NEW YORK, Sept 27 — Malaysia remains very business friendly and continues to welcome foreign investments in the country, said Tun Dr Mahathir Mohamad.
“Malaysia is still the same Malaysia that once upon a time was very friendly with business people, encouraged foreign direct investment, grew on the basis of such investment and solved our unemployment problem.
“It’s the same although I am now no longer in Barisan Nasional but the ideas are still coming a lot from me because the new Cabinet is new and a lot of things are brought to my desk and I will try to resolve them for the ministers.
“But the ministers are learning fast so you can expect Malaysia to be the Malaysia that is business-friendly, that will listen to the private sector, that will depend more on the private sector and less on government-run companies,” he said during a meeting with the US-Asean Business Council and the US Chamber of Commerce here.
by BERNAMA/ pic by BERNAMA
NEW YORK – Prime Minister Tun Dr Mahathir Mohamad touted Malaysia’s business-friendly stance as he went about wooing American investors to the country on Thursday.
“In general, Malaysia is still the same Malaysia that once upon a time was very friendly with business people, a country that encouraged foreign direct investment and grew on the basis of such investment,” he said of the nation that he leads as prime minister for the second time, since May 2018.
“It’s the same although I am now no longer in the Barisan Nasional (BN) but the ideas are still coming a lot from me,” he said at a meeting with members of the United States-ASEAN Business Council and US Chamber of Commerce here.
Besides being business-friendly, he said that investors could expect a country that would be listening to the private sector.
THE United States has suspended all efforts to negotiate a free- trade agreement (FTA) with the Philippines until Washington resolves its trade conflict with Beijing, a war that has been hurting the global economy since last year, a former US diplomat has revealed.
US-Asean Business Council Senior Vice President and Regional Managing Director Michael W. Michalak said Washington is prioritizing the resolution of its tariff war with Beijing over anything else. As such, its planned trade deal with Manila, which gained headway last year after a series of talks between state officials, has to wait until the trade conflict is neutralized.
In his latest dialogue with Office of the US Trade Representative (USTR) executives, Michalak said he was informed of the US government’s decision to settle the China situation first before negotiating new FTAs with trading partners, including the Philippines.
Prime Minister General Prayut Chan-o-cha and his entourage will leave for New York to attend the 74th United Nations General Assembly on Saturday.
The trip to the US from Saturday to next Friday will also be attended by Foreign Minister Don Pramudwinai and Natural Resources and Environment Minister Varawut Silpa-archa.
According to a schedule released to the media, Prayut will also attend two meetings in his capacity as this year’s chairman of Asean to represent ‘s Asean and Thailand’s roles in the international arena as well as to protect Thailand’s interests.
The Department of Finance (DOF) assured foreign investors that the Philippine government continues to implement serious policy reforms while delivering on its commitment to roll out a massive infrastructure program “on time and on budget.”
Secretary Carlos G. Dominguez III made this assurance during a meeting with members of the US-ASEAN Business Council at the DOF headquarters. Some 20 senior executives from major US firms operating in the region held their annual Philippine Business Mission here early this week.
Dominguez told the visiting businessmen that the country’s economic growth, which is among the fastest in the region, is expected to be sustained with a business environment that is more investor friendly and resilient in the face of an “adverse” global economic environment.
KUALA LUMPUR, Sept 19 — Malaysia is committed to continue working with global economies for mutual benefits, including the United States (US) with which the country has had over six decades of strong relationship in terms of trade and investment.
The Ministry of International Trade & Industry (Miti) said bilateral trade with the US grew by 1.2 per cent in 2018 to RM155.76 billion, which constituted 8.3 per cent of Malaysia’s total trade that year.
Similarly, exports to the US increased by 2.4 per cent to RM90.81 billion — the highest recorded since 2008, it said in a statement today.
The upcoming working visit by Prime Minister Tun Dr Mahathir Mohamad to the US is expected to generate further momentum that will result in greater economic cooperation between the two countries, Miti said.
The government looks to hike trade with South Korea and the United States as it aims to complete a long-gestating trade agreement with the former and discuss a closer partnership with the latter.
Trade Minister Enggartiasto Lukita has proposed to wrap up negotiations for the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) as soon as October.
He conveyed his expectation to reach an agreement with South Korea during a bilateral meeting with South Korean Trade, Industry and Energy Minister Yoo Myung-hee in Bangkok on Monday.
“We suggest that we announce our agreement on the sidelines of the Trade Expo Indonesia (TEI), which will take place from Oct. 16 to 20. Then we’ll proceed to sign the IK-CEPA during the ASEAN-Republic of Korea Commemorative Summit taking place from Nov. 25 to 27,” he said in a press statement.
Senior executives of US firms operating in the ASEAN region holding bilateral meetings with top Philippine government officials are expected to push for a status quo on the country’s macroeconomic policies, including fiscal, monetary and trade, as well as further liberalization of the domestic industries to foreign participation.
Stability of the country’s macroeconomic policies highlights the objectives of the visiting members of the US-ASEAN Business Council, the pre-eminent representative of American business in Southeast Asia, which is holding their annual three-day Philippine Business Mission starting today.
The mission would seek for greater US company participation in policy exchange supporting flagship programs under the 10-Point Economic Agenda of the Duterte Administration and driving innovation to achieve sustainability and inclusive growth goals.
Washington (VNA) - A delegation from Vietnam’s northern province of Vinh Phuc has hosted a workshop in Washington, the US, to introduce investment opportunities in the province to potential investors.
The event on September 4, which was held with assistance from the Embassy of Vietnam in the US, and the US Chamber of Commerce (USCC), attracted nearly 20 corporations and groups.
Vietnamese Ambassador to the US Ha Kim Ngoc particularly thanked Senior Vice President for Asia at the USCC Charles Freeman for supporting Vietnam and its localities in promoting trade, investment and trade relations between the two countries as well as among their localities.
The economies of Vietnam and the US are supplementary, Ngoc said, adding that to maintain high growth, Vietnam needs US goods and high-tech services such as energy, airplanes, industrial machines, farm produce, financial and digital services.
Asian countries such as Thailand and Vietnam are seeing a surge of foreign investors as the US-China trade war continues, according to CNBC.
US-ASEAN Business Council President and CEO Alexander Feldman said that investors are ‘seriously eyeing’ Thailand and Vietnam to shift production out of China. Because of the trade war, the tariffs have gone to the roof, causing a huge backlash to companies.
In fact, Apple Inc. is among the big corporations that suffer from the trade war as their operations are done in China.
Thailand is a good market for labor because of its relaxed regulations. However, Vietnam is on the verge of tightening its regulations due to unfair labor practices and low salary.
Guns, which is a huge market, is set to move to Vietnam yet its Prime Minister is still concerned about the trade deficit. However, if tables will turn, Vietnam couldn’t afford to fight the United States.