The Midlands, as the industrial hub of the United Kingdom, can play an important role in strengthening Malaysia-UK bilateral economic ties, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed at a seminar in Birmingham on trade and investment opportunities in advanced engineering and life sciences in Malaysia.
"We chose Birmingham because there are several big companies in the fields of engineering and environment here." The UK is a leading business partner of Malaysia with more than 300 companies with British interests operating in the manufacturing and services sectors in the country.
"In the past, there were more UK investments in Malaysia, but because of the adverse economic conditions, it fell to No. 8. So, it is my objective here to push up the UK's position as an investor in Malaysia in the field of investment and trade."
Mustapa said that although Malaysia was encouraging investments from countries such as China, India and the Middle East, traditional partners like the UK must not be forgotten.
The minister, who is on a week's trade and investment mission to Europe, which has taken him to Hamburg and Amsterdam, is accompanied by leading businessmen and senior government officials.
"Sectors and fields that promise higher salaries and wages for Malaysians as well as give them opportunities to acquire more skills will be encouraged under the new economic model." Malaysia had to work harder to attract investors as they had more more choices these days.
"We have to really convince them that Malaysia is the base to locate their operations. The challenge for us is to highlight our assets, our advantages, what we have to offer them and the incentives.
On the protection of intellectual property, Mustapa did his best to convince seminar participants that the authorities were being more aggressive and proactive in dealing with the problem.
Mustapa, who had earlier visited the Rolls Royce operations in Derby, also in the Midlands, said it was an interesting case study on how one British company could withstand economic challenges.
"Its secret lies in the technology it has, research and development and its ability to penetrate new markets. For example, from aircraft engines, it is now in turbines.
"This is the type of industry we like to encourage, one which pays its workers well. We have to think of ways to maximise leveraging on the strength of Rolls Royce."
The seminar, jointly organised by the Malaysian Industrial Development Authority and Malaysia External Trade Corporation, was in collaboration with UK Trade & Investment, British Chambers of Commerce and Midlands World Trade Forum.
Last Updated 2015-05-14 12:01:33 by admin2