ID :
45340
Thu, 02/12/2009 - 17:21
Auther :
Shortlink :
https://oananews.org//node/45340
The shortlink copeid
MIDA OPTIMISTIC DESPITE CHALLENGES POSED BY US DOWNTURN
BY MANIK MEHTA
NEW YORK, Feb 12 (Bernama) -- With the deterioration in the economic climate
of the United States, foreign investment promotion agencies in the country face
a tough environment.
They now have to also vie with each other in wooing corporate America for
a share of the investment pie.
However, the New York office of the Malaysian Industrial Development
Authority (MIDA) remains undaunted by the situation and is optimistic
about the "untapped potential" in attracting investments from corporate America.
"We realise that things are beyond our control as far as the economic
conditions in the United States are concerned.But this is a very important
market for us and a foremost source of foreign direct investment or FDI.
"We hope that the situation will improve soon," said Arham Abdul Rahman, the
new director at MIDA's New York office,in a recent interview with Bernama.
Arham has lost little time in reacting to the ongoing crisis in the United
States that has also unleashed a global turmoil.
The MIDA director has not only been renewing old contacts but also
establishing new ones with companies and institutions that can play a vital role
in investment promotions such as the chambers of commerce, trade and industry
associations, government offices and the corporate sector.
Arham pointed out that a survey conducted in September last year among
American companies by the publishing company, Area Development, suggested that
despite the downturn there was still potential for attracting FDI from the
corporate sector.
"The survey was conducted in September when the financial crisis had not
become full blown. But most of the companies surveyed then, were looking for
investment opportunities overseas.
"Malaysia was seen as one of the attractive investment destinations, along
with China and India," he said.
Malaysia, he added, would continue to attract investments in the hi-tech,
manufacturing and services sectors, all of which interest American companies.
"We are interested in not only attracting new companies to establish
operations in Malaysia but also cater to the needs of those that are
already in the country.
"If there is any company that needs help with regards to paperwork or with
the Malaysian authorities, my office would be glad to help in any way possible,"
Arham said.
"I am going to intensify my networking with American companies," he
indicated.
With Forbes of New York organising a major business symposium/conference in
Kuala Lumpur from Sept 28-30, MIDA is planning to pitch Malaysia as an
attractive "profit centre" among captains of industry in the United States.
"It is an opportunity to highlight Malaysia as an attractive investment
destination," Ahram said.
FDI inflow from the United States to Malaysia from January to October 2008--
figures for the whole year are not yet available -- amounted to US$ 1.8 billion,
involving 19 projects.
The number of projects in the first 10 months of 2008 was less than that of
2007. But the FDI volume surpassed the total 2007 investment inflow of US$877.9
million involving 33 projects.
The MIDA New York office is also trying to assist a business delegation
from the World Trade Center of Philadelphia to visit Malaysia. The delegation
will also comprise business management students.
The visit will enable the delegates to assess Malaysia's credentials as an
attractive investment site," Arham added.
Summing up his first month in New York, he said that he saw good investment
potential in the United States despite the crisis.
"There are companies under pressure to remain competitive and want to have
their production operations in a country that is less expensive but
qualitatively good," he added.
Arham maintained that there were still many companies looking at Malaysia
as a manufacturing site.
"I will be identifying cash-rich companies that have no problems investing
overseas. We are also monitoring the impact of the stimulus package being
prepared by President Barack Obama to see if Malaysia can benefit in any
way from it," he said.
Meanwhile, MIDA is also planning to establish a new office in Houston,
Texas, in the near future.This will bring the total number of its offices in
the United States to six.
-- BERNAMA
NEW YORK, Feb 12 (Bernama) -- With the deterioration in the economic climate
of the United States, foreign investment promotion agencies in the country face
a tough environment.
They now have to also vie with each other in wooing corporate America for
a share of the investment pie.
However, the New York office of the Malaysian Industrial Development
Authority (MIDA) remains undaunted by the situation and is optimistic
about the "untapped potential" in attracting investments from corporate America.
"We realise that things are beyond our control as far as the economic
conditions in the United States are concerned.But this is a very important
market for us and a foremost source of foreign direct investment or FDI.
"We hope that the situation will improve soon," said Arham Abdul Rahman, the
new director at MIDA's New York office,in a recent interview with Bernama.
Arham has lost little time in reacting to the ongoing crisis in the United
States that has also unleashed a global turmoil.
The MIDA director has not only been renewing old contacts but also
establishing new ones with companies and institutions that can play a vital role
in investment promotions such as the chambers of commerce, trade and industry
associations, government offices and the corporate sector.
Arham pointed out that a survey conducted in September last year among
American companies by the publishing company, Area Development, suggested that
despite the downturn there was still potential for attracting FDI from the
corporate sector.
"The survey was conducted in September when the financial crisis had not
become full blown. But most of the companies surveyed then, were looking for
investment opportunities overseas.
"Malaysia was seen as one of the attractive investment destinations, along
with China and India," he said.
Malaysia, he added, would continue to attract investments in the hi-tech,
manufacturing and services sectors, all of which interest American companies.
"We are interested in not only attracting new companies to establish
operations in Malaysia but also cater to the needs of those that are
already in the country.
"If there is any company that needs help with regards to paperwork or with
the Malaysian authorities, my office would be glad to help in any way possible,"
Arham said.
"I am going to intensify my networking with American companies," he
indicated.
With Forbes of New York organising a major business symposium/conference in
Kuala Lumpur from Sept 28-30, MIDA is planning to pitch Malaysia as an
attractive "profit centre" among captains of industry in the United States.
"It is an opportunity to highlight Malaysia as an attractive investment
destination," Ahram said.
FDI inflow from the United States to Malaysia from January to October 2008--
figures for the whole year are not yet available -- amounted to US$ 1.8 billion,
involving 19 projects.
The number of projects in the first 10 months of 2008 was less than that of
2007. But the FDI volume surpassed the total 2007 investment inflow of US$877.9
million involving 33 projects.
The MIDA New York office is also trying to assist a business delegation
from the World Trade Center of Philadelphia to visit Malaysia. The delegation
will also comprise business management students.
The visit will enable the delegates to assess Malaysia's credentials as an
attractive investment site," Arham added.
Summing up his first month in New York, he said that he saw good investment
potential in the United States despite the crisis.
"There are companies under pressure to remain competitive and want to have
their production operations in a country that is less expensive but
qualitatively good," he added.
Arham maintained that there were still many companies looking at Malaysia
as a manufacturing site.
"I will be identifying cash-rich companies that have no problems investing
overseas. We are also monitoring the impact of the stimulus package being
prepared by President Barack Obama to see if Malaysia can benefit in any
way from it," he said.
Meanwhile, MIDA is also planning to establish a new office in Houston,
Texas, in the near future.This will bring the total number of its offices in
the United States to six.
-- BERNAMA
