ASPC Will Boost Services Sector, Says Malaysian Minister

KUALA LUMPUR, May 4 (Bernama) -- Malaysia hopes the establishment of the ASEAN Service Providers Confederation (ASPC) will further increase trade in the services sector. Second International Trade and Industry Minister, Ong Ka Chuan, said the services sector was identified as a major growth engine under the ASEAN Economic Community. "There is evidence of a gradual shift towards the services (sector) from manufacturing-led export in some ASEAN economies," he said at the launch of ASPC here Tuesday. The ASPC, a private sector initiative to facilitate intra-ASEAN trade in the services sector, covers 128 sub-sectors. Ong said investors should look at Malaysia as a getaway to the ASEAN market and beyond as the country was located at the centre of ASEAN with unmatched connectivity and business-friendly policies. "As a further incentive, Malaysia has already put in place several schemes, such as the regional office, representative office and principal hub, to complement the increasing trend of global offshoring activities," he said. Ong said the Malaysian government was committed to assist local and foreign companies in the country to seize opportunities in ASEAN. Meanwhile, at a press conference later, the Malaysian Investment Development Authority (MIDA) Chief Executive Officer, Azman Mahmud, said MIDA would use ASPC as a platform to promote investments in the services sector. "Last year, investments in services sector accounted for 58 per cent of the total," he said. Azman said ASPC was also designed to facilitate multinational and domestic companies, as well as, services providers to use Malaysia as a hub to serve the ASEAN market. "ASPC will also enable ASEAN business community to identify challenges in the business environment and provide feedbacks to the government to improve trade barriers and rules and regulations," he added. --BERNAMA