Malaysia stands to gain from openness, globalisation

0

KUALA LUMPUR: Malaysia has been a major beneficiary of openness and globalisation, and as a result its trade-to-gross domestic product ratio increased to 160 per cent, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

He said Malaysia’s trade openness enabled it to draw foreign direct investment, including from Saudi Arabia and China.

“This is an endorsement of our open policy and in terms of economic ties,” he told reporters at the Global Transformation Forum 2017 yesterday.

Mustapa was one of the panellists at a forum entitled “Malaysia’s Transformation: Delivering on Government Promises” .

He said with the open economy system, many countries became part of the world value chain, from small and medium enterprises to public-listed companies and even multinationals.

This has translated into job creation, for instance at least one million in the manufacturing sector alone, he added.

“In terms of trade agreements, we have signed 13 altogether, another indicator of trade openness and we are still negotiating with a few other countries,” he said.

Mustapa said Malaysia supported multilateralism, which brought together over 160 countries under the auspices of the World Trade Organisation.

“Our companies are doing business in Asia, Europe, Middle East and many parts of the world in various sectors, including construction, oil and gas, and banking,” he added. — Bernama