ID :
26391
Fri, 10/24/2008 - 19:48
Auther :
Shortlink :
http://m.oananews.org//node/26391
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KHAZANAH'S BEIJING UNIT TO PROMOTE GREATER CROSS INVESTMENTS
By Tham Choy Lin
BEIJING, Oct 24 (Bernama) -- Prime Minister Abdullah Ahmad Badawi
said Khazanah Nasional's first overseas office in Beijing will help Malaysian
companies explore more business opportunities in China and vice versa.
He said the sovereign investment arm, with assets of RM41.2 billion as
of
end 2007 largely invested domestically, is also considering to spread its wings
to the Middle East and India.
"Khazanah will be an important agency for us to promote investments in
Malaysia, to get Chinese businessmen to be more interested in Malaysia and make
trading arrangements they may want," he said after launching the Beijing
representative office on Thursday.
The Prime Minister, who is also Khazanah chairman, described Iskandar
Malaysia, the peninsular's southern economic development hub, as an attractive
proposition for Chinese investors.
A Khazanah statement issued at the launch said in August, Khazanah
monetised
a 9.9 per cent stake in Parkson, which has the biggest department store chain,
in China via an exchangeable sukuk or Islamic bond that attracted Middle East
investors and generated US$647 million worth of funds.
It has also committed up to US$150 million to form a joint venture with
Beijing China Sciences General Energy and Environment Company Ltd to build and
operate up to 10 municipal waste-to-energy projects in China.
"This investment would be able to benefit Malaysia by way of technology
transfer and expertise acquisition in the field of alternative energy," the
statement said.
Abdullah said there was strong potential for economic growth between
Malaysia and China because of strong bilateral and trade ties.
The two countries had achieved overall trade of US$50 billion two years
ahead of a 2010 target reached between Abdullah and Chinese premier, Wen Jiabao.
Abdullah reiterated that Malaysia had long viewed China as a friend and not
a threat to Malaysia or Southeast Asia.
"Today China has become a very strong Asean friend and partner and has also
helped us overcome the financial crisis before," he said, pointing to China not
devaluing the yuan during the Asian financial crisis a decade ago.
Abdullah will also attend the two-day Asia-Europe Meeting (ASEM) summit
beginning Friday which would see more than 30 heads of government
participating including French president Nicolas Sarkozy, who is now European
Union head.
The international financial crisis will be a key agenda at the summit as
the
turbulence has yet to be calmed by massive bank bailouts and capital injections
in the United States and Europe.
Abdullah called for closer cooperation between Asian countries to weather
the crisis.
"I believe at times like these, cooperation among countries that have close
relations with us will be important," said Abdullah who will be meeting leaders
of Asean countries, China, Japan and South Korea on the sidelines of the summit
to discuss the financial crisis.
-- BERNAMA
BEIJING, Oct 24 (Bernama) -- Prime Minister Abdullah Ahmad Badawi
said Khazanah Nasional's first overseas office in Beijing will help Malaysian
companies explore more business opportunities in China and vice versa.
He said the sovereign investment arm, with assets of RM41.2 billion as
of
end 2007 largely invested domestically, is also considering to spread its wings
to the Middle East and India.
"Khazanah will be an important agency for us to promote investments in
Malaysia, to get Chinese businessmen to be more interested in Malaysia and make
trading arrangements they may want," he said after launching the Beijing
representative office on Thursday.
The Prime Minister, who is also Khazanah chairman, described Iskandar
Malaysia, the peninsular's southern economic development hub, as an attractive
proposition for Chinese investors.
A Khazanah statement issued at the launch said in August, Khazanah
monetised
a 9.9 per cent stake in Parkson, which has the biggest department store chain,
in China via an exchangeable sukuk or Islamic bond that attracted Middle East
investors and generated US$647 million worth of funds.
It has also committed up to US$150 million to form a joint venture with
Beijing China Sciences General Energy and Environment Company Ltd to build and
operate up to 10 municipal waste-to-energy projects in China.
"This investment would be able to benefit Malaysia by way of technology
transfer and expertise acquisition in the field of alternative energy," the
statement said.
Abdullah said there was strong potential for economic growth between
Malaysia and China because of strong bilateral and trade ties.
The two countries had achieved overall trade of US$50 billion two years
ahead of a 2010 target reached between Abdullah and Chinese premier, Wen Jiabao.
Abdullah reiterated that Malaysia had long viewed China as a friend and not
a threat to Malaysia or Southeast Asia.
"Today China has become a very strong Asean friend and partner and has also
helped us overcome the financial crisis before," he said, pointing to China not
devaluing the yuan during the Asian financial crisis a decade ago.
Abdullah will also attend the two-day Asia-Europe Meeting (ASEM) summit
beginning Friday which would see more than 30 heads of government
participating including French president Nicolas Sarkozy, who is now European
Union head.
The international financial crisis will be a key agenda at the summit as
the
turbulence has yet to be calmed by massive bank bailouts and capital injections
in the United States and Europe.
Abdullah called for closer cooperation between Asian countries to weather
the crisis.
"I believe at times like these, cooperation among countries that have close
relations with us will be important," said Abdullah who will be meeting leaders
of Asean countries, China, Japan and South Korea on the sidelines of the summit
to discuss the financial crisis.
-- BERNAMA
