Tuesday, February 17, 2004
Malaysia-based US tech firms see sales up in 2004 Reuters Kuala Lumpur, February 16
Malaysia-based US electronics firms expect exports to grow 12 per cent this year to 65.5 billion ringgit ($17.2 billion) from 2003, the Malaysian American Electronics Industry (MAEI) said on Monday.
MAEI, which groups key US electronics companies such as Intel Corp, forecast capital expenditure to rise 23 per cent in 2004 from last year's 1.3 billion ringgit.
"Semiconductor prices are firming," MAEI chairman CB Teh said in a statement.
"We are optimistic that the MAEI group of companies will continue to grow at a pace of at least 10-15 percent per annum, well into 2005."
MAEI said sales had probably grown 14 per cent to 58.4 billion ringgit last year, based on preliminary results of 15.8 billion ringgit for the final quarter of 2003.
Like most other Asian exporters, Malaysia is drawing on a rebound in global demand.
The country exported 35.7 per cent more goods in December than a year earlier, showing the sharpest rise in over five years. Shipments of electrical and electronic goods, which make up half of exports, rose nearly 40 per cent.
© Hindustan Times Ltd. 2004.