Malaysia’s services sector must grow by at least 6 to 7 per cent if the nation wants to achieve a GDP growth of between 4 to 5 per cent in 2010, says International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

“The services sector has to grow a lot faster than the GDP,” he said, adding that the sector has contributed 55 per cent to GDP in 2008 despite the global economic slowdown.

“The services sector is the main focus of our efforts going forward as it offers high quality jobs and wages,” said Mustapa.


Speaking to reporters after opening the Malaysian International Chamber of Commerce and Industry Services Summit, Mustapa says the services sector, which grew by 3.2 per cent in the third quarter of 2009, was expected to perform well even in the fourth quarter of the year. “We can also expect to see a third year of continuous surplus in trade in services in 2009,” he said. 



He added that more foreign participation could bring about the transfer of technologies and expertise and create new capabilities.

Related posts:

1. Malaysia to liberalise more sectors, Minister says
2. Construction to grow 3.5 percent says Minister
3. Malaysia’s health service among best, says Minister
4. Domestic investments to grow 40%, says Minister
5. ICT industry to grow by 7 percent, says Minister