KUALA LUMPUR, Nov 26 (Bernama) — No foreign investor has ceased plant operations in Malaysia and moved to another country, the Dewan Rakyat was told today.
The Deputy Minister of International Trade and Industry Datuk Liew Vui Keong said that neither had there been capital flight for that reason.
“This year, no foreign investor was reported to have ceased operations and moved elsewhere,” he said in reply to a question from Teo Nie Ching, the member of Parliament for Serdang.
Teo had asked the Ministry to state the number of foreign investors and the amount of money that had left Malaysia to date, this year.
“According to the United Nations Conference on Trade and Development 2008 report,it was found that though foreign direct investment in Malaysia had increased to RM29 billion in 2007, the outflow of capital reached RM38 bilion at the same time,” said Teo.
Liew said that the outflow of investment had been identified as “cross border investment”, where companies in Malaysia took the opportunity to investment overseas.
“This is a very positive feature for the country,” he added.
Meanwhile, Datuk Ismail Kasim, the member of Parliament for Arau asked the Ministry to state its strategy for making Malaysia the gateway for the Asean region.
Liew stated that among the measures being taken included creating a condusive investment climate through liberal and transparent policies to provide confidence for foreign investors.
He added that the government was also focusing on high technology industries and was encouraging foreign companies based in Malaysia, to change and diversify their operations by offering physical incentives.
He said that apart from this, the government had launched five development corridors in Malaysia as an added attraction for foreign investors. — BERNAMA
Article taken from Bernama.