Major opportunities for Australian business in Malaysian project

Austrade media release

20 October 2008

Senior representatives from Malaysia’s largest urban development project Iskandar Malaysia, will visit Australia next week (October 20 – 24) to highlight export and  investment opportunities in the region at an Austrade-organised seminar series (details below).

Planned for completion in 2025, Iskandar Malaysia, covers 2,217 sq km – three times the size of Singapore.

The project is expected to attract a total US$110 billion in international and domestic investment with an initial start up of US$13 billion from 2006 to 2010 and US$97 billion from 2011 to 2025.

Australian Government Minister for Trade, Simon Crean, who led a high level business delegation to Iskandar earlier this month said a development of this scale opened up significant expansion opportunities for Australian businesses.

“Malaysia is Australia’s third largest trading partner in ASEAN and eleventh largest trading partner overall, with total two-way trade in 2007 valued at $12.8 billion.

“Australia is the number 1 supplier of education and number-two supplier of food to Malaysia. The Iskandar development offers further opportunities in infrastructure, sustainable development, logistics, financial services, security and other professional services.

"With Malaysia positioning itself as a hub for Islamic banking, there are new growth areas in financial services. Australian companies wanting to expand into ASEAN may also be able to use Malaysia as a regional hub for their global business,” he said.

The 12-member Malaysian delegation visiting Melbourne next week will be led by the Senior Vice President (Investment and Business) of the Iskandar Regional Development Authority (IRDA), and includes senior executives of land owning companies like the Iskandar Investment Berhad (IIB), which promotes and co-ordinates the development.

The group along with Austrade’s Kuala Lumpur-based Senior Trade Commissioner, Peter Kane, will shed light on business opportunities and market entry strategies for Australian property developers and service providers in Perth, Melbourne and Brisbane.

IIB Executive Director, Adlan Ahmad said, “Our goal is to find world-class expertise and investors to bring best practice to this prestigious development. Australia is recognised as a global leader in financial services, education and property development, so we welcome Australian companies looking to participate in these sectors. 

“We’re also encouraging Australian businesses to be a part of this major development. Iskandar’s location in ASEAN, its proximity to the emerging Asian giants, China and India, and the region’s growing market of three billion consumers will give businesses a strategic advantage,” he said.

Iskandar is supported by the Malaysian Government. Investors are offered special incentives–tax breaks, lifted foreign ownership restrictions and business facilitated though a regulatory authority.

The development project has nine economic clusters in both services and manufacturing. These include:

• financial services
• creative industries
• education
• healthcare
• logistics and related services
• tourism
• electrical & electronics
• petro-chemical & oleochemicals
• food & agro-processing.

The seminar is open to Australian exporters and investors in property development and the sectors above. Media are invited to attend.

DETAILS
Date: 22 October, 2.45pm for 3pm start
Venue: Grand Hyatt Melbourne, 123 Collins Street, Melbourne
Speakers: IRDA Senior Vice President – Investment and Business, Noor Azwa Mohd Noor; senior representatives from IIB, UEM Land and Danga Bay; SKM Global Security Manager, Stephen  Barlow; Austrade's Kuala Lumpur-based Senior Trade Commissioner, Peter Kane.

The seminar series is organised by Austrade in conjunction with Urban Development Institute of Australia (UDIA). The UDIA is Australia’s peak representative body for all segments of the urban development industry. It is a federation of five state associations that aim to promote the urban development industry in achieving sustainable urban development.

Stephen Barlow and Austrade’s Kuala Lumpur-based Senior Trade Commissioner, Peter Kane are available for interviews.

ENDS

Media contact

Purnima Ganapathy
Tel: +612 9390 2319
Mob: +61 419 127 577

For further news and information from the Australian Trade Commission (Austrade) visit www.austrade.gov.au//mediacentre.

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