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MALAYSIAN NEWSLETTER 1/2001
Daily Malaysian Newsletter
alle Daily Brief Infos stammen von der Botschaft Malaysia
ADRESSEN + LINKS
Allgemeine Infos: www.newmalaysia.com und www.malaysia.com Botschaft Malaysias in Deutschland:
Klingelhöferstr. 6, D-10785 Berlin
Tel.: +49-30-885 749-0; Fax: +49-30-885 749-50
Web: EMail: mwberlin@compuserve.de
German Business Pool Malaysia/ASEAN
Ansprechpartner: Volker Friedrich, General Manager German Business Pool Malaysia/ASEAN
UOA Centre 19-9-6 19, Jalan Pinang, 50450 Kuala Lumpur, Malaysia
Tel.: ++60-3-21628545 Fax: ++60-3-21628546
EMail: pool@po.jaring.my
AHK Deutsch-Malaysische Industrie- und Handelskammer
MGCC Malaysian-Germann Chamber of Commerce and Industry
Suite 47.91, Level 47, Plaza MBF, No. 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Malaysia
Executuve Director: Dr. Rainer Herret Medien:
The Star www.thestar.com.my
New Straits Times www.nstp.com.my
Utusan Malaysia www.utusan.com.my
Bernama www.bernama.com.my
Berita Harian www.jaring.my/bharian
News Channel www.channelnewsasia.com
South East Asia Monitor www.businessmonitor.com
IT (Magazine) itmy.newscom-asia.com Government:
Foreign Ministry www.kln.gov.my
Prime Minister´s Offive www.smpke.jpm.my
Bank Negara www.bnm.gov.my
Department of Agriculture (Vet. Services, Quaratine) agrolink.moa.my
Department of Public Health www.dph.gov.my
MIDA www.mida.gov.my
MATRADE Malaysian External Trade Development Corporation www.matrade.gov.my
King www.agong.mmu.edu.my
Ministry of Intern. Trade & Industry www.miti.gov.my
Economic Planning Unit www.epu.jpm.my
Securities Commission www.sc.com.my www.neac.gov.my
Civil Services Link mcsl.mampu.gov.my Education:
Private Colleges www.edu.net.my
Universiti Teknologi www.utm.my
University Malasia Sarawak www.unimas.my
Islamic University www.iiu.edu.my Jobs in Malaysia:
www.mol.net.my und www.jobs.com.my und www.jobstreet.com Tourism:
Malaysia Tourism Promotion Board www.tourism.gov.my
Haze www.haze-online.or.id
Customs Department www.customs.gov.my
Immigration www.imi.gov.my
MAS www.malaysiaairlines.de Business:
Malaysia Business Directory www.business.com.my/bd
Corporate Malaysia www.mir.com.my
Petronas www.petronas.com.my
Multimedia Development Corporation www.mdc.com.my
KLIA www.kliab.com.my
Malaysian Int. Chamber of Commerce www.micci.com.my
Malaysian-German Chamber of Commerce www.mgcc.com.my
Yellow Pages www.yellowpages.com.my
Fed. of Malaysian Manufacturers www.fmm.org.my
Kuala Lumpur Stock Exchange: www.klse.com.my -------------------------------- ECONOMY REPORT - MALAYSIA
www.apecsec.org.sg/member/memberecreport/mal.html
REAL GROSS DOMESTIC PRODUCT
Gross domestic product (GDP) growth in 1999 was stronger than forecast, while
all other developments in the Malaysian economy were in line with
expectations.
The selective exchange controls implemented in September 1998 allowed
Malaysia to emerge from the recession with strengthened macroeconomic
fundamentals. In 1999, GDP recorded a strong positive growth of 5.8 percent,
from a contraction of 7.4 percentin 1998. The value of GDP has returned to
almost the same level as in 1997. Following the increase in nominal gross
national income of 3.8 percent, per capita gross national product (GNP) turned
around to register a positive growth of 1.4 percent to RM 12,305 (US$3,238) in
1999 from RM 12,135 (US$3,093) in 1998. In 1997 per capita GNP was RM
12,310 or US$4,376.
The policy measures implemented by the government have been successful in
addressing immediate-term issues without undermining medium-term growth
potential. On the supply side, growth was initially driven by the strong
performance of the export-oriented industries in the manufacturing sector. The
recovery became increasingly more broad-based during the course of the year.
Within the manufacturing sector, growth became broad-based from the second
quarter onwards as both domestic and export-oriented industries registered
positive growth rates.
In 1999, value-added in the manufacturing sector increased by 13.5 percent
from a negative 13.7 percent in 1998, following expansion in output of the
manufacturing sector since February 1999. With the overall improvement in the
economy, the services sector turned around to increase by 3.3 percent in 1999.
On the demand side, strong economic growth was sustained by robust export
performance, accelerated public sector expenditure and a revival in private
consumption expenditure. Growth in real aggregate domestic demand
(excluding stocks) increased by 1.7 percent in 1999, due mainly to the fiscal
stimulus measures implemented by the government and the revival in
private/business sector consumption expenditure.
INFLATION
The relative stability of the ringgit exchange rate, excess capacity in the
economy and lower commodity prices led to more moderate price increases in
1999. Inflation as measured by the consumer price index (CPI, 1994=100) rose
at an annual rate of 2.8 percent in 1999, lower than the earlier estimate of 3
percent.
TRADE ACCOUNT
The overall balance of payments position strengthened further to record a
surplus of RM 17.8 billion or US$4.7 billion, driven by favourable external trade
balance and a large net inflow of long-term capital. In the trade account, gross
exports (in US dollar terms) have increased for five consecutive quarters, while
import growth has turned positive since the second quarter of 1999. In US
dollar terms, exports of manufactured goods rose by 18.2 percent, benefiting
especially from strong global demand for electronic products such as
semi-conductors, personal computers and other information and
communications-related components. Following the rebound in exports, imports
of intermediate goods in US dollar terms have recorded positive growth since
March 1999. Nevertheless, export growth was stronger (13.2 percent) relative
to import growth (9.4 percent), contributing to a record merchandise surplus of
RM 86.5 billion (US$22.8 billion) and a large current account surplus of RM 47.9
billion (US$12.6 billion) or 17.1 percent of GNP in 1999.
The overall balance of payments recorded a surplus of RM17.8 billion, after
adjusting for revaluation losses from ringgit appreciation, increased short-term
trade credits, further reduction in short-term external debt of commercial
banks and the non-bank private/business sector and some liquidation and
repatriation of portfolio investment by foreign investors. Consequently, the net
international reserves increased to RM 117.2 billion (US$30.9 billion) as at
end-1999, from RM 99.4 billion (US$26.2 billion) at the end of 1998. This level
of reserves was sufficient to finance 5.9 months of retained imports (5.7
months in 1998). In addition, the international reserves were 5.1 times the
short-term external debt.
EXTERNAL DEBT
Malaysia’s policy of active debt management, guided by prudential safeguards
and an efficient debt monitoring system, has enabled the country to keep the
overall external debt situation manageable. The nation’s total external debt
outstanding declined marginally by 0.4 percent to RM 160.5 billion at the end of
1999, reflecting reductions in the short-term debt as well as longer-term
private sector external debt. The total debt was equivalent to US$42.3 billion
compared to US$42.4 billion in 1998. The improvement in the debt situation in
1999 was reflected in the decline in the ratio of external debt to GNP and to
exports to 57 percent and 43 percent, respectively. The Federal Government’s
external debt, although higher in 1999, accounted for only 11.4 percent of total
external debt, while the non-financial public enterprises accounted for 36.5
percent. The balance was private/business sector debt, with the non-resident
controlled companies in Malaysia accounting for a larger share of this debt
(54%).
EXCHANGE RATE
In 1999, the ringgit remained pegged to the US dollar at the rate of RM 3.80.
This pegged exchange rate has been effective since 2 September 1998. Under
this arrangement, the ringgit exchange rate vis-à-vis other currencies is
determined through cross-rates based on the movements of the US dollar
against those currencies in the international foreign exchange markets.
The ringgit was relatively stable against most major currencies in 1999. The
volatility of the ringgit against major currencies, with the exception of the
Japanese yen, was reduced significantly.
Overall, the pegged exchange rate regime has benefited the economy by
offering a period of relative stability, which has aided the recovery of economic
activity and allowed the acceleration of financial reforms. It has helped
manufacturers conduct their pricing and investment decisions in an
environment of greater certainty. The peg has been sustainable as it is
consistent with the underlying fundamentals of the economy. At the same time,
consistent macroeconomic policies have further ensured the viability of the
regime.
MONETARY POLICY
The basic thrust of monetary policy in 1999, was to create an environment to
support economic recovery and facilitate structural reforms, while preserving
price stability. The easing of monetary policy which began in August 1998 was
continued into the year. Against an environment of a strengthening financial
sector; benign inflationary environment; improving balance of payments
position and a more favourable performance of the world economy including the
regional economies, monetary policy remained accommodative throughout the
year. With the large trade inflows, however, an important task of monetary
policy in 1999 was to manage excess liquidity to avoid inflationary pressures.
While interest rates were reduced to support economic recovery, efforts were
taken to ensure a positive real return to depositors.
The conduct of monetary policy was balanced to ensure that monetary easing
did not destabilise the financial system and will continue to promote long-term
savings. The year saw the imposition of more stringent guidelines aimed at
strengthening the banks. These included, among others, guidelines governing
the extension of lending to their controlling shareholders and guidelines on
future capitalisation of banking institutions by controlling shareholders.
FISCAL OPERATIONS AND POLICY
The 1999 Budget announced in October 1998 focused on the counter-cyclical
role of fiscal policy to revitalise economic activities and strengthen the nation’s
resilience and competitiveness. Various measures were also introduced to
further improve the balance of payments; strengthen the financial sector;
promote the services and agriculture sectors; and improve governance in the
public and private/business sectors as well as ensure social well-being. Overall,
the budget strategy reinforced the fiscal stimulus adopted in 1998 in line with
the plan to revilatise the economy as set out in the National Economic Recovery
Plan. The fiscal stimulus in 1999 as reflected by a budget deficit of 3.4 percent
of GNP contributed to the restoration of consumer and investor confidence,
particularly in the second half of 1999.
While the government undertook a stimulative role, fiscal prudence and
discipline continue to be maintained to contain the fiscal deficit at a
manageable level so as not to jeopardise long-term growth. The level of
expenditure, therefore, was managed with the consideration that current
revenue should be sufficient to finance operating expenditure; fiscal deficit be
contained at a sustainable level, and availability of domestic and external
financing without crowding out the private/business sector.
Meanwhile, the better-than-expected revenue out-turn in 1999, reflecting the
strong pick-up in the momentum of economic recovery as the year progressed,
provided the government with increased flexibility in managing its fiscal policy.
It enabled the government to expand its fiscal stimulus to reinvigorate the
economy further through increased expenditure during the course of 1999,
without further deteriorating the budgetary position of the government.
MEDIUM -TERM OUTLOOK
Growth in the Malaysian economy is expected to be sustained in year 2000,
while the external sector will continue to strengthen. Against the more
favourable external environment and strengthening domestic economy, the
forecast for GDP growth for 2000 has been revised upwards to 5.8 percent,
from the earlier estimate of 5 percent. Given the strong recovery in the
regional economies and the generally favourable world economic outlook for
2000, export growth is expected to be sustained at high levels. The external
sector is expected to remain strong although the current account will narrow in
line with higher output growth.
Private/business sector investment is expected to recover in line with
improving investment sentiments and policy measures aimed at projecting the
private/business sector to lead as the engine of growth. Measures to promote
consumption under the 2000 Budget together with strong export performance
will increase the disposable income of Malaysians, thereby strengthening
consumer sentiments and expenditure. Asstronger recovery in private/business
sector expenditure took place, while public expenditures continued to support
growth, real aggregate domestic demand is expected to strengthen further in
2000.
On the supply side, growth is expected to be more broad-based, led by the
manufacturing and services sectors. The construction, agriculture and mining
sectors are also expected to contribute to growth, although at relatively
moderate rates. Prospects for the manufacturing sector remain favourable in
2000. Expected sustained external and domestic demand will support further
expansion of value-added by 10 percent.
With the improved outlook for the economy, value-added in the services sector
is expected to increase by 5.4 percent. Growth will emanate from the
intermediate and final services sub-sectors. In particular, demand for
transport, storage and communications services is expected to pick up
strongly, reflecting mainly a strong increase in external trade. Activity in the
finance sub-sector is also expected to increase, reflecting the projected higher
loan growth and the favourable outlook in the equity market. Meanwhile, the
return of consumer confidence and the expected increase in tourist arrivals
from 8 million in 1999 to 8.5 million in 2000, are expected to contribute to
higher growth in the wholesale, retail trade, restaurants and hotels sub-sector.
------------------------
WEITERE INFORMATIONEN:
(alle Daily Brief Infos stammen von der
Botschaft Maylaysia)
Daily Brief: 9.4.03 + 8.4.03 Economy 9-April-2003
The
Entrepreneur Development Ministry has always encouraged participation of Bumiputera entrepreneurs in the local automobile industry through its Vendor
Development Programme. Its Minister Datuk Seri Mohamed Nazri Abdul Aziz said several measures had been put into place to assist the Bumiputera small and medium scale
industries' (SMIs) vendors to face competition in the Asean Free Trade Area (Afta). This included holding joint technical training with Technology Park
Malaysia (TPM), Small and Medium Industries Development Corporation (Smidec) and Malaysian Technology Development Corporation (MTDC). Among the technical
training were"intensive moulding" and "mould and die casting," he said in the Dewan Rakyat on Tuesday. As of
Dec 31 last year, 57 vendor firms had been developed to supply automotive components. Fifty are suppliers for Perusahaan Otomobil
Nasional (Proton) and the rest for Perusahaan Otomobil Kedua (Perodua). Twenty-five firms have also been developed as sub-vendors for Proton. He said to boost the participation of the
Bumiputera SMIs in the car industry, similar opportunities should be obtained from other major automobile firms like Malaysia Truck and Bus (MTB). To a question from Datuk
Ahmad Husni Hanadzlah (BN-Tambun) on whether the vendors had sold their products abroad, Mohamed Nazri said so far none of the products had been marketed outside the
country. He said the production of metal parts involved 17 of the 57 vendors while plastic injection moulding involved 13 firms, electric and electronic parts (11), rubber parts (three),
mechanical parts (two), die casting, stickers and patterns (one each) and others (nine).- A proposed Companies Act provision will see independent directors,
company secretaries and all officers of listed companies, indemnified if they make disclosures that are relevant for investors
knowledge or information relevant to any parties concern, Securities Commission chairman, Datuk Ali Abdul Kadir
said in Kuala Lumpur on Tuesday. The proposal, which is still being drafted is expected to be implemented once passed by Parliament, he said at a press conference after a seminar on
"The Board and the Independent Director: Enhancing Performance and ShareholderValue." Ali said that the implementation of the proposed new regulation was
delayed by the current Iraq war. Under the present regulation in Malaysia, auditors will be indemnified if they make disclosure that are
relevant to investors' knowledge and if they act in good faith for the company's interest. Ali also said the implementation of trading in second board counters
in minimum 100 shares per trading lot recently was to boost liquidity in the market by encouraging more trading particularly among smaller
investors. "Companies should also work to implement risk management practices in companies to meet
changes in the economic conditions," he said. Independent directors refer to an entity or person who has provided professional advisory services to the corporation
for more than two years. The consideration for the advisory services should not exceed five percent of gross revenue or RM1 million whichever is higher.
In computing the gross revenue, it shall be based on annual audited accounts for the last two financial years.
He should not be a majorshareholder or director of the company. The Listing Requirements of Kuala Lumpur Stock Exchange (KLSE) clearly states that a public-listed company
must have at least two independent directors, or one-third of its board comprising independent numbers, whichever number is
higher. The independent director has a crucial role in ensuring that the board is an effective board and through which good corporate governance can be promoted througout the
entire company, Ali said. - Orisoft System (M) Sdn Bhd, a specialist in the Human Resource Management Systems (HRMS), on Tuesday urged companies
in Malaysia to invest more in human capital, the country's most important asset, in order to achieve business objectives. Its chief executive
officer, Raymond SuDo said that in the competitive market today, human resource could assist establishments in making a difference. "Human resource today must
function differently from the past, with industries investing more in human capital, whether it's through going hi-tech or otherwise, these industries will only be gaining benefits in all aspects
instead of losing in the long run," he said in a statement in Kuala Lumpur on Tuesday. Meanwhile, Regent Hotel Kuala Lumpur Human Resources Director
Wong Kiew Lian said that its HR department could now cut down the redundant administrative work with the assistance of Orisoft HRMS solutions. With the cooperation of HR and
HRMS, Regent Hotel has managed to accelerate the progress of achieving its business strategy and goal, she said. Amongst Orisoft's HRMS clientele are
Indah Water Konsortium, Taylor's College, DRB Oriental Honda, Modenas and Time dotCom while its foreign clientele are The Conrad, Sheraton Gran Sukhumvit,
Sheraton Royal Orchid and The West in Thailand. 08.April 2003 Economy Bank Negara Malaysia (BNM) is introducing a series of thematic coins under the Coin In Education (CIE) programme. The objective of CIE is
to promote coin appreciation and to inculcate coin collecting among school childern, BNM said in a statement released in Kuala Lumpur on Monday.
There will be a new theme each year with 12 issues of coins. Under the first series, 12 different types of animals have been selected under thetheme of
"Endangered Species". The Sumatran Tiger will be the first design appearing on the CIE coin followed by other 11 endangered species. The coin would be made
of nordic gold alloy with face value of 25 sen and sold at RM5 each issue. The CIE coins would be minted and distributed by the Royal Mint of Malaysia with the first issue
to be available from April 8, 2003 at the General Post Office in Kuala Lumpur as well as 13 state post offices. They would be also available at The Royal Mint of Malaysia,
ShahAlam, Muzium Matawang Bank Negara, Mariwasa Kraftangan Sdn Bhd, Royal MintExchange and Franchaisees, the Zoo Negara in Kuala Lumpur, Taiping Zoo,Melaka Zoo and i-everything
Sdn Bhd.-. In view of the growing concern over the Severe Acute Respiratory Syndrome (SARS), Malaysia Airlines has come out to help customers in their
travel plans. In a statement released on Monday in Kuala Lumpur, Malaysia Airlines said it was aware that some of the customers, who had purchased its tickets at the
recent Malaysian Association of Tour and Travel Agents (MATTA) fair, were currently reviewing their travel plans. It said for the benefit of customers travelling from Malaysia to
destinations affected by SARS, it would waive all penalties and order full refund for cancellation of tickets booked and purchased direct from them involving travel up to
June 30, 2003. Among the SARS affected countries are Canada, Guangdong, Shanxi, Hong Kong, Singapore, Taiwan, Thailand and Vietnam, as identified by World
Health Organisation (WHO) and Ministry of Health, Malaysia. MAS said it would also allow passengers to convert amounts paid into
miscellaneous Charges Orders (MCOs) for future transportation on MAS services only for deferment of travel plans for
tickets booked and purchased direct from them involving travel beyond June 30, 2003. However,all travels should be completed by March 31, 2004. Deferment of travel is allowed
without any penalty for customers travelling to non-SARS affected areas, and the amounts paid can also be converted to MCOs for future transportation
on MAS services only. All travel should also be completed by March 31, 2004. That aside, cancellation and deferment of travel plans against tickets and packages purchased from MAS
authorised travel agents at the MATTA fair, are subject to guidelines stipulated by MATTA, it added. |
