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MITI positive on FDI numbers

KUALA LUMPUR: Malaysia can chalk up a positive growth or maintain the same level of foreign direct investment (FDI) by end year.

In expressing optimism on the trends and data, International Trade and Industry (MITI) minister Datuk Darell Leiking said this is also based on encouraging number recorded in the first quarter (Q1) this year.

“However, we remain cautious on the development that are happening externally which could pose some challenges. But we can avoid or divert from these challenges.

“There is a lot of potential investment that are coming in and are currently pending on approval.

“But overall, we are positive and expect the numbers can be maintained,” he told reporters after the launch of MITI 2018 Report and Malaysia Productivity Corporation (MPC) Productivity Report 2018/2019, here, today.

For Q1, realised FDI increased to RM21.7 billion as compared to RM12.9 billion in the last quarter of 2018.

In terms of overall investment, Q1 2019 showed encouraging signs where investment approvals increased by 3.1 per cent to RM53.9 billion, driven primarily by the robust performance of the manufacturing sector.

Trade expanded by 2.6 per cent to RM159.55 billion in April 2019. Total trade in 2018 expanded 5.9 per cent to RM1.88 trillion.

Darell said the ministry and agencies remain committed to its mandate to attract quality investments, increase trade, and create employment opportunities for the rakyat.

In this regard, we will double our efforts to promote investments in more high-value, diverse and complex products driven by the catalytic sub-sectors namely chemicals, electrical and electronics, and machinery and equipment and also industries with high potential growth particularly aerospace and medical devices.

In addition, high-tech industries such as the automotive sector and high-value knowledge-intensive services will also be promoted.

"MITI will intensify efforts to strengthen sectoral growth, facilitate structural reforms and provide quality infrastructure.

“Towards this, MITI launched the Industry4WRD National Policy to transform local companies in the manufacturing sector and manufacturing related services through systematically embracing Industry4.0.

“Moreover, the inclusion of new agencies under MITI, namely the Department of Standards Malaysia, SIRIM Bhd, MIMOS Bhd, Export-Import Bank of Malaysia Bhd and InvestKL, will further complement as well as bring about diverse capabilities and institutional strengths,” he said.
Source: NST