Mohd Redzuan says it is important to understand that even though foreign investments are important, local investments are more crucial as they drive the economy. — Bernama photo
KUALA LUMPUR: The Ministry of Entrepreneur Development (MED) has identified 15 companies with the potential to be listed on Bursa Malaysia.
Its minister, Datuk Seri Mohd Redzuan Yusof said these companies were mainly from the food and beverage, and technology sectors.
“We aim to list these companies this year as it will open bigger opportunities for them to expand their businesses outside Malaysia,” he said in a group interview.
Mohd Redzuan said it is important to understand that even though foreign investments are important, local investments are more crucial as they drive the economy.
“Despite whatever else is going on and being reported, investors still see Malaysia as a fertile ground for investments. If local investments are strong, a chain of reaction will be stimulated which will also attract high-quality foreign investments,” he said.
Last year, Malaysia approved RM201.7 billion in investments compared with RM200.6 billion in 2017, with domestic direct investments contributing 60 per cent or RM121.2 billion of total investments, while foreign investments contributed the remaining 40 per cent.
For 2019, the Malaysian Investment Development Authority (MIDA) is targeting to record total approved investments of over RM200 billion.
Meanwhile, Redzuan said there has been demand from various nations for unified halal certification.
“I believe Malaysia has the potential to lead in this area as our certification is known as the best in the world.
“With this, it will open doors to borderless halal trade and will not cause any confusion among the users,” he said.
Mohd Redzuan said as halal development and trade were under the purview of several ministries including that of Economic Affairs, as well as International Trade and Industry, talks have been conducted to reach a consensus.
“There is a huge halal market out there and it is expected to grow to US$3 trillion by 2021. With this, markets like Russia can be tapped and our local companies can achieve greater heights,” he said.
Mohd Redzuan said MED has identified some 300 companies, and small and medium enterprises to be export ready.
He said several Malaysians companies were also shortlisted to conduct a halal kitchen at the 2020 Tokyo Olympics.
“This will be a milestone for the companies selected as Japan has strict rules that need to be adhered to. With this success, it will create a spin off in halal logistics as well,” he said.
Halal Development Corporation, an agency tasked with promoting the halal industry, has projected local halal exports to reach RM50 billion by 2020 on the back of the growing global Muslim population.
“If we successfully promote halal trade, I believe the amount of (halal) exports can surpass electrical and electronics (E&E) exports,” he said.
The Malaysia External Trade Development Corporation (MATRADE) reported E&E products comprised the biggest share of Malaysia’s exports composition at 38.2 per cent or RM380.81 billion in 2018, rising 11 per cent or RM37.74 billion from the preceding year. — Bernama