Malaysia Pulls In RM12.6 Billion Of Investments In First Four Months

June 4 (Bernama) -- Malaysia continues to be a magnet for investments, especially from abroad, with RM12.6 billion approved in the first four months of the year for 302 projects, according to International Trade and Industry Minister Datuk Seri Rafidah Aziz Monday.Foreign direct investment made up 62.7 percent of this, at RM7.9 billion, while local investors accounted for the remaining 37.3 percent (RM4.7 billion)."Of the projects, 73 worth RM2.3 billion are in the northern states, Kedah having 15 projects with an investment value of RM1 billion, Pulau Pinang 39 projects at RM1 billion, Perak 18 at RM271.9 million and one project in Perlis," she said at the dialogue and seminar here on global competition in trade and investment for the northern region in manufacturing and services.Rafidah said the government is targeting domestic investment to rise to 60 percent of total approved investment in manufacturing and services under the Third Industrial Masterplan (IMP3) between 2006 and 2020.Approved domestic investment in manufacturing set a record last year when it totalled RM25.8 billion or 56.1 percent of the year's total."This trend in increasing domestic investment is continuing, as seen in the January-April period this year when it amounted to an encouraging RM4.7 billion," she added.Rafidah also said that this year her ministry is undertaking several trade and investment promotion initiatives, among them the national seminar on the electric and electronics sector in Kuala Lumpur on June 19-20 and the Sabah trade and investment seminar and dialogue on Aug 14-15, while the Malaysian Industrial Development Authority and the Malaysia External Trade Development Corp have organised 14 trade and investment missions throughout the year.