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March 04, 2005 -
Govt To Continue Handholding Approach To Help Foreign Investors
KUALA LUMPUR, March 4 (Bernama) -- The government will continue its handholding approach to facilitate potential foreign investors in exploring investments in Malaysia, Deputy Minister of International Trade and Industry, Datuk Mah Siew Keong, said Monday.
He said under the approach implemented last year by the Malaysian Industrial Development Authority (MIDA), an officer would be in charge of foreign investors to help and guide them through procedures so as to facilitate their investments.
"The official will look after the needs of investors and help them all the way from the day they begin to make inquiries until the factory is set up," he said after briefing a 30-member business delegation from Florida, here Monday.
The trade delegation consists of high-profile American business executives who have been brought here under the "Opportunity Malaysia 2005" programme organised by the US Florida District Export Council.
Mah said the official assigned would ensure that investors did not face any obstacles in setting up their businesses.
So far, he added that foreign investors had given positive feedback on the approach.
Mah also said that the United States is Malaysia's largest trading partner and export market as well as its second largest source of imports last year.
Total trade between the two countries in 2004 was valued at US$38.9 billion, he added.
"Total trade between Malaysia and US is bigger than the total trade of US with Russia and India combined," he said.
On potential areas for US-Malaysia business collaborations, Mah said the government is promoting industries such as electronics, automotive, machinery and equipment, petrochemical, biotechnology and nanotechnology. Other areas are medical equipment and products, establishments of regional and global operations, and information and communications technology (ICT).