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Najib invites OIC investors to consider projects under ETP
KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak today welcomed investors from the Organisation of Islamic Cooperation (OIC) countries to consider projects under the Economic Transformation Programme (ETP) as a safe home for their surplus cash.
He said the programme called for huge investments in a number of key sectors -- advanced technologies, including green and renewable technology, healthcare, education and tourism and hospitality.
"Most of the funding needed for the ETP will come from domestic sources, but we are also looking to foreign direct investment (FDI) to complement this effort," he said in his keynote address at the Malaysia-Islamic Development Bank (IDB) Group Investment Forum.
Najib said oil producing countries from the Middle East should invest more in new Asia.
"You have a part to play in our development and you stand to gain much from a stake in our future.
"In the past, you would have thought it safe and profitable to invest your surplus capital in the West. It is now to do the same here in the East," he said.
Najib, who is also Finance Minister, said Malaysia was a better launchpad for oil producing countries to enter the Asian region.
He said with the Asean Economic Community, which would take off in 2015, Malaysia will become the gateway to a regional market of almost 600 million people with zero tariffs for 99.4 per cent of all tradable products.
The prime minister said that Asean's free trade agreements with all of the major economies of Asia meant this preferential marketing now reached 3.2 billion people including the populations of India, India, Korea, Australia and New Zealand.
"It is a market where standards of living are on the rise and spending on consumer goods is steadily increasing.
"That is what I mean when I say that doing business with Asia through Malaysia gives you a major strategic advantage," he said. - Bernama