KL eyes dollars during APEC meeting
KL eyes dollars during APEC meeting
KUALA LUMPUR (Reuters): Recession hit-Malaysia is hoping thousands of delegates to the Asia-Pacific Economic Cooperation meetings bring a little more than economic expertise and complex trade liberalization proposals.
A few tourist dollars wouldn't hurt either.
The meetings of the 18 APEC member economies, which culminate in a leaders summit next week, is expected to draw some 10,000 people to the country.
"We are looking at about 10,000 people coming ... journalists, officials, heads of state," said Sabri Sharif, an official with the APEC Business Advisory Council (ABAC), a group of business leaders that advises APEC on its action plans.
The guests include at least 2,500 journalists, said Mohammed Daud, an official at Malaysia's Trade Ministry.
An official at the Malaysian Tourism Promotion Board said a typical tourist spent 1,561.70 ringgit ($411) per visit last year, staying for an average of five days. If the 10,000 APEC guests spend as much, this works out to about $4.1 million.
Said Sabri: "It's very few city hotels that won't benefit from this APEC event, also the food and beverage industry."
Malaysian officials said they also hope for spin-offs as the trade experts, businessmen and leaders return as tourists.
The series of APEC meetings started last Wednesday and will continue into next Wednesday.
The leaders' summit will take place on Nov. 17 and 18.
Malaysian officials hope the tourist dollars will give at least a little filip to the sagging economy.
The Malaysian economy is forecast to shrink by 4.8 percent this year, its first recession in 13 years.
About 1,000 business leaders were expected to attend a three- day APEC business summit starting on Saturday.
"If 10 percent of them, 100 of them...sing a song for Malaysia, that is good," said Shafiq Sit Abdullah, ABAC executive director.
"If all of them say Malaysia is bad, we're no worse off," he told Reuters.
Officials had expressed concern that the ongoing trial of sacked finance minister Anwar Ibrahim would attract negative publicity for the country.
Sporadic demonstrations calling for Prime Minister Mahathir Mohamad to resign have also occurred since Anwar's sacking on Sept. 2.
Trade Minister Rafidah Aziz said Malaysia did not want foreign leaders to discuss the Anwar case and would view such talk as meddling in its affairs.
Anwar is on trial on charges of corruption and sodomy. He denies all the charges, saying he is a victim of a high-level conspiracy.
A Malaysian official said hopes of an inflow of tourist dollars were tempered by realization that the government had to spend money to hold the summit.
"If they spend a lot of money that would be good, but don't forget we have to spend a lot of money to keep them here also," said Razali Ismail, an adviser to Mahathir.
The national Bernama News Agency has estimated that Malaysia will spend 26 million ringgit ($6.8 million) on the event.