Mida set to attract at least RM53b investments in manufacturing sector

KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is optimistic of attracting at least RM53 billion investments in manufacturing sector this year, surpassing last year's performance, said its senior executive director for strategic planning and investment ecosystem Datuk Wan Hashim Wan Jusoh.
"We are very positive and optimistic of achieving a minimum of RM53 billion (for this year). If you see the trend in the last two years, we saw record high," he told reporters after officiating a seminar on domestic investment, bumiputra development and financial assistance in collaboration with Persatuan Pengilang & Industry Perkhidmatan Bumiputra Malaysia (PPIPBM) yesterday.
"We are confident of attracting high quality investment into the country. We will continue to improve in all areas to bring in quality investments," he said.
For the period of January-July 2014, Mida has approved a total of 498 manufacturing projects with investments of RM53.2 billion, in which 42% or RM22.4 billion was contributed by domestic investments.
Wan Hashim said among the areas of investment includes advanced electric, semi-conductor, chemical and petro-chemical, downstream chemical and the Refinery and Petrochemical Integrated Development.
On the one-day seminar, he said it is aimed at updating entrepreneurs on the latest information on investment opportunities, government assistance and facilities available to compete in the global market.
He said it is part of its outreach programme to encourage and enhance the domestic investment landscape particularly to facilitate greater bumiputra participation in the economy.
Wan Hashim said the government is always committed to ensure that there is capacity building among bumiputra entrepreneurs to be more successful and competitive at the global level.
He said the government has established the domestic investment strategic fund (DISF) worth RM1 billion in 2010 to accelerate the shift of Malaysian-owned companies in targeted industries to high value-added, high technology, and knowledge-incentive and innovation-based industries.
As of Sept 2014, he said Mida has approved RM550.1 million for 118 projects under the fund. A total of 29 projects amounting to RM127.5 million, were bumiputra companies involved in the aerospace, automotive, electronics and electrical, solar and oil and gas industries.