Sweden Remains Optimistic Over Malaysia's Business Outlook

KUALA LUMPUR, Jan 25 (Bernama) -- Sweden remains optimistic over Malaysia's business outlook and hopes for increased trade in the future, the country's Ambassador to Malaysia, Dag Juhlin-Dannfelt said. He said Malaysia's stellar performance in recording growth in the past few quarters despite the global economic turmoil, had continued to attract Swedish companies to invest in the country. "In my mind, Malaysia is a developed country and one with strong institutions and an educated population. "We are looking to the future with great optimism. We see a continued strong interest among Swedish businesses in establishing a presence here and in South East Asia," he told reporters, after delivering his welcoming remarks at the Digital and Efficient Manufacturing seminar on Wednesday. Also present at the seminar launch was International Trade and Industry Deputy Minister Ahmad Maslan, as well as SME Corporation Malaysia Chairman, Dr Mohamed Al Amin Abdul Majid and Chief Executive Officer Dr Hafsah Hashim. Juhlin-Dannfelt said there were at present 86 Swedish companies with established businesses in Malaysia, including car maker Volvo. He also said about 20-30 Swedish companies had a direct interest in Malaysia. He hoped Malaysia and other ASEAN-member states would continue their free trade regime and gradually expand it in future. "The move can potentially attract more foreign companies to make Malaysia their regional hub, as was the case with Volvo," he added. According to the latest online survey conducted in Nov-Dec 2016 by Business Sweden, the Swedish trade and invest council, the findings indicated a positive outlook on the business future in Malaysia. About 74 per cent of 72 respondent companies from the manufacturing sector had grown their turnover over the last three years and 90 per cent expect to do so in the next three. More than 60 per cent of companies plan to invest in competency enhancement programmes for their companies. In the coming years, 47 per cent respondents plan to invest in a production management system, specifically in plastic products, machinery and equipment, as well as metal and metal products. Meanwhile, Ahmad Maslan said Swedish advancements in the manufacturing industry should be emulated by Malaysians, especially in leveraging on technology to become global leaders in innovation with a highly skilled labour force. "This is important in preparing and transforming the country towards the Fourth Industrial Revolution 4.0, a new technological age that is essentially about 'smart factories'. "Thus, it is the responsibility of every Malaysian to enhance knowledge in their respective fields to remain relevant to current and future job needs," he added. The one-day seminar, jointly organised by SME Corp and Business Sweden, focused on guiding small and medium enterprises, particularly in the manufacturing sector, on how to increase productivity and integrate the value chain by implementing innovative solutions and processes. --BERNAMA