Malaysia gets RM23b investments

  • Business
  • Friday, 21 Nov 2003

MALAYSIA continues to enjoy a high level of confidence among foreign and domestic investors, judging from the proposed investments totalling RM23.3bil received between January and October involving 821 applications, said International Trade and Industry Minister Datuk Seri Rafidah Aziz. 

“Out of the RM23.3bil, 89 projects involving RM1.4bil were received in October alone,” she said when launching eMall, Malaysia's largest electronic hypermarket, in Cheras, Kuala Lumpur, yesterday.  

Rafidah said investments received in the first 10 months of the year surpassed last year's total of RM18.8bil. 

She noted that domestic investors had shown great resilience, with investments surging to RM12.8bil. 

Rafidah said during the 10-month period, 836 projects were approved with investments worth RM21.3bil involving new and expansion projects.  

“Out of this, 455 or 54% were new projects involving investments of RM16.4bil which represents 77% of total investments and 381 involving investments of RM4.9bil were expansion and diversification projects,” she added. 

She said the United Arab Emirates (UAE) was the major source of foreign direct investment (FDI) with two applications worth RM3.95bil with Singapore in second place with 135 applications worth RM1.46bil. 

Speaking to reporters later, Rafidah said UAE and other West Asian countries were sources for potential FDI and the government, through its agencies such as the Malaysian External Trade Development Corp and the Malaysian Industrial Development Authority, were now more aggressive in promoting Malaysia as an attractive investment destination. 

She said that in the past, many investors from West Asia who had invested all over the world have had their investments taken care by third parties, either by managers in Europe and America. 

“But of late, we have seen that these people are now taking charge of their own investment.  

“With our continued promotion there, certainly we will see people coming to set up projects here in Malaysia,” she said. 

With a built-up area of 61,000 sq ft, eMall has the largest floor space ever occupied by an electronic and electrical store in the country, with the capability to accommodate 2,500 visitors at any one time. 

It is owned and operated by Hyper-E Mall Electronic Sdn Bhd, a subsidiary of Actop International group of companies. 

Hyper-E Mall chief executive officer Anthony Chua said the company had invested RM10mil to set up the hypermarket and planned to open up five more such outlets in the Klang Valley, Johor Baru and Penang. 

“We are confident of chalking up sales of RM200mil in the first year alone,” he said. 

The company also planned to offer online shopping in the near future, he said. – Bernama 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3

What do you think of this article?

It is insightful
Not in my interest

Across The Star Online