ID :
23574
Thu, 10/09/2008 - 18:35
Auther :
Shortlink :
http://m.oananews.org//node/23574
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MALAYSIAN ECONOMY WILL NOT REALLY BE AFFECTED BY US CREDIT CRISIS, SAYS TRADE OFFICIAL
KUALA LUMPUR, Oct 9 (Bernama) -- Malaysia will not be really affected by the current US credit crisis as the country's export markets are well diversified, says Alexander Stedtfeld, the executive director of the Malaysia-German Chamber of Commerce and Industry.
He attributed this to Malaysia being now less dependent on the American
market.
"The dependency is less compared with 10-15 years ago when the US was
Malaysia's most important export market.Almost 30 percent of Malaysia's
exports went to the US then," he said.
"Today, the US is only number four with a 16 percent share of Malaysia's
overall exports," he added, at the fifth Malaysia-German business matching
session here Thursday.
"While Malaysia is not totally a safe haven, it is still doing very well
based on the diversification of industries and export markets. Every country
will be affected by the economic slowdown but then again for Malaysia, it would
be less when compared to others," he added.
Stedtfeld said that with the decline in crude oil prices, the global
economy is expected to benefit as commodity prices have put pressure on a lot of
economies.
"For Malaysia, it would mean lower subsidies. Of cause, the revenue from
oil
and gas for Malaysia will drop.But I think the share is not more than 10-15
percent of the overall GDP of the economy.
"Malaysia's dependency on the oil and gas sector is also much lower now
compared to 20-30 years ago.I don't think there is a great danger to the
Malaysian economy as a result of the declining oil price," he added.
On the Malaysia-German business matching session, he said a total of 40
individual meetings are expected to take place over two days.
"This time round, the delegation comprising 14 delegates from eight
companies from the State of Thuringia, is looking for partners in the optical,
medical, machine tools and consumer products sector," he explained.
He also highlighted that the members of the delegation were from the fields
of cleanroom technology, varnishing and drying systems, woodworking machinery,
electric boards as well as health and skincare.
He attributed this to Malaysia being now less dependent on the American
market.
"The dependency is less compared with 10-15 years ago when the US was
Malaysia's most important export market.Almost 30 percent of Malaysia's
exports went to the US then," he said.
"Today, the US is only number four with a 16 percent share of Malaysia's
overall exports," he added, at the fifth Malaysia-German business matching
session here Thursday.
"While Malaysia is not totally a safe haven, it is still doing very well
based on the diversification of industries and export markets. Every country
will be affected by the economic slowdown but then again for Malaysia, it would
be less when compared to others," he added.
Stedtfeld said that with the decline in crude oil prices, the global
economy is expected to benefit as commodity prices have put pressure on a lot of
economies.
"For Malaysia, it would mean lower subsidies. Of cause, the revenue from
oil
and gas for Malaysia will drop.But I think the share is not more than 10-15
percent of the overall GDP of the economy.
"Malaysia's dependency on the oil and gas sector is also much lower now
compared to 20-30 years ago.I don't think there is a great danger to the
Malaysian economy as a result of the declining oil price," he added.
On the Malaysia-German business matching session, he said a total of 40
individual meetings are expected to take place over two days.
"This time round, the delegation comprising 14 delegates from eight
companies from the State of Thuringia, is looking for partners in the optical,
medical, machine tools and consumer products sector," he explained.
He also highlighted that the members of the delegation were from the fields
of cleanroom technology, varnishing and drying systems, woodworking machinery,
electric boards as well as health and skincare.
