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Foreign manufacturing investment rises in Malaysia
Published in Saudi Press Agency on 10 - 02 - 2009

Approved foreign investment in Malaysia's manufacturing sector defied expectations to
rise to a record 46.1 billion ringgit ($12.8 billion) last
year, up 38 percent from 2007, Trade Minister Muhyiddin
Yassin said Tuesday.
But prospects this year are bleak given the current global
economic slump, he was quoted as saying by Associated Press.
«We are not very bullish,» Muhyiddin told a news
conference.
The government may announce increased spending, cut power
tariffs and further liberalize non-financial services
sectors to boost economic growth and cut the costs of doing
business to woo investors, he said.
«The government is in the midst of considering a second
economic stimulus package to further boost the economy, in
addition to looking at the reduction of power tariffs,» he
said.
The government said in November it would inject 7 billion
ringgit ($2 billion) into the economy this year after
slashing its growth forecast to 3.5 percent, from 5 percent
last year.
Muhyiddin said total approved investments in the
manufacturing sector rose by 5 percent to a record 62.8
billion ringgit ($18 billion) last year, more than double
the official annual target of 27.5 billion ringgit ($7.8
billion).
The increase in manufacturing investment was mainly due to
12 projects worth more than 1 billion ringgit each and
which jointly accounted for 61 percent of total
investments, he said.
Australia was the largest source of foreign manufacturing
investments with 13.1 billion ringgit ($3.75 billion) last
year, followed by U.S., Japan and Germany.
However, he said approved foreign investment in services
fell by nearly half last year to 5.5 billion ringgit.
Muhyiddin said the global financial crisis and recession
in the U.S., one of Malaysia's key trading partner, will
create tough challenges for Malaysia to sustain its foreign
investment inflows.
The World Bank has estimated foreign investment flows into
developing countries to shrink 31 percent on-year to $400
billion in 2009, he said.
The ministry would increase its trade mission overseas and
work together with the private sector to ensure a
competitive operating environment, he added.


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