Malaysia-Singapore business council to get a push

 

SINGAPORE: Malaysia wants to reactivate a joint business group with Singapore to boost trade and investment relations between the two countries.

The Malaysia-Singapore Business Council was established some five years ago, but has not gained momentum, International Trade and Industry Minister Datuk Mustapa Mohamed said.

Mustapa, who met up with the Singapore Business Federation led by Singapore's Minister in the Prime Minister's Department, Lim Hwee Hua, gave his assurance that he would encourage the participation of more Malaysian members who would be committed.

Singaporeans already make up more than half of Malaysia's tourist arrivals and is the fourth biggest investor, after the US, Japan and Europe.

"If they are number one in tourism, why not in investments?" Mustapa said to Malaysian reporters here yesterday on the sidelines of the Asia-Pacific Economic Cooperation (Apec) meeting.

Malaysia also wants to attract more investments from foreign multinationals based in Singapore, he added.

The joint council could help improve trade and investment between the two countries as well as address problems faced by Singaporean firms operating in Malaysia.

Mustapa cited a healthcare firm that will open a hospital in Johor Baru within a week. It is asking for easier commute for the Singaporean doctors who will work in Johor.

As at July this year, Singapore invested US$408 million (RM991 million) in Malaysia, Mustapa said. However, its total investments in projects already implemented so far is RM19 billion, mainly in electronics and component manufacturing.

Singaporean companies have been encouraged to make fresh investments in healthcare, industrial parks and logistics businesses.

Next month, the Malaysian Industrial Development Authority (Mida) will help arrange two trade missions from Singapore to Malaysia. Mida will also promote Sabah and Sarawak to Singaporean investors.

At the meeting, the Singapore Business Federation asked for faster implementation of the iconic projects in Iskandar Malaysia, Johor, a joint venture between Malaysia and Singapore.