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YB DATO' MUKHRIZ MAHATHIR
DEPUTY MINISTER OF INTERNATIONAL TRADE AND INDUSTRY
OFFICIATING THE INAUGURATION OF ITALIAN MALAYSIAN BUSINESS COUNCIL (IMBA)
21TH DECEMBER 2010 (TUESDAY)
SHANGRI-LA HOTEL, KL
Assalamualaikum W.B.T, Salam 1Malaysia and Buon Pomereggio.
His Excellency Mr. Folco de Luca Gabrielli,
Italian Ambassador to Malaysia;
Mr. Antonio Restino,
President of the Italian Malaysian Business Association;
Honourable Guests;
Members of the Media; and
Ladies and Gentlemen.
1. Firstly, allow me to extend my sincere appreciation to the organizers for their kind invitation for me to officiate this IMBA inaugural luncheon. I am delighted to be here.
2. To my mind, this event is timely as Malaysia is a good launching base for European firms who seek to understand Asia and open new markets. Malaysia after all is a microcosm of Asia. Therefore, IMBA could prove a useful platform for like-minded businessmen to tap into thriving emerging markets within ASEAN and its larger partners.
3. I am told that IMBA which is a non-profit organisation has been fully operational since October 2010 and has more than 40 members – some of which have been living in Malaysia for more than 20 years.
4. In this context, I welcome IMBA’s efforts in bringing together Italian expertise and know-how to collaborate with Malaysian entrepreneurs in creating opportunities to enhance value and create jobs. Ladies and Gentlemen,
5. With your indulgence, I would like to state some bilateral trade data to put Malaysia-Italy economic ties into perspective.
6. For the last 10 years Malaysia’s trade with Italy increased from US$ 516.4 million in 1999 to US$ 2053.7 million in 2009. This statistics while encouraging points to the fact that there is much more potential for increased trade between our two countries.
7. In 2009, trade between Malaysia and Italy amounted to US$ 2053.7 million, a decrease of 8.8% from 2008 with Malaysian exports to Italy valued at US$ 801.5 million and Malaysian imports from Italy amounting to US$ 1,252.2 million.
8. Malaysia’s major exports to Italy in 2009 were machinery, appliances & parts, wood products, manufactures of metal, electric & electronic products and rubber products. In 2009, Italian companies invested a total of US$ 253.4 million in 98 manufacturing projects in Malaysia. These projects were mainly in the rubber products, machinery and equipment, wood and wood products and electrical and electronics products sector.
9. In 2009, the Malaysian government has approved investments totalling US$ 111.4 million from Italian companies. There are currently a few Malaysian companies operating in Italy such as PETRONAS and OYL Industries Berhad.
Honourable Guests,
10. I would also like to take this opportunity to draw your attention to another framework for mutual cooperation, perhaps some of you may be aware of; the Malaysia-Italy Joint Economic Committee (JEC).
11. The JEC was established following the signing of the Joint Declaration on Economic Cooperation between Malaysia and Italy on the 26th of June 2007 during the official visit to Italy by The Honourable Dato’ Seri Abdullah Bin Haji Ahmad Badawi, the former Prime Minister of Malaysia.
12. The JEC is envisioned to act as a joint promotion and coordination body to enhance trade, investment and economic cooperation between our two countries. The roles and functions of the JEC will be guided by the Terms of Reference adopted in Kuala Lumpur on the 17th of June 2009.
13. Through the JEC, Malaysia and Italy would among other efforts:
• facilitate the flow of information and communications on trade and economic matters of interest to both countries;
• enhance cooperation in economic and trade sectors of mutual interest;
• foster cooperation on Small and Medium Enterprises (SMEs) between both countries;
• take adequate steps to increase foreign direct investment in both countries;
• examine non-tariff barriers in both countries to facilitate bilateral trade flows; and
• encourage participation by the private sector of both countries.
14. And so, the first formal meeting of the JEC is scheduled to be held on October 2011 during Malaysia’s trade and Investment mission to Italy.
Ladies and Gentlemen,
15. I believe that we have the necessary working arrangements in place. What we need to do is spur on our entrepreneurs. There are opportunities in the biotechnology and pharmaceutical areas to mention but a few. I look forward to more bilateral trade and investment in the days ahead.
16. And with that, I would like to end my speech with a note of sincere thanks to IMBA. Also, thank you Your Excellency Mr. Folco de Luca Gabrielli for your support and encouragement.
17. I would like to wish all of you a joyous and safe Christmas and a happy new year.
Grazie |
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