Najib when tabling the Budget 2013 yesterday. The incentives he announced for TRX is expected to attract investors from China (pix by Hussein Shaharuddin/The Mole)
BEIJING: Malaysian Ambassador to China Datuk Iskandar Sarudin lauded the initiatives under Budget 2013 tabled by Prime Minister Datuk Seri Najib Tun Razak on Friday, saying he was confident that Chinese companies would be attracted to the Tun Razak Exchange (TRX).
He said TRX was an opportunity for Chinese companies and provincial governments at the level of second and third tier cities to invest in Malaysia, and Chinese companies were aware of TRX.
Malaysian authorities however would need to promote TRX in China, he told Bernama here.
Iskandar said as an active global player, Chinese participation in TRX, an upcoming commercial and financial services hub in Kuala Lumpur city, would not only enhance, but also expand the scope of economic relationship between Malaysia and China.
Meanwhile, Malaysia External Trade Development Corporation (Matrade) senior trade commisioner cum commercial counselor Abu Bakar Yusof said tax exemptions on income to be given for 10 years to companies with TRX status, would certainly open up opportunities for international financial institutions from China to choose Kuala Lumpur as their investment destination.
"Subsequently, that could indirectly facilitate trading and investment activities between Malaysia and Chinese enterprises through diversified services," he said.
Najib tabled Budget 2013, themed "Prospering the Nation, Enhancing the Well-being of the Rakyat: A Promise Fulfilled" in the Dewan Rakyat on Friday.
He announced that an income tax exemption for a period of 10 years, stamp duty exemption as well as industrial building allowance would be given for TRX status companies.
The TRX commercial and financial hub is expected to attract 250 international companies and create 40,000 job opportunities.-- BERNAMA