US supportive of M’sia joining TPP talks

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KUALA LUMPUR: The US is very supportive of Malaysia joining the Trans-Pacific Partnership Agreement (TPP) talks, especially with Washington gearing towards enhancing trade ties with Kuala Lumpur.

FOREIGN INVESTMENT: Western Digital will invest US$1.2 billion over the next five years in Malaysia.

US Ambassador to Malaysia Paul W Jones said, “When we talk about trade, the US is very supportive of Malaysia joining TPP negotiations.

“It just happened about 10 days ago and the negotiations are going to be a  very comprehensive process over the next year.

“We hope the countries involved can conclude a free trade agreement to bring down consumer prices and create jobs,” he said in an exclusive interview with Bernama yesterday.

The International Trade and Industry Ministry had said Malaysia would be joining the TPP agreement talks with eight countries including the US.

The other seven participating nations; Australia, Brunei, Chile, New Zealand, Peru, Singapore, and Vietnam had unanimously agreed to include Malaysia as a full negotiating member.

Asked whether Malaysia was an attractive investment destination to US investors, Jones, who has been here only for five weeks, said,  “Sure it is, I’ve already taken one trip up to Penang.” “It was before I presented my credentials, so I limited myself to meeting with American companies.

“I visited five different American companies and had lunch with five others,” said Jones, 50, formerly the deputy chief of mission at the US Embassy in Manila.

He presented his credentials to the Yang di-Pertuan Agong, Tuanku Mizan Zainal Abidin, at Istana Negara recently.

On American companies intending to invest in Malaysia, Jones said a company called National Instrument was coming with a major investment.

“Some of the American companies came here in 1972 and some are coming right now,” he said.

Jones said support from the government in creating a conducive investment climate and opportunities in the human resource and infrastructure sectors attracted American companies to invest in Malaysia.

The envoy said a number of American companies had recently announced significant new investments in Malaysia.

Citing soft drink giant, Coca-Cola, he said, the company would invest US$300 million for its new bottling plant in Nilai while Western Digital was investing a whopping US$1.2 billion over the next five years.

“There are two very exciting solar power companies, namely Sun Power and First Solar, which are leading companies in the US for residential solar power and one of the fastest-growing companies in America. Both announced new investments.

“So I think among American companies, there is great excitement about Malaysia and significant investments are coming in,” he said.

Asked on the New Economic Model and the Government Transformation Programme, Jones said, “Malaysia has set very impressive goals for itself.

“I think you’ll see a lot of international business looking very closely at how the new economic model translates into action. People are very excited about the economic prospects here.”  — Bernama