Kuala Lumpur (ANTARA News) - Foreign investment in Malaysia in 2006 is five times that in Indonesia, apparently because the more advanced economic development in that country was more attractive to foreign investors.
Daily Utusan Malaysia here reported on Wednesday that the total investment in Malaysia in 2006 had reached 20.2 billion Malaysian ringgit (US$5.6 billion), while that in Indonesia only stood at 4.7 billion Malaysian ringgit (US$1.3 billion).
A spokesman for the Malaysian parliament for trade and industry affairs, Dr Tan Yee Kew said that Malaysia ranked second after Singapore in ASEAN in terms of foreign investment. Singapore managed to attract 30 billion Malaysian ringgit (US$8.3 billion) in foreign investment.
In the meantime, the third position went to Thailand with 11.4 billion Malaysian ringgit (US$3.16 billion) and Indonesia was in fourth position with 4.7 billion Malaysian ringgit.
"So it is incorrect to assume that foreign investment in Malaysia has been declining," said Tan Yee Kew in response to Yan Lian Hoe`s (leader of Barisan National Bukit Gantang) statement that foreign investment in Malaysia is lower than those in its neighboring countries in ASEAN.
He further said that the 10 main investors in Malaysia in 2005 and 2006 were Japan with 8.1 billion ringgit, the United States with 7.6 billion ringgit, the Netherlands 5 billion ringgit, Singapore 4.9 billion ringgit, Australia 2.7 billion ringgit, Korea 1.1 billion ringgit, Cayman Islands 1 billion ringgit, Taiwan 0.8 billion ringgit and the United Kingdom with 0.7 billion ringgit.(*)