KUALA LUMPUR, Nov 13 (Bernama) -- Malaysia needs to promote its services sector as its potentials have not been fully exploited, Minister of International Trade and Industry, Muhyiddin Yassin, said Thursday.
He said the liberalisation of the sector in the Association of South-East
Asian Nations (Asean) was just not in terms of investments, but also trade as it
involved selling professional services like construction, logistics, utilities
and professional services overseas.
"So far we are more focused on the products, but the potentials for the
services sector have not been fully exploited," he told reporters after opening
the Intrade Malaysia 2008 and KL International Trade Forum 2008 here
Thursday.
Citing construction, Muhyiddin said, Malaysian companies had won big
contracts in Pakistan, India and Middle East and had done quite well.
"That is one sector we should be able to promote. Of course, there are
tourism-related, education and healthcare sectors which we feel we can also
promote," he said.
Earlier, at the opening of the event, Prime Minister Abdullah
Ahmad Badawi said Asean was pursuing comprehensive liberalisation of the
services sector as it had contributed significantly to the gross domestic
product of member states.
"In my view, this sector offers abundant opportunities for investment and
trade, particularly in the construction, healthcare, education and professional
services sub-sectors," he said.
Abdullah said many of the products and services showcased at this year's
Intrade 2008 enjoyed preferential treatment under the free trade agreements
(FTAs) concluded by Malaysia either bilaterally or together with Asean partners.
"Hence, companies from Asean, as well as Japan, China, South Korea and
Pakistan should leverage on the concessions negotiated under these FTAs to
expand their commercial transactions.
He said companies from non-FTA partner countries could also benefit from
these FTAs by locating their operations in any of the partner countries.
Abdullah was also confident that Asean would continue to attract
significant
inflows of foreign domestic investments although there was a risk that the
current financial crisis might have some effects on the level and timing of
potential investments.
"The lower projected global economic growth and its impact on trade should
be a compelling reason enough for the private sector to leverage on the Asean
market to offset the undertainties affecting global markets and the anticipated
lower demand from developed countries," he said.
He said the liberalisation of the sector in the Association of South-East
Asian Nations (Asean) was just not in terms of investments, but also trade as it
involved selling professional services like construction, logistics, utilities
and professional services overseas.
"So far we are more focused on the products, but the potentials for the
services sector have not been fully exploited," he told reporters after opening
the Intrade Malaysia 2008 and KL International Trade Forum 2008 here
Thursday.
Citing construction, Muhyiddin said, Malaysian companies had won big
contracts in Pakistan, India and Middle East and had done quite well.
"That is one sector we should be able to promote. Of course, there are
tourism-related, education and healthcare sectors which we feel we can also
promote," he said.
Earlier, at the opening of the event, Prime Minister Abdullah
Ahmad Badawi said Asean was pursuing comprehensive liberalisation of the
services sector as it had contributed significantly to the gross domestic
product of member states.
"In my view, this sector offers abundant opportunities for investment and
trade, particularly in the construction, healthcare, education and professional
services sub-sectors," he said.
Abdullah said many of the products and services showcased at this year's
Intrade 2008 enjoyed preferential treatment under the free trade agreements
(FTAs) concluded by Malaysia either bilaterally or together with Asean partners.
"Hence, companies from Asean, as well as Japan, China, South Korea and
Pakistan should leverage on the concessions negotiated under these FTAs to
expand their commercial transactions.
He said companies from non-FTA partner countries could also benefit from
these FTAs by locating their operations in any of the partner countries.
Abdullah was also confident that Asean would continue to attract
significant
inflows of foreign domestic investments although there was a risk that the
current financial crisis might have some effects on the level and timing of
potential investments.
"The lower projected global economic growth and its impact on trade should
be a compelling reason enough for the private sector to leverage on the Asean
market to offset the undertainties affecting global markets and the anticipated
lower demand from developed countries," he said.
