ACCCIM Urged To Tap ASEAN's Growing Wealth

MELAKA (Malaysia), July 27 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has been urged to tap ASEAN’s growing wealth and opportunities and make the country the regional gateway. Malaysia's Minister of International Trade and Industry (Miti) Mustapa Mohamed said the ASEAN Economic Community (AEC) is now seeking to create a single market and production base in the region. "As a single entity, ASEAN currently is the 7th largest economy in the world and home to a consumer market of more than 600 million people, with a combined gross domestic product estimated at US$2.5 trillion. "By 2020, ASEAN aims to become the 5th largest economy in the world. As such, Malaysian businesses should be proactive and explore collaborations with foreign companies with high value added technology to establish operations in Malaysia," he said in his speech at the ACCCIM's 69th Annual General Meeting here Saturday. The text of his speech was read by his Deputy, Lee Chee Leong. Mustapa said the government would continue to provide a conducive business ecosystem for Malaysia's economic growth and development. "Our pragmatic policies and talented work force provide an unparalleled advantage that few, if any, in the region can match. Indeed, our business friendly policies are recognised by many independent international organisations. "The World Bank, in its Doing Business 2015 Report ranked Malaysia as the 18th easiest place to do business from 20th last year. "The World Economic Forum ranked Malaysia as the 20th most competitive out of 144 economies in its recently-released 'Global Competitiveness Index 2014-2015 Rankings' from 24th previously," he added. Mustapa said Miti through the Malaysian External Trade Development Corporation and the Malaysian Investment Development Authority will continue to support and encourage the participation in international expos. Among them, he added, was the 19th China International Fair for Investment and Trade (CIFIT) and the 118th China Import and Export Fair (Canton Fair) this September and October respectively. -- BERNAMA