M'sia Offers New Investment Opportunities For Aussie Companies

By Neville D'Cruz MELBOURNE, Nov 17 (Bernama) -- There are many new opportunities for Australian companies to invest in Malaysia, the Malaysian Investment Development Authority (MIDA) Deputy Director-General (II) Phang Ah Tong told a business forum here Thursday. "Given the strong level of Australia's technological expertise and innovative culture, there are many investment opportunities especially in key sectors of oil, gas and energy, as well as, electrical and electronics, aerospace, green technology and information communication technology," he said. Phang was speaking at the "Australia-Malaysia Forging Ahead" business briefing attended by about 120 Australian company representatives. He said services sector in Malaysia also provided opportunities for investment. "The areas which are being targeted include business and professional services, distributive trade, health services, education and training services," he said. Phang said the Malaysian government recently announced further liberalisation of 17 services sub-sectors in phases next year. These include private hospital, architectural, engineering and legal services. "This move is expected to contribute towards boosting investments and increase Gross Domestic Product contribution from the current 58 per cent to 65 per cent by 2020," Phang said. He said with a stable economic and political environment, good infrastructure and close proximity to the large Asean and Asia Pacific markets, Australian companies would find Malaysia to be a prime location for their activities "as Malaysia is a cost-competitive hub for investments in this region". Phang said Australia was already an important source of investment for Malaysia. "As at Dec 31 last year, we have 294 manufacturing projects with Australian participation with total capital investment of US$710 million," he said. Among the prominent Australian companies investing in Malaysia include Ansell, Mission, CSR and BHP Steel. Phang also paid tribute to the work done by the Australian Malaysian Business Council and its counterpart, the Malaysian Australia Business Council in their "pivotal role"’ in enhancing bilateral trade. "Both councils have served an important role in international business in opening doors and creating opportunities for companies," he said. -- BERNAMA