Malaysia Expects Middle East Funds Amid Turmoil, Mustapa Says

Malaysian Trade & Industry Minister Mustapa Mohamed
Malaysian International Trade and Industry Minister Mustapa Mohamed speaking in Kuala Lumpur. Photographer: Goh Seng Chong/Bloomberg

April 12 (Bloomberg) -- Malaysian International Trade and Industry Minister Mustapa Mohamed comments on the outlook for investment inflows from the Middle East amid the political turmoil in parts of the region. He spoke at a conference today in Kuala Lumpur.

The “Middle East is an important market for trade, Islamic finance and also tourism. I believe despite the crisis happening in the Middle East, the source of money will continue to flow into Malaysia.

“Prices of oil and gas have been very high. Many countries in the Middle East have benefited and there is ample surplus liquidity and there are lots of funds there. There are a lot of opportunities for them to put their money in Malaysia.”

On the ringgit’s gain:

“People have managed to adapt to the stronger ringgit and many of them are now more confident. The ringgit being strong and consistent is in line with the new economic model.”

The ringgit climbed 5.9 percent against the U.S. dollar in the past year.

To contact the reporter for this story: Manirajan Ramasamy in Kuala Lumpur at rmanirajan@bloomberg.net

To contact the editor responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net.