KUALA LUMPUR, Sept 17 (Bernama) -- Spain is aiming to intensify its investments in Malaysia and the rest of the Asean region through the opening of an Asean Business Centre in Kuala Lumpur next month.

Spanish Secretary of State for Tourism and Trade, Pedro Mejia, said the centre to be opened on Oct 24 was an initiative to support Spanish companies in setting up operations in Kuala Lumpur and expanding into the Asean market.

"The Asean Business Centre is a new strategy from the Spanish Ministry of Tourism and Trade to consider Asean as a whole in line with the new free trade agreement negotiations between the European Union and Asean as a bloc," Mejia said during a media briefing here recently.

The centre in Kuala Lumpur will be the third such facility for Spain following similar centres which have been set up in Beijing and Shanghai, China.

The Asean Business Centre, to be located at the premises of the Spainish Embassy's economic and commercial office, will provide space, secretarial services and other related services to assist Spanish companies in gaining access into the Malaysian and Asean markets.

These companies will also have access to information, research, telemarketing, legal advice and other support.

Spain has been one of the top 10 largest investors in the world in the past five years with focus on Latin America and Europe.

According to Mejia, Spain has evolved from an emerging economy into a major global investor and is now seriously considering expanding its investments to new markets in Asean.

He said Spain's main market in Asia was currently China with investments in the telecommunications, financial services, renewable energy and automotive industries.

"Spain would like to increase investments in these sectors in Malaysia," Mejia said, adding that there are currently 24 Spainish companies in Malaysia engaged in areas such as medical equipment, automotive engineering and fashion.

In terms of bilateral trade, Malaysian exports to Spain amounted to RM3.5 billion last year while imports totalled RM1 billion.

The Malaysian exports comprised mainly electronic and electric products, palm oil, rubber and furniture.

Spanish exports to Malaysia were mainly stainless steel products, ships, mechanical and electrical machinery, chemicals and clothing.

By Christine Lim

Source : BERNAMA