Thursday, 26 August 2010 - BERNAMA
KUALA LUMPUR: Malaysia will take advantage of the setbacks in the European economy to attract companies to relocate to Malaysia, said Deputy Minister of International Trade and Industry Datuk Mukhriz Mahathir.
"There are still uncertainties in the eurozone, especially in Greece and Portugal. So, when there is a challenge like this, there will also usually be opportunities to attract them to relocate to Asia which has high growth," he told a media briefing after the soft launch of the KL International Trade Forum 2010 here on Thursday, Aug 26.
Besides, he said, some products could be produced here at a much lower cost and for specific industries, Malaysia also has the skill.
"We are talking to companies like that who may consider moving out from their own market," he said, citing German Q-Cell AG in Malaysia.
The products produced here can be re-exported to Germany, he said.
Mukhriz said some of the companies Malaysia was talking to were involved in the electrical and electronic and chemical sectors as well as in producing solar panels.
"Such moves are among the efforts the government is taking to attract more foreign direct investments (FDIs) into the country," he said.
At the same time, he said, the government was also keen to increase the domestic direct investments (DDIs) to further boost the economy.
"DDIs are equally important for us," he said, adding that he was optimistic there would be an improvement in FDIs by year-end.
Meanwhile, Mukhriz said, there would be no major impact if the French retail giant, Carrefour, were to exit Malaysia as its assets would remain here.
"The decision is usually made by companies based on commercial factors," he said.
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