More high value-added investments needed from China

“We’ve to move up the value chain and move downstream as well. For example, in the oil and gas industry, we have to create more downstream projects in Malaysia,” Najib said at the CNBC Summit: Malaysia 2013 hosted by CNBC anchor Martin Soong.

KUALA LUMPUR: Malaysia is seeking more Chinese investments in higher value-added sectors of the economy even though China is now Malaysia’s biggest investor.

Prime Minister Datuk Seri Najib Tun Razak said that while the country was enjoying a stream of foreign direct investment (FDI) from China, there was a need for more investments higher up the supply chain.

“We’ve to move up the value chain and move downstream as well. For example, in the oil and gas industry, we have to create more downstream projects in Malaysia,” he said at the CNBC Summit: Malaysia 2013 hosted by CNBC anchor Martin Soong.

China was Malaysia’s biggest trading partner with a 14.4% share of Malaysia’s total trade of RM769.6bil during the January-July 2013 period.
The country is seeing an inflow of Chinese investments in sectors like logistics and steel.

PM: Malaysia will not impose capital controls

KUALA LUMPUR, Sept 19 — Malaysia will not impose capital controls for now but use other existing financial instruments to correct any economic volatility, Prime Minister Datuk Seri Najib Razak, said today.

However, he did rule out the possibility of implementing capital controls as a last resort, as the current economic environment in the country was still resilient.

The Malaysian economy remains resilient compared to other countries in the region due to its strong reserves position, coupled with high savings in the Employees Provident Fund (EPF), Tabung Haji and Kumpulan Wang Amanah Pencen, he said during a recording at the CNBC Summit Conference, which will be aired over the business network at 5pm tomorrow.

“Chances of a default is minimum. Despite our money leaving, our reserves are more than enough compared to what we had during the financial crisis in 1997,” he added.

Najib announces decision to defend Umno presidency

KUALA LUMPUR: Datuk Seri Najib Tun Razak today announced his decision to defend the post of Umno president in the party election on Oct 19.

The Prime Minister said the decision was based on the support and confidence shown by party members at the grassroots level.

"Based on the feedback I received, the state Umno liaison bodies have made a resolution that I should continue to lead the party as Umno president.

"In addition to the opinions and views voiced at the meetings of the Umno branches, a majority of the Umno members want me to continue to lead the party as Umno president.

"I'm most thankful and touched for the support and trust given by Umno members at all levels.

"As such, with humility I accept the support and offer myself to defend the post of party president," he told reporters after opening the Middle Temple Conference 2013, here.

Legal system to keep up with country's aspirations, says PM

KUALA LUMPUR: It's important for the legal system to keep up with Malaysia’s aspirations, as a country, to attain developed status by 2020, said Prime Minister Datuk Seri Najib Razak.

This, he said, was why Malaysia has taken important steps to create a modern legal system that facilitates economic growth and protects the needs of the people.

The prime minister said the government had also taken steps to open up democratic space in Malaysia, as seen in ending the three proclamations of Emergency, invoked in 1966, 1969 and 1977.

"It is imperative we acknowledge present day realities when enacting new laws. It is important to uphold laws that protects the fundamental rights of all citizens.

"It is equally crucial for the government to act firmly against those who threaten the peace and harmony of our country, " he said in his keynote address at the Middle Temple Conference 2013 here today.



(Source: http://www.nst.com.my)

S’pore, M’sia have greater stakes in each other’s success: Tony Tan

KUALA LUMPUR: President Tony Tan Keng Yam said on Wednesday Singapore and Malaysia today have greater stakes in each other's success.

The president was speaking at a state banquet hosted by Malaysia's Head of State, Tuanku Abdul Halim, at the Istana Negara.

Dr Tan said: "Improved connectivity through projects such as the High Speed Rail Link will further enhance our economic cooperation and people-to-people interactions. We are dreaming big together, so our peoples will gain an enriching and secure future together."

Dr Tan also said Singapore looks forward to Malaysia's chairmanship of ASEAN in 2015.

He added that as founding members, the two countries share a common vision of a strong and united ASEAN.

The president is on his first state visit to Malaysia.

He received a ceremonial welcome at Parliament Square on Wednesday afternoon. A 21-gun salute was fired in his honour.

Dr Tan also met Malaysia’s Prime Minister Najib Razak during a courtesy call.

The leaders agreed the two countries should improve institutional and people-to-people ties at all levels.

The president's visit reflected the strong ties between Singapore and Malaysia in recent years.

Joint projects such as the development corridor Iskandar Malaysia and most recently, the KL-Singapore rail link have brought bilateral cooperation to new highs.

This visit also has symbolic importance – it is only the third ever state visit by a Singaporean president to Malaysia since the two countries separated in 1965.

(Source: http://www.channelnewsasia.com)