MALAYSIAN PM TO ANNOUNCE A MAJOR INVESTMENT IN MIDDLE EAST

KUALA LUMPUR, Sept 30 (Bernama) -- Malaysian Prime Minister Najib Tun Razak
Tuesday said that will be making an announcement on a major investment in the
Middle East, Wednesday.

He, however gave no other details on the investment.

The Prime Minister said this during the Meeting of Minds session with Steve
Forbes, chairman/chief executive officer of Forbes and editor-in-chief of Forbes
Magazines at the Ninth Forbes Global CEO Conference here Tuesday.

During the meet, Najib also said Malaysia was looking to setting up a
physical centre that will showcase the country as the world's Islamic financial
hub.

He said Malaysia was a leader in Islamic finance and very successful in
promoting the industry.

It is the only nation that offers a whole range of Islamic products
including banking, insurance, money and capital market as well as Islamic bond
(sukuk).

Islamic finance has been growing double digit in the country over the years.

The government also wants to transform Malaysia into a developed and high
income nation by 2020, Najib said.

"Therefore, we realise that we need to do structural changes not only to
become a developed country but also a high income nation.

"We are looking at improving our competitive position. We want Malaysia to
be seen on the radar screen."

Some of the steps the government has already taken include liberalisation of
the services and financial sectors.

On the free trade agreement (FTA) with the United States, Najib said
Malaysia was keen to ink the FTA but the terms would have to be acceptable.

"It's a bit of a question mark but I think the present administration is not
quite ready to indicate their position on free trade. So, we have to wait a
little while. I think the Doha Round should be completed as soon as possible. I
hope Obama's administration will provide leadership to ensure the concept of
free trade," he added.

-- BERNAMA