Mida: Investments set to break another record

by **Cals** Mon 10 Feb 2014, 10:39

Business & Markets 2014

Written by Fatin Rasyiqah Mustaza & Supriya Surendran of theedgemalaysia.com

Monday, 10 February 2014 10:17

KUALA LUMPUR: Malaysia will likely break another record in approved investments for 2013 compared with RM162.4 billion recorded the previous year, said the Malaysian Investment Development Authority (Mida).

The organisation’s outgoing chief executive officer (CEO) Datuk Noharuddin Nordin told reporters during his final clock-out last Friday, that Mida has so far been able to achieve its targets by growing its investments in Malaysia.

“In fact, the level of investments in 2012 was the highest ever and although we have not announced the figure for 2013, the figure we have until September last year shows there was a tremendous increase over the corresponding period,” said Noharuddin.

He added that Mida is expecting its investment figure for full year 2013 to set a new record, and he hopes this trend will continue in line with the government’s aim to achieve developed nation status by 2020.

In 2012, Mida’s total approved investments amounted to RM162.4 billion, of which domestic investments accounted for RM127.6 billion and foreign investments the remaining RM34.8 billion.

Between January and September 2013, Mida’s total approved investments stood at RM136.9 billion, up 26% from RM108.5 billion the previous year. Out of this total, domestic investments amounted to RM94.1 billion and foreign investments totalled RM42.8 billion.

Noharuddin was previously quoted saying that he was confident of achieving more than RM167 billion worth of investments for full year 2013.

“What we want to do now is to further increase domestic investment without sacrificing foreign direct investment (FDI) because FDI is important as it not only brings money into the country but more importantly technology, marketing network and knowledge,” he said.

He said what Mida wants to do for domestic investment is to encourage Malaysian companies to venture into more high-technology sectors rather than the traditional ones.

Noharuddin will be succeeded by Mida deputy CEO I Datuk Azman Mahmud who will assume the CEO’s post today.

On his post-retirement plans, Noharuddin said he plans to take a break. “Once I get bored, then I’ll start thinking of something. But first I want to feel what retirement means.”

Asked whether he has any offers of directorships, he said: “I’m not going to say anything, I’m going to retire.”

Azman said he will continue the legacy that Noharuddin has laid.

“Many transformation programmes have been outlined by Mida during Noharuddin’s tenure. I will work together with the senior management team of Mida as well as its external partners to be more proactive in efforts to secure high quality investments,” he said.

This article first appeared in The Edge Financial Daily, on February 10, 2014.