MITI expects higher total investments this year

GEORGE TOWN: The Ministry of International Trade and Industry (MITI) expects the country to achieve higher total approved investments in 2021 compared with last year.

Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said there were some positive signs that the economy was in a recovery stage and that the government's stimulus packages were bearing fruits.

"I was informed that up to the second quarter of this year, we have already reached almost RM100 billion of total approved investments (in manufacturing, services and primary sectors). I am quite optimistic by the end of this year, we will be able to achieve a very impressive investment level, including foreign direct investment (FDI)," he told reporters here today.

Last year, Malaysia managed to record RM164 billion in total approved investments amid the global pandemic with domestic direct investment (DDI) accounting for 60.9 per cent (RM99.8 billion) and FDI making up 39.1 per cent (RM64.2 billion).

Without naming the company or industry, he said this time it would be from a company in China.

Mohamed Azmin reiterated that he wanted to see more high-value investments coming into Malaysia and not labour intensive ones.

"I do not want labour intensive industries coming into Malaysia, because our local players have the potential and we need to build their talent. We need to develop their skills by reskilling and upskilling to increase the productivity so that we can compete in the global market," he said.

He said he was looking at high-value investments in new areas such as high technology (high tech), green technology, solar industry, electric vehicles and renewable energy as these could increase the capacity of Malaysian workers.

"The country is steadfast in providing investors with modern-day requirements and equipment. Its persistence towards engaging emerging technologies proves to be a great advantage to manufacturers in the country. The unique value propositions as a high-tech investment and global operations hub will entice a sustainable stream of quality investment activities in the country," he said.

Earlier, Mohamed Azmin, who was on a one-day working trip to Penang, checked out two vaccine centres under the Public-Private Partnership COVID-19 Industry Immunisation Programme (Pikas) before visiting the Malaysian Investment Development Authority Penang office, MITI's Penang office as well as Intel Technology Sdn Bhd and Jabil Circuits Sdn Bhd in Bayan Lepas here.

-- BERNAMA