Posted on 26 Oct 2012
Australia continues to make significant investments in Malaysia, mainly in the information and communication technology, logistics and food processing sectors, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
He said Malaysian investments in Australia, on the other hand, were concentrated in the mining, financial and real estate sectors.
"The relations between Malaysia and Australia has evolved over the past five decades. Australia was one of the first countries to establish formal diplomatic ties with Malaysia when we became an independent nation.
"Last year, our bilateral trade reached a new high to hit US$12.4 billion, surpassing the previous year's peak of US$10.6 billion," he said tonight at the 26th Malaysia Australia Business Council (MABC) Annual Gala Dinner.
His speech was read, on his behalf, by Deputy International Trade and Industry Minister Datuk Jacob Dungau Sagan.
By and large, Mustapa said, the business relations between the two countries continued at a strong and steady pace.
"I look forward to seeing many more Australian companies setting up their operations here and using Malaysia as the gateway to tap the markets of Asean and the Far East," he added.
Meanwhile, MABC Chairman Micheal Halpin said the bilateral trade between Malaysia and Australia continued to grow.
He said MABC and the Australia Malaysia Business Council (AMBC) recently contributed inputs to both governments during the negotiations of the Malaysia-Australia Free Trade Agreement which concluded in March.
"The agreement will give enhanced access to the Australian economy into the fast-growing Asian region.
"Australian companies can expect exciting opportunities in Malaysia which is Australia's third largest trading partner in Asean and tenth largest partner overall, benefiting exporters, importers and consumers from both countries," he said.
Australian High Commissioner to Malaysia Miles Kupa said bilateral trade for goods and services between both countries were worth A$16 billion last year.
"The Trans-Pacific Partnership Agreement free trade negotiations is also making good progress and will provide even greater regional opportunities for Australian and Malaysian companies, once concluded," he added.
