KUALA LUMPUR (Oct 21): International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia would continue integrating with the world economy as the nation evaluates the benefits of joining the Trans-Pacific Partnership (TPP).
The TPP, which involves 12 countries, is a trade liberalisation programme led by the US. Malaysia has not signed the TPP deal yet, as the proposal would have to be tabled in Parliament first.
Mustapa, who has received the government's mandate to represent Malaysia in the TPP talks, said the TPP highlighted the importance of global trade and establishing a network with the world economy.
“There have been many ups and downs with regards to the TPP negotiations in these past five years, many people are against it, but what (these parties) fail to understand is Malaysia is very much part of the global economy.
"For instance, foreign investment takes up 60% of the manufacturing sector,” Mustapa said in his speech at the launch of The Cement & Concrete Association of Malaysia’s coffee table book.
The book is in conjunction with the association's 50th anniversary. Association members include Lafarge Malaysia Bhd, YTL Cement Bhd, Cement Industries of Malaysia Bhd and Tasek Corp Bhd.
The minister said Malaysia’s cement and concrete industry was an important economic pillar, contributing 4% to the country’s gross domestic product.
Looking ahead, he said the future of the industry appears bright, as demand for cement is expected to grow substantially in the coming years, on domestic construction projects.
“It (cement industry) has proven to be resilient, despite recent global and economic headwinds. From an industry producing 0.1 million tonnes of cement, it now possesses 38.83 million tonnes of cement-grinding capacity,” said Mustapa.