Mar 15, 2012

Consider investing in Myanmar, Malaysian companies told

The Government wants more Malaysian companies and businessmen to look at Myanmar as their next foreign investment destination.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the changes in policy by the junta government there sent a strong signal that the country was serious in attracting foreign investors.
He said there were several economic sectors and activities in which local companies and businessmen could invest.

Mustapa said these included infrastructures such as building roads, highway and airports, manufacturing, oil palm, property development projects and oil and gas.

“Presently there are 200 Malaysian companies and businessmen there and we want to see more of them in Myanmar,'' he said at a press conference yesterday.

Mustapa said he was in Myanmar recently leading a business delegation and found that the country offered good business opportunities for Malaysian investors.

He said this after attending a close door meeting with investors in Johor and briefing by the Iskandar Regional Development Authority chief executive officer Ismail Ibrahim on the progress of Iskandar Malaysia.
Mustapa said Malaysia was not worried foreign direct investment (FDI) inflows to the country would be affected with Myanmar's open door policy.

“Both countries have different targets in attracting FDIs with Malaysia going for high-technology investments while Myanmar is more on labour-intensive industries,'' he said.

Mustapa said the industrial working committee between Malaysia and Singapore would hold its first meeting tomorrow here to discuss industrial-related matters.

He said the setting up of the committee was mooted by the Singapore business community including the Singapore Business Federation for Manufacturers looking to relocate or expand their operations in Iskandar Malaysia.

Source: The Star Online