MARKET DEVELOPMENT
Malaysia, Victoria Urged To Look Beyond Traditional Trade
Malaysia, Victoria Urged To Look Beyond Traditional Trade
08/09/2014 (Bernama) - Bilateral trade between Malaysia and the state of Victoria, Australia can expand beyond traditional sectors such as palm oil, dairy products, copper and petroleum, Commissioner for Victoria to Southeast Asia Tim Dillon said.
"Victoria is in the centre of Australia's future growth. It takes up 25 per cent of Australia's gross domestic product, accounts for a quarter of its population and is home to 520,000 businesses," he said.
The bilateral ties have deepened with almost 8,000 Malaysian students studying and 40,000 more living in the south-eastern state, he told Bernama.
The rapport has opened up opportunities in untapped sectors such as pharmaceuticals, automotive, infrastructure, healthcare, information and communications technology and financial services.
Dillon said infrastructure is identified as one such sector where the Victorian government's funding of new railway, residential and construction projects is set to hit as much as A$27 billion (RM80.58 million) through 2018.
"The boom has attracted keen interests from Malaysian infrastructure and property developers who have recently visited the state," the commissioner said.
Victorian automotive suppliers can tap into the automotive growth in Southeast Asia, whose market size is expected to hit five million vehicles by 2017 from three million at present.
"This will boost Malaysia's technical capability and export profile while Victorian suppliers gain the access to the expanding Southeast Asian market," Dillon said.
Another rising star sector is healthcare following the Victorian government's commitment to spend A$17.8 million over the next three years in the quest to take its leading health and aged care solutions to global markets.
"The effort is aimed to harnessing growing demand for Victorian health services, technology and researches in countries such as Malaysia, China and Indonesia where the middle class is spending more on healthcare services," Dillon said.
Total trade between Malaysia and Victoria jumped 44.6 per cent to A$3.9 million in 2013, boosted by the Malaysia-Australia Free Trade Agreement that took effect on Jan 1, 2013.
"Victoria is in the centre of Australia's future growth. It takes up 25 per cent of Australia's gross domestic product, accounts for a quarter of its population and is home to 520,000 businesses," he said.
The bilateral ties have deepened with almost 8,000 Malaysian students studying and 40,000 more living in the south-eastern state, he told Bernama.
The rapport has opened up opportunities in untapped sectors such as pharmaceuticals, automotive, infrastructure, healthcare, information and communications technology and financial services.
Dillon said infrastructure is identified as one such sector where the Victorian government's funding of new railway, residential and construction projects is set to hit as much as A$27 billion (RM80.58 million) through 2018.
"The boom has attracted keen interests from Malaysian infrastructure and property developers who have recently visited the state," the commissioner said.
Victorian automotive suppliers can tap into the automotive growth in Southeast Asia, whose market size is expected to hit five million vehicles by 2017 from three million at present.
"This will boost Malaysia's technical capability and export profile while Victorian suppliers gain the access to the expanding Southeast Asian market," Dillon said.
Another rising star sector is healthcare following the Victorian government's commitment to spend A$17.8 million over the next three years in the quest to take its leading health and aged care solutions to global markets.
"The effort is aimed to harnessing growing demand for Victorian health services, technology and researches in countries such as Malaysia, China and Indonesia where the middle class is spending more on healthcare services," Dillon said.
Total trade between Malaysia and Victoria jumped 44.6 per cent to A$3.9 million in 2013, boosted by the Malaysia-Australia Free Trade Agreement that took effect on Jan 1, 2013.