Malaysia woos S.Korean businesses with business-friendly policies, incentives

Malaysia is looking at a gross domestic product (GDP) growth of more than 5% this year, thanks to positive impact arising from the multiplier effects following the implementation of the government's two stimulus packages. Noteworthy is the country’s services sector is set to register at least 6% to7% growth this year, faster than the projected GDP growth rate of 5 % ,a key contributor to the national economy. The services sector has consistently been a leading contributor to the Malaysian economy, where in 2008 the sector accounted for some 55% of the GDP. It has also remained robust and resilient despite the global economic slowdown and is a source of high-income and quality jobs, Against this backdrop, Malaysian Industrial Development Authorities (MIDA) is attaching a growing importance in attracting more Korean companies in service sectors to Malaysia with business-friendly policies and extensive range of incentives to further strengthen Malaysia's position as a viable location for foreign investments. “

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Dubai sets its sights on developing economies

IMF lauds UAE Central Bank

Dubai is ideally poised to gain as a trading hub for consumer goods, being surrounded by fast growing markets of the Indian subcontinent and Africa, say organisers of the 24th International Autumn Trade Fair (IATF10), the region's pioneer consumer goods show to be held next January 17-19 at the Dubai International Convention and Exhibition Centre. According to Dubai World Trade Centre statistics, Dubai sees over $17 billion (Dh62.4 billion) in domestic imports annually and it is a gateway to a $150 billion (Dh550.9 billion) regional import market with a catchment population of 1.4 billion. As for its logistics infrastructure, the city is a highly accessible market, served by more than 170 shipping lines and 86 airlines. The three-day Autumn Fair, a leading regional buyer-seller meeting ground for the consumer goods segment, will feature around 600 exhibitors from 25 countries. The exhibition, ranked as one of the more popular general trade fairs in the region, will occupy 13,000 square metres.

Dubai: The International Monetary Fund (IMF) last night has welcomed the Central Bank’s move to inject more liquidity into the financial system. “We are continuing to monitor the situation following the unexpected announcement by the Government of Dubai regarding a standstill on the debt of Dubai World and its Nakheel subsidiary, which has had an adverse impact on financial markets,” it said in a statement. The UAE Central Bank Sunday told all banks operating in the UAE that it has made provisions for fresh liquidity at 50 basis points above the Emirates Inter-Bank Offered Rate (Eibor), should they need more cash. ”The United Arab Emirates is a strong resource-based economy and we welcome today’s announcement by the Central Bank of the UAE making available to banks a special additional liquidity facility. We look forward to further clarification by the authorities towards a cooperative mechanism to address the issues between these debtors and their creditors,” IMF said

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Positive Growth for Malaysia’s Tourism Sector

S. Korea reports 1st case of Tamiflu-resistant H1N1 flu

Malaysia, which attracted about 21 million tourists in 2008, can still harbor for positive growth despite the world economic crisis and recession in Singapore, its biggest tourism market, said the Pacific Asia Travel Association (PATA). Its Strategic Intelligence Director John Koldowski said Malaysia had been doing extremely well in recent years. While the recession in Singapore was bound to impact the number of travelers and money spent in Malaysia, there was still room for growth from the republic, he added.

South Korean health authorities said Monday that they have discovered a H1N1 Influenza-A flu strain resistant to the anti-viral drug Tamiflu in a patient infected with the strain, the first such reported case in South Korea. According to the Ministry for Health, Welfare and Family Affairs, the Tamiflu-resistant H1N1 virus was found in a five-year-old boy last month. Data picture It said a virus enzyme that can make Tamiflu ineffective was detected in samples taken from the boy adding it marks the first time that such a development has been detected in the country.

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S. Korea drawn against Argentina in 2010 World Cup finals

South Korea was grouped with Argentina, Nigeria and Greece in Group B at the draw for the first round of next year's World Cup finals in South Africa, according to Yonhap News.. South Korea, ranked 52nd in the world, opens its World Cup bid with a match against Greece on June 12 in Port Elizabeth before playing against Lionel Messi's Argentina in Johannesburg on June 17. The 2002 World Cup semifinalist is also scheduled to take on Nigeria in Durban on June 23. Led by coach Huh Jung-moo, the South Koreans secured a seventh successive World Cup finals berth after topping the regional preliminary round with an unbeaten record. South Korea, then led by Dutch coach Guus Hiddink, reached the semifinals in the 2002 showpiece co-hosted by South Korea and Japan. "All groups seem difficult and I've been ready to face a tough group. I will prepare well to achieve a goal to advance to the last 16 on foreign soil," Huh said after the draw held on Friday in front of some of the world's footballing greats at the Cape Town Convention Center. "I think we need one win, two draws, or two wins (and) one loss to be alive in the first round. I can't expect how we will play against each team but we've got to prepare and study these teams." North Korea, qualifying for its first World Cup finals appearance since 1966, was drawn into Group G, one of the toughest groups in the event. North Koreans will face four-time World Cup champion Brazil, Didier Drogba's Ivory Coast and Cristiano Ronaldo's Portugal.

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