MALAYSIA and Indonesia are both sticking to the export growth targets this year, saying their diversified export markets within the region will mitigate any slowdown in external demand from the US.
International Trade and Industry Minister Tan Sri Muhyiddin Mohd Yassin said Malaysia has not changed its six per cent growth target for 2008, as it had diversified its portfolio of export destinations in recent years while exports to the US dwindled to about 16 per cent.
"The growth figure will still be positive but we are not going to revise it downwards because of the global slowdown," he said in Kuala Lumpur yesterday.
Muhyiddin was speaking at a media briefing after co-chairing the first Malaysia-Indonesia joint trade and investment committee meeting, a bilateral platform to address impediments as well as increase bilateral trade and investment flows.
Indonesian Trade Minister Dr Mari Elka Pangestu, meanwhile, said her country's 12.5 per cent export target was consistent with the 6.3 per cent GDP outlook for the republic this year.Between January and August, Indonesia's exports expanded by 30 per cent, with its non-oil and gas exports about 22.4 per cent."Like Malaysia, our markets are diversified to concentrate on growing markets like China and India and a number of other Asean countries.
"Mari Elka said Indonesia was keen to increase investments in Malaysia's services sector.
Trade between Malaysia and Indonesia exceeded RM39.1 billion in 2007.
For the first seven months of 2008, bilateral trade expanded by 23.6 per cent to RM25.7 billion compared with RM20.8 billion for the same period in 2007.
Yesterday's committee meeting, meanwhile, discussed among others a review of the 1970 Border Trade Agreement, which will be streamlined and aligned with other bilateral agreements.
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