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Malaysia News Update - June 2002
Malaysia chalked up RM2.1bil trade surplus for April	Malaysia recorded a trade surplus of RM2.1bil in April this year, the 54th consecutive month of surplus registered, said the International Trade and Industry Ministry (Miti).
CPI increased by 1.6% for Jan-May	The consumer price index (CPI) for January to May 2002 increased by 1.6% to 102.9 against 101.3 recorded in the corresponding period last year, according to the Statistics Department.
IPI reports positive growth in sectors	The Industrial Production Index (IPI) rose by 3.8% to 187.3 in April from 108.4 in the same month last year, thanks to positive growth in the manufacturing and electricity sector indices.
Trade surplus at RM15.4bil in first four months	International Trade and Industry Minister Datuk Seri Rafidah Aziz said Malaysia's total exports and imports amounted to RM111.6bil and RM96.2bil respectively for the first four months of this year, resulting in a trade surplus of RM15.4bil.
Manufacturing sales in April down	Sales of Malaysia's manufacturing sector in April dropped by 5%, or RM1.3bil, to RM24.5bil from RM25.8bil registered in April last year.
RM1.6bil in foreign investments	Malaysia continues to attract investments in the manufacturing sector with foreign interest accounting for RM1.61bil or 42.6% of the total RM3.77bil investment planned for the 208 projects approved in the first four months of this year.
Dr M confident of economy achieving growth beyond 4%	Prime Minister Datuk Seri Dr Mahathir Mohamad is confident that the national economy is capable of growing at a much higher rate than what was projected earlier.
Economy expected to go into full swing next year	The Malaysian economy is expected to go into full swing next year as all signs are pointing to a rapid recovery, the National Economic Action Council (NEAC) executive director Datuk Mustapa Mohamed said.
Govt will continue to ensure conducive environment for private sector	The government will continue to restructure the corporate and financial sectors and enhance corporate governance to create a conducive environment for private sector activities, Prime Minister Datuk Seri Dr Mahathir Mohamad said.
Ringgit peg stays to help businesses plan ahead	Prime Minister Datuk Seri Dr Mahathir Mohamad said the Government would only consider reviewing the current pegging of the ringgit - dollar if the currency of any of its neighbours appreciated or depreciated by more than 20% for an extended period.
Foreign investors returning to create jobs	Datuk Seri Dr Mahathir Mohamad said that Malaysia is back in business with the return of foreign investors bringing in capital to create industries and jobs. The Prime Minister said the investors appreciate the government's consistent business rules, friendly business environment and the stable ringgit.
Govt to revamp National Incubator Network model	The government is looking at revamping the existing National Incubator Network model under the Multimedia Super Corridor technopreneur development flagship, Energy, Communications and Multimedia Minister Datuk Amar Leo Moggie said
Moulds and die production in RM1b region	The local production of moulds and die has grown by leaps and bounds, evident in the jump in the sub-sector's production value to about RM1.17bil last year from RM89mil nine years ago.
Air Mauritius to make KL its regional hub	Air Mauritius has decided to make Kuala Lumpur its hub for the Asia region. Managing director Vinod K. Chidambaram said Kuala Lumpur was picked over other cities in the region principally for the good facilities at the KL International Airport. Meanwhile, Kuwait Airways is making a comeback to Malaysia at the end of this month after a six-year absence.
Malaysia has facilities for leading edge solutions	Malaysia has the necessary infrastructure for the implementation of leading edge solutions based on wireless network applications that will enable new forms of services to consumers and enterprises alike, according to IBM pervasive computing director (service provider segment) Nigel Beck.
Potential in biomedical field	Research in biomedical engineering needs to be encouraged, as there is great potential in it. Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi said the Government is willing to give financial aid to researchers conducting studies in the field.
Cut corporate tax to 24% to maintain competitiveness	The Federation of Malaysian Manufacturers (FMM) has proposed that the corporate tax be reduced to 24% from the present 28% as a result of lower and more attractive taxes and incentives in competing neighbouring economies.
Mega IPOs draw back foreign investors	The oversubscription rate achieved by Maxis Communications Bhd for the foreign tranche of its initial public offering (IPO) is seen as tangible evidence that foreign investors are once again looking at Malaysian equities as part of their Asian portfolios.
Asia must enhance oil and gas security	Asian countries should enhance security in oil and gas supply via regional partnerships and cross-border trading arrangements to counter external shocks like wars and other crises, Datuk Seri Abdullah Ahmad Badawi said in his keynote address at the Seventh Asia Oil and Gas Conference.
First Islamic global bonds set to take off	Malaysia is expected to sell between US$400mil and US$500mil worth of Islamic bonds to international investors in its first global Islamic sovereign bond issue to deepen its investor base and the market for Islamic products.
MDEX welcomes proposed cross-trading	Malaysia Derivatives Exchange Bhd (MDEX) welcomes the proposed cross-trading of palm oil futures contracts between the local futures market and Jakarta Futures Exchange (JFX) but wants to study the matter in greater detail to ensure a win-win partnership.
CDRC to resolve remaining NPL cases by end-July	The Corporate Debt Restructuring Committee (CDRC) expects to resolve the remaining 31 outstanding non-performing loan (NPL) cases by the end of next month
US companies to explore investment potential in Malaysia	US-based companies with strength and expertise in a broad spectrum of industries, including energy, chemicals, healthcare, aerospace, engineering and construction, and electronics, are in good position to explore business and investment opportunities in Malaysia, according to International Trade and Industry Minister Datuk Seri Rafidah Aziz. She led a three-day trade and investment mission to Houston, San Jose & San Diego, which began on June 3.
Abdullah in Indonesia to promote trade and investment	Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi was in Jakarta a three-day working visit aimed at promoting trade and investment in Indonesia. He said that Indonesia need to recover fast from its economic troubles for the benefit of ASEAN and for the image of Islamic nations all over the world. He further added that a strong, stable and prosperous Indonesia was especially vital to Malaysia's interest. The forum organised by the Asian Leadership and Strategic Institute, the Indonesian Chamber of Commerce and Industry (KADIN) and the Executive Centre for Global Leadership (ECGL) was attended by Indonesian Vice-President Hamzah Haz, Indonesian and Malaysian corporate figures.
Mahathir arrives for three-day Swiss visit	Prime Minister Datuk Seri Dr Mahathir Mohamad, accompanied by Datin Seri Dr Siti Hasmah Mohd Ali, arrived here yesterday for a three-day official visit to Switzerland to enhance bilateral and economic ties.
KL, Vatican: Third party needed to resolve M-E conflict	In their first ever meeting, Prime Minister Datuk Seri Dr Mahathir Mohamad and the Pope had both called for an international intervention to ease the conflict through the involvement of a third party to separate the Palestinians and the Israelis, and the need for intercultural dialogue between Islam and Christianity. The Prime Minister also said Prime Minister Datuk Seri Dr Mahathir Mohamad said the United States' refusal to agree to a specific calendar on the setting up of a Palestinian state will only prolong the terrible acts of terror in the Middle East.
DPM rejects renewed calls to abolish ISA	Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi has dismissed renewed calls for Malaysia to repeal the Internal Security Act (ISA), saying that it was necessary to ensure the nation's peace and stability.
ASEAN cops want legal pact to fight cyber crime	ASEAN police chiefs will suggest to their respective governments to consider having legal arrangements among member countries for the purpose of investigation, apprehension and prosecution against those involved in cyber crime.
Dr. M announces resignation but retracts decision later	The nation was sent into shock when Datuk Seri Dr Mahathir Mohamad announced his resignation from all Umno and Barisan Nasional posts when he was winding up matters raised during debate at the 56th Umno general assembly. No one, not even his close aides, had any inkling that he had any intention to quit. However, the Umno president and Barisan chairman later bowed to pressure and appeals from the party and members and agreed to stay on. Malaysians from all walks of life expressed their undivided support for Datuk Seri Dr Mahathir Mohamad to continue leading the country, as the Prime Minister left for Naples, Italy, yesterday for a 10-day break planned earlier.
Dr. M to hand over reins to Abdullah Ahmad Badawi after OIC summit	Datuk Seri Dr Mahathir Mohamad will pass the reins of power to his deputy Datuk Seri Abdullah Ahmad Badawi after October next year. He had decided to go ahead with his plan to retire from all posts in Umno, Barisan Nasional and the government, which he had announced at the close of the Umno general assembly last Saturday, and named Abdullah as his successor. His resignations will only take effect about 16 months from now, after the Organisation of Islamic Conference (OIC) summit that will be hosted by Malaysia from Oct 24-25 next year to allow for a smooth transition of power.
Fadzil Noor dies at 65	PAS president Datuk Fadzil Noor died at the Hospital Universiti Kebangsaan Malaysia (HUKM) on 23 June, some two weeks after undergoing a coronary bypass operation. The deputy president Datuk Seri Hadi Awang will take over as party president for the time being.
We are Islamic fundamentalist state	Malaysia is not a moderate Islamic state but an Islamic fundamentalist state as its policy adheres to the fundamental teachings of Islam, Datuk Seri Dr Mahathir Mohamad said.