Malaysia to enhance trade, economic ties with Denmark

Malaysia will enhance economic and trade relations with Denmark, Second Finance Minister Datuk Dr. Jamaludin Jarjis told reporters on December 3, after witnessing the signing of the protocol to amend the agreement to avoid double taxation between Malaysia and Denmark.
     The protocol was signed by Ambassador of Denmark to Malaysia, Leif Morgens Reimann, on behalf of the Danish government and secretary-general of the Treasury, Ministry of Finance, Tan Sri Dr Samsudin Hitam on behalf of the Malaysian government.
     “Malaysia has enjoyed strong relations with Denmark. Our countries have been actively engaged not only bilaterally but also in many other international forums,” Dr. Jamaludin Jarjis said.
     “It is indeed our desire to enhance our economic and trade relations and further advance our friendship for mutual benefit of our people,” he continued.
     “Today’s event is another step towards creating a positive engagement between our countries,” added the minister.
     Malaysia and Denmark had earlier signed the Double Taxation Agreement in 1972. Since then, many changes had taken place in both countries particularly in the area of taxation laws.
     “Due to this, there is a real need for both countries to review certain clauses in the old agreement. The protocol to amend the agreement that was signed today acts as an impetus to further promote the economy and trade ties between our countries,” the minister explained.
     He said the protocol would serve as a pillar for businessmen and investors of both countries to cooperate with each other, thus increasing trade.
     Speaking to reporters later, Jamaludin said trade between Malaysia and Denmark accounted for MYR127 million in 2003.
     Among the items Malaysia exports to Denmark are palm oil, wood-based products and electrical products while Malaysia imports medication, telecommunications and fresh fruits from Denmark.
     Meanwhile, Reimann said some Danish companies had been investing in Malaysia for almost 100 years like United Plantation and Carlsberg.
     “We come here to stay in good times and bad times. And I believe that strategy is bearing fruit now as a lot of Danes are coming here,” he said.
     Reimann, who has been here for the last six years, said there has been a steady increase of interest from Danish companies to invest in Malaysia.

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