Malaysia More Prepared To Face World Economic Crisis

KULIM (Kedah, Malaysia), Dec 22 (Bernama) -- Malaysia has taken steps to prepare itself for a possible recurrence of the 2008/2009 world economic crisis next year, Deputy International Trade and Industry Minister Mukhriz Mahathir said Thursday. He said the measures included promoting local investment and shifting focus to non-traditional markets. "These were taken to insulate the economy," he told reporters after presenting the 5S Quality Environment Certification to Kulim Technology Park Corporation (KTPC) and its three subsidiaries here. He said Malaysia would certainly be affected directly by a slump in world trade following the unhealthy developments in Europe and several other western countries as well West Asia. That was why, early precautionary steps were necessary, he said. "The global recession of 2008 and 2009 had caused enough damage to our efforts in building the country's economy," he said. Mukhriz said that besides exporting technology-based products, manufactured goods and services, Malaysia was intensifying efforts to exploit the halal food industry for the high potential world market. In terms of investment, he said, the ratio between foreign and domestic was almost 50:50. In the 10 months of 2011, Sarawak received investments totaling RM7.3 billion, followed by Selangor RM6.8 billion, Johor RM6.7 billion, Penang RM5.7 billion, Negeri Sembilan RM3.5 billion, Pahang RM2.9 billion, Terengganu RM1.4 billion), Perak RM966 million, Kedah RM765 million, Sabah RM720 million, Kuala Lumpur RM299 million, Kelantan RM129 million and Perlis RM23 million. In a speech earlier, he said Malaysia needed to do a lot more to be among the top 10 most competitive nations after moving up five notches to 21st spot this year from 26th in 2010. The move by Panasonic from Japan to invest RM1.84 billion in a solar manufacturing facility at KHTP was proof of foreign investors' confidence in Malaysia's competitiveness, he said. (US$1=RM3.16) -- BERNAMA