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NEWS UPDATES 14 January 2010

Malaysia seeks more British investments

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Malaysia is seeking more British investments in the aerospace engineering and agricultural biotechnology sectors, reported the StarBiz daily.

Deputy Prime Minister Tan Sri Muhyiddin Yassin said Malaysia was a viable location for the manufacture of aircraft components, maintenance, repair and overhaul for both the regional and global markets.

Renowned British companies with operations in Malaysia included BAE Systems, Rolls Royce, Stress Analysis & Design Engineering and Spirit Aerosystems, he said.

He urged UK aerospace companies to take advantage of the Malaysia International Aerospace Centre (MIAC) to develop the country into a regional aerospace hub by 2015.

“The Government has just announced comprehensive tax incentives which include tax holidays and allowances to further promote the aerospace industry,” he said on Tuesday when addressing 16 British investors including Spirit Aerosystems (Europe) Ltd vice-president and managing director Neil McManus, Dyson Ltd director (international & commercial) Sir Richard Needham and Enigma Diagnostics Ltd CEO Darren Hall.

Muhyiddin said Malaysia was now on a higher plane of industrialisation focusing on attracting quality investments.

They included high technology, capital intensive, high value-added, knowledge-based and skills-intensive operations incorporating activities such as design and development as well as research and development programmes.

“Our priority sectors are advanced electronics, information and communications technology, machinery and equipment, biotechnology, medical devices and renewable energy,” he said.

Needham said Malaysia was a much better place for British investors, particularly medium-sized companies, as both countries shared long cultural, political and family ties.

He also said southern Malaysia and Singapore together were a more attractive place than Hong Kong-Shenzhen or Hong Kong-Zhuhai.

“Personally, Malaysia and Singapore spend too much time competing with each other and not enough time working out how they should present a common face to outside investors,” he added.


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