|
KUALA LUMPUR: The US retail giant Wal-Mart is keen to open stores in
Malaysia, a junior minister said Friday, amid a government drive to
lure investment and boost economic growth.
“Wal-Mart has shown interest,” deputy trade
minister S. Veerasingam told AFP, but he declined to elaborate
further amid reports the company had formally applied to enter the
Malaysian market.
He added that German company Metro, one of
Europe’s largest retailers, had applied for permission to set up
operations.
Another official said the entry of foreign
retail giants would create jobs. “It will not only provide more
jobs locally but will make the retail market more competitive
besides injecting foreign investments in the country,” consumer
affairs minister Shafie Apdal told the New Straits Times.
He said foreign retailers were keen to invest in
Malaysia due to the strong purchasing power of local consumers.
Malaysia has restricted the entry and expansion
of supermarkets over recent years to protect smaller local
businesses.
But major foreign retailers including France’s
Carrefour, Britain’s Tesco, Japan’s Isetan and IKEA of Sweden
already operate in the country.
Malaysia, with a population of 27 million,
expects to post strong economic growth of 6.0 percent this year,
after its economy expanded by 5.9 percent in 2006.
It is Southeast Asia’s third-largest economy
but has seen foreign direct investment steadily declining. In 2006,
it amounted to an estimated $3.9 billion, compared to $5.5 billion
in 2001.
--AFP
|
