Malaysia
hopes that the EU-Malaysia Chamber of Commerce and Industry (EUMCCI)
will be at the forefront of assisting and supporting Malaysian
interests whenever new legislations and regulations are introduced in
the European Union (EU) that impact Malaysian trade and industry. Making this call, the Minister of International Trade and Industry,
Dato' Mustapa Mohamed said that the EUMCCI should not only provide the
country an early warming system but also help in understanding the
impact of the legislations and regulations on business. He called
on EUMCCI members to be good economic ambassadors of Malaysia and spread the
word especially among European companies that have
yet to invest in Malaysia.
"Malaysia places great important in an enhanced and substantive
relationship with the EU," Dato' Mustapa said in his keynote address on
Friday at the Europa Awards 2009 Gala Dinner organised by EUMCCI.
The Europa Awards recognises the accomplishments of outstanding member
companies in EUMCCI which have initiated, contributed and sustained the growth
of trade and investment between Europe and
Malaysia. EUMCCI has over 1,100 corporations as its members.
"There is already a high level of engagement at the government-to-government level, not just bilaterally with individual EU member states
and between Malaysia and the EU as a whole, but also on a region-to-region basis, namely through ASEAN-EU initiatives,"
Dato' Mustapa
said. He said the EU was Malaysia's major trading partner as well
as a major source for foreign investment. He said that
collectively in 2008, the EU was Malaysia's fourth largest trading
partner and one of Malaysia's largest sources of foreign direct
investment with huge projects implement by the European multinational
corporations and its Malaysian partners.
Total bilateral trade in 2008 amounted to RM136.6 billion, with
exports to the EU totalling RM74.9 billion and imports RM61.7
billion. For the first quarter of 2009, Malaysia's total trade with the EU was RM23.82 billion, accounting for 11.3%of Malaysia's
total global trade for the period. As for investments in 2008,
approved investments in the manufacturing sector with participation from
the EU totalled RM11.4 billion. "Clearly EU interests in
Malaysia have contributed to Malaysia's economic growth. My hope
is that this encouraging business relationship will continue in
the years ahead," Dato' Mustapa said.
He added that under the present circumstances, Malaysia and the EU have
massive challenges ahead. He noted that Malaysian companies
should take full advantage of the opportunities in the overall EU
market, as well as explore opportunities for trade and investment with
other EU member states. Mustapa added that the Malaysian
government is committed to making Malaysia even more business
friendly. It has done much to reduce bureaucracy and is working
collectively with the private sector to remove constraints and barriers
to doing business. "We are also relooking our economic model to
ensure that Malaysia is not caught in the middle-income trap but move to be a high-income economy, creating an even more conducive business
environment," he said.
