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Malaysia
News Update - September 2002
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| July
surplus points to robust GDP in Q3 |
Malaysia
registered a trade surplus in July, for the 57th consecutive
month, which economists said pointed to a more robust
gross domestic product growth in the third quarter this
year. |
| Higher
than expected IPI in July |
Malaysia's
industrial production index (IPI) rose 6.9% in July
from a year ago, a figure that was higher than analysts'
expectations, and the fastest rate of growth over the
last 18 months. |
| Forex
reserves rises to RM130bil |
Bank
Negara said its foreign exchange reserves rose to RM130.13bil
as of Aug 30 from RM129.3bil as of July 31. |
| Manufacturing
sales up 2% in July |
Sales
in the manufacturing sector in July increased by 2%,
which analysts said was the first positive year-on-year
growth in 15 months. Manufacturing sales grew by RM500mil
to RM25.9bil from RM25.4bil in July last year, according
to a statement issued by the Statistics Department.
It was also 0.4% higher than the RM25.8bil reported
in the preceding month.. |
| Consumer
price index for January to August up by 1.8% |
The
consumer price index (CPI) for January to August this
year increased by 1.8% to 103.1 compared with 101.3
in the same period last year, the Statistics Department
said. Compared with the same month in 2001, the CPI
was up 2.1% at 103.3 from 101.2, the department said.
The CPI for August 2002, however, declined 0.1% to 103.3
from 103.4 in July this year. |
| Ratings
boost from Moody's |
Moody's
Investors Service raised Malaysia's credit rating by
one level despite looming uncertainties over the global
economy.
It upgraded the foreign currency country ceilings for
both debt and bank deposits to Baa1, from Baa2 for debt
and Baa3 for deposits. The upgrade, which followed similar
moves by rival agencies Fitch and Standard and Poor's
Ratings Services (S&P) last month, had been widely
anticipated. |
| UNCTAD:
Malaysia can attract more FDIs |
Malaysia
still has the potential to attract Foreign Direct
Investments (FDIs) despite intense competition for
the investment dollar and FDIs inflow into South-East
Asia stagnating at US$13bil last year, United Nations
Conference on Trade and Development (Unctad) said.
In
releasing its World Investment Report 2002, Unctad
said Malaysia was increasing its efforts to offset
the stagnant position by introducing a number of incentives,
including the extension of the reinvestment allowance
and tax measures to support investments in machinery
and equipment and manufacturing-related services.
|
| Malaysia
falls from top 25 FDI list |
Malaysia
has fallen out of the list of top 25 destinations in
country ranking for foreign direct investment (FDI)
from its previous 22nd position. The FDI Confidence
Index said that uncertainty about its leadership transition,
fears of terrorism and the complex relationship between
politics and business have taken a toll on Malaysia's
investment attractiveness. |
| Petronas
listed among world's 100 largest non-financial TNCs |
Petroliam
Nasional Bhd (Petronas) has made it to the United Nations
Conference on Trade and Development (Unctad) list of
the world's 100 largest non-financial transnational
corporations (TNCs) ranked by foreign assets for 2000.
The country's national oil corporation had foreign assets
worth US$7.69bil in 2000 and foreign sales of US$11.79bil. |
| Malaysia
making some progress in becoming knowledge-based economy |
Malaysia
has made some progress towards being a knowledge-based
economy, but the bulk of the journey still lies ahead.
And the Knowledge-Based Economy Master Plan, revealed
yesterday in Kuala Lumpur, aims to catalyse new growth
to further propel the nation into the K-economy. |
| Foreigners
may be allowed to set up Islamic banks |
The
government plans to allow foreigners to establish Islamic-based
banks in the country to increase the number of such
institutions in line with its aspiration to raise the
profile of an Islamic-based economy and banking, says
Hashim Ismail, the parliamentary secretary to the Finance
Ministry. |
| Motor
vehicle sales continue to race ahead |
Motor
vehicle sales rose for a sixth consecutive month in
August, registering a healthy 11% year-on-year increase
and a commendable 3.2% monthly growth, thanks in large
measure to the continued low interest rate regime and
attractive packages offered by competing motor retailers. |
| Private
sector to be main driver of economic growth |
Datuk
Seri Dr Mahathir Mohamad said the private sector must
resume its role as the main driver of economic growth.
The government, he said, was confident that the private
sector could increase investments to levels achieved
from 1988 to 1997, with an average annual growth of
21%. |
| MPOPC
to set up distribution centers abroad |
The
Malaysian Palm Oil Promotion Council (MPOPC) plans to
set up palm oil distribution centres in Africa, Central
Asia and Eastern Europe to boost palm oil exports and
establish new markets in the respective regions, according
to its regional market committee chairman Victor Ngo.. |
| Telehealth
project a boost for MSC |
The
telehealth flagship project is another feather in the
cap for the Multimedia Super Corridor (MSC) programme,
says its implementor, Medical Online Sdn Bhd (MOL).
Its president and CEO Dr Hishamuddin Harun said the
company had focused on developing the MSC Telehealth
project together with the Health Ministry and the Multimedia
Development Corp over the last 3 years. He said the
telehealth programme was not merely a computerisation
project but a formidable task to change the mindset
on the delivery of healthcare services at all levels.
The telehealth project comprises four main integrated
flagship applications - Lifetime Health Plan (LHP),
Mass Customised Personalised Health Information and
Education (MCPHIE), Continuing Medical Education (CME)
and Teleconsultation. |
| Bank
guarantees no longer needed for transshipment |
Air
freight forwarders would be exempted from having bank
guarantees in the transshipment business, Transport
Minister Datuk Seri Dr Ling Liong Sik said |
| Rafidah:
AFTA cars may not be cheaper |
Consumers
who have been holding back from buying motor vehicles
in anticipation of lower prices with the implementation
of the Asean free trade area (Afta) next year have been
advised not to do so as other forms of tariffs will
be imposed to offset the planned reduction in import
tariffs. |
| Dr.
M: Justice not revenge to end terrorism |
There
will be no end to Muslim terrorism if the West is bent
on revenge and refuses to acknowledge that terrorists
cannot be militarily defeated, Datuk Seri Dr Mahathir
Mohamad said. Calling for the end to the "arrogance
of power," the Prime Minister said no effort had
been made to win the hearts and minds of Muslims.
"Everything
is being done to alienate them further, anger and
frustrate them. This will only ensure a constant and
probably increasing supply of recruits to terrorism.
"The West does not care to find out the causes
of terrorism and remove them. The faint voices protesting
among them are ignored," he said in his closing
address at the Asian Global Leadership Forum yesterday
at the Pangkor Laut Resort, held to discuss the changing
world scenario after the Sept 11 attack on the United
States
|
| Greater
global instability if countries act on their own, Abdullah
tells UN |
The
threat of war looms in other fronts if countries act
on their own to combat terrorism outside the framework
of the United Nations, Malaysia warned. Efforts to fight
terror would be hampered and there would be greater
instability in the world if the international community
was dragged into opening such battle fronts, said Deputy
Prime Minister Datuk Seri Abdullah Ahmad Badawi at the
57th session of the UN General Assembly. He further
said that Malaysia welcomed the US working with the
UN to address the issue rather than pursuing a unilateral
policy of military intervention. |
| PM:
US, Britain should listen to world opinion |
The
US and Britain should listen to the rest of the world,
which disagrees with their decision to attack Iraq over
its alleged weapons of mass destruction, Datuk Seri
Dr Mahathir Mohamad advised. |
| FBI
to quiz suspected militant Yazid |
Officers
from the US Federal Bureau of Investigation are expected
to arrive in Kuala Lumpur to question a man police say
provided lodging to hijackers involved in the Sept 11
attacks, government sources said. Foreign Minister Syed
Hamid Albar, who is in the United States, gave the FBI
the go-ahead to question Yazid Sufaat, who was arrested
last December.
Yazid
allegedly provided an apartment here for two al-Qaeda
members almost a year before Sept 11 attacks. He is
one of more than 60 suspected militants being held
under the ISA.
|
| Nod
for US embassy in KL to issue visas |
The
US Embassy has been given the green light to issue several
hundred visas that have been delayed following discussions
between Deputy Prime Minister Datuk Seri Abdullah Ahmad
Badawi and US government officials in Washington |
| US
stance hurting global stability, economy |
United
States' "might is right" stance will undermine
world stability and its own economy which is recovering,
said Foreign Minister Datuk Seri Syed Hamid Albar. |
| Govt
to seek Manila and Jakarta's help |
The
Government will seek the co-operation of the Indonesian
and Philippine authorities to beef up security at its
borders to prevent deported illegal immigrants from
sneaking back into the country. |
| Trade
mission sees potential in Western China |
Malaysian
businessmen on an official trade and investment mission
here vowed to pursue further business opportunities
in this Western Chinese city after seeing the exciting
potential. |
| Dr
M dismisses Canada's rationale for visa ruling |
Dr.
Mahathir has dismissed Canada's claim that its new visa
requirements for Malaysians is because the Malaysian
passports are vulnerable to abuse. Describing Canada's
move to impose visas on Malaysians as "very unfortunate",
Dr Mahathir said: "We thought the Canadians are
very friendly towards us and that they know us. But
apparently, we don't know the Canadians that well."
Home
Ministry secretary-general Datuk Seri Aseh Che Mat
said that Malaysia's electronic passport, which is
the world's only such travel document, has good security
features and is not vulnerable to abuse as perceived
by certain quarters.
|
| Dr.
Mahathir's India visit itinerary |
Datuk
Seri Dr Mahathir Mohamad's visit to India next month
is not a peace initiative to end the India-Pakistan's
dispute on Kashmir, said Foregn Minister Datuk Seri
Syed Hamid Albar. He added that the trip, among others,
was to see the development of information technology
in Hyderabad and Bangalore and to address the Asean-India
Trade Council summit. |
| Dr.
Mahathir gets call for help from Arafat |
Datuk
Seri Dr Mahathir Mohamad has urged world leaders to
pressure Israel into stopping its attacks on the headquarters
of besieged Palestinian leader Yasser Arafat, following
an urgent SOS telephone call from him. |
| Dr.
Mahathir not contesting next general election |
Datuk
Seri Dr Mahathir Mohamad will not seek re-election at
the next general election, scheduled for 2004 |
