MILAN, May 9 – Deputy Prime Minister Tan Sri Muhyiddin Yassin encourage Italian enterprises to view Malaysia as their “gateway” to the huge of ASEAN market. He said ASEAN would be the end of this year a larger country in the global economic arena and the ASEAN Economic Community (AEC) is implemented.
“Geographically, Malaysia is located in the region. In terms of connectivity, we can not be matched. In terms of policy, pragmatic approach, prudent and business-friendly Malaysia has gained worldwide support,” he said during a roundtable meeting with captains of industry Italy, here Friday evening.
He said the potential is very large with an integrated regional market of over 600 million people and zero tariffs for almost all products that can be traded like AEC seeks to establish a single market and production base. During the combined Gross Domestic Product of ASEAN for more than US $ 2.3 trillion (RM8.2 trillion) has been listed as the eighth largest in the world, he said.
“It is encouraging to note that the Italian investors also develop and diversify their existing operations, reflecting their confidence in Malaysia,” he said. He said Malaysia welcomed more Italian company with quality investments in new technologies, including high-value services sectors such as ICT and energy efficiency and e-mobility, data analysis, design and development.
At this time, the presence of Italian investors was strong in sectors related to petroleum products including petrochemicals, rubber products, machinery and equipment, fabricated metal products and electronic and electrical products. He said that over the past 10 years, trade between Malaysia and Italy have increased stability with their trade volume in 2014 amounted to US $ 2.69 billion (RM9.68 billion).
In terms of investment in the manufacturing sector, he said the two countries have gone from investments approved only US $ 9.5 million (RM34.2 million) in 2010 to US $ 303 million (RM1 billion) last year. In 2014, Malaysia had approved 115 manufacturing projects with Italian participation and investments totaling US $ 654.3 million (RM2.3 billion) and created 10,378 jobs.
Deputy Prime Minister also shared with them a brief overview of achievements, prospects and potential of Malaysia as an attractive investment destination. He said the Malaysian economy continued to remain flexible, high international reserves, low external debt, low unemployment, and a favorable inflow and goods, services and investment outflow foundation.
Malaysia, he said, six percent of registered strong growth in 2014 and is expected despite the volatile global economic environment, growth in 2015 of 4.5 to 5.5 percent. Malaysia has attracted $ 68 billion (RM244.8 billion) and investment in total trade volume reached US $ 443 billion (RM1.59 trillion US dollars) last year. He said the 2015 Budget to provide special incentives package that provides highly qualified and experienced employees with high-paying are high-quality investment projects.
