NEW
MISSION - Investment bodies must
continue promotional activities, trade missions
DURING
the world economic crisis of 2008, Arab investors who were flushed with oil
money dumped their money all over the world, including in Malaysia, to find the
best business deals.
It was
a blessing for Malaysia as well as the region because for the first time, West
Asian countries began to realise that the West is not necessarily the best
place to get returns for their money.
So a
spate of investments and business deals became the headlines of several major
business newspapers as multi-billion dollar deals were announced one after
another, covering all sectors such as property, oil and gas, medical tourism,
Islamic finance and others.
Arab
tourists came in droves to visit Asia, especially Southeast Asia as they
escaped Western stereotypes, which branded them as terrorists.
By
coming to Asia, they get value for their money due to the low exchange rate as
well as a taste of Asian hospitality.
But of
late, the Arab investors who were once gungho in signing on the dotted lines
have suddenly become noticeably absent.
Although
memorandums of understanding have been inked, investments have yet to trickle
in with some projects still on the ground and have yet to produce results.
It was
reported that Arab investors who were originally the master developers of
902.8ha at Iskandar Malaysia, Johor, known as the Medini development, will no
longer be involved and about 80 per cent of that land has since been sold to
other foreign investors, including those from East Asia.
Where
are all the the major Arab investment groups?
Understandably,
some countries like the Dubai property market in the United Arab Emirates was
hit by the property bust but others like Saudi Arabia, Oman, Qatar and Kuwait
were relatively unscathed, registering double-digit growths.
Who
knows, maybe they want to keep a low profile at the moment to watch their
counterparts, being cautious and making a move closer to home like investing in
Turkey or Iran.
Malaysia
on the other hand has also gone quiet with the issuance of Islamic banking
licences, sukuk, joint ventures and other trade collaborations.
It has
been a while since there has been news on Malaysian companies going on port and
property investments in Saudi Arabia, power plants construction in Pakistan or
building a new highway in Bangladesh.
This is
where Malaysia must play its role to keep them coming and entice Malaysian
companies to continue investing abroad.
Although
times may be hard and the Arab investors want to lie low for the time being,
public relation efforts must continue as they are after all our friends.
This is
where investment and trade agencies such as the Malaysia External Trade
Development Corp, Malaysia Investment Development Authority and other public
and private trade agencies, spearheaded by the International Trade and Industry
Ministry, must continue with their promotional activities and trade missions.
After
all Malaysia is the world's biggest issuer of sukuk and on its way to become
one of the world's largest hubs in Islamic finance and halal industry to name a
few.
There
are still a lot of areas to cover such as the oil and gas industry,
construction, uniformity in Islamic finance and halal standards or new untapped
areas such as the zakat world among Islamic nations, Islamic dinar-based
business transactions or Islamic microfinancing for Muslim entrepreneurs all
over the world.
Business
Times
Business & Investment Opportunities
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