Kuala Lumpur is aiming to attract Philippine investments in Selangor, considered the Golden State of Malaysia, the Malaysian Trade Office in Manila (Matrade) said.
We want to promote the investment opportunities in Malaysia and, at the same time, we are helping Malaysian companies to explore business opportunities in the Philippines, Matrade Trade Commissioner Nyaee Ayup said in a statement.
We want to increase intra-Asean trade, which will be boosted by investments from the Philippines, Ayup added.
Dato’ Teng Chang Khim, Selangor state executive councilor, has recently organized a meeting involving Malaysian and Philippine firms in Manila on Tuesday.
Selangor is now the most robust and healthy economic and commercial state in Malaysia, Khim said.
Malaysian businessmen from the transport equipment, life sciences, electrical and electronics, food and beverage, and the machinery and equipment industries sought partnerships with Philippine companies.
Selangor is poised to offer the most competitive terms and opportunities for those keen to set up business in Malaysia, Khim said.
Malaysian palm-oil investors are also exploring opportunities in the Philippine oil and fats supply chain, Matrade said. Stakeholders in Malaysian and Philippine oil and fats industry gathered during the Malaysia-Philippines Palm Oil Trade Fair and Seminar, which concluded on Friday.
The Philippines is seen growing by 7 percent to 8 percent by year-end. Malaysia’s GDP growth rate over the last eight years has been in the 6.5 percent level. Both economies are doing well, and this has trickle-down effects on foreign direct investments, Ayup said.
Figures from the Malaysian Investment Development Authority showed that Malaysia recorded RM57.4 billion of approved investments in the primary, services and manufacturing sectors for the first quarter of 2015. This is 18.8 percent higher than the figure posted in the same period last year.
Meanwhile, the Philippine Statistics Authority disclosed that total foreign investments approved by investment-promotion agencies in January to March this year declined by 41.7 percent to P21.8 billion, from the P37.4 billion recorded a year ago.