ASEAN KEY DESTINATIONS
Malaysia hopes to balance investments
Its deputy minister, Datuk Mukhriz Mahathir said the FDI inflows have reached a total of RM9.6 billion up to July 2010.
"We are hoping to see a balance of 50:50. We do not have a specific timeline but we are working towards that (and) it could be quite tough," Mukhriz told reporters after presenting awards at the Malaysian Business-CIMA Enterprise Governance Awards 2010, here Friday.
"The answer is in the Economic Transformation Plan (ETP), which was announced by Prime Minister Datuk Seri Najib Tun Razak, which basically opens up new avenues for local companies who are vying for these projects," he said.
Najib had earlier said Friday that the government was ready to launch seven projects under the ETP and these projects were part of the 131 entry point projects identified under the roadmap to be implemented over the next 10 years.
"This is how we keep our local companies committed towards helping us achieve vision 2020 by investing locally," Mukhriz said.
The deputy minister said the ministry will also continue efforts to promote Malaysia as a good investment destination.
Earlier in his keynote address, Mukhriz said the government has aligned its focus and economic strategies in attracting higher value-added investments that are typically less labour-intensive but contribute much more to the long-term development of the economy and to creating higher paying jobs.
He said the government has identified and implemented certain liberalisation of investment policies in the manufacturing and services sectors to draw in FDIs.
Malaysia is one of the 16th largest recipients of green investments in the manufacturing of environmental technology products such as wind turbines, solar panels and bio-diesel plants.
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