Jul 3, 2009

Foreign Investment Plunges

FOREIGN investment in Malaysia has plummeted this year, Trade Minister Mustapa Mohamed said on Thursday after the government announced liberalisation measures aimed at luring investors.

'Foreign direct investment for 2008 was RM46 billion (S$18.8 billion) and for January to May this year we have only seen RM4.2 billion,' Mr Mustapa told reporters.

Mr Wahad Hamid, deputy head of the Malaysian Industrial Development Authority, said the investment climate was extremely tough despite a strong performance by Malaysia in the three previous years.

'Last year, total investment was about RM62 billion but this year we are only targetting half of that, about RM30 billion,' he told reporters.

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