KOTA KINABALU: A total of 74 projects with China’s participation involving a total investment of US$642 million and expected to provide 7,500 job opportunities have been approved.
Deputy Minister in the Prime Minister’s Department Datuk Liew Vui Keong said the factors that led Malaysia to be chosen by the investors are that the country offers political and economic stability, a pro-business government with liberal investment policies, a well developed infrastructure, harmonious industrial relations, a trainable and educated labour workforce and a proven track record.
He went on to say that the country’s investment policies especially relating to manufacturing regulated by the Industrial Coordination Act 1975 (ICA) requires a manufacturing company with a shareholders’ fund of RM2.5 million and above, or engaging 75 or more full time employees, to apply for a manufacturing license and automatic approval is given for non-sensitive industries with 100 per cent of the foreign equity ownership is allowable.
“There is no restriction imposed on the repatriation of profits on foreign companies investing in Malaysia,” Liew said when delivering his speech on Malaysia’s Economic Outlook at a forum of the Third World Youth Congress of Jiangmen yesterday.
Liew added that promoted activities in the manufacturing include high technology, capital intensive and knowledge driven industries, industries manufacturing intermediate goods and resourced-based industries.
On the other hand, the targeted services sector are regional establishment, business and professional services, logistics, information communication technology, distributive trade, education and training, health and tourism.
During his presentation, Liew also disclosed that Malaysia’s Gross Domestic Products (GDP) has increased by 5.1 per cent in 2011 compared to a negative growth in 2009.
The unemployment rate has also reduced by 0.6 per cent to 3.1 per cent, he said.
“Our trade surplus in 2011 stood at US$39.3 billion with the international reserve at US$134.4 billion as at February 15, 2012,” he reported.
Liew also elaborated on the various government initiatives like the 1Malaysia concept, Government Transformation Programme (GTP), Economic Transformation Programme (ETP), 12 National Key Activties (NKEAs) and the New Economic Model (NEM).
“The ETP with 131 Entry Points Projects (EPPs) worth US$138 billion offering 60 business opportunities worth US$112 billion with the majority of the investments coming from the private sector to assist in the creation of an additional 3.3 million job opportunities by 2020.”