WASHINGTON: After attending the Nuclear Security Summit here, Prime Minister Datuk Seri Najib Tun Razak is turning his attention to bread and butter economics with the United States, for the rest of his working visit to the country.He began Wednesday by addressing a forum on the key pillars of cooperation between Malaysia and the United States, telling his audience about the country’s newly launched New Economic Model (NEM) to pursue high income growth and restore the appetite of investors.
“The best understanding, however, would be gained if you were to come to Malaysia and find out first-hand, what actually is going on. I am confident, you will be pleasantly surprised, at how different reality and perceptions are,” he said.
To illustrate how doing business with Malaysia had changed, Najib related the story behind the RM1 billion (US$302 million) investment by Coca Cola to build a new bottling plant in Malaysia.
“I was personally involved in the discussions during the APEC Summit in Singapore last year (November) and by March this year, the plant is in construction.
This is how fast and expeditious we can be,” he said.
Najib also said there were still opportunities for bilateral investment and trade to flourish, particularly in services, although both countries were unable to conclude a free trade agreement (FTA) under the previous Bush administration.
Malaysia, he said, can be the hub for investment in green and energy efficient technologies using its natural resources while in the services sector, it was emerging as a strong leader in Islamic finance, tourism and halal products.
“Malaysia will also take a serious look at strengthening its investment and economic ties with the United States through the Trans-Pacific Partnership with terms and modalities that are mutually beneficial,” he added.
Trade between Malaysia and the United States stood at US$35 billion last year, accounting for 11.1 per cent of total trade, while foreign direct investments from it totalled US$300 million or 8.4 per cent of the total received.
Najib, who had indicated that trade and investment are key components of relations with Washington, said American corporations and investors would benefit from a more conducive investment climate, increased liberalisation, a higher quality workforce and efforts to facilitate the growth of promoted industries.
Industries such as electrical and electronics and oil and gas which have significant American participation would be given a further boost under the NEM.
Najib spent Wednesday afternoon having one-to-one meetings with Coca Cola chairman and chief executive Mukhtar Kent, Conoco Phillips president and chief executive John A Carrig, Motorola’s president for Enterprise Mobility Solutions Gene Delaney and Intel Corporation vice president and general manager Brian M Krzanich.
He then met with executive members of the US-Asean Business Council and US Chamber of Commerce.
Also in the Prime Minister’s delegation at the meetings were Ambassador to the United States Datuk Seri Jamaludin Jarjis, International Trade and Industry Ministry deputy secretary-general Datuk Dr Rebecca Fatima Sta Maria and Datuk Jalilah Baba, director-general of the Malaysian Industrial Development Authority (Mida) that will soon be corporatised as the Malaysian Investment Development Authority.
On Thursday, Najib is scheduled to have a breakfast meeting with Republican Senator Kit Bond, an expert on Southeast Asia, at the US Chamber of Commerce followed by a trade and investment seminar there.
In the afternoon, he is slated to meet 12 venture capitalists and meet World Bank President Robert Zoellick.
On Friday, Najib will be in New York for a roundtable with American businessmen, organised by Goldman Sachs before wrapping up his week-long visit. — Bernama