ID :
15535
Mon, 08/11/2008 - 14:51
Auther :
Shortlink :
http://m.oananews.org//node/15535
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GOVT WANTS TO SEE MORE MSIAN FIRMS EXPLORING BUSINESS VENTURES IN EGYPT-MUHYIDDIN
KUALA LUMPUR, Aug 11 (Bernama) -- The Government wants to see more
Malaysian firms exploring investment prospects in Egypt, especially in six key industries promoted by the Egyptian government, International Trade and Industry Minister Muhyiddin Yassin said Monday.
He said the government would provide incentives to facilitate the firms to venture into the infrastructure, logistics and shipping, automotive, oil and gas, electric and electronics and information and communications technology sectors.
The incentives include tax abatement on income earned overseas and
remittances back to Malaysia, tax deduction for pre-operating business
expenditure in connection with the proposal to undertake investment in business
ventures overseas and tax deduction on the acquisition of foreign-owned
companies abroad.
"I would also propose that Malaysian companies study the various measures
taken by the Egyptian government to attract investments such as the decree in
February aimed at reducing the cost of establishing companies in Egypt," he said
in his keynote address at the seminar on "Doing Business and Investment
Opportunities in Egypt".
Present were Egyptian Minister of Investment Dr Mahmoud Mohie Eldin,
Egyptian Ambassador to Malaysia Hani Abdel Kader Ahmed Shash and Jalilah
Baba, Director-General of Malaysian Industrial Development Authority
(MIDA).
Muhyiddin said Malaysia saw Egypt as an important trade and investment
partner for the country.
While the level of trade between both countries was on the rise, he said
there was still plenty of room for further expansion.
"Trade between Egypt and Malaysia accounts for only a small percentage of
each other's total trade," he said.
"Malaysia's trade with Egypt represents only 0.2 percent of Malaysia's
total
trade in 2007 and for Egypt, I believe it would be equally small.
"I believe we can do much more to strengthen existing trade and investment
relations between both countries," he said.
Muhyiddin said Malaysia and Egypt could explore each other's strength to
further enhance trade and investment collaborations.
"For example, Egypt can collaborate with Malaysia in several areas where
Malaysia has built up expertise such as in the development of the halal industry
and Islamic financing," he said.
To fast-track Malaysia-Egypt collaborations, a memorandum of understanding
(MoU) between MIDA, General Authority for Investment and Free Zones (GAFI) and
Industrial Development Authority (IDA) was signed Monday.
The MoU will, among others, focus on ways to enhance Malaysia-Egypt
bilateral trade and information exchange on each others potential investment
areas.
Jalilah signed on behalf of MIDA while GAFI was representeed by vice-
chairman Neveen Omran El Shafei and IDA by deputy chairman Ashraf Dowidar.
--BERNAMA
Malaysian firms exploring investment prospects in Egypt, especially in six key industries promoted by the Egyptian government, International Trade and Industry Minister Muhyiddin Yassin said Monday.
He said the government would provide incentives to facilitate the firms to venture into the infrastructure, logistics and shipping, automotive, oil and gas, electric and electronics and information and communications technology sectors.
The incentives include tax abatement on income earned overseas and
remittances back to Malaysia, tax deduction for pre-operating business
expenditure in connection with the proposal to undertake investment in business
ventures overseas and tax deduction on the acquisition of foreign-owned
companies abroad.
"I would also propose that Malaysian companies study the various measures
taken by the Egyptian government to attract investments such as the decree in
February aimed at reducing the cost of establishing companies in Egypt," he said
in his keynote address at the seminar on "Doing Business and Investment
Opportunities in Egypt".
Present were Egyptian Minister of Investment Dr Mahmoud Mohie Eldin,
Egyptian Ambassador to Malaysia Hani Abdel Kader Ahmed Shash and Jalilah
Baba, Director-General of Malaysian Industrial Development Authority
(MIDA).
Muhyiddin said Malaysia saw Egypt as an important trade and investment
partner for the country.
While the level of trade between both countries was on the rise, he said
there was still plenty of room for further expansion.
"Trade between Egypt and Malaysia accounts for only a small percentage of
each other's total trade," he said.
"Malaysia's trade with Egypt represents only 0.2 percent of Malaysia's
total
trade in 2007 and for Egypt, I believe it would be equally small.
"I believe we can do much more to strengthen existing trade and investment
relations between both countries," he said.
Muhyiddin said Malaysia and Egypt could explore each other's strength to
further enhance trade and investment collaborations.
"For example, Egypt can collaborate with Malaysia in several areas where
Malaysia has built up expertise such as in the development of the halal industry
and Islamic financing," he said.
To fast-track Malaysia-Egypt collaborations, a memorandum of understanding
(MoU) between MIDA, General Authority for Investment and Free Zones (GAFI) and
Industrial Development Authority (IDA) was signed Monday.
The MoU will, among others, focus on ways to enhance Malaysia-Egypt
bilateral trade and information exchange on each others potential investment
areas.
Jalilah signed on behalf of MIDA while GAFI was representeed by vice-
chairman Neveen Omran El Shafei and IDA by deputy chairman Ashraf Dowidar.
--BERNAMA
