DPM Urges Local Businessmen To Join Forces

KUALA LUMPUR, Nov 3 (Bernama) -- Deputy Prime Minister Muhyiddin Yassin has urged the local Chinese business community to continue to be partners in developing Malaysia and invest in the domestic economy. He also urged them to join forces with both government-linked companies (GLCs) and Bumiputera (son of the soil) businessmen to play a role in the next stage of Malaysia's development. "For a long time, local Chinese businessmen have been the main domestic investors and it would be safe to say that without them, Malaysia wouldn't be where it is today. "However, increasingly over the past 10 years, more and more domestic investments have been undertaken by GLCs," Muhyiddin said in his keynote address at the third World Chinese Economic Forum here on Thursday. He also said there is room for improvement in the relationship between Malaysia and China in the coming years. Malaysia, he added, wants to continue to forge links, increase cooperation and make the most of each other's expertise for mutual gain. "Over the next five years, we expect trade between Malaysia and China to double and reach more than US$100 billion by 2015. But while we are doing our part, I would also like to see the private sector play a greater role. "As it stands, Malaysian companies have invested over US$2 billion in China but Chinese companies have only invested US$250 million here. I would like to see this gap closed," Muhyiddin said. He said through the New Economic Model and the 10th Malaysia Plan, Malaysia was investing in and promoting new growth industries that will provide significant opportunities for the private sector to participate in the country's development. "In order to make the private sector the new engine of growth, businesses need open, transparent and even-handed economic stewardship. "We will continue with this approach and through greater liberalisation and deregulation, aim to create a competitive environment for the private sector to thrive," Muhyiddin said. He pointed out that Malaysia further liberalised 17 services sub-sectors last month on top of the 27 announced in 2009, making Malaysia's economy more open than it has ever been. The forum, themed "Linking East and West", was jointly organised by the Asian Strategy and Leadership Institute (ASLI) and the Country Heights Group. It focuses on the emergence of the Global Chinese economic power, not only from China but also the Chinese diaspora worldwide. -- BERNAMA