M`SIA HOPES FOR CONTINUED SUPPORT FROM EUMCCI

KUALA LUMPUR, May 16 (Bernama) -- Malaysia hopes that the EU-Malaysia
Chamber of Commerce and Industry (EUMCCI) will be in the forefront in assisting
and supporting Malaysian interests whenever new legislations and regulations are
introduced in the European Union (EU) that impact Malaysian trade and industry.

Making this call, Minister of International Trade and Industry, Mustapa
Mohamed said the EUMCCI should not only provide the country an early warning
system but also help in understanding the impact of the legislations and
regulations on business.

He said EUMCCI members should also be good economic ambassadors of Malaysia
and spread the word especially among European companies that have yet to invest
in Malaysia.

"Malaysia places great importance in an enhanced and substantive
relationship with the EU," Mustapa said in his keynote address Friday at the
Europa Awards 2009 Gala Dinner here organised by EUMCCI.

The Europa Awards recognises the accomplishments of outstanding member
companies in EUMCCI which have initiated, contributed and sustained the growth
of trade and investment between Europe and Malaysia. EUMCCI has over 1,100
corporations as its members.

"There is already a high level of engagement at the government-to-government
level, not just bilaterally with individual EU member state and between Malaysia
and the EU as a whole, but also region-to-region basis, namely through Asean-EU
initiatives," Mustapa said.

He said the EU was Malaysia's major trading partner as well as major
source for foreign investment.

He said collectively in 2008, the EU was Malaysia's fourth largest trading
partner and one of Malaysia's largest sources of foreign direct investment with
huge projects implemented by the European multinational corporations and its
Malaysian partners.

Total bilateral trade in 2008 amounted to RM136.6 billion, with exports to
the EU totalling RM74.9 billion and imports RM61.7 billion.

For the first quarter of 2009, Malaysia's total trade with the EU was
RM23.82 billion, accounting for 11.3 percent of Malaysia's total global trade
for the period.

As for investments in 2008, approved investments in the manufacturing sector
with participation from the EU totalled RM11.4 billion.

"Clearly EU interests in Malaysia have contributed to Malaysia's economic
growth. My hope is that this encouraging business relationship will continue in
the years ahead," Mustapa said.

He added that under the present circumstances, Malaysia and the EU have
massive challenges ahead.

He noted that Malaysian companies should take full advantage of
opportunities in the overall EU market, as well as explore opportunities for
trade and investment with other EU member states.

Mustapa added that the Malaysian government is committed to making Malaysia
even more business-friendly.

It has done much to reduce bureaucracy and is working collectively with the
private sector to remove constraints and barriers to doing business.

"We are also relooking our economic model to ensure that Malaysia is not
caught in the middle-income trap but move to become a high-income economy,
creating an even more conducive business environment," he said.
(US$1=RM3.54)
-- BERNAMA