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WITH
strong interests in setting up rubber and palm
plantations, as well as engaging in the booming services
sector in the Philippines, Kuala Lumpur expects to
increase its trade with Manila by 10 percent to $5.4
billion this year, said Malaysian envoy to the
Philippines Dato Ahmad Rasidi Hazizi.
He said
private investors in Malaysia are particularly eyeing
the booming local services sector, specifically hotels,
and looking at the southern provinces for palm and
rubber plantations.
Vimala
Murugan, economic counsellor of the Malaysian Embassy in
Manila, said two-way trade last year between the two
countries reached $4.9 billion, largely from the robust
export and import of electronic products.
She said
Malaysia’s foreign direct investments (FDI) to the
Philippines are also expected to go up by at least 20
percent, fueled by steady interest from Malaysian
businessmen in the infrastructure, tourism and services
sectors.
Malaysia’s approved FDIs to Manila reached P7.56 billion last
year.
“The
Philippines is a good market. I think history is
repeating itself. Now everyone’s looking back at the
Philippines. There are tremendous opportunities here,”
said Hazizi in an interview at the sidelines of the
Philippine launch of the International Trade Malaysia
exhibition at the Heritage Hotel on Wednesday.
Haazizi
said their investors and trade buyers are also
interested in the cosmetics, jewelry, textile and design
sectors; and have urged Philippine private companies to
take part in the 2nd International Trade Malaysia 2008
exhibition to be held in Kuala Lumpur from November 13
to 16, 2008.
“Filipino businessmen and companies should leverage on
the growing Asean markets by using Intrade Malaysia as a
catalyst to strengthen their regional market
penetration,” said Hazizi.
He said
the exhibit is expected to draw 15,000 visitors and
raise over $1 billion in sales. Malaysia staged the
first Intrade last year, which took in 10,000 visitors
and generated about $900 million in sales.
The
Malaysia External Trade Development Corp. said that
among the countries that have confirmed their
participation in the trade expo are India, Singapore,
Taiwan, Vietnam, Indonesia, Bangladesh, the Maldives,
Sri Lanka and Algeria.
He said
among the top five buying nations during the Intrade
exhibit last year were the United Arab Emirates,
Kazakhstan, Britain, Australia and Nigeria. |
