MIDA expects 2013 exports to post positive growth

Business & Markets 2013
Written by Bernama
Thursday, 14 November 2013 11:23
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KUALA LUMPUR (Nov 14): The Malaysian Investment Development Authority
(MIDA) expects national total exports for the year to record positive growth
compared to 2012 with the manufacturing and services currently at a comfort
level.
Deputy Chief Executive Officer Datuk Azman Mahmud said despite the
uncertain global economy, fund inflow from locals and foreigners is still
impressive, and a better performance for the whole year is expected.
He noted that MIDA has set a target to secure a total of RM148 billion offtakes
for both sectors this year.
"Although there are challenges in the world, investments are still coming in."We
are still on track (to achieve the target) and we are monitoring it (progress)
closely. So far, we're quite happy with what we have achieved," he told
reporters after the launch of Yeo's latest product line here today.
In 2012, total exports of processed food amounted to RM13.3 billion, with 26
per cent contributed by beverages.
As at August, MIDA has approved a total of 2,050 projects with investments of
RM41.9 billion for food and beverage production, including 178 projects
approved for beverage production with investments of RM3.5 billion.
For the period of January-August 2013, a total of 43 projects with investments
of RM3.1 billion were approved for food processing, while two projects with
investments of RM112.4 million were approved for beverage production.
Azman said the contribution from the services sector to Malaysia's economy will
become more important with the country on its way to become a high-income
nation by 2020.
MIDA has focused on promoting not only the manufacturing sector but also on services like aerospace, oil and gas, manufacturing-related
services, logistics, hotel and tourism, he said.
Azman described the recently tabled Budget 2014 as "good overall for the economy", saying this in turn helps to boost investors'
confidence in the country's sustainable economy.
"With good policies and frameworks introduced, their (investors') confidence will be high and it could strengthen our ecosystem and
economic fundamentals," he added.