SINGAPORE, July 11 (Bernama) -- Joint investment between companies will further enhance economic integration within Asean, says Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed.
In terms of achieving Asean Economic Community, he said there had been a lot of progress seen including in trade, standards, transport and connectivity.
"In investment, it has been happening below the radar, not very visible but there has been a lot of investment, not just Malaysia and Singapore, but we need to do more (with other countries) including Indonesia, Thailand and Vietnam," he told reporters here after meeting with six companies which are investors in Iskandar Malaysia. Earlier, Mustapa, who was here to continue the engagement with the Singapore business community, also had a luncheon meeting with the Singapore Chinese Chamber of Commerce and Industry Tuesday. The minister pointed out that there had already been some joint ventures between Malaysian and Singaporean companies.
Citing that Malaysia allows 100 per cent foreign ownership in manufacturing, Mustapa said: Although we allow 100 per cent ownership in manufacturing, it is good if these companies can team up and set up joint ventures whether with government-linked companies or private companies.
"It makes a lot of sense to team up, like one major company I saw today (one of the six companies) which has a joint venture with a Malaysian company.
"Going forward, in my view, the next round of integration (in Asean) will be in the area of investment, there must be more inflows not only in trade but also investment," he said.
Mustapa noted that one good example of a Malaysian company that had done a lot towards Asean integration was low-cost carrier, AirAsia Bhd.
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