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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

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 

31 October 2014
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