ISKANDAR PUTERI: Foreign investors, especially those from Japan and Singapore, have shown renewed interest in Malaysia after the May general election.
Deputy International Trade and Industry Minister Dr Ong Kian Ming (pic) said a majority of them had voiced their confidence in the country's new leadership.
"We have seen an increase in new applications from foreign investors planning to set up their operations in Malaysia," he told reporters during the Reigniting the Look East Policy 2018 event here.
The event was organised by i2M Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Bhd and Alumni of Look East Policy Society.
Ong said initially foreign investors had adopted the wait-and-see approach following the change of the country's administration led by Prime Minister Tun Dr Mahathir Mohamad.
"We will actively engage with foreign investors to attract them to invest in the country," he said.
On the Look East Policy, Ong said Malaysia wanted to attract more Japanese companies in services, gaming and high-technology to set up operations in Malaysia.
He said while the manufacturing sector was still relevant, Malaysia would go for capital intensive investments instead of labour-intensive manufacturing activities.