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High level of approvals in the manufacturing sector for first seven months of 2014

High level of approvals in the manufacturing sector for first seven months of 2014

31 Oct 2014

MIDA had approved investments amounting to RM53.2 billion for the first seven months of this year, compared with investments of RM52.1 billion in 2013.

Against this backdrop, MIDA is optimistic of achieving another record for approved investments in the manufacturing sector in 2014.

MIDA’s Senior Executive Director, Strategic Planning and Investment Ecosystem, Dato’ Wan Hashim Wan Jusoh said he was buoyant that MIDA would continue to attract more domestic and foreign investments in the remaining months of 2014.

“Up to 42 per cent or RM22.4 billion was from domestic sources,” remarked Wan Hashim, after officiating at a Seminar on domestic investments themed, “Bumiputera Development and Financial Assistance”, in Kuala Lumpur today.

The one-day event, which is part of MIDA’s outreach programmes to encourage and enhance the domestic investment initiatives, particularly to facilitate greater Bumiputera participation in the economy, attracted around 150 participants. MIDA organized the event in collaboration with the Bumiputera Manufacturers and Services Industry Association of Malaysia (PPIPBM).

Wan Hashim informed participants that investments this year were driven mainly by the electrical and electronics sector, as well as stronger contributions from the oil and gas sector, especially petrochemical and chemical-based products.

The petrochemical sector is rapidly developing due to the Pengerang Refinery and Petrochemical Integrated Development (RAPID) project.

Meanwhile, Wan Hashim said the approved investments with Bumiputera participation from January-July 2014 period totalled RM2.1 billion in 52 projects.

Participants were also updated on the accessibility of the RM1 billion Domestic Investment Strategic Fund (DISF) available for local entrepreneurs.

“Malaysian entrepreneurs should leverage on all programmes and facilities provided by the government to expand and diversify their businesses, with the aim to compete internationally. The establishment of the DISF was to accelerate the shift of Malaysian-owned companies in targeted industries to high value-added, high technology, skills intensive, knowledge-based and innovation-based industries,” added Wan Hashim.

Adapted from Business Times and BERNAMA, 31 Oct. 2014