DUBAI, Oct 29 – Malaysia has improved its delivery system to create a friendly eco-system for investors. Prime Minister Datuk Seri Najib Razak said a mechanism was already in place for investors who faced problem getting approval for investment. “If you face problem to get the approval (to invest), we have an economic council that will meet every Monday which I chair.
“We can approve your request fast,” he said in his address at the roundtable meeting with UAE investors held in conjunction with the 10th World Islamic Economic Forum today. Najib also said the confidence in Malaysia to be a key business partner has grown stronger in the Muslim world, especially with the United Arab Emirates (UAE).
He said this based on numerous partnerships made between Malaysia and the gulf state. He listed several such partnerships including the UAE’s Aabar Investments PJS’s collaboration with 1MDB in the Tun Razak Exchange, a USD5.5 billion (RM17.98 billion) project to turn Kuala Lumpur into a global centre for international finance, trade and services and the Emirates’ International Foodstuffs Company (IFFCO)’s venture with FELDA expanding the refining and processing of edible oils to China, Indonesia, the United States, South Africa and Turkey.
“These partnerships show us the breadth of opportunities for collaboration between Muslim countries. But they are also a vote of confidence in Malaysia’s economy.” Bilateral trade between Malaysia and the UAE in 2013 was USD8.81 billion (RM28.8 billion), an increase of 11.7 per cent compared to the year before.
Total exports rose to USD4.02 billion (RM13.14 billion), and imports reached USD4.78 billion (RM15.63 billion). The UAE is the second largest GCC investor in Malaysian manufacturing, creating more than 3,400 jobs. There are 50 Malaysian companies operating in the UAE, in everything from logistics to interior design – and multiple construction projects worth almost USD5 billion (RM16.35 billion).