Malaysia To Build Even Stronger Firms To Woo More Investments

From Massita Ahmad DUBAI (United Arab Emirates), Oct 30 (Bernama) -- Malaysia wants to build even stronger Malaysian companies to secure even greater investments, Prime Minister Najib Razak said on Wednesday. "This is in line with our development goal to reach high-income status in less than six years from now," Najib told UAE investors at a roundtable meeting here. "The 2015 Budget, which I have just announced, contains measures to stimulate exports and investment inflows. "It also includes special incentive packages for investment projects that provide qualified and knowledgeable employees with high salaries," he said. At the meeting Najib, who is also Finance Minister, highlighted some of the collaborative partnerships between Malaysian and UAE companies so far. The UAE's Aabar Investments PJS is collaborating with 1MDB in the Tun Razak Exchange, a US$5.5 billion project to turn Kuala Lumpur into a global centre for international finance, trade and services. The Emirates' International Foodstuffs Co (IFFCO) has been working with Malaysia's FELDA to expand the refining and processing of edible oils to China, Indonesia, the US, South Africa and Turkey. FELDA is a global, diversified and sustainable integrated agriculture business leader with operations in ten countries across four continents. Earlier this year, Oilfields Supply Center Ltd (OSC), in partnership with Johor Corporation, began developing the Tanjung Langsat Port, a project expected to see investments of more than US$300 million. And Dubai's Scitech Ltd has proposed a new oncology research and development centre in Malaysia, providing cutting-edge solutions for the global healthcare industry, he said. "These partnerships show us the breadth of opportunities for collaboration between Muslim countries. But they are also a vote of confidence in Malaysia's economy," he said. Najib noted that despite the less than optimistic external economic environment, Malaysia's economic fundamentals remain strong. In the first half of 2014, Malaysia's economy grew by 6.3 per cent, with relatively low external debt, low unemployment, strong exports and healthy inflows of foreign direct investment. Overall growth for 2014 is expected to reach between 5.5 per cent and 6.0 per cent, he said. "Naturally, we want this growth to continue," he said. The roundtable, organised by the Ministry of International Trade and Industry (MITI) and Malaysian Investment Development Authority (MIDA), was held in conjunction with the 10th World Islamic Economic Forum (WIEF). Also present at the meeting were MITI Minister Mustapa Mohamed and Malaysia's Special Advisor to the Prime Minister's Department, Dr Ir Jamaluddin Mohd Jarjis. Najib, who is the Patron of the WIEF Foundation, is here for a three-day working visit which is scheduled to end on Thursday. --BERNAMA