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PETALING JAYA: Malaysia has attracted a total of RM6.6 billion worth of potential investments from the US, following its trade mission to the country from April 1 to 6, according to the Ministry of International Trade and Industry (Miti).
International Trade and Industry Minister Datuk Darell Leiking (pix) led the trade and investment mission, organised by Malaysian Investment Development Authority, Malaysia External Trade Development Corp and InvestKL.
“The mission was able to generate potential investments worth RM6.6 billion, mainly in key projects within the electrical and electronics, and chemical industries,” Miti said in a statement yesterday.
Covering the cities of Washington, New York, Seattle and San Jose, Darell also held several bilateral discussions with senior US government officials to strengthen trade and economic relationships between the two countries.
A series of high-level meetings were also held with potential US investors in the manufacturing and services sectors such as chemical, electrical, and electronics and aerospace, while the services sector includes tourism, support services for business aviation and centre of excellence for financial services.
There were also specific discussions on potential investments in data centres, while Microsoft Corp and Mimos Bhd – an agency under Miti – had agreed to establish a Centre of Artificial Intelligence for Future Industry in Malaysia.
In conjunction with the mission, a seminar, “Forging Stronger Economic Relationships between Malaysia and the US”, was also organised in San Jose, California which attracted over 150 participants representing the manufacturing and services sectors.
The seminar provided an update on the economic situation and highlighted investment opportunities and potential business cooperation available in Malaysia.
Miti added that Darell had the opportunity to network with successful Malaysian professionals based in Silicon Valley as well as witnessing an exchange of memorandum of understanding on collaboration and development of professional programmes in the areas of artificial intelligence, Internet of Things, robotics, blockchain and fintech.
KUALA LUMPUR, April 8 — The trade and investment mission to the United States (US) led by International Trade and Industry Minister, Datuk Darell Leiking, is expected to generate potential investments worth RM6.6 billion. In a statement today, the…
HONG KONG: Asian markets mostly fell Wednesday with nervous investors keeping tabs on developments in the China-US trade talks and the Brexit saga, while awaiting the conclusion of a key Federal Reserve meeting.
A general optimism about the outlook for the tariffs negotiations has helped propel equities higher across the world this year — offsetting concerns about the outlook for the global economy — with both sides sounding broadly positive.
But dealers have been spooked by a report that some US officials are feeling some pushback from Beijing on a number of demands, including on the crucial issue of intellectual property.
The unnamed negotiators said the Chinese side was growing concerned at the lack of assurances that US duties would be removed, according to the Bloomberg story.
While the report also said the resistance was regarded by some as a normal part of talks, it highlighted their fragile nature, with fears already raised earlier this month by the delay of a flagged signing summit between Donald Trump and his Chinese counterpart Xi Jinping.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will return to Beijing next week to resume talks.
In early trade Hong Kong dipped 0.6 percent after a four-day rally, while Shanghai slipped 0.2 percent though Tokyo recovered in the late morning to head into the break slightly higher.
Sydney fell 0.4 percent, Seoul tumbled 1.1 percent and Singapore was off 0.7 percent, while Wellington and Manila were also in the red.
Adding to unease on trading floors is continued uncertainty surrounding Britain’s drawn-out departure from the European Union.
Prime Minister Theresa May is expected to ask the bloc for an extension of the March 29 deadline for leaving, having seen her exit proposals killed off by MPs.
However, EU top negotiator Michel Barnier said any delay would have “political and economic costs” for the bloc’s remaining 27 states.
“A long extension… should be linked to something new, a new element or new political process,” he told reporters, while reports said May could be considering another general election or even a second referendum.
Observers expect the exit date to be put back but there is a concern that it could be rejected, leaving Britain to crash out of the EU without a deal, which many warn could be devastating for the economy.
Despite the brewing crisis the pound continues to hold its own against the dollar, with a long extension considered positive for the unit.
The Fed’s March policy meeting concludes later in the day, with analysts predicting it will announce a slower pace of interest rate hikes — to one from the two previously tipped — as the economy shows signs of softening.
Bank boss Jerome Powell’s post meeting comments will be pored over for some forward guidance.
But OANDA senior market analyst Alfonso Esparza warned: “A more-dovish-than-expected (statement) could spook investors and see them headed for safe havens if growth expectations are low at the same time as uncertainty on Brexit and the US-China trade deal are on the rise.”
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