Sunday July 20, 2008
Government eyes those pulling out of China
KUALA LUMPUR: The International Trade and Industry Ministry will be looking into attracting investors who are pulling out from China because of high costs there.
Minister Tan Sri Muhyiddin Yassin said the chances of securing such investments were good.
However, he said Malaysia would be looking more at investments using high technology and less labour.
He said this after a dialogue with the Associated Chinese Chambers of Commerce and Industry of Malaysia.
Fruitful meeting: Muhiyiddin answering a question while joint chairman Tan Sri Musa Hitam (left) looks on during the annual general meeting of the Malaysia-China Business Council at the Mines Resort Gold Club yesterday. Association chairman Tan Sri William Cheng said the reasons for the investors leaving China were because of an amendment in the labour law there, high interest and inflation rates especially in Guangzhou.
He said Malaysia could look into attracting them to come to Malaysia, which has good infrastructure, low labour costs and interest rates.
“We are not competing with China as we are going after those who are leaving China,” Cheng said at a press conference.
Muhyiddin said Malaysia’s strong points were its good infrastructure, stable government and incentive packages.
He said a British company, which has factories in Johor and in Nanjing, China, planned to expand its plant in Johor after closing down its operations in China because the business environment was no longer conducive.
“Some are considering Vietnam but later discovered that Vietnam is also facing serious inflation and infrastructural problems.
On Proton, he said he supported the idea for the national car company to seek partners in the long run.
“I don’t think we should be too nationalistic in supporting Proton without taking into consideration what business is all about.
“Proton needs to grow beyond the boundaries of Malaysia, where it needs to be competitive, form partnerships, have good technology and brand name.”
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