The much anticipated New Economic Model, to be launched at the end of the month by the Prime Minister will focus on the services sector. The plan is to increase its contribution to the GDP to 60% by 2015. How will this be done ?
The first of many steps include:
- Liberalising the services sector
- Strengthening the capacity and capability of local service providers
- Raising the skills levels of Malaysian workers
- Creating a conducive business environment for investors
- Reviewing domestic regulations that hinder investments
- Assisting export ready Malaysian companies to break into foreign markets
Ultimately, all sectors will need to work in tandem. Together, we can work towards reducing our dependence on low skilled labour and building more technology-intensive businesses that create greater value-added products.
All this will put Malaysia on course to achieving high income nation status.
Tags: Malaysian Economy
Posted in Malaysia Economy | 1 Comment »
Mar 10th, 2010 by Mustapa Mohamed
Malaysia-India-CECA-5 March 2010
India’s economy with her growing middle class of 250 million is expected to grow at no less than 8% annually over the next decade. This spells opportunities for Malaysian businesses especially in ICT, healthcare, infrastructure, food products and services. We continue to maintain good bilateral relations and have a proven track record of operating in India. We encourage more businesses to take advantage of this!
During my recent official trip, 18 MoUs were signed between Malaysian and Indian companies. The potential value of investments is estimated at RM1.6 billion. This signals the first steps toward collaboration in key areas which include biotech engineering, petrochemical engineering and aerospace engineering.
However, signing on the dotted line is only the start and initiatives must be seen through. Here is where MITI becomes the watchdog and will monitor the progress of these MoUs.
Toward this end, MITI has started a Malaysia –India CEO’s Forum with the purpose of bringing together influential CEOs of both countries to foster bilateral trade and investment.
Prime Ministers of both Malaysia and India in their mutual bid to hasten liberalisation between the economies have negotiations on the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA). MITI’s priority is to bring to a close these negotiations by August 2010 in time for Prime Minister Manmohan Singh’s return visit.
I for my part have scheduled talks with my counterpart, the Indian Minister of Commerce as a follow-up to the negotiations.
YB Minister’s Statement
Tags: emerging market, India, investments, trade
Posted in Bilateral Relations | No Comments »
Total trade for 2009, the bulk of which went to North east Asia and ASEAN reached the RM988.2billion mark. Exports were valued at RM 553.3 billion.
Total investments approved for the year in the manufacturing sector came to RM32.6 billion. This exceeded the RM27.5 billion target set under the Third Industrial Master Plan.
Foreign investments garnered RM22.1billion while domestic investment raked in the rest. Total trade in services for the most part of 2009 amounted to RM141.8 billion, with exports accounting for RM72.7 billion and imports RM69.1 billion.
Total investments of RM208.3 billion were approved in the services sector from 2006 – 2009 with domestic investment this time comprising 88% and foreign investment 12%.
View the media release of YB Minister’s session with foreign Ambassadors, High Commissioners and Trade Counsellors.
Tags: economy, Exports, Imports, investments, Malaysian Economy, trade, Trade Figures
Posted in Exports, Imports, Malaysia Economy, Trade Figures | No Comments »
YB Dato’ Sri Mustapa Mohamed is leading a Trade and Investment Mission to Europe from 6-13 March 2010, namely to Amsterdam in the Netherlands, Hamberg in Germany and Birmingham in the United Kingdom.
Trade and investment opportunities in Malaysia will be highlighted as well as updating the business community on the measures undertaken by the Government to strengthen the economy.
Media Release
Tags: investment, trade, visit
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Mar 6th, 2010 by Mustapa Mohamed
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Meeting my Indian counterpart
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Discussion
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Group photo
This afternoon, I had a very successful meeting with my Indian counterpart, the Hon. Minister Anand Sharma, in New Delhi . We discussed the progress of bilateral negotiations to ensure that we are on track to conclude the Malaysia-India Comprehensive Economic Cooperation Agreement as agreed by our Prime Ministers during Dato’ Seri Mohd Najib’s visit in January 2010.
Earlier, I met with business leaders representing the Confederation of Indian Industry to exchange views and update them on some measures that Malaysia has taken in response to the issues they raised previously including matters on ease of doing business and visas for Indian expatriates.
In between, I also took some time to meet with members of the Malaysian community in New Delhi . I joined the Malaysian Muslim brothers for Friday prayers at the Indonesian Embassy and later in the evening, met the business community for dinner. I am happy to see that they enjoy the highest level of welcome in India .
This concludes my short trip to India as I move on tonight to head a trade and investment mission to Europe .
Tags: business facilitation, emerging market, India
Posted in Bilateral Relations, Events | No Comments »