ASEAN KEY DESTINATIONS
By David Swartzentruber
AseanAffairs 2 November 2011
Among those saying “Go West,” is Tan Sri Rafidah Aziz, Malaysia’s former International Trade and Industry Minister.
Speaking at the MEF-European Ambassadors' Roundtable 2011 on Wednesday she said.
"We should make all efforts to go to Europe now to see the companies' potential to come to Malaysia to do business here.
From a global perspective, Asia is a more important region to more companies than either Europe or America. About 38 percent of companies are ‘very reliant’ or ‘entirely reliant’ on the health of the Asian economies, whereas 29 percent percent are very reliant or entirely reliant on developed Europe, according to a Fidelity Worldwide Investment survey.
The report concluded, “Companies will continue to offshore to reduce costs but the destinations of that new investment are changing - more so for European companies than Asian, perhaps reflecting their higher cost base.”
Given Europe’s recent request for Chinese help in straightening out their continuing crisis all of these Europe-Asia exchanges may portend interesting developments after the eurozone crisis is hopefully resolved.
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