ID :
96882
Sat, 12/26/2009 - 15:21
Auther :
Shortlink :
https://oananews.org//node/96882
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MIDA`S NEW YORK OFFICE OPTIMISTIC ABOUT US ECONOMY IN 2010
By Manik Mehta
NEW YORK, Dec 26 (Bernama) -- Though 2009 was, perhaps, one of the worst
years for foreign agencies in New York charged with attracting investments from
the United States to their respective countries, they have not abandoned their
optimism for 2010.
Silver linings have begun to appear in the hitherto dark economic clouds
that have hovered for the past two years.
This sense of optimism also characterises the mood in the New York office of
the Malaysian Industrial Development Authority (MIDA) whose prime task is to
promote investments to and – since recently – also from Malaysia.
" We do see some signs of recovery as the current year comes to a close and
we are optimistic that this faint sign of recovery will strengthen and lead to a
full-fledged recovery," Arham Abdul Rahman, MIDA's New York Director, said
in an interview with Bernama.
Arham, who completes a year at the New York office since his arrival at the
start of 2009, said that although public investments in the United States had
increased, the private sector was cautious with respect to investments.
" Private investments still remains very low, according to my observation,"
Arham noted. Consequently, the New York office is taking a "wait-and-watch"
approach.
He pointed out the Malaysian government has, meanwhile, liberalised 27
sub-sectors in the services sector, including health and social, tourism,
transport, business and computer and related services.
" The liberalisation of these sub-sectors is being pursued with the
intention of creating a conducive business environment to attract investments
and technology, and also to create higher value employment opportunities.
" These efforts will enhance the level of competitiveness of the services
sector in Malaysia which will benefit foreign investors," Arham maintained.
He has been making a strong pitch with US corporations to avail of the
business opportunities unfolding in Malaysia.
" Indeed, I have a list of good companies that want to go to Malaysia but
because of economic uncertainties, they are, for the time being, hesitant.
" Consequently, we do not know when they will, finally, be able to go (to
Malaysia)," he said, adding that he was "very optimistic" that once the US
economy staged a full recovery, US companies would expand and go abroad.
Arham acknowledged that 2009 was a bad year not just for Malaysia but
also for all the foreign investment promotion agencies in New York.
" We experienced a sharp decline in investment in 2009 directly attributed
to the economic downturn in the United States which was the largest investor in
Malaysia's manufacturing sector in 2008.
This year, Malaysia attracted US$2.4 billion for 22 projects, 10 were
entirely new projects while 12 involved expansion or diversification of existing
operations by US companies already operating in Malaysia," Arham explained.
Some promising sectors inherent with good business include the renewable
energy sector, hi-tech industry, electronic and electrical industry.
Arham, who was recently in California to assist in the visit of a MIDA
delegation from Malaysia, led by its chairman Dr. Sulaiman Mahbob, was
"impressed" by the "keen interest" shown by participants at two business
seminars organised for the visiting delegation in Los Angeles and San Francisco.
The two seminars attracted a total of 132 participants representing US
companies. Sulaiman also had private talks at a round-table meeting with chief
executives of 20 companies in Santa Clara and, again, with representatives of
another 10 companies in Los Angeles.
The Malaysian government, according to Arham, had embarked on a drive to
raise Malaysia from a middle-income to a high-income economy.
" For this reason, the government is working on a new economic model which
will be based on innovation, creativity and high-value sources of economic
growth.
" Our new economic model is expected to shift our reliance from a
manufacturing base dependent on semi-skilled and low-cost labour to one that
hinges on high technology and modern services sector engaging skilled and
highly-paid local talents," he emphasised.
Arham said US corporations always preferred to use Malaysia as a base to
maintain a strong presence between India and China, two exciting giant
markets that US corporations want to tap for business.
" With its well-developed infrastructure, distribution channels and a pool
of highly-skilled local workers, Malaysia offers itself as an attractive base
not only to tap these two huge markets but also the hinterland market of the
Asean region," he pointed out.
This courtship of US companies, Arham reinforced, would continue and
intensify in 2010 when "things will, hopefully, be better than in 2009".
--BERNAMA
NEW YORK, Dec 26 (Bernama) -- Though 2009 was, perhaps, one of the worst
years for foreign agencies in New York charged with attracting investments from
the United States to their respective countries, they have not abandoned their
optimism for 2010.
Silver linings have begun to appear in the hitherto dark economic clouds
that have hovered for the past two years.
This sense of optimism also characterises the mood in the New York office of
the Malaysian Industrial Development Authority (MIDA) whose prime task is to
promote investments to and – since recently – also from Malaysia.
" We do see some signs of recovery as the current year comes to a close and
we are optimistic that this faint sign of recovery will strengthen and lead to a
full-fledged recovery," Arham Abdul Rahman, MIDA's New York Director, said
in an interview with Bernama.
Arham, who completes a year at the New York office since his arrival at the
start of 2009, said that although public investments in the United States had
increased, the private sector was cautious with respect to investments.
" Private investments still remains very low, according to my observation,"
Arham noted. Consequently, the New York office is taking a "wait-and-watch"
approach.
He pointed out the Malaysian government has, meanwhile, liberalised 27
sub-sectors in the services sector, including health and social, tourism,
transport, business and computer and related services.
" The liberalisation of these sub-sectors is being pursued with the
intention of creating a conducive business environment to attract investments
and technology, and also to create higher value employment opportunities.
" These efforts will enhance the level of competitiveness of the services
sector in Malaysia which will benefit foreign investors," Arham maintained.
He has been making a strong pitch with US corporations to avail of the
business opportunities unfolding in Malaysia.
" Indeed, I have a list of good companies that want to go to Malaysia but
because of economic uncertainties, they are, for the time being, hesitant.
" Consequently, we do not know when they will, finally, be able to go (to
Malaysia)," he said, adding that he was "very optimistic" that once the US
economy staged a full recovery, US companies would expand and go abroad.
Arham acknowledged that 2009 was a bad year not just for Malaysia but
also for all the foreign investment promotion agencies in New York.
" We experienced a sharp decline in investment in 2009 directly attributed
to the economic downturn in the United States which was the largest investor in
Malaysia's manufacturing sector in 2008.
This year, Malaysia attracted US$2.4 billion for 22 projects, 10 were
entirely new projects while 12 involved expansion or diversification of existing
operations by US companies already operating in Malaysia," Arham explained.
Some promising sectors inherent with good business include the renewable
energy sector, hi-tech industry, electronic and electrical industry.
Arham, who was recently in California to assist in the visit of a MIDA
delegation from Malaysia, led by its chairman Dr. Sulaiman Mahbob, was
"impressed" by the "keen interest" shown by participants at two business
seminars organised for the visiting delegation in Los Angeles and San Francisco.
The two seminars attracted a total of 132 participants representing US
companies. Sulaiman also had private talks at a round-table meeting with chief
executives of 20 companies in Santa Clara and, again, with representatives of
another 10 companies in Los Angeles.
The Malaysian government, according to Arham, had embarked on a drive to
raise Malaysia from a middle-income to a high-income economy.
" For this reason, the government is working on a new economic model which
will be based on innovation, creativity and high-value sources of economic
growth.
" Our new economic model is expected to shift our reliance from a
manufacturing base dependent on semi-skilled and low-cost labour to one that
hinges on high technology and modern services sector engaging skilled and
highly-paid local talents," he emphasised.
Arham said US corporations always preferred to use Malaysia as a base to
maintain a strong presence between India and China, two exciting giant
markets that US corporations want to tap for business.
" With its well-developed infrastructure, distribution channels and a pool
of highly-skilled local workers, Malaysia offers itself as an attractive base
not only to tap these two huge markets but also the hinterland market of the
Asean region," he pointed out.
This courtship of US companies, Arham reinforced, would continue and
intensify in 2010 when "things will, hopefully, be better than in 2009".
--BERNAMA
