MALAYSIA TARGETS TOP 5 FURNITURE EXPORTERS SLOT

MALAYSIA wants to be among the top five largest furniture exporters in the world, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

The country ranked in 10th place last year and exported to more than 160 countries.

"The main export destinations for our furniture are the US, Japan, the UK, Australia, Singapore, Canada, the United Arab Emirates and India," he said at the launch of the Malaysia International Furniture Fair (MIFF) 2010 at the Kuala Lumpur Convention Centre yesterday.

Mustapa also said the industry was a major contributor to the economy with more than 1,800 furniture companies in the country.

"Last year, the MIFF generated sales of RM2.4 billion (US$710 million) and hope this year, the number can be surpassed to much more," he said in his speech.

Later at a separate press conference, MIFF Sdn Bhd managing director Datuk Tan Chin Huat said the sales for this year's exhibition are projected to hit RM2.6 billion (US$750 million).

He said Malaysian-made furniture is beginning to win the attention of overseas buyers for competitive pricing, stylish designs and quality.

"A lot of developed countries like the US, France and Germany come here to buy bulks of furniture. This is also a great way for small and medium companies to showcase their furniture to the international buyers coming from 140 countries to this fair," he said.

Wooden furniture was among the major contributor for the country, making up more than 30 per cent of exports for last year alone.

MIFF 2010 is being held from today to Sunday at three venues, namely the Putra World Trade Centre, the Kuala Lumpur City Centre and the Matrade Exhibition and Convention Centre.

More than 500 local and international exhibitors are participating in the fair with more than 20,000 visitors expected.

- BUSINESS TIMES

REDTONE RISES AFTER GETTING LICENSE

REDTONE International Bhd, a Malaysian telecommunications company, rose the most in more than six weeks after saying it won a government license to provide content application services.

The stock climbed 8 per cent to 27 sen at 9:39am local time in Kuala Lumpur trading, on course for the largest increase since Jan 18. - Bloomberg

UEM LAND: SINGAPORE's NEW RESORTS A BOON TO NUSAJAYA

THE opening of Singapore's two casino resorts is expected to accelerate growth at Nusajaya, with 2012 targeted as the "tipping point" for the Johor project, said UEM Land Holdings Bhd chief.

Managing director and chief executive officer Wan Abdullah Wan Ibrahim said Resorts World Sentosa and Marina Bay Sands will help boost the number of visitors to Nusajaya's own indoor theme park and Legoland, placing Johor on the world map.

"Visitors to the two resorts are not going to gamble 24/7 (24 hours a day, seven days a week). They will visit Universal Studio and we expect them to come here as we are building Legoland and an indoor theme park. We are happy to see the (Singapore) casinos ready," Wan Abdullah told Business Times after the company's shareholders' meeting in Petaling Jaya, Selangor, yesterday.

"For us, anything good that comes up in Singapore will further enhance developments at Nusajaya. Three years ago Nusajaya was a dream, concept and plan. Today it is a reality," he added.
He expects a new wave of development to hit Nusajaya in 2012 as its current on-going projects would have reached their peak.

Among the projects due to complete in 2012 are the coastal highway linking Johor Baru, quarters for state government staff and federal government agency complexes at Kota Iskandar, Legoland, as well as an indoor theme park at Puteri Harbour.

Others include the 70-bed hospital by Columbia Asia Group, UK's Newcastle University of Medicine, Marlboro College Malaysia, a British independent co-educational boarding school for children between 13 and 18 years old, and the Sri KDU Smart School.

UEM Land is the developer of Nusajaya's main features such as the state administration complexes, Puteri Harbour, the Southern Industrial and Logistics Cluster (SILC), a healthpark and residences.

Wan Abdullah said there will be a good mix of new medium, high-end and luxury homes in Nusajaya, and the entry of international bio-technology companies in SILC going forward.

UEM Land, 77.14 per cent-controlled by UEM Group Bhd, expects to do better this year, attributed by existing products and the completion of the current developments, Wan Abdullah said. - BUSINESS TIMES