MITI Ramping Up Outreach Efforts To Woo More Investors

KUALA LUMPUR, June 30 (Bernama) -- The Ministry of International Trade and Industry (MITI) is ramping up its outreach efforts to the private sector to woo both domestic and international investors, its minister Mustapa Mohamed said. "While the uncertainties in the global economy may be worrying, the situation is such that new opportunities are concurrently being created for investors savvy enough to spot them. "That's why MITI and its agencies are stepping up our efforts to keep investors fully informed on what Malaysia can offer," he said at a Roundtable Meeting with industry players in Perak state Monday, jointly organised by MITI and the Malaysian Investment Development Authority (MIDA). Also present was Deputy Chief Executive Officer of MIDA, N. Rajendran, according to MIDA in its statement Monday. Mustapa said the government was very aware of the importance of nurturing the public-private partnership that has enabled the economy to maintain an impressive growth trajectory. "Regular engagements such as the one today (Tuesday) are one of the channels in our outreach effort. There are many new opportunities in states such as Perak that investors should be made aware of," he added. As of 2014, a total of 1,161 manufacturing projects have been implemented in Perak with investments valued at US$6.8 billion (RM25.7 billion). Domestic sources contributed 61.9 per cent or US$4.21 billion (RM15.9 billion) out of these investments, while the rest were from foreign sources. (US$1 = RM3.77) The bulk of the investments were in electrical and electronics products, rubber products, non-metallic mineral products, transport equipment and food manufacturing. "These investments generated 134,425 employment opportunities for the state," Mustapa said. He added that for the first quarter of 2015, MIDA has approved a total of US$50.75 million (RM191.6 million) worth of investments in the manufacturing sector. As of June 2015, Perak has seven projects in the pipeline with investments amounting to RM3.2 billion, which when implemented, would create more jobs for the people, he said. -- BERNAMA