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News & Events

[ 07-11-2012 ]
Malaysia Set To Benefit From Economic Transformation Programme: Mustapa
SINGAPORE, Nov 3 (Bernama) -- Malaysia is set to benefit from the initiatives in its Economic Transformation Programme (ETP) in the coming years, says Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.

"We in Malaysia realise that we need to take measures to enhance Malaysia's competitiveness and to create economic opportunities through the promotion of investment initiatives.

"Under the ETP, the emphasis is to promote domestic investments (DI) while continuing to adopt Foreign Direct Investment (FDI) policies which are investment-friendly. 141 initiatives with continued investments of over RM200 billion have been announced since October 2010," he said in his speech at the Boston University Asian Alumni Business Forum at Marina Bay Sands here Saturday.

His speech was read by his deputy, Datuk Mukhriz Mahathir.

Besides domestic investments, he said, FDI will continue to assume an important role to promote and sustain economic growth -- key to Malaysia becoming a high-income country in the next eight years.

"The FDI we are keen in attracting are those with high value added investments. While we are promoting DI, we have also adopted a policy to encourage companies to go 'regional and global'," he said.

He noted many Malaysian companies have successfully ventured out especially to neighbouring countries in the region, most notably in the banking, agriculture, oil & gas, and services sectors.

Mustapa said the government will continue to assume a proactive facilitative role to assist Malaysian companies to compete in the competitive global environment.

He said the government would also continue to pursue initiatives to open up the economy through bilateral and regional free trade agreements (FTAs).

According to him, these FTAs complement the on-going work aimed at transforming the economy.

"We are already participating in FTA negotiations for the Transpacific Partnership Agreement, the European Union, Turkey and several other countries.

"Meanwhile, trade promotional activities are being intensified to bring our small and medium enterprise (SME) products and services to overseas markets," he said.

He said the World Bank findings in its latest edition of its "Doing Business Report" that placed Malaysia as the 12th most competitive economy is proof the country's efforts are bearing fruit.

Mustapa noted this ranking places Malaysia ahead of economies like Sweden (13th), Taiwan (16th), Germany (20th), Japan (24th) and Switzerland (28th).

It also ranked Malaysia fourth in the world in the category of "protecting investors".

Most recently, Mustapa said, the country was ranked as the 10th Friendliest Country in the World this year, based on HSBC's recent Expat Explorer Survey as reported by Forbes.

Mustapa said the government will continue to adopt a balanced approach towards economic development.

He said deregulation, lower taxes and increased free trade will be undertaken in a progressive and structured manner.

"We will continue to grow the economy by technological advancement, innovation and knowledge. We will continue to attract investments from abroad.

"To meet the demand of industry we will also continue to attract talents from abroad -- both Malaysians and foreigners," he added.

-- BERNAMA