To achieve the target, he said, his ministry would launch frequent domestic investment promotions and offer attractive packages for local investors besides creating a conducive business environment.

Last year, nearly 70% of investments approved by the Malaysian Industrial Development Authority (Mida) were foreign investments, he said.
“This year, we want to increase internal investments to strike a balance between domestic and foreign investments,” he told reporters after addressing ministry staff at the monthly assembly, the first for this year, yesterday.

Last year, Mida sanctioned investments totalling RM32.6bil for 766 projects.
Earlier, in his speech, Mustapa said the Government wanted private investments to play a crucial role during the five-year 10th Malaysia Plan period to create business and job opportunities in the country.

Currently, private investment growth was at a dismal 0.4% owing to the sluggish world economy.
Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister, is to table the 10th Malaysia Plan in Parliament on June 10.

Mustapa also reminded his ministry staff to work hard to propel the nation’s economy to greater heights for the bright future of all Malaysians.
“MITI is an important ministry. If we are not fast and efficient in discharging our entrusted duties, they will have adverse implications on our economic growth,” he added.

--Bernama