Aussie firms keen to increase investments in Malaysia

Published: Friday March 4, 2011 MYT 7:01:00 PM
Updated: Friday March 4, 2011 MYT 7:45:36 PM
Aussie firms keen to increase investments in M’sia: PM

MELBOURNE: Australia-based companies have expressed keen interest in increasing investments in Malaysia after they were showed the window of opportunities under the government's Economic Transformation Plan (ETP).

Prime Minister Datuk Seri Najib Tun Razak, who had a roundtable meeting with more than 20 captains of industry in Australia here Friday, told them of the transformation programmes being initiated in Malaysia and the huge investment opportunities available.

The Prime Minister also intently listened to their problems.

"They were very keen to increase their investments in Malaysia after I explained to them our Economic Transformation Plan, the extent of investments we needed.

“They expressed interest in increasing investments in certain sectors," he told Malaysian journalists before concluding his three-day visit to Australia.

Some 200 companies with Australian interests are currently operating in Malaysia.

As at Dec 31, last year, Australian investments in Malaysia totalled US$715.7mil. Companies with investments in Malaysia include Ansell, ANZ, Leighton, Rio Tinto, Bluescope Steel and Ryco Hydraulics.

Najib said the ANZ Bank had stated its interest to increase its 23 percent stake in AMMB Holdings while Rio Tinto had made enquiries on its plan to invest in an aluminium smelter in Sarawak.

A company from Queensland also voiced interest to secure Petronas' higher participation in that company.

Currently, the Malaysian oil corporation owns about 20 percent stake in a liquefied natural gas project in Queensland.

On the proposed Malaysia-Australia Free Trade Agreement (MAFTA) slated to be signed within a year, Najib, who is also Finance Minister, said that it would boost trade flow between the two countries.

Asked about contentious issues within MAFTA that needed to be ironed out, Najib said: "Let the negotiators do their work."

Kuala Lumpur and Canberra are looking at wrapping up MAFTA in a year following the meeting between Najib and his Australian counterpart Julia Gillard in Canberra on Thursday. - Bernama