Thesun 2009-07-07 Page12 Govt Streamlining Policies To Be More Competitive

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theSun

| TUESDAY JULY 7 2009

business

AirAsia announces new Penang-HK route KUALA LUMPUR: AirAsia yesterday announced a new service from Penang to Hongkong starting July 31 as part of the budget carrier’s plan to establish Penang as its eighth hub. According to the airline, the service is timely and will be well received by many as it has great advantage due to its extensive route network and low fares. AirAsia is also increasing its second frequency to Singapore from Penang to cater to the demand from leisure and business travellers. The new sector to Hongkong and the introduction of second frequency to Singapore opens for sale for the booking period from July 7 to 12 for the travel period from July 31, 2009, to April 30, 2010. AirAsia said in a statement yesterday it will be offering an all-in-fare from RM99 to Hongkong and RM51 to Singapore to mark the launch of these sectors. The airline, through its holiday division GoHoliday, is offering guests free rooms upon booking at its partner hotels in Hongkong. The promotion is valid via goholiday. airasia.com and available on a first come, first served basis. The airline’s regional head of commercial, Kathleen Tan, said the Hongkong route formed part of AirAsia’s strategy to establish Kuala Lumpur as a gateway to other Asian destinations. The airline’s relationship with its long-haul affiliate AsiaAsia X will also connect traffic from Australia and the United Kingdom to the Chinese cities, she said. – Bernama

Govt streamlining policies to be more competitive Spanish league is best, says Ronaldo pg 37

KUALA LUMPUR: The government is streamlining policies, such as with the recent liberalisation, to make the country more competitive and in a good position when the global economy recovers. Prime Minister Datuk Seri Najib Abdul Razak said this yesterday when asked if the public could expect more liberalisation measures in the coming months. “We are streamlining our position to make it more attuned to what is required of Malaysia and positioning the country in terms of the new global economic environment to ensure we are in a good position when recovery takes place,” he told reporters after the ground-breaking ceremony of the 50-storey Naza Group office tower, the Naza Tower, at Platinum Park in Jalan Stonor here, Bernama reports. “We will see how things develop (with the recent liberalisation). What is important is to build our competitive strength,” Najib said. “At the same time, we need to address the concerns of the rakyat.” The office tower is the second tower launched in the high-end integrated residential and commercial development project with a gross development value (GDV) of RM4 billion, reports Hemananthani Sivanandam. The first tower, known as Menara Felda, was sold to Felda (Federal Land Development Authority) last January. The Naza Tower, scheduled to be completed in 2013, will house the headquarters of the Naza Group of companies. The ground floors of the tower will have operational automobile sales showrooms. “We have always wanted to have a very visible, easily recognisable and accessible

location right in the heart of the nation’s capital. Naza Tower will give us the opportunity to serve our customers betters,” said group executive chairman and chief executive officer SM Nasarudin SM Nasimuddin. The tower, which has a unique “twist” to its design that will have a net floor area of 532,470 sq ft, will feature the latest technology encompassing communication network and security system. It is also designed to be a “green building” through efficient use of energy, water and materials. It will be amongst the first candidate to apply for a Green Mark certification under the newly launched “Green Building Index” of Malaysia.

Developed and fully owned by Naza TTDI Sdn Bhd, the Platinum Park development is set to be the single largest luxury development within the vicinity of the Petronas Twin Towers and Suria KLCC shopping centre. Platinum Park is an integrated high-end residential and commercial development within the city centre with seven towers, namely two super condominium towers, a serviced apartment, a five-star hotel and three Grade A office towers. It will also feature a 1.5-acre central landscaped park. The architects for the development are Foster and Partners and RSP Akitek. All seven of the proposed buildings in Platinum Park are expected to be completed by 2018.

‘Reforms support stable outlook on M’sia’s rating’ KUALA LUMPUR: Moody’s Investors Service said in a special comment that the stable outlook on Malaysia’s A3 sovereign ratings is supported by the government’s intensification of its recent structural reforms. “We base this conclusion on the observation that recently announced reform measures could result in a significant dilution of the country’s 38year-old New Economic Policy. “They also advance the investment liberalisation agenda further than anything attempted in recent years,” said Aninda Mitra, Moody’s lead sovereign analyst for Malaysia in a statement, yesterday. Mitra authored the special comment in which he discusses the sovereign credit implications of recent policy developments in Malaysia, especially the reforms announced by Prime Minister Datuk Seri Najib Abdul Razak, late last month. “Moody’s further notes that the elimination of bumiputra restrictions and the encouragement of greater foreign direct investment (FDI) is being accompanied by ongoing efforts to enhance ties between Malaysia and Singapore,” said Mitra. Moreover, he added, these developments are expected to sustain the approaching cycli-

Najib performs the ground-breaking ceremony. On the stand are (from left) Nasarudin, Naza TTDI group managing director SM Faliq SM Nasimuddin and Naza Group CEO SM Faisal SM Nasimuddin.

cal upturn in the economy by re-invigorating private investment and FDI inflows, assist a re-balancing of Malaysia’s economy and a reduction in its outsized dependence on global demand. “It also expected to set the stage for the government to begin unwinding its large fiscal stimulus. “Although specific fiscal strategies and policy reforms to limit and reverse the growing overhang in government debt are still being formulated, the Najib administration’s unfolding structural reform programme is timely,” Mitra highlighted. He said if implemented effectively alongside fiscal policy adjustments, the reforms could play an important role in reshaping Malaysia’s mediumterm competitiveness, growth potential, and overall sovereign creditworthiness. However, Mitra said in the current environment, the main risk to the implementation and effectiveness of reform arises from local politics. “If the adversarial relationship between the government and the Opposition leads to legislative or policy gridlocks, then the private sector’s response to growing investment opportunities could be muted,” he added. – Bernama

Frontken in pact with Dutch firm KUALA LUMPUR: Main board-listed Frontken Corporation Bhd has entered a research and development (R&D) collaboration with Kriya Materials BV of the Netherlands to develop nano-coating technologies with wide-ranging applications. Both companies are expected to create a series of new nano-products and solutions over the next six months to address the needs of major industries such as automotive, green building, precision optics and electronics, Frontken said in a statement yesterday. The new products are aimed at improving indoor environmental quality for healthy lifestyle living and working environment to achieve environmentallyfriendly green buildings, the company said. “There has been a growing demand for increased functionality and performance in our solutions, and this will be matched by the new breakthrough improvements we can expect from this collaboration with Kriya,” said Frontken’s executive chairman and managing director Willie Wong. – Bernama