COST-COMPETITIVE HUB: DPM assures UK investors a business-friendly environment

LONDON: THE government remains committed to ensuring that investors’ needs of doing business in Malaysia are met.
Deputy Prime Minister Tan Sri Muhyiddin Yassin told about 30 United Kingdom captains of industry during a round-table meeting yesterday that the government would pursue pro-business, prudent and pragmatic policies to ensure its investment climate remained attractive not only to conduct busineses, but also expand operations.

The high-powered UK delegation, led by Minister of State for Trade and Investment, Lord Green, included BAE Systems vice-president (Asia and India) Chris Nunn; London Chamber of Commerce deputy chief executive Peter Bishop; Rolls Royce Industry vice-president Robert Watson; and Surrey Satellite technology chief executive Sir Martin Sweeting.
Present were Tesco government relations director Simon Burton, and Oxford University senior fellow Murray Simpson. The delegation met Muhyiddin for two hours.
Muhyiddin said Malaysia’s role as a negotiating member of the Trans-Pacific Partnership Agreement would provide UK companies access to a seamless market, with preferential access to a large population.
Malaysia’s economic growth, projected to be 4.3 per cent in the second quarter and up to five per cent overall, was aided by an increase in investments, expected to surpass last year’s total of US$53.9 billion (RM179.43 billion).
Malaysia’s growth formula, he said, was premised upon a strong and effective partnership between the public and private sectors, with the government ensuring a business-friendly environment.
Muhyiddin also said investments and economic relationship between Malaysia and the UK were key pillars in bilateral relations.
“In 2012, UK was Malaysia’s 18th largest trading partner, with a total trade of US$4.42 billion (RM14.72 billion). This year, trade recorded so far totalled US$2.29 billion (RM7.62 billion).”
Muhyiddin welcomed British Telecoms’ recent expansion in Malaysia, and said the government encouraged more UK investments, especially in new growth areas of high technology, high value-added, knowledge-based and skills-intensive industries which provided high income jobs.
He said Malaysia’s emphasis on talent, creativity and innovation had led the government to adopt an ecosystem approach in promoting investments by acknowledging and tackling the evolution of business models and solutions.
He also noted that Malaysia’s sensitivity to the ever-changing needs of the global market had seen the country ranked 12th for “Ease Of Doing Business” in the World Bank’s 2013 report, the country’s highest position since the bank began the annual ranking in 2005.
On Asean as an emerging regional market, Muhyiddin said with a population of almost 600 million and a combined Gross Domestic Product of US$1.9 trillion (RM6.33 trillion), the UK should consider Malaysia as a strategic partner within Asean.
“The tariffs for most Asean countries have been reduced to zero. Malaysia’s trade has expanded with various countries via the Free Tree Agreement (FTA) platform.”
He said Malaysia also stood to benefit from the AFTA import tariff elimination, and added that the conclusion of FTAs with China had opened up a market reaching three billion people.
“With a stable economic and political environment, good infrastructure and proximity to Asean and Asia Pacific markets, UK companies would find Malaysia to be a prime location for their business.”
Green said the long-standing commercial and educational relations between Malaysia and UK would continue to be strengthened.
He said he had lost count of how many times he had been to Malaysia and huge transformations undertaken by the Malaysian government would see the country achieve its developed nation status by 2020.

By HAMIDAH ATAN

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