Only six foreign investments stopped operations from Jan to June

KUALA LUMPUR: Only six sma l l- sca le foreign direct investments ( FDI) with a total worth of RM37.3 million in the manufacturing sector have closed down, terminated or relocated their operations from this country between Jan and June.

Deputy Minister of International Trade and Industry Ong Kian Ming said the number was small compared to the amount of investment ( about RM26.5 billion) brought into the country during the same period.

“This shows that under the new government, new investors are still confident and this will increase with better performance.

He said it was a challenge for the ministry to attract high quality investment which would benefit the people through high- quality business and job opportunities,” he said when winding- up the debate on the speech by the Yang di-Pertuan Agong for his ministry at the Senate sitting yesterday.

He said the government had implemented various initiatives to attract foreign investment to strengthen the country as a choice investment destination, including improving strategies and incentives which encourage high technology investment.

He said his ministry also held consultation sessions with the business community to get its feedback to strengthen the investment climate in the country.

On the new national car project, Ong who is also Bangi MP said the government would finetune the proposal with a review of the National Automative Policy which will be announced this year.

He said the project was among the regional consultative prospects discussed in the policy review to ensure that the automotive industry was in tune with global developments. — Bernama