Foreign investment in M'sia slows in 2004<\/p>\n
KUALA LUMPUR: Foreign investment in Malaysia's manufacturing
\nsector slowed in 2004 but domestic investment took up the slack,
\nhitting its highest level in six years, trade minister Rafidah
\nAziz said on Thursday.<\/p>\n
Rafidah said the government approved a record 1,101 projects
\nlast year with investment of 28.7 billion ringgit (US$7.55
\nbillion), compared to 965 projects worth 29.1 billion ringgit
\napproved in 2003.<\/p>\n
Approved foreign investment, however, fell 16 percent to 13.1
\nbillion ringgit in 583 projects as domestic investment jumped 16
\npercent to its highest level since 1997 at 15.6 billion ringgit
\nor 54 percent of the total, she said.<\/p>\n
The 2004 figure exceeded the government's target of 25 billion
\nringgit under its 10-year industrial plan to 2005. Total
\ninvestment approved during the 1996-2004 period now amounts to
\n239.10 billion ringgit, officials said.<\/p>\n
Despite intense competition from China for foreign investment,
\nRafidah said Malaysia remained attractive to companies in high
\nvalue-added production.<\/p>\n
"We don't view China as a threat but as a competitor and a
\npartner," she said.<\/p>\n
She said the ringgit peg, fixed at 3.80 to the dollar since
\n1998, was not a deterrence to foreign investment as it provided
\nmanufacturers with predicability in costing. -- AFP<\/p>",
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