Mustapa: FDIs up 42% to RM26.4b as at Sept

KUALA LUMPUR (Nov 28): Malaysia's foreign direct investments (FDIs) surged 42 per cent to RM26.4 billion as of end September as compared with RM18.6 billion in the same period last year.

The latest data from the Statistics Department indicates that the government's initiatives to spur economic growth are bearing fruition, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

"Based on the FDI inflows for the nine months, it is likely that this year's total FDI will exceed last year's figure," he said in a statement Monday.

Total FDI for 2010 was RM29.3 billion, while in 2009, it was RM5 billion.

Mustapa said Malaysia received strong FDIs in the first and second quarters of this year, totalling RM10.1 billion and RM11.07 billion, respectively.

However, the FDI in the third quarter moderated to RM5.17 billion, partly due to weaker external economic climate, especially the euro zone debt crisis and the US economic slowdown.

On private investments, Mustapa said the government was confident of achieving the targeted RM94 billion this year.

Private investments for the January-September period totalled RM75 billion as announced by the Finance Ministry recently. - Bernama