Report on Economic Situation in Malaysia

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KINGDOM OF CAMBODIA
NATION – Religion – King
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Royal Embassy of Cambodia to Malaysia
Commercial Office
_________
Kuala Lumpur, August 6, 2014
H.E Mr. SUN Chanthol
Senior Minister, Minister of Commerce
& Vice Chairman of the Council for the Development of
Cambodia
Report on Economic Situation in Malaysia
Your Excellency,
I would have the honor to humbly submit a report related to the
economic performance of Malaysia as indicated below space:
2 Government Still Studying Plan To Abolish Approved
Permits
The Malaysian government is still studying a proposal to
abolish the approved permit (AP) policy for the import of
vehicles, says International Trade and Industry Minister Datuk
Seri Mustapa Mohamed.
"When we look deeper, we find that it is a little difficult, there
is an impact on employment and government revenue," the
Minister told reporters after witnessing an exchange of
documents between Pertubuhan Usahawan Generasi Muda
Berjaya Malaysia (GMB Malaysia) and Malaysian
Biotechnology Corporation Sdn Bhd (Biotech Corp).
Mustapa said in the last three years, the government has
collected about RM1 billion from the issuance of APs.
Any alternative to the AP system should be able to make up for
the loss of government revenue, he said, adding removing APs
would affect the incomes of employees of 100 companies who
are AP holders and, indirectly, the national economy.
Mustapa said his ministry is still studying the proposal and it
is still too early for the government to consider the options.
Meanwhile, on the implementation of the Euro 4 diesel
standard in Malaysia, the minister said the government has
still not decided on the date of conversion.
He said the government has been engaging with the various
companies in the last two or three years and made a decision
but could not implement it as the costs involved are quite
exorbitant for the oil companies.
"According to the oil companies, it's going to cost them a lot of
money to upgrade their system, factories and plants.
"They were asking for a postponement, so we are now still
talking to them as part of the team led by Pemandu
(Performance Management Delivery Unit)," he said.
3 Mustapa said the automotive sector is quite keen for the
government to adopt the Euro 4 standard.
"This is urgent because many countries have moved to Euro 4
and some are already planning for Euro 5, we are way behind.
"If I was in the auto sector, I would be worried that there is no
certainty as to when Euro 4 is going to be used in the country.
"What the government is doing now is to balance the interests
of the auto industry and the interests of the oil refiners," he
said.
Gross Domestic Products (GDP), Q1 2012 - Q4 2013
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Source : Department of Statistics, Malaysia
GDP by Economic Activity, 2013
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4 Contribution of Manufacturing Sector to GDP,
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Source : Department of Statistics, Malaysia
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Source: MIDA
GDP by Types of Expenditure, Q1 2012 - Q4 2013
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Source : Department of Statistics, Malaysia
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6 Trade in Services, 2013
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Note : * year-on-year growth
Source : Department of Statistics, Malaysia
Trade in Services, Q1 2012 - Q4 2013
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Source : Department of Statistics, Malaysia
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Global FDI Inflows into Malaysia
Note: * Preliminary
Source : Department of Statistics, Malaysia
9 FDI Inflows into Malaysia by Sector, 2013
Note: Figure in parentheses refers to year-on-year growth (2013/2012)
Source : Department of Statistics, Malaysia
10 Top Five Tourist Arrivals by Country of
Nationality, 2013
Source : Tourism Malaysia
Please accept, Your Excellency, the assurances of my highest
consideration.
Respectfully Yours,
PUTH Hemonna
Commercial Counselor
Royal Embassy of Cambodia
11