Bank Negara Malaysia (BNM) will relook at the Gross Domestic Product (GDP) growth figure for this year following better economic conditions. "We realised there could be an upside potential. The major assessment would be made in the middle of this year where the figure could be used in the Budget," said Governor Tan Sri Dr Zeti Akhtar Aziz. It had said that 1Q10 GDP growth showed indications of being stronger than 4Q09 (+4.5%). (Bernama)
Malaysia's cost of recovering from the crippling 1997/98 Asian financial crisis vis-a-vis other regional economies, was among the lowest globally, compared with affected economies and despite not going to the International Monetary Fund (IMF), said BNM Governor Tan Sri Dr Zeti Akhtar Aziz. The net cost of recovery of the banking resolutions was 2.6% of Gross Domestic Product (GDP) while being one of the lowest in the world. (Bernama)
Malaysian contractors implemented 614 infrastructure projects overseas up to last year, with contracts worth RM85.2bn. "Of the number, 489 projects worth RM32.74bn had been completed while 125 projects worth RM52.45bn are under construction," Deputy Minister of Works, Datuk Yong Khoon Seng said. (Bernama)
Government departments and agencies in the country can emulate the efficiency of the Singapore authorities in cutting down on bureaucracy and providing public services, Deputy Minister in the Prime Minister's Department, Datuk T. Murugiah said. He suggested that government officers be trained in Singapore to learn how to provide efficient and quick services to the public, including expediting the application process. (Bernama)
The Goods and Services Tax (GST) has been implemented fairly and justly to the people in certain countries as compared with income tax, Deputy Minister of Finance Datuk Chor Chee Heung told the Dewan Negara. When the GST is implemented later, Chor said the government would ensure the tax would not be exorbitant but only around 4% and the current service tax would be abolished. (Bernama)
Small and medium scale Bumiputera entrepreneurs should not mainly focus on food products so that they can penetrate foreign hypermarkets in the country. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said 11,000 local products have been able to make it into the list of hypermarkets and the government have initiated efforts to increase it by another 30%. (Bernama)
Australians, particularly from the state of Queensland, are seeking opportunities for potential collaboration with Malaysian companies. This is more so, for the energy and infrastructure sector. Queensland's Minister for Natural Resources, Mines and Energy and Trade, Stephen Robertson said one thing Malaysia and the state had in common, is a very ambitious infrastructure programme. (Bernama)
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