Malaysian PM: understanding among the disputing countries
Bernama.com
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Business October 02, 2004 02:05 AM
Ringgit Peg Will Stay, Says PM

By Siti Hawa Othman

LONDON, Oct 1 (Bernama) -- Prime Minister Datuk Seri Abdullah Ahmad Badawi said Malaysia's current ringgit peg would stay as it had been advantageous for the country.

The ringgit is currently pegged at 3.80 to one US dollar. The peg was introduced on Sept 1, 1998 in the aftermath of the Asian financial crisis.

Malaysia had no intention to remove the peg, Abdullah said when asked whether the country would do so at the Malaysia-United Kingdom Business Forum here Thursday.

The forum, organised by the Malaysian Development Authority (MIDA), Malaysian External Trade Development Corporation (MATRADE) and Asia House of United Kingdom, was attended by about 500 enthusiastic British businessmen.

The forum was the first programme of a 77-member trade and investment delegation led by the Minister of International Trade and Industry, Datuk Seri Rafidah Aziz, to four European countries.

The mission comprises 48 members from the private sector while the rest are officials from federal government ministries and agencies, state agencies well as representatives from the Backbenchers Club.

After Britain, they will visit Switzerland, Germany and France.

Abdullah had earlier delivered a keynote address which received enthusiastic response from the participants.

He arrived here on Thursday night after having attended the UN General Assembly in New York.

At the business forum, Abdullah listened attentively to a problem raised by a polythene bag manufacturer who has operations in Malaysia.

The manufacturer had lamented on difficulties in dealing with his recruitment agent who employed foreign workers for the manufacturing operations.

After having listened to the manufacturer's problem, Abdullah advised him to deal directly with the authorities and not go through the recruitment agent.

The prime minister also answered questions relating to the need for knowledge workers and opportunities in the education sector.

He said Malaysia welcomed collaboration with foreign universities to set up campuses in the country.

Currently, he said there were 92,215 students from 20 different countries studying in Malaysia and described this as good progress towards making the country an education hub.

As for concerns expressed by investors over rival claims over the Spratly Islands, he said there was no cause for worry as there was already an understanding among the disputing countries.

He said no one country could force claims in that region and so far all parties had abided by that understanding.

-- BERNAMA

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