PETALING JAYA: The Government is looking to increase the number of foreign companies listed in Malaysia.
Deputy Finance Minister Datuk Donald Lim Siang Chai said the Government was targeting to attract at least 50 foreign companies to list in Malaysia within the next three years.
At a press conference held in conjunction with the launch of the Malaysia-China Entrepreneur Conference by the Malaysia-China Chamber of Commerce (MCCC) yesterday, Lim said Malaysia had the potential to attract more foreign companies.
This not only included companies from China, but also from Japan, South Korea, and India.
Some of the country's advantages are its diverse cultural background and its strategic location in Asia. The distance from Malaysia to other countries in South-East Asia averages two-hour flight time, with the exception of the Philippines.
“Moreover, the cost of doing business here is relatively lower than in Singapore. Investors with a long-term vision would most likely choose Malaysia based on its advantages,” he said.
Currently, there are at least five China-based companies listed on Bursa Malaysia.
On bilateral trade between Malaysia and China, Lim said it had increased close to 20% per annum in the last few years.
“According to last year's statistics we have more than RM170bil. We expect that in the next five years, trade between Malaysia and China will continue increasing 20% per annum,” he said.
Lim said he hoped that the foreign companies would come under the industries covered in the 12 National Key Economic Areas (NKEAs).
The NKEAs cover 11 industries: oil, gas and energy; palm oil; financial services; tourism; business services; electrical and electronics; wholesale and retail; education; healthcare; communications, content and infrastructure; agriculture and one geographical territory, which is the greater Kuala Lumpur/Klang Valley.
The Malaysia-China Entrepreneur Conference that will be hosted by MCCC will be held on Sept 8 with the theme Success and You. MCCC expects at least 1,000 people to attend the conference.
MCCC intends to invite Jack Ma, the chairman of Internet-based business Alibaba Group, and AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes to share their success stories.
The conference will serve as a platform for participants to learn from prominent entrepreneurs and provide opportunities for business networking.
Organising chairman Lim Heng Ee said he hoped the conference would provide a platform for the exchange of ideas, foster closer contact and widen the network among entrepreneurs.
The conference is supported by the International Trade and Industry Ministry, the Economic and Commercial Counsellor Office of the People's Republic of China in Malaysia, and the World Federation of Overseas Chinese Associations. The conference will be conducted in both Chinese and English with simultaneous translation.
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