Miti on track to record RM83bil in private investments
PUTRAJAYA: The International Trade and Industry Ministry is confident to achieve its target of RM83bil in private investment this year.
Under the 10th Malaysia Plan, Miti is tasked with raising private investment growth from an average of 2% per year in the last five years to 12.8% from 2011 onwards or an average annual investment figure of RM115bil.
Minister Datuk Seri Mustapa Mohamed said the ministry was working closely with its agency, Malaysian Industrial Development Authority (Mida) and Performance Management and Delivery Unit where they had set up an investment committee.
“We are meeting fortnightly to make sure we meet the target. It's another mechanism to make sure that whatever we plan actually materialised. I think RM83bil is achievable,” he told the reporters after the Economic Transformation Programme (ETP) update by the Prime Minister Datuk Seri Najib Tun Razak yesterday.
Mustapha said the “feel good” factor was returning to Malaysia.
One of the key changes that Miti had recently executed was to re-orientate Mida to target not only foreign investment but also domestic investment.
These investments are not only to focus on manufacturing but across the board in all sectors, particularly the services sector. Mida is also being transformed into a more agile and proactive institution to attract investments.
Early last year, the Government has set up an investment target at RM40bil.
Data from the Mida showed that total approved investments for the first nine months of last year stood at RM21.1bil, of which RM8.1bil, or 38%, were from domestic sources, while the remainder came from foreign investors. For 2009, total approved investments in Malaysia stood at RM32.6bil, of which RM10.5bil, or 32.2%, were from domestic sources.
Minister Datuk Seri Mustapa Mohamed said the ministry was working closely with its agency, Malaysian Industrial Development Authority (Mida) and Performance Management and Delivery Unit where they had set up an investment committee.
“We are meeting fortnightly to make sure we meet the target. It's another mechanism to make sure that whatever we plan actually materialised. I think RM83bil is achievable,” he told the reporters after the Economic Transformation Programme (ETP) update by the Prime Minister Datuk Seri Najib Tun Razak yesterday.
Mustapha said the “feel good” factor was returning to Malaysia.
One of the key changes that Miti had recently executed was to re-orientate Mida to target not only foreign investment but also domestic investment.
These investments are not only to focus on manufacturing but across the board in all sectors, particularly the services sector. Mida is also being transformed into a more agile and proactive institution to attract investments.
Early last year, the Government has set up an investment target at RM40bil.
Data from the Mida showed that total approved investments for the first nine months of last year stood at RM21.1bil, of which RM8.1bil, or 38%, were from domestic sources, while the remainder came from foreign investors. For 2009, total approved investments in Malaysia stood at RM32.6bil, of which RM10.5bil, or 32.2%, were from domestic sources.
By SHARIDAN M.ALI
sharidan@thestar.com.my
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