ID :
96481
Thu, 12/24/2009 - 01:57
Auther :
Shortlink :
https://oananews.org//node/96481
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JAPAN INVESTORS KEEN ON MALAYSIA'S NEW ECONOMIC MODEL
By M. Saraswathi
KUALA LUMPUR, Dec 22 (Bernama) -- The Japanese business community is eager to know full details of Malaysia's New Economic Model and the progress made in the various economic corridors, especially Sarawak Corridor of Renewable Energy.
The Sarawak Corridor of Renewable Energy or SCORE is a new development
corridor in central East Malaysia Sarawak state, which aims to achieve the goals
of accelerating the state's economic growth and development, as well as
improving the quality of life for the people of Sarawak.
This was revealed during a recent interview by Japan’s Nikkei Business with
Malaysian Deputy Prime Minister Muhyiddin Yassin.
He had explained to the weekly magazine the general plan to bring the
country's economy to higher income from its present status of upper middle
income economy.
The government had embarked on formulating a New Economic Model which would
be based on innovation, creativity and high value sources of growth, he said.
"This model is intended to shift our reliance from a manufacturing base
dependent on semi-skilled and low-cost labour to one that focuses on high
technology and a modern services sector dependent upon skilled and highly-paid
workers," he said in the one-hour interview.
"For this to happen we will be increasing investments in human capital
development and building a strong foundation in research and development, design
and engineering and commercialization of research activities," he said.
As for the corridor development, he said, it's aim was to spread the
economic development throughout the country with specific focuses.
"The corridor development is moving. Some is moving faster than the other,"
he said, adding that Iskandar Malaysia had secured big investments, especially
from the Middle East.
Asked on the meetings he had with captains of industry in Tokyo and Osaka
during his specific investment mission from Dec 7 to 10, Muhyiddin said he had
"active and fruitful" meetings.
"We had discussions on many areas of interest and incentives. We also spoke
about how companies like Toyota can help Malaysia to move forward in the
automotive industry."
Basically, he said, Japanese investors were not only keen to make a one-time
investment in Malaysia but also expanding it on the future potentials the
country could offer.
He said it was a great opportunity for him to explain the Malaysian
government's policies to the Japanese business community.
During the interview, Nikkei Business also asked Muhyiddin on the halal
business and its potential, saying that Japanese investors were also interested
in the area.
"Malaysia has established itself as the most advanced Muslim country in
setting the Halal standard, which is very stringent," he replied.
He explained on how food, products and services can be labeled as halal.
Halal pharmaceuticals had a good future and offerred opportunities for business.
he added.
"We believe there is a huge potential, especially in pharmaceuticals and
cosmetics," he said.
Other sectors of interest are Islamic finance and banking and tourism.
Japan's investment in Malaysia surged to US$1.87 billion between January and
September involving 45 approved projects, making it the largest foreign investor
in Malaysia.
Last year, total investments from Japan were US$1.6 billion in 60 approved
projects.
To date, there were 2,260 projects with Japanese participation being
implemented in the manufacturing sector in Malaysia, with investments worth
US$14.9 billion.
Over the last five years, Malaysia's trade with Japan recorded an upward
trend.
Last year, Malaysia's total trade with Japan was US$41.1 billion, with
exports at US$21.6 billion and imports US$19.5 billon.
Japan was Malaysia's third largest export market last year and was
Malaysia's second largest import source.
Major exports to Japan are liquefied natural gas, electrical and electronic
appliances, wood products, chemicals and chemical-based products, optical and
scientific equipment.
Malaysia's major imports from Japan are electrical and electronic products,
machinery, appliances and parts, metal fabricated products, transport equipment,
iron and steel products.
-– BERNAMA
KUALA LUMPUR, Dec 22 (Bernama) -- The Japanese business community is eager to know full details of Malaysia's New Economic Model and the progress made in the various economic corridors, especially Sarawak Corridor of Renewable Energy.
The Sarawak Corridor of Renewable Energy or SCORE is a new development
corridor in central East Malaysia Sarawak state, which aims to achieve the goals
of accelerating the state's economic growth and development, as well as
improving the quality of life for the people of Sarawak.
This was revealed during a recent interview by Japan’s Nikkei Business with
Malaysian Deputy Prime Minister Muhyiddin Yassin.
He had explained to the weekly magazine the general plan to bring the
country's economy to higher income from its present status of upper middle
income economy.
The government had embarked on formulating a New Economic Model which would
be based on innovation, creativity and high value sources of growth, he said.
"This model is intended to shift our reliance from a manufacturing base
dependent on semi-skilled and low-cost labour to one that focuses on high
technology and a modern services sector dependent upon skilled and highly-paid
workers," he said in the one-hour interview.
"For this to happen we will be increasing investments in human capital
development and building a strong foundation in research and development, design
and engineering and commercialization of research activities," he said.
As for the corridor development, he said, it's aim was to spread the
economic development throughout the country with specific focuses.
"The corridor development is moving. Some is moving faster than the other,"
he said, adding that Iskandar Malaysia had secured big investments, especially
from the Middle East.
Asked on the meetings he had with captains of industry in Tokyo and Osaka
during his specific investment mission from Dec 7 to 10, Muhyiddin said he had
"active and fruitful" meetings.
"We had discussions on many areas of interest and incentives. We also spoke
about how companies like Toyota can help Malaysia to move forward in the
automotive industry."
Basically, he said, Japanese investors were not only keen to make a one-time
investment in Malaysia but also expanding it on the future potentials the
country could offer.
He said it was a great opportunity for him to explain the Malaysian
government's policies to the Japanese business community.
During the interview, Nikkei Business also asked Muhyiddin on the halal
business and its potential, saying that Japanese investors were also interested
in the area.
"Malaysia has established itself as the most advanced Muslim country in
setting the Halal standard, which is very stringent," he replied.
He explained on how food, products and services can be labeled as halal.
Halal pharmaceuticals had a good future and offerred opportunities for business.
he added.
"We believe there is a huge potential, especially in pharmaceuticals and
cosmetics," he said.
Other sectors of interest are Islamic finance and banking and tourism.
Japan's investment in Malaysia surged to US$1.87 billion between January and
September involving 45 approved projects, making it the largest foreign investor
in Malaysia.
Last year, total investments from Japan were US$1.6 billion in 60 approved
projects.
To date, there were 2,260 projects with Japanese participation being
implemented in the manufacturing sector in Malaysia, with investments worth
US$14.9 billion.
Over the last five years, Malaysia's trade with Japan recorded an upward
trend.
Last year, Malaysia's total trade with Japan was US$41.1 billion, with
exports at US$21.6 billion and imports US$19.5 billon.
Japan was Malaysia's third largest export market last year and was
Malaysia's second largest import source.
Major exports to Japan are liquefied natural gas, electrical and electronic
appliances, wood products, chemicals and chemical-based products, optical and
scientific equipment.
Malaysia's major imports from Japan are electrical and electronic products,
machinery, appliances and parts, metal fabricated products, transport equipment,
iron and steel products.
-– BERNAMA
