China, India to push growth in Malaysia

Kuala Lumpur, May 9 (Xinhua-ANI): China and India are the two determining factors that will foster Malaysia's economic growth and help it become a developed country by 2020, a senior Malaysian official said.

Nor Mohamed Yakcop, Minister in the Prime Minister's Department, said although the growth rate recorded by China and India were much lower, the figures are still commendable in view of the global economic uncertainties.

"The growing middle-class segment in China and India augurs well for us as demand for our products in the two countries is also on the upward trend," Nor Mohamed was quoted by local Star newspaper as saying on Wednesday.

Nor Mohamed said with the ongoing sovereign debt crisis crimping growth in the eurozone countries and the United States, China and India offered "some sort of remedies" for Malaysia to record positive annual growth.

He said for instance, if every Chinese consumes a spoonful of Malaysia's palm oil, the oil palm industry would flourish generating billion of ringgit in foreign exchange for the country.

"Our tourism sector will also benefit from the growing middle- class tourists in China and India, as they will bring in the tourism money to us by visiting our country," said Nor Mohamed. (Xinhua-ANI)