Home » DPM Invites Japanese To Invest In High-Tech Sector

DPM Invites Japanese To Invest In High-Tech Sector

News From : DagangHalal.com (07 Dec 2009)

TOKYO: Deputy Prime Minister Tan Sri Muhyiddin Yassin invited Japanese multinationals and businesses Monday to invest in Malaysia’s high technology, capital intensive, high value-added, knowledge-based and skills-intensive operations, incorporating design and development and research and development (R&D).

He said such quality investments are key to the country’s move towards higher level of industrialisation, he said.

Malaysia’s priority sectors are electrical and electronics, information and communications technology, machinery and equipment, biotechnology, halal products, services and automotive industry.

“The government is rationalising all research funds and grants to be more effective. Japanese companies focusing on R&D are welcomed to explore and take advantage of opportunities in these areas,” he said at a meeting between him and captains of industries and businesses of Japan.

Muhyiddin is in Japan leading a four-day specific trade and investment mission beginning Monday.

Besides Tokyo, he will also go to Osaka.

Present at the meeting were Malaysian Industrial Development Authority (MIDA) Director-General Datuk Jalilah Baba and Malaysian Ambassador to Japan Datuk Shaharuddin Mohd Som.

The meeting is organised by MIDA with Bank of Tokyo-Mitsubishi and Asean-Japan Centre as co-organisers. Among the supporters are Japan Finance Corporation, Japan External Trade Organisation (JETRO), Mizuho Financial Group, Japan Chambers of Commerce and Industry and Japan-Malaysia Economic Association.

Among the companies attending the meeting are Furukawa Electric Co, Japan Silicon Co, Tokyo Yuden Co, Mizuho Corporate Bank, Sumitomo Corp, Toray Industries, Sojitz Corp, Honda Motor Co, Toyota Motor Corp and Sony Corp.

In the automotive sector, he welcomed Japanese investors to explore investment opportunities in the hybrid and electric cars which have large investment prospects in the region.

He said while manufacturing would continue to be the foundation to the Malaysian economy, the services sector was increasingly becoming the main contributor to Malaysia’s economic growth.

“In this context, the Government liberalised 27 services sub-sectors, with no equity condition imposed. The sectors include health and social services, tourism, transport and logistics, business services and IT-related services,” he said.

With the growing interest in Islamic banking, Japanese banks are invited to collaborate with Malaysian banks in Islamic financial services to enter the financial markets not only in Asean but also in the Middle East, he said.

The Government also announced the deregulation of investment guidelines administered by the Foreign Investment Committee (FIC) in acquisition of equity stakes, mergers and takeovers, acquisition of properties and treatment of fund- raising by listed companies.

The deregulation will strengthen Malaysia’s attractiveness as a place to do business and invest, for Malaysians and foreigners alike, he said.

Through these measures, the Government intends to place Malaysia on a high growth trajectory, while at the same time aintaining the philosophy of growth with equity, he said.

Muhyiddin, who is also Education Minister, said Malaysia would be increasing investments in human capital development and building a strong foundation in R&D, commercialisation of research activities and design and engineering.

The country’s new economic model also focuses on enhancing private investment from domestic sources.

These companies are encouraged to collaborate with Japanese investors strong in high knowledge content industries, he said.

Muhyiddin also told the participants the country’s 1Malaysia philosophy, “People First, Performance Now”, encapsulates the country being a multi-racial, multi-cultural and multi-religious society, with the people living together in peace and harmony, sustaining the trust and mutual respect for one other.

“The business aspect of this philosophy entails forging closer relationship between the public and private sectors and building enterprises on the premise of genuine partnerships,” he added. – Bernama

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