Malaysia's 2017 Total Trade To Rise To Between RM1.5 Trillion And RM1.6 Trillion

KUALA LUMPUR, Nov 8 (Bernama) -- Malaysia’s Second International Trade and Industry Minister, Ong Ka Chuan, is optimistic the country’s total trade could increase to between RM1.5 trillion and RM1.6 trillion (US$1 = RM4.23) this year from RM1.48 trillion last year. “We have already achieved RM1.3 trillion as of September this year, and with three more months to go, we can easily exceed last year’s figure,” he told reporters after delivering his keynote address at the National Investment Seminar 2017 here Wednesday. The one-day seminar, organised by the Malaysian Investment Development Authority (MIDA), attracted over 500 industry players from various sectors nationwide. MIDA is the government's principal agency to oversee and drive investment into the manufacturing and services sectors in Malaysia. Ong said Malaysia’s total trade grew by 21.7 per cent for January-September, with exports and imports growing by 21.3 per cent and 22 per cent, respectively. He said the electric and electronic industry was a major contributor, accounting for 36.4 per cent of exports and 30.2 per cent of imports. Meanwhile, Ong said, the country recorded RM65.4 billion of approved investments in the services, manufacturing and primary sectors, involving 2,294 projects which would create 61,930 jobs during the first half of the year. "Given Malaysia's established industrial ecosystem, the country's broad-based economic structure continues to appeal to both domestic and foreign investors," he said. He said MIDA had 341 projects in the pipelines, with investments worth RM50.9 billion for the manufacturing and services sectors, and potentially creating over 18,000 jobs. Nevertheless, he said, the country had been selective in approving investments -- prioritising quality investments in line with the government’s strategy to transform the nation into a high-income, developed-economy by 2020. Earlier, in his speech, Ong also urged industry players to take advantage of the facilities and support provided by the government to ensure the long-term competitiveness of their businesses. He said there was still a lack of awareness among the business communities regarding the facilities and support provided by the government despite the many outreach programmes conducted by the ministry and its agencies, including MIDA. MIDA Chief Executive Officer, Azman Mahmud, said Malaysia's industry players must be creative, innovative, forward-looking and forward-acting while simultaneously delivering results and outdoing their competitors. "We aspire for the nation to become a hub for global value chains, and this requires our industry to stay ahead of the curve by embracing advanced technologies and adopting new ways of doing business," he said. He said companies must integrate their products and services, and invest in upskilling their workforce to become more adaptable. -- BERNAMA