Business

Wednesday August 5, 2009

Trade mission to Australia gets RM372m proposed investments


MELBOURNE: The trade and investment mission to Australia, which emerged as Malaysia’s largest source of foreign investments last year, has attracted RM372mil in proposed investments and joint venture projects.

International Trade and Industry Minister Datuk Mustapa Mohamed said the proposed investments comprised pharmaceutical products, refurbishment of mobile phones, aerospace and maintenance, repair and overhaul activities, chemical products, waste water treatment, waste metal recycling, and machinery.

“The mission also managed to secure RM130mil sales under negotiations to Australia in areas like trade, manufacturing and services,” he told Bernama here yesterday.

A total 170 business meetings were held between representatives of 26 Malaysian companies as well as government agencies and state governments with those from 253 Australian companies.

Australia’s foreign investments in 2008 rose to A$14.52bil (RM41.67bil) from A$11.51bil (RM33.03bil) in 2007, an increase of 37%, while Malaysia’s investments in Australia amounted to A$130.6mil (RM374.8mil) last year.

The mission from Aug 2 to 4 was organised by the Ministry of International Trade and Industry (MITI), Malaysian Industrial Development Authority and Malaysia External Trade Development Corp. – Bernama

  • E-mail this story
  • Print this story