Aussie firms urged to get ready for opportunities from FTA
Bernama | Monday August 30, 2010
Aussie firms urged to get ready for opportunities from FTA
MELBOURNE: Australian companies and investors have been advised to get ready to grab business opportunities in Malaysia as the free trade agreement (FTA) between the two countries is expected to be signed later this year.
At a dinner organised by the Australia Malaysia Business Council (AMBC), Victoria chapter, to celebrate the Merdeka anniversary, Deputy High Commissioner Ahmad Fadil Shamsuddin said the next round for bilateral FTA negotiations would take place in Canberra in October and hopefully an agreement would be reached soon after.
“As such, AMBC should seize the opportunities to lay down the groundwork for further growth and development, in particular to take advantage of trade liberalisation initiatives between our two countries in maximising business potential,” he said.
Ahmad Fadil said the financial crisis clearly demonstrated the interconnectedness of the global economy as economies, big and small, developed and developing, struggled to limit the contagion.
“As a whole, the world economy contracted by 0.6% in 2009 compared with a growth of 3% a year earlier,” he said.
“Malaysia and major Asean countries were similarly affected. Overall growth dropped from 4.4% in 2008 to just 1.3% in 2009.”
Ahmad Fadil said Malaysia was similarly affected by the global slowdown but strong signs of recovery emerged by the fourth quarter of 2009.
“The Malaysian government made appropriate and timely interventions to cushion the impact of the crisis,” he said.
Ahmad Fadil added: “The implementation of two fiscal stimulus packages amounting to RM67bil, about 9% of GDP (gross domestic product), bolstered consumer and business confidence.”
On investments, Ahmad Fadil said Malaysia had a formidable task ahead with the recent announcement of the 10th Malaysia Plan.
“The government has set an overall private investment target of RM115bil a year,” he said.
