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Malaysia to achieve $180bn investment in services

 


January 15, 2008

MALAYSIA/INVESTMENT
Malaysia to achieve $180bn investment in services

Malaysia is on track to achieve US$180 billion (US$1.00=RM3.26) worth of investment in the services sector, as outlined under the Third Industrial
Master Plan (IMP3), International Trade and Industry Minister Rafidah Aziz
said Monday.

She said the upward trend of approved investment enjoyed by the country in the sector for the past two-and-the-half years, coupled with the current bullish sentiment among foreign investors in Malaysia, would be the perfect blend for the country to achieve the
target.

"We are on course in meeting Malaysia's objective to develop and expand the investment in services to meet US$180 billion for the 15-year period of the IMP3," she told foreign and local businessmen
gathered at the four-day Malaysia Services Exhibition 2008 (MSE 2008) held in Kuala Lumpur.

MSE 2008, which took place at the Sharjah Expo Centre from Jan 13 to Jan 15, is held in conjunction with the trade and investment mission to West Asia led by Rafidah.

The mission, comprising 106 members from the public and private sectors, is coveriny the three key cities of Sharjah in the United Arab Emirates, Kuwait City in Kuwait and Muscat in Oman.

Rafidah said total approved investment in the services sector amounted to US$15.12 billion in 2006 compared to US$15.10 billion recorded in 2005.

This amount surpassed the US$12.05 billion investment per annum, targeted under the IMP3, she said.

For the first half of last year, the approved investment in the services sector totalled US$7.2 billion.

Rafidah said the non-government services industry was the dominant sector of the Malaysian economy, accounting for 44.7 percent of the gross domestic product (GDP) in 2006.

"The country's Ninth Malaysia Plan (9MP) as well as the IMP3, both of which are important medium- and long-term development plans for Malaysia, give priority to further development of the services
sector," she said.

"This sector is projected to grow at a rate of 7.5 per cent in the next 15 years to reach 59.7 percent of GDP by 2020."

In 2006, Malaysia's total trade in services increased to US$44 billion from US$41 billion posted in 2005.

Both exports and imports doubled over the 1998 to 2006 period, Rafidah said.

In 2006, Malaysia's exports of services were worth US$21 billion compared to US$10.7 billion in 1998, she said.

Major exports of services in 2006 were tourism (US$10.25 billion), sea and air transportation (US$4.22 billion), merchanting and operational leasing services (US$3.54 billion), and construction
services (US$1.04 billion).

Rafidah said the non-government services industry was the dominant sector of the Malaysian economy, accounting for 44.7 percent of the gross domestic product (GDP) in 2006.

"The country's 9MP as well as the IMP3, both of which are important medium- and long-term development plans for Malaysia, give priority to further development of the services sector," she said.

"This sector is projected to grow at a rate of 7.5 per cent in the next 15 years, to reach 59.7 percent of GDP by 2020." The IMP3 incorporates strategies and support programmes to ensure the export competitiveness of selected services sectors.

Courtesy Bernama

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