IN­VEST­MENT MO­MEN­TUM MAIN­TAINED

Malaysia ap­proved RM 207.9b deals last year, which will fund 4,972 projects

New Straits Times - - Business - RUPA DAMODARAN KUALA LUMPUR bt@me­di­aprima.com.my

MALAYSIA held up the in­vest­ment growth mo­men­tum last year against a global back­drop fraught with risks and un­cer­tain­ties.

For last year, Malaysia at­tracted RM207.9 bil­lion in to­tal ap­proved in­vest­ments that will fund 4,972 projects in the man­u­fac­tur­ing, ser­vices and pri­mary sec­tors, said In­ter­na­tional Trade and In­dus­try Min­is­ter Datuk Seri Mustapa Mo­hamed.

Po­ten­tial in­vest­ments in the pipe­line this year are es­ti­mated at about RM35.3 bil­lion — in man­u­fac­tur­ing and ser­vices sec­tors.

Saudi Ara­bia’s state oil com­pany Aramco’s US$7 bil­lion (RM31.12 bil­lion) in­vest­ment in the Re­fin­ery and Petro­chem­i­cal In­te­grated De­vel­op­ment in Pengerang, Jo­hor, marks a good start.

He warned this year would con­tinue to see a chal­leng­ing sce­nario, but lo­cal firms must move up the value chain or di­ver­sify into other lines of busi­nesses.

Mustapa said ap­proved in­vest­ments by Malaysian In­vest­ment De­vel­op­ment Au­thor­ity last year in the man­u­fac­tur­ing sec­tor to­talled RM58.5 bil­lion from 733 projects, com­ing in be­low the RM74.7 bil­lion in­vest­ments from 680 projects in the pre­vi­ous year.

“In line with the gov­ern­ment’s aspi­ra­tion, do­mes­tic in­vest­ments did as­sume the piv­otal role of driv­ing the in­vest­ment agenda with 71.6 per cent from do­mes­tic sources,” he said at a me­dia brief­ing on last year’s in­vest­ment per­for­mance, here, yes­ter­day.

Mustapa added that for­eign in­vestors con­tin­ued to cap­i­talise on the ecosys­tems and the re­gional syn­er­gies as for­eign di­rect in­vest­ments rose by 63.4 per cent from RM36.1 bil­lion in 2015.

The United States, the Nether­lands, China, Ja­pan, Sin­ga­pore, South Korea and the United King­dom led the pack of for­eign in­vestors with 55.8 per cent of to­tal for­eign in­vest­ments ap­proved in the man­u­fac­tur­ing, ser­vices and pri­mary sec­tors.

Mustapa said Malaysia has been more se­lec­tive in its in­vest­ment agenda, pre­fer­ring qual­ity projects in tar­geted ecosys­tems that will have sig­nif­i­cant knockon ef­fects through­out the do­mes­tic econ­omy.

PIC BY MUHD ZAABA ZAKERIA

In­ter­na­tional Trade and In­dus­try Min­is­ter Datuk Seri Mustapa Mo­hamed vis­it­ing a booth af­ter a me­dia brief­ing in Kuala Lumpur yes­ter­day. With him are (from left) Mida chief ex­ec­u­tive of­fi­cer Datuk Az­man Mah­mud, Sec­ond In­ter­na­tional Trade and In­dus­try Min­is­ter Datuk Seri Ong Ka Chuan and Mida deputy chief ex­ec­u­tive of­fi­cer Datuk Phang Ah Tong.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.