MIDA expects higher investment inflows with lower ringgit.
appreciated against the ringgit, particularly the United States are expected to
invest more in Malaysia as it would be cheaper and more competitive for them to
invest here, MIDA Deputy Chief Executive Officer, Datuk Phang Ah Tong said
after the opening of the seminar- “Investment Opportunities in the Renewable
Energy Sector in Malaysia, organised by MIDA and the ASEAN Korea Centre in
Kuala Lumpur, yesterday.
He said export-oriented industries such as electronics,
medical device, aerospace, engineering and machinery sectors as well as
resource-based industries such as rubber and furniture with high local content
would stand to benefit from the weaker ringgit.
On renewable energy, Phang said Malaysia is keen to raise
its energy mix, which currently is dependent on coal, natural gas, small hydro
and diesel, adding that the country aims to have 5% of its energy needs from
renewable energy (RE) sources by year-end, up from 2% last year. By 2020,
Malaysia targets to reach 11% or 2,080 MW of its energy requirements from RE.
Source: NST Business Times and StarBiz 20 Jan 2015