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Malaysian FDI Up by 69% for 2007
by Michelle RobertsAccording to Malaysian Trade Minister Rafidah Aziz the foreign direct investment or FDI in the country soared by almost 69% in the year 2007. Most of these figures saw the dominance of manufacturing investment however the FDI also included for the first time the investment in services. Investment in services is increasing and is the most important investment in the developing economies of Asia. The Malaysian government has sanctioned the foreign direct investment in manufacturing amounting to $10.37 billion for the year 2007 which is an increase by 20.2 billion ringgit in 2006. Malaysia is considered as the pioneer nation of Asia when it comes to attract overseas manufacturers. Foreign direct investment in the services sector approved by the government in 2007 came to 10.8 billion ringgit that is $3.35 billion the earlier figures for the same investment had stood at 6 billion ringgit. However the trade minister did not provide details for the individual foreign direct investments in the country.
However the minister provided FDI details regarding the investment which will be made by a German manufacturer. Rafidah detailed that the German solar-cell manufacturer Q-Cells AG had been allowed by the Malaysian government to construct a new plant in the country wherein the manufacturer will invest over 1 billion ringgit. The foreign direct investment in the manufacturing and the services sector was the big gain for Malaysia in 2007 and there was also a significant improvement in these types of investments in the country. Malaysia has been attracting foreign manufacturers since long and since the 1970s Malaysia has been the centre of international manufacturing. However of late the nation has been facing tough competition from other Asian countries which especially included China, Vietnam and India. There was a guarded outlook by the minister for the foreign direct investment while declaring the foreign direct investment figures for the year 2007.
In the speech which the minister gave before declaring the figures also said that developments worldwide will go on impacting the investment that comes to the country in the services and the manufacturing area. The rising oil prices all over the world and the unpredictable state of affairs in the economy of the United States will definitely have an impact on the inflows and outflows of the foreign direct investment all over the world. The Malaysian Trade Minister Rafidah Aziz said while releasing the FDI data of the country to the press.
The Malaysian government for the year 2007 totally sanctioned foreign direct investment amounting to 125.3 billion ringgit in the manufacturing and services sector. This total investment also included foreign and domestic projects in the manufacturing and services sector. The foreign direct investment of 2007 was thus 125.3 billion Malaysian ringgit, while the FDI investment in the country in the year 2006 had stood at about 101.5 billion ringgit. Thus the government’s FDI figures were quite impressive for the year 2007 but it needs to do more in the face of tough competition against its Asian neighbors which are attracting more and more foreign investors to their countries.
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