|
Malaysia's Minister of International Trade and Industry, Dato' Mustapa Mohamed, leads trade and investment mission to Singapore |
|
Singapore-Malaysia bilateral trade rose 1.4 per cent on year to S$111.4 billion in 2008
Singapore is the fourth largest investor in Malaysia for 2008, with investments amounting to RM2.0 billion (S$813 million) in 112 projects, from 108 projects in 2007
Singapore, Thursday, 6 August 2009 - Malaysia's International Trade and Industry Minister, Dato' Mustapa Mohamed today led a Trade and Investment Mission to Singapore comprising some 120 delegates from the manufacturing and services sectors.
In conjunction with the mission, Dato' Mustapa Mohamed together with Singapore's Minister for Trade and Industry, Mr. Lim Hng Kiang, addressed the Singapore business community at a seminar and dialogue session entitled "Business Opportunities in Malaysia", attended by some 700 participants held at the Raffles City Convention Centre. The dialogue was moderated by SBF Chairman Mr. Tony Chew.
The seminar, jointly organised by the Malaysian Industrial Development Authority (MIDA), Malaysia External Trade Development Corporation (MATRADE), Malaysia's Ministry of International Trade and Industry (MITI), the Singapore Business Federation (SBF), International Enterprise (IE) Singapore and co-sponsored by Maybank, was aimed at enhancing bilateral economic relations between both countries, as well as attracting companies from the Republic to invest and do business in Malaysia.
Delegates from the Malaysian side attending the dialogue session were from sectors including electronics, machinery & equipment, pollution control equipment, metal fabrication, ICT products, automotive parts and components, cosmetics, processed food and plastic and rubber products. Other sectors include business consultancy services, engineering services, industrial estate and property development, and regional establishments.
Aside from the seminar and dialogue session, the Malaysian delegates and their Singapore counterparts also engaged in individual meetings after the seminar to facilitate discussions on business proposals.
In his opening remarks, SBF Chairman, Mr. Tony Chew said the local as well as international business communities in Singapore are keen to know more about the business opportunities emerging in Malaysia, and to learn more about the significant developments in the past year. He also welcomed Prime Minister Najib Tun Razak's recent announcement of economic liberalization measures to attract foreign direct investments in 27 services sub-sectors and the financial services sector.
Minister Lim noted during his speech that "is still too early to conclude that a strong, sustained recovery is at hand. Several of our local economic indicators continue to be weak" even though some recent key economic data indicated signs of stabilisation globally. He also encouraged Singapore-based companies to look for opportunities in Malaysia.
"You will be able to enjoy first-mover advantage by means of our historical, cultural and geographical proximity. Your understanding of the Malaysian market and rapport with business partners in Malaysia built up over the years are plus points. On the Singapore Government's part, we will step up our efforts to facilitate collaboration amongst businesses. In fact, even as we speak here today, International Enterprise (IE) Singapore is currently conducting a healthcare study mission to Malaysia to explore possible opportunities arising from the recent liberalisation of the healthcare services sub-sector," said Minister Lim.
Minister Mustapa updated Singapore's business community on Malaysia's political and economic developments; bilateral relationship between Singapore and Malaysia; trade performance; Singapore investment in Malaysia; Malaysia's services sectors; investment opportunities in Malaysia; Singapore investment in Johor and Iskandar Malaysia; and tourism and airlinks with Singapore.
Singapore - Malaysia Trade and Investment
Bilateral trade and investment between Malaysia and Singapore has always been strong due to the historical and cultural ties between the two nations. With Singapore's strong currency, coupled with Malaysia's lower costs of land and labour, inbound investment from the city state has traditionally increased over the years, with the island nation ranking among the top investing countries into Malaysia.
Malaysia remained Singapore's top trading partner in 2008, with bilateral trade reaching S$111.4 billion in 2008, an increase of 1.4 per cent from the year before. Key trading products include electronics, petrochemical products, jewellery and metal manufactures1.
Singapore is currently the fourth largest investor in Malaysia for 2008, with investments amounting to RM2.0 billion (S$813 million) in 112 projects, compared to 108 projects the previous year. In addition, Singapore is currently the largest overseas investor in Malaysia for the first five months of 2009, investing RM1.05 billion dollars in 28 projects. Singapore's investments in new manufacturing projects were mainly concentrated in the electronics, electrical and basic metal sectors
1 Source: International Enterprise Singapore
SBF's Business Facilitation Efforts
(A) Iskandar Malaysia
Dato' Rafidah Aziz, the then Minister of International Trade & Industry updated the Singapore business community on Iskandar Malaysia at the "Business Opportunities in Malaysia" seminar and dialogue session in August 2007.
Her successor, Tan Sri Muhyiddin Yassin also focused on Iskandar Malaysia during a similar dialogue session in 2008.
Since 2007, SBF has:
Organised two visits to Iskandar Malaysia in September 2007 involving 110 representatives of SBF member companies, business chambers and trade associations.
Supported a seminar by Nusajaya on the Southern Industrial Logistic Cluster in June 2008 attended by 350 participants from the Singapore business community.
Organized a post-mortem on the visit to Iskandar Malaysia which was attended by some 40 participants.
B) Outreach Activities 2009
SBF organized the following Malaysia Market Development activities in 2009:
SBF-MSBC Roundtable with Dato Mustapa on 21 May 2009 in Singapore chaired by SBF Chairman Mr. Tony Chew.
SBF Business Dialogue with Governor, Bank Negara Malaysia on 8 May 2009. 150 senior bankers and business executives attended the Dialogue which was moderated by SBF CEO.
SBF supported a seminar on "Malaysia: Your near shore Outsourcing Destination" in Singapore on 26 March 2009 with OM, an MDEC subsidiary unit.
For the rest of 2009, the following activities are planned:
Possible Reverse Mission by SBF's Malaysian counterpart - National Chamber of Commerce and Industry of Malaysia (NCCIM). The NCCIM delegation is expected to be led by its President, Tuan Syed Ali Alatas.
5th Meeting of Malaysia - Singapore Business Council MSBC in Malaysia in 2H 2009. This meeting is subject to confirmation by FMM, the Malaysian secretariat of MSBC.
|
|
|
