Miti cau­tiously op­ti­mistic of ex­ports sur­pass­ing 5% growth tar­get

The Star Malaysia - StarBiz - - News -

SHAH ALAM: The In­ter­na­tional Trade and In­dus­try Min­istry (Miti) is cau­tiously op­ti­mistic of Malaysia sur­pass­ing the ex­port growth tar­get of 5% this year as in­di­cated by the cur­rent fig­ures.

Deputy In­ter­na­tional Trade and In­dus­try Min­is­ter Dr Ong Kian Meng said Miti was still mon­i­tor­ing the sit­u­a­tion for unan­tic­i­pated events which might af­fect the tar­get, par­tic­u­larly the US-China trade war.

“For now, we are cau­tiously op­ti­mistic that we could ex­ceed the tar­get. The ex­port (es­pe­cially) of elec­tri­cal and elec­tron­ics (prod­ucts) is grow­ing very strong, sup­ported by com­pa­nies like Pana­sonic which leads the way in push­ing it to a higher level.

“This is de­spite the slower ex­port in the com­mod­ity sec­tor,” he told re­porters on the side­lines of the 50th an­niver­sary of Pana­sonic Man­u­fac­tur­ing in Malaysia and the cen­ten­nial cel­e­bra­tion of the Pana­sonic Group. Also present was Se­lan­gor Men­tri Be­sar Amirud­din Shari.

Ong said although the weaker ring­git has helped lift Malaysia’s ex­ports, the gov­ern­ment did not want to rely on the weak­ness of the lo­cal note as it could also in­crease the costs of im­port­ing in­ter­me­di­ate ma­te­ri­als.

Mean­while, Amirud­din said Se­lan­gor was con­fi­dent of meet­ing the tar­get of RM7­bil in for­eign di­rect in­vest­ment (FDI) this year on the back of Malaysia’s healthy in­vest­ment en­vi­ron­ment and de­vel­op­ment.

He noted that in­vest­ment sen­ti­ment was slightly damp­ened dur­ing the gen­eral elec­tion cam­paign­ing pe­riod and polls in May due to po­lit­i­cal un­cer­tain­ties but in­vestor con­fi­dence level had since im­proved and the rate of in­vest­ment was pick­ing up.

“We are mon­i­tor­ing closely the FDI in­flow into the state and no­ticed that it was also slightly im­pacted by the US-China trade war.

“How­ever, the state gov­ern­ment would con­tinue to look for more in­vest­ment op­por­tu­ni­ties, par­tic­u­larly in the ser­vices in­dus­try, lev­er­ag­ing on its ex­cel­lent lo­gis­tics fa­cil­i­ties,” he said. — Bernama

The ex­port (es­pe­cially) of elec­tri­cal and elec­tron­ics (prod­ucts) is grow­ing very strong. Dr Ong Kian Meng

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