Malaysia to bridge trade between East, West

16:50, October 23, 2009      

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Malaysia is well positioned to leverage on Asian growth prospects to bridge the trade flows between the East and the West, a report said in Kuala Lumpur on Friday.

The Economy Report 2009/ 2010 released by the Malaysian Finance Ministry stated that ASEAN, China, India and the Middle East would gain prominence in becoming the main source of consumption demand.

This was evident given their prospects for rapid gross domestic product growth in the countries, added the report.

The report said while the United States and Europe would remain the main markets for Malaysia, consumption was expected to shift towards Asia, encouraging companies to expand in the region and increase product mix.

Therefore, Malaysia needed to develop a unique value proposition to attract foreign direct investment, added the report.

According to the report, the Malaysian government already identified areas where the country has competitive advantages, including Islamic finance, halal industry, resource-based industries and tourism.

Other areas where Malaysia has strength include oil and gas, plantation and construction.

The report said Malaysian companies involving in the said fields could be further strengthened and promoted for global expansion.

While Malaysia was eyeing to be transformed into a high-income nation, the report said that the Malaysian government would address issues pertaining to human capital, fiscal management, liberalization and private investment.

This was to expedite the recover process when setting stage for the new economy model to take place, added the report.

Source:Xinhua
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