MALAYSIA AIMS TO BE AMONG TOP 10 TRADING NATIONS

By Nor Baizura Basri

KUALA LUMPUR, March 20 (Bernama) -- Malaysia aims to be among the world's top 10 trading nations by 2020, International Trade and Industry Minister Muhyiddin Yassin said Thursday.

"This is our new target at the ministry. Now we are in the 19th
position, and we are working towards rising to be in the top 10," he told
Bernama after an interview with Radio 24.

Muhyiddin said though it appeared to be a high target for Malaysia, it was
not impractical and the country was capable of achieving the target.

In an effort to achieve the aim, the ministry has made plans such as
developing the domestic investment sector and diversifying value-adding
activities, he said.

"The products going out must be of quality and high standard so that our
export value can increase each year by at least seven to eight percent,"
Muhyiddin said.

He said the ministry was also in discussions with trade and industry
associations to draw up an effective strategy to achieve the objective.

"This is our strategy to ensure that by 2020, we can become one of the top
10 trading nations," he added.

To maintain foreign direct investment, the ministry planned to offer
customised incentives to foreign investors for a two-year period to attract
their interest during the current economic downturn.

"We need to have to a specific strategy in view of the gloomy economic
conditions," Muhyiddin said, adding that the incentives included tax, extension
of pioneer status, permanent resident status for managers and chief executive
officers, competitive land prices and provision of required infrastructure.

"The government will have to bear the cost and looking from the returns
aspect, we spend RM1 billion to get possibly RM30 billion in investment value,"
he said.