Dr M invites Turkish companies to invest in three core sectors

ISTANBUL (Bernama): There are three core sectors in Malaysia that Turkish companies can invest or collaborate with local partners, namely aerospace, automotive, machinery and equipment (M&E), says Tun Dr Mahathir Mohamad.

The Prime Minister said in the aerospace sector, Malaysia was targeting to be the leading aerospace nation in the Asean region and to tap the global market by 2030. 

"Based on this target, we have identified areas such maintenance, repair and overhaul, as well as manufacturing, system integration and engineering and design services. 

"We look forward to collaborating with Turkey, such as in the area of aircraft engineering,” he said in his opening remarks during a Roundtable Meeting with Turkish Captains of Industry here Friday (July 26).

For the automotive sector, Dr Mahathir said Malaysia also aimed to become an energy efficient vehicle  (EEV) hub, and invited Turkish companies to join in this venture. 

"This initiative leads to environment conservation, high-income jobs creation, the transfer of technology and creating an economy for local companies,” he added.

For the M&E sector, the Prime Minister said the industry in Malaysia was among the largest in Asean, with the capability of providing a full range of world class and quality services.

"Malaysia welcomes companies from Turkey to invest in or to work with Malaysian entities with capabilities and high technology,” he said. 

Dr Mahathir said Malaysia was undertaking a massive transformation initiative of the economy.

He added that the government would continue with engagement and ensuring the sustenance of pro-business, prudent policies to ensure the country is attractive for foreign businesses to expand and diversify their existing operations.

He also reminded potential foreign investors that investing in Malaysia was a gateway to the wider Asean region.

"When you think about Malaysia, please also think about Asean, the group of 10 countries in South-East Asia. You are in a region of 650 million people,” he said.

During the dialogue session, Dr Mahathir, who was impressed with the advances in defence products produced by Turkey, said Malaysia wants to work with the country to develop these, and at the same time, help market its products within Asean.

He said Malaysia also had the advantage of being the centre of business activity in South-East Asia. 

Dr Mahathir said the Malaysian government wants to reduce the dependency on palm oil and would think of other crops to diversify economic resources. 

Also present at the meeting were Turkish Industry and Technology Minister Mustafa Varank, Malaysian Foreign Minister Datuk Saifuddin Abdullah, his defence counterpart Mohamad Sabu and  International Trade and Industry Minister Datuk Ignatius Darell Leiking. 

Dr Mahathir is on a four-day official visit to Turkey from Wednesday (July 24). - Bernama