Muhyiddin: Malaysia still the destination of choice for FDIs
Bernama(23/6/08): Malaysia is the still the destination of choice for foreign direct investments (FDIs) despite competition from neighbouring countries.
Minister of International Trade and Industry, Tan Sri Muhyiddin Yassin, said currently the government has initiated measures to reduce the cost of doing business here.
He said last year Malaysia attracted RM59.9 billion in FDIs and for January-April this year, the amount has reached RM23.9 billion.
"We expect the FDIs this year to be higher than in 2007," he said in reply to a question by Dr Dzulkifli Ahmad (PAS-Kuala Selangor) at the Dewan Rakyat here, Monday.
On the FDI outflow, Muhyiddin said in 2007 it involved about RM307 million from four foreign companies which decided to shift their operations to Thailand, Vietnam and China.
"Among the factors they cited were the decline in demand for their products and to take advantage of the lower labour costs in the countries concerned," he said.
Nevertheless, he said, many companies who had migrated overseas had also decided to invest here when they compared the tangible and intangible costs which were lower here.
He said the Malaysian Industrial Development Authority has identified about 300 South Korean companies, which had invested in China, decided to change their minds and move them to Vietnam, Malaysia and other countries.
Minister of International Trade and Industry, Tan Sri Muhyiddin Yassin, said currently the government has initiated measures to reduce the cost of doing business here.
He said last year Malaysia attracted RM59.9 billion in FDIs and for January-April this year, the amount has reached RM23.9 billion.
"We expect the FDIs this year to be higher than in 2007," he said in reply to a question by Dr Dzulkifli Ahmad (PAS-Kuala Selangor) at the Dewan Rakyat here, Monday.
On the FDI outflow, Muhyiddin said in 2007 it involved about RM307 million from four foreign companies which decided to shift their operations to Thailand, Vietnam and China.
"Among the factors they cited were the decline in demand for their products and to take advantage of the lower labour costs in the countries concerned," he said.
Nevertheless, he said, many companies who had migrated overseas had also decided to invest here when they compared the tangible and intangible costs which were lower here.
He said the Malaysian Industrial Development Authority has identified about 300 South Korean companies, which had invested in China, decided to change their minds and move them to Vietnam, Malaysia and other countries.
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