Oleh/By : DATO SERI DR MAHATHIR BIN MOHAMAD
Tempat/Venue : MANAMA, BAHRAIN
Tarikh/Date : 21-04-2002
Tajuk/Title : THE BUSINESS LUNCHEON
Versi : ENGLISH
Penyampai : PM
I am very pleased to be here today with the
leading figures of the Bahraini business community. I
wish to thank Labuan Re and Maybank for co-hosting this
luncheon.
2. It is very heartening to witness an encouraging
pace of enhancement in the bilateral economic relations
between Malaysia and the State of Bahrain. The
establishment of the Malaysia Trade and Distribution
Centre in the Capital City of Bahrain, which is
scheduled to be operational by early 2004 is another
milestone achieved in bolstering our trade relations.
The Trade Centre will showcase Malaysian products and
services and facilitate distribution of Malaysian
products to Bahrain and its surrounding area.
3. The West Asian region is an important market for
Malaysia. In 2001, Malaysia's trade with West Asian
countries amounted to US$3.6 billion, compared to
US$3.4 billion in 2000 and US$2.2 billion in 1999.
Bilateral trade between Malaysia and Bahrain during the
last five years has doubled, from US$42.8 million in
1997 to US$82.9 million in 2001. Although the current
volume of bilateral trade is small, I am very positive
that trade flows between Malaysia and Bahrain can be
expanded further. The business communities of both our
countries are instrumental in the realisation of the
multi-fold increase in trade volume in the near future.
4. Malaysia is among the world's top 20 countries
actively involved in international trade and conducts
trade with over 170 countries. We are one of the
largest exporters of electrical and electronic products
in the world. Among the major electrical and electronic
products exported by Malaysia are semi-conductor
devices, automatic data processing machines,
telecommunications equipment, electrical apparatus,
audio and visual recorders, radio and television sets.
Exports of these products in 2001 amounted to US$49.8
billion, accounting for 56.6% of Malaysia's total
global exports. Other major products which Malaysia
produces and exports competitively include crude
petroleum, liquefied natural gas (LNG), chemicals and
chemical products, machinery and equipment, cranes and
other steel fabricated products, palm oil, timber and
rubber products, furniture, textile and apparels and
food products.
5. As Muslim countries, Malaysia and Bahrain share
many common features which would facilitate the
expansion of trade and investment activities and forge
stronger economic linkages. More collaboration can be
achieved in the area of investment. As the Government
of Bahrain is emphasising openness to foreign
investment, Malaysia would like to share with Bahrain
its experience and success in attracting foreign
investment. Malaysian companies would also like to
participate in joint ventures with their counterparts
in Bahrain. Malaysian companies have vast experience
and expertise in many sectors identified by the
Bahraini Government for greater private sector
participation, namely information technology,
telecommunications, tourism, healthcare, education and
finance. Businessmen of both our countries present
today should explore the possibility for joint ventures
in these identified and targetted sectors.
6. Malaysian companies have made their presence felt
in Bahrain. Our national oil corporation, Petronas has
established its base in Bahrain. Malaysia's largest
commercial bank, Maybank will soon operate a branch
office in July this year focussing on Islamic banking.
I hope an increasing number of Malaysian companies
would take the lead set by Petronas and Maybank in
locating their regional operations in Bahrain, to tap
the vast business potentials in the rapidly expanding
Gulf region.
7. Malaysia is promoting the development of Islamic
banking, which has won wide acceptance by the local
banking fraternity and the public. The financial
sector master plan, launched in March 2001,
incorporates a ten-year plan for Islamic banking and re-
insurance. The overall objective of the plan for
Islamic banking and re-insurance is to create an
efficient, progressive and comprehensive Islamic
financial system and to promote Malaysia as a regional
financial centre for Islamic banking and finance.
Malaysia is cooperating with other Islamic countries to
develop the Islamic banking system.
8. In the area of information technology, we could
also explore opportunities for joint ventures or other
forms of collaboration for mutual benefit. Malaysia is
enhancing productivity through the upgrading of
knowledge, skills and expertise of the workforce and
expanding the usage of information and communications
technology or ICT to accelerate growth.
9. To provide further impetus to the ICT industries,
the Malaysian Government has established the Multimedia
Super Corridor (MSC) a 15x50 km "Greenfield Corridor"
for companies wishing to develop creative IT and
multimedia products and services. Malaysia has put
into place the broadband infrastructure, the necessary
incentives, policies and cyberlaws to facilitate
investors in the corridor.
10. Export of services is becoming increasingly
significant for Malaysia, especially for three sectors,
namely education, healthcare services and tourism. On
education, Malaysia offers quality education at
affordable prices. We have 15 public universities, 11
private universities, one college university and four
branch campuses of foreign universities. A number of
Malaysian colleges also provide twinning programmes
with American, British and Australian universities. In
2002, 20,384 foreign students studied in Malaysia, of
these, 602 students were from West Asia, reflecting the
increasing importance of Malaysia as an Education
centre in the region. Malaysia hopes to enhance
educational cooperation with Bahrain, to enable
Bahraini students to avail themselves of the
educational opportunities in Malaysia if desired.
11. As for healthcare, private hospitals in Malaysia
offer a wide range of healthcare services and
facilities ranging from medical screening to major
surgery including heart transplant. Services offered
by Malaysian private hospitals are comparable to those
of developed countries but at lower cost. Muslims
seeking treatment in Malaysian hospitals can be assured
that Muslim sensitivities are respected in every way.
12. With 49 private medical centres in Malaysia there
is ample expertise available in the area of hospital
administration as well as nurses training. These are
also potential areas where Malaysian private hospitals
could work with their counterparts in Bahrain.
Investors from Bahrain are also welcomed to invest on a
joint-venture basis, with Malaysian partners in
hospital projects in Malaysia and in third countries.
13. An effective means to develop business between
Malaysia and Bahrain is to encourage more frequent
inter-personal interactions among the business
communities of the two countries. Malaysian
businessmen with me here today are encouraged to make
future visits to Bahrain to follow up on the potentials
identified during this visit. At the same time,
Bahraini businessmen should also visit Malaysia
regularly to obtain first-hand insights on the business
environment in Malaysia and to nurture business
contacts already established.
14. Governments can be facilitators and door-openers
for establishing trade and economic relations, by
putting in place frameworks for closer economic
cooperation and through exchange of visits. However,
an enhanced level of relations has to be pursued by the
private sectors of both countries. They must be
proactive and work very hard in forging business and
trade links, not only to do business in Bahrain and
Malaysia, but also at the regional and global levels on
a collaborative basis.
15. I hope that business contacts and discussions
between the business people of Malaysia and Bahrain
will not end with this visit but instead more
discussions will be generated for greater scope of
collaboration. On this note, I would like to thank the
Labuan Re and Maybank for hosting this lunch and wish
all of you success in your business endeavours.
16. Before I conclude, I was given this pleasant task
of officially opening the Branch Office of a Malaysian
insurance company in Bahrain. This company is Labuan
Reinsurance (L) Ltd or in short Labuan Re. Labuan Re
was incorporated in the International Offshore
Financial Centre of Labuan, Malaysia. I was informed
that the company has a paid-up capital of US$150
million and has eleven shareholders, comprising major
corporations in Malaysia, including Maybank.
17. Labuan Re Bahrain Branch office has begun
operation in November 2001. The branch is expected to
play a major role in expanding the Company's
reinsurance business in the Gulf region, Turkey, and
North and East Africa.
Sumber : Pejabat Perdana Menteri
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