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NEWS UPDATES 6 February 2010

Malaysia trade minister expects domestic investment to rise in 2010

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Domestic investments are expected to increase to 40 percent this year from 32.2 percent last year, national news agency Bernama quoted International Trade and Industry Minister Datuk Seri Mustapa Mohamed as saying.

To achieve the target, he said, his ministry would launch frequent domestic investment promotions and offer attractive packages for local investors besides creating a conducive business environment.

Last year, nearly 70 percent of investments approved by the Malaysian Industrial Development Authority (Mida) were foreign investments, he said.

“This year, we want to increase internal investments to strike a balance between domestic and foreign investments,” he told reporters after addressing ministry staff at the monthly assembly, the first for this year, yesterday.

Last year, Mida sanctioned investments totalling 32.6 billion ringgit (1$=3.4 ringgit) for 766 projects.

Earlier, in his speech, Mustapa said the government wanted private investments to play a crucial role during the five-year 10th Malaysia Plan period to create business and job opportunities in the country.


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