Wee: Solid fundamentals have led to growth in foreign investment

KUALA LUMPUR: Solid economic fundamentals and decidedly business-friendly policies have contributed to the growth in foreign investment in Malaysia.

Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong (pic) said that in the first two months of the year, the country has already recorded more than RM35.3bil investments in manufacturing and services sectors.

These investments were from the Netherlands, Japan, Singapore, Switzerland and the USA, he added.

“Our services and manufacturing sectors enjoyed a robust start, making up 77.6% of our growth,” he said at the opening of the Automechanika Kuala Lumpur 2017 here on Thursday.

Dr Wee said the manufacturing sub-sector for motor vehicles and transport equipment achieved double digit growth of 23.1% and 20.5% for machinery and equipment.

“The increase in the production of parts and accessories for motor vehicles and motorcycles as well as consumer electronics contributed to the overall substantial performances.

“This is indeed a growth sector and a good place for return on investments for the future,” he encouraged the audience to make Malaysia the preferred investment destination.

The three-day exhibition at KL Convention Centre here is aimed at enhancing skills in smart technology, repair and maintenance industry.

It has attracted a total of 246 exhibitors from 18 countries and regions including China, Taiwan, Singapore and the European Union.

Some 8,000 buyers from various business aspects including workers, foremen, technicians, mechanics and researchers are expected to attend the event.