Malaysia remains open to options to bring the TPP agreement into force without the United States, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
“Malaysia remains open to further discussion and we expect a decision on the future of TPP to be made during the Asia-Pacific Economic Cooperation Leaders’ Summit in Danang, Vietnam, later this year,” he added. He was speaking at the The Asia Business First Forum yesterday.
The rest of the TPP grouping members are Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam.
He believed that Malaysia's trade will grow by five per cent this year.
On Malaysia’s key to success, he said the country is now a net exporter of capital and has produced many globally competitive companies. At the end of the second quarter, he revealed that direct investment abroad stood at RM574 billion compared to foreign direct investment which received RM557 billion.
“Furthermore, Malaysia has been outstanding as a result of systematic planning process and effective execution machinery, through five-year development plans and the key performance indicator monitoring mechanism, which was put in place since the nation embarked on its economic transformation journey about seven years ago.”
He said Malaysia's focus on infrastructure development, especially in the last three decades, had made the country a world-connected country and has facilitated domestic businesses.
“The mass rapid transit system, Pan-Borneo Highway, East-Coast Rail Link and High-Speed Rail will further enhance connectivity and make Malaysia even more attractive for trade and investment,” he mentioned during the event.
Malaysia, he said, will continue to improve both hard and soft infrastructure and keep an eye on the challenges.
Organised by regional broadcaster Channel NewsAsia, more than 150 chief executive officers, senior government officials, economists, business leaders and captains of industry from around the region attended the inaugural Asia Business First Forum.