US NO MORE KEY MARKET, SOURCE OF INVESTMENTS FOR COUNTRY

MUAR (Malaysia), Oct 3 (Bernama) -- Malaysia does not regard the US as its key market and source of investments and has instead expanded its exports to Association of South-East Asian Nations (Asean) and Japan.

Minister of International Trade and Industry, Muhyiddin Yassin,
said trade with Asean increased by 24 percent last year and with Japan over 15 percent.


"The fall in exports to the US due to the financial crisis can be overcome
by expanding the markets to Asean, Japan and West Asia," he said told reporters
at his Hari Raya open house here Thursday.

Muhyiddin, who is also Umno vice president, said the country was expected
to receive a big investment from Japan within a month.

He, however, did not elaborate.

He said the government was monitoring the development of the US financial
crisis.

Muhyiddin said trade with the US has declined by 1.7 percent and was
worried that Malaysian exporters would face difficulties in getting financing if
the crisis worsens.

"We need to expand our markets and investment sources and we cannot
consider the US as our important market," he said.

He said the Malaysian Industrial Development Authority would organise a
promotion to tap the market in West Asia soon.

"We will promote Malaysian products in the Gulf region. A special
investment package to attract investors is also planned," he said.

On Umno election, Muhyiddin said he would decide what post to contest after
party president Abdullah Ahmad Badawi announced whether he would
defend his post or not before Oct 9.

-- BERNAMA