AUSTRALIANS URGED TO SET UP SERVICES-BASED OPERATIONS

From Mohd Iswandi Kasan Anuar

MELBOURNE, Aug 3 (Bernama) -- The Ministry of International Trade and
Industry (MITI) Monday called on Australian businesses to set up services-based
operations in Malaysia, taking advantage of the recent liberalisation of 27
services sub-sectors.

Its minister Mustapa Mohamed said liberalisation was pursued with the
view of creating a conducive business environment to attract investments,
technology and create higher value employment opportunities.

The services sub-sectors liberalised include health and social, tourism,
transport, business and computer-related services, Mustapa said.

"Our objective is to make this sector as the driver for economic growth
which will contribute more than 60 percent of the gross domestic product by
2020," he said in his keynote address at a seminar on "Investment Opportunities
in Malaysia" held here.

The seminar, part of a two-day trade and investment mission starting today,
was organised by MITI, Malaysian Industrial Development Authority (MIDA) and
Malaysia External Trade Development Corporation (Matrade).

Also present were MIDA director-general Jalilah Baba, Matrade deputy
chief executive officer (trade promotion) Dr Wong Lai Sum, and Malaysian High
Commissioner to Australia, Salman Ahmad.

Mustapa said other investment opportunities in Malaysia included information
and communications technology, biotechnology, halal industry, machinery
equipment and renewable energy.

"The government is intensifying its effort to promote and developing the
services sector along with the manufacturing sector. These growth areas offer
huge investment opportunities for Australian businesses and we offer attractive
facilities for investment," he said.

Earlier, Mustapa said Malaysia's total trade with Australia rose 18.2
percent to A$12.96 billion last year, with exports amounting to A$8.96 billion
and imports at A$4 billion.

Major export items included crude and refined petroleum, telecommunication
equipment, computers, monitors, and television and electrical integrated
circuits while among the major import items were mineral fuel and oil, copper
and aluminium, pharmaceutical products, iron and steel, and machinery equipment.

Last year, Australia was Malaysia 11th largest trading partner, ninth
largest export destination and 11th largest source of imports, Mustapa said.

Malaysia, he said, was Australia's third largest trading partner in Asean
and 11th largest foreign trading partner.

-- BERNAMA