Myanmar's 'Open Door' Policy Will Not Affect FDI Flows Into M'sia

JOHOR BAHARU (Johore, Malaysia), March 8 (Bernama) -- Myanmar's 'open door' economic policy at present will not affect foreign direct investment (FDI) inflows into Malaysia, says Malaysian Deputy Minister of International Trade and Industry, Mukhriz Tun Mahathir. He said Malaysia will continue to be the focus among foreign investors as the country is currently concentrating on high-technology industries. "Myanmar is focusing more on wood-based industries and timber compared with other industries. We are also not interested in investments in labour-intensive sectors," he told reporters after a visit to Technip Asiaflex Products Sdn Bhd facility in Tanjung Langsat, near here, Thursday. He also said that some 846 manufacturing projects in the country involving investments worth RM56.1 billion was approved last year. Of the amount, domestic direct investment (DDI) made up some RM22 billion or 39.2 per cent while the balance of RM34.1 billion or 60.8 per cent involved FDIs, he added. "Johor was ranked fourth recording total investments of RM6.6 billion involving 188 approved manufacturing projects after Penang, Selangor and Sarawak. In 2010, total approved investments in Johor was RM5.7 billion involving 172 manufacturing projects," he said. According to Mukhriz, of the RM6.6 billion approved manufacturing projects, RM3.3 billion was from domestic investments while the rest was from foreign investments. On his visit to Technip Asiaflex plant that produces flexible pipes, Mukhriz said its ability to train its workers using high-technology processes has simultaneously increased Malaysia's capability in producing high-technology products. "We are comforted by the fact that this facility has succeeded in providing training to its workers to France, Brazil and others...We welcome this type of investment," he said. (US$1 = RM3.01) --BERNAMA