A country’s economy is like a railroad engine. When service is slow everyone notices. However, the reverse isn’t always true when things are chugging along nicely. That’s why we decided it would be wise to “blow our horn” over what Malaysia’s economic engine has accomplished the last couple of weeks.
First, while countries like Spain and Greece have crippling levels of unemployment exceeding 23 per cent, Malaysia recently announced its employment is at 2.9 per cent –the lowest in a decade.
The number is also significant because by dipping below 3 per cent Malaysia crossed a key benchmark, widely recognized by economists, indicating full employment. This is a phenomenon few countries ever achieve – even during boom times.
Recently the United Nations, which sees plenty of economies, called ours “impressive” a sentiment seconded this week by Masato Nakamura, chief executive officer of one of Japan’s largest banks, Bank of Tokyo-Mitsubishi UFJ Malaysia.
Nakamura said our country is one of the most impressive Asian countries due to its social and economic development plus its prime location within the Asean and the bank is opening a branch in Northern Malaysia.
“Japanese companies have been attracted to Malaysia’s growing economy, location away from natural disasters, good infrastructure and a workforce who can speak English,” he said after launching the bank’s first branch in Juru Auto City.
Nakamura said the new branch would provide easier access to the bank’s services for corporate customers located in the Northern Corridor Economic Region. He said a branch in this area was necessary because, “It will also cater to the increasing number of multinationals and local companies concentrated in the vicinity and adjacent industrial areas linked by major highways.”
Separately, the French Ambassador to Malaysia Marine Dorance also was touting Malaysia’s strengths, saying, “Malaysia offers a good environment, blessed with no natural threats, a good communication network and a traditionally friendly hospitality.”
Last year, Malaysia-France bilateral trade hit a record level of nearly RM16 billion.
Dorance said “Since 2009, …we are seeing a steady progression in our bilateral exchanges with Malaysia: up 24 per cent in 2010, up 23 per cent in 2011.”
Malaysia is now France’s second partner in Asean, with exports worth RM8.5 billion and the highest growth coming from petroleum products at RM246 million and palm oil worth RM136 million. In return, France’s exports to Malaysia have also touched a record level of RM3.89 billion mainly from aeronautics and mechanical, electrical and electronics equipment.
Plus, there’s another benefit. The words “Made in Malaysia” have triggered a wave of French tourists visiting the nation – some 110,00 last year and Dorance wants to see those numbers.