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Wednesday March 14, 2012

Malaysia’s focus on high-tech investments

KUALA LUMPUR: Malaysia has shifted its investment focus to more high-technology and capital-intensive industry-related deals, said International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir(pic).

He said Malaysia now was targeting especially green and emerging technologies.

“We are also focusing on attracting industries that undertake research and development. We no longer want to attract labour-intensive investments. Malaysia is now focused on technology-driven foreign direct investments.

“For the past two years, we have been experiencing steady growth in attracting these kind of investments,” Mukhriz said after the launch of the Indian Chemical Exhibition 2012 in Kuala Lumpur yesterday.

He said as part of efforts to make Malaysia a preferred investment destination, the Government had liberalised many sectors of the economy, to allow greater foreign participation in equity, management and employment.

On another note, Mukhriz said bilateral trade between Kuala Lumpur and New Delhi had the potential to touch US$15bil this year.

He said that through the many initiatives such as trade missions, exhibitions and briefings by both governments, the movement of goods and services would increase significantly and in line with the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA).

The trade figure is projected to be achieved in 2015 under CECA, as per the aspiration of Prime Minister Datuk Seri Najib Tun Razak and his Indian counterpart Manmohan Singh.

Last year, bilateral trade between Malaysia and India reached US$12.5bil, up 33% from 2010.

Meanwhile, Indian investments worth US$1.2bil in the manufacturing sector were implemented last year, with Malaysia's investment in India totalling US$2.8bil in the same period. - Bernama

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