PM: We have gained from Africa

DAR ES SALAAM (Tanzania): MALAYSIA'S influence and reach in the African continent have grown tremendously over the years, thanks to the Smart Partnership Dialogue, the prime minister said yesterday.

This has benefited the country in the form of numerous opportunities for its companies and entrepreneurs.

Datuk Seri Najib Razak said these companies had achieved successes which may not be widely known in the country.

He cited as an example a Malaysian company in Kampala which imported furniture worth millions of ringgit annually from Malaysia for the Ugandan market.

"Petronas' ventures in Sudan are also a result of Malaysia's focus on Africa," he told Malaysian newsmen at a press conference at the Global Smart Partnership Dialogue 2013 at the Julius Nyerere International Convention Centre here yesterday.

"There is also Limkokwing University of Creative Technology, which has branch campuses in Lesotho, Botswana and Swaziland, with a new one proposed for Tanzania."

Earlier, Najib attended a dialogue session on "Leveraging Technology for Smart Growth in Socio-Economic Transformation" with leaders and delegates.

He told newsmen that he shared Malaysia's experience -- its successes and weaknesses -- in applying technology towards meeting its goals and aspirations.

Malaysia 10-year yields at 4-year low

Malaysia’s 10-year bonds gained for a third day, driving the yield to the lowest level in more than four years, on optimism Prime Minister Datuk Seri Najib Razak’s election win will spur fund inflows.

The notes were headed for the longest winning streak in three weeks as Credit Suisse Group AG and HSBC Holdings Plc forecast inflows will increase following the result. Najib’s National Front coalition retained power at the May 5 poll with 133 of the 222 parliamentary seats, extending its 55-year rule.

"The market is more positive due to the removal of political uncertainty," said Ray Choy, regional head of fixed-income research in Kuala Lumpur at RHB Research Institute Sdn. "There’s pent-up demand from among overseas investors."

The yield on the 3.48 per cent securities maturing in March 2023 dropped three basis points, or 0.03 percentage point, to 3.3 per cent as of 12.39pm in Kuala Lumpur, according to data compiled by Bloomberg. That’s the lowest for a benchmark 10-year note since February 2009. Today’s decline is five times the average move in the past three months, the most among 22 emerging markets tracked by Bloomberg.

Global funds owned a record RM138 billion of local-currency government debt at the end of March, according to data published by Bank Negara Malaysia, a six per cent increase from the end of 2012.

Capital inflows should be strong in the next month or so, according to a Credit Suisse research report on May 6. Malaysia may attract as much as US$3 billion next quarter, a separate note from HSBC said the same day.

The yield on the 3.26 per cent notes due March 2018 fell seven basis points in the last three days to 3.09 per cent today, the lowest for a benchmark five-year bond since September 2011.-- Bloomberg

(Source: Business Times)