KUALA LUMPUR: Malaysia is inviting investors from India to further explore its vast business and investment opportunities as it is in the midst of moving into the ranks of a developed nation.
Deputy International Trade and Industry Minister Dr Ong Kian Ming said in terms of investments, Malaysia’s economy continued to evolve and capitalise on opportunities arising from global trade patterns and higher market integration.
“In 2017, Malaysia recorded approved investments amounted to US$45.8 billion (RM197.1 billion) in overall economic sectors, including services, manufacturing and primary sectors.
“The investment performance demonstrates continued investor confidence in Malaysia. We are keen to attract more quality investments from all over the world,” he said in his keynote address at the third Asean-INDIA Business Summit yesterday.
He said Malaysia has been a major beneficiary of an open market economy and globalisation and would continue the practice of an open economy to encourage and facilitate businesses.
“Despite the multiple challenges faced by the global economy, Malaysia remains a resilient nation. We have a well-diversified economy resting on the back of its solid economic fundamentals,” he added.
Last year, Ong said trade registered a stellar performance, recording the highest rate in 13 years of US$410 billion (RM1.77 trillion), surging by 19.4 per cent compared to the previous year.
Despite 2018 has been a challenging year for Malaysia so far, he said the Government was committed to lead the country navigating forward, against the backdrop of increasingly protectionist and uncertain global trading landscape.
In tandem with growing digital economy, Ong said Malaysia was positioning itself as an ideal gateway for foreign companies seeking to tap into the region’s growing eCommerce market.
“A growing number of local eCommerce startups, such as Fashion Valet and Photobook have successfully scaled their eCommerce platforms from Malaysia to the regional market.
“The government remains committed to encourage more local players to explore and reap the benefits of regional economic integration,” he said
He added that the trade tension between the US and China was bound to create a “domino” situation that would drive trade reactions and would be a reason for other developed countries to adopt protective measures on developing countries, including Asean countries.
“Trade conflict is not a beneficial move simply because trade restrictions and retaliatory measures hurt everyone, especially small trading nations,” he said. — Bernama