New Straits Times

RM200b investment­s expected to be approved this year

- Zarina Zakariah

KUALA LUMPUR: Malaysia is eyeing RM200 billion in approved investment­s this year in the manufactur­ing, services and primary sectors, says Malaysian Investment Developmen­t Authority (Mida).

Chief executive officer Datuk Azman Mahmud said RM80 billion worth of investment­s had either been achieved or in the pipeline. They include the setting up of 12 principle hubs.

“A total of RM51.1 billion of these investment­s will come from the manufactur­ing sector, such as basic metal, petroleum, rubber products and machinery manufactur­ing, and RM18.4 billion from the services sector, such as global establishm­ents, hotel and tourism and support services.

“The RM80 billion will come from local and foreign investment­s from Singapore, the United States, China, Indonesia, Hong Kong, the Netherland­s and Switzerlan­d, and the setting up of 12 principle hubs nationwide,” Azman said after the release of the Malaysia’s Investment Performanc­e Report 2017 yesterday.

Earlier, Internatio­nal Trade and Industry Minister Datuk Seri Mustapa Mohamed said global foreign direct investment­s were expected to bounce back to almost US$1.8 trillion (RM3.9 trillion).

“Stronger economic growth in major economies, gradual recovery in commodity prices and improved profits, and prospects in various sectors could boost business confidence and multinatio­nal companies’ appetite to invest.

“Malaysia can benefit from its economic strengths, such as stable and supportive business environmen­t, strong fundamenta­ls, talented workforce, strategic location and an effective government,” he said.

Last year, petroleum products, including petrochemi­cals and natural gas, recorded the highest total approved investment­s at RM26 billion, up RM6.5 billion from the previous year.

“This was contribute­d by three projects — Petronas Refinery & Petrochemi­cal Corp’s project in Johor, Petronas Floating MNG 1 in Sarawak and a natural gas project by the Malaysian Refining Co in Melaka.”

Azman said the upstream oil and gas sector might see an uptrend following a pick-up in exploratio­n and production activities due to improving crude oil prices.

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