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Malaysia's Approved Investments To See 'Modest Growth' This Year, Says Mustapa
"Based on investments in the pipeline, this year will be better than 2013," he said.
The forecast came in the wake of the ministry's announcement today that Malaysia hit a record RM216.5 billion in approved investments last year, thanks to a stronger momentum from the manufacturing, services and primary sectors.
Last year's approved investment amount expanded 29 per cent year-on-year.
"The nation's economy is projected to sustain a growth of between five per cent and 5.5 per cent this year, which is in line with the average global economic growth of 3.2 per cent projected by The World Bank," said Mustapa to a press conference on "Malaysia's Investment Performance 2013" Friday.
"Global economic growth will gain momentum and prompt investors to turn their cash holdings into new investments," he said.
The government also aims to attract more quality investments to increase competitiveness among its Asean peers, he said.
It hopes to lure more inflows into niche areas such as chip design, photovoltaic, wafers, medical devices and pharmaceuticals, among others.
However, the minister cautioned that the month-long dry spell could impact investment sentiments.
"If the drought persists beyond March, we will have to do an investment assessment on its impact on agricultural and tourism sectors.
"However, the impact is minimal if it doesn't go beyond that. The manufacturing sector for the moment isn't much impacted," he said.
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