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NEWS UPDATES 27 November 2009

Malaysian agency on an investment road show to US

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The Malaysian Industrial Development Authority (Mida) hopes to attract 1.5 billion ringgit in foreign direct investments (FDIs) from its trade and investment mission to the United States covering Los Angeles and San Francisco from Dec 7 to 12, reported local business daily the StarBiz

Agency cDr Sulaiman Mahbob said the mission would be timely considering the current economic slowdown and the need to increase promotion and marketing activities to further enhance trade and inflows of FDI.

“We hope to attract FDIs from the information and communications technology (ICT), electronics, bio-technology, medical devices and pharmaceutical sectors among others. Besides that, we will also promote Malaysian products and services there,” he told a media briefing yesterday.

The FDIs from the United States this year until September stood at 289 million ringgit compared with 8.7 billion ringgit for the whole of last year and 3.1 billion ringgit  in 2007.

Sulaiman said the strong FDIs last year was mainly due to the huge investments from companies such as Western Digital and First Solar.

“The United States was Malaysia’s second largest trading partner, accounting for 11.7 percent of our global trade last year. Total trade between the two countries was valued at 139.2 billion ringgit.

“Malaysia’s total exports to the United States were at 82.8 billion ringgit last year, down 12.5 percent from 2007. For the United States, Malaysia was its 17th largest trading partner last year,” he said.

This year to end-September, Sulaiman said total trade between Malaysia and the United States decreased by 26.4 percent to 79.1 billion ringgit against the previous corresponding period due to the global economic downturn.

“Meanwhile, total exports as of September this year declined by 32.2 percent to 43.7 million ringgit while imports also slumped by 17.7 percent to 35.4 billion ringgit against the corresponding period last year,” he said.

Among the highlights of the trade mission are seminars on Malaysia-US Business Opportunities to be organised in Los Angeles and San Francisco, executives roundtable meetings with industries’ captains from the United States, and visits to ICT and electronics companies as well as Malaysian companies operating there.

Sulaiman will lead the mission alongside 63 representatives from Mida, Permodalan Nasional Bhd, the Companies Commission of Malaysia, Halal Industry Development Corp, Malaysian Biotechnology Corp, the Malaysian Palm Oil Council, the International Trade and Industry Ministry and Malaysia External Trade Development Corp.


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