Wee urges private sector to make more investments

  • Nation
  • Sunday, 19 Apr 2015

KUALA LUMPUR: The Government hopes to see more investments from the private sector to boost the country’s economy.

Minister in the Prime Minister’s Depart­ment Datuk Dr Wee Ka Siong said private investments now accounted for 64% of the total investments in Malaysia compared to public investments.

“Our target is 92% private investments by 2020,” he said.

To achieve this, he said more venture capital firms were needed.

Dr Wee pointed out that private investments had grown 13.9% from 2010 to 2014, compared to just 3.1% from 2007 to 2010.

In 2012, some 45% of the bulk of private investments was spent on expansion activities for companies, and only 0.2% for seed funding and 5.45% for start up stages of small companies, he said at the Rise of Asean Conference and the 8th Global Entrepreneurs Roundtable forum here yesterday.

The event, aimed at building networks and exploring ideas in addressing the rise of the Asean economy, was attended by hundreds of people including entrepreneurs, policy experts and investors from 30 countries.

Dr Wee reminded the participants that Asean countries were poised to become economic hotbeds in the coming years.

“This region will become the primary investment destination from Asia and Europe and its potential is larger than the European Union or North America.

“With a combined gross domestic product (GDP) of US$2.4tril (RM8.7tril) in 2013, it could be the fourth largest by 2050,” Dr Wee said.

He said political stability had contributed to the growth of the region with a nearly 650 million population, the world’s third largest labour force after China and India.

“Let’s look beyond your 30 million market and make Asean your real marketplace,” he added.

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