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FDIs And DDIs Equally Important To Drive Malaysian Economy

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FDIs And DDIs Equally Important To Drive Malaysian Economy

Post  Admin on Wed Mar 16, 2011 4:33 am

KUALA LUMPUR, March 8 (Bernama) -- Foreign direct investments (FDIs) and domestic direct investments (DDIs) are equally important in contributing to the country's economic growth, going forward, said Minister in the Prime Minister's Department Datuk Seri Idris Jala.

He said the focus of the Economic Transformation Programme (ETP) was to raise Gross National Income (GNI) through the implementation of Entry Point Projects (EPPs).

"Our main focus is to increase GNI and what the company intends to bring to the table. If what investors bring about contributes to GNI growth, we will support their investment.

"If you have locals who want to invest domestically, we should allow them to do so as the money will remain in the country," he told reporters after the announcement of the Fourth ETP Update here Tuesday.

Idris was commenting on whether there was a lack of FDIs in the ETP.

Earlier, Prime Minister Datuk Seri Najib Tun Razak unveiled an additional nine new projects under the ETP that would rake in RM2.26 billion in investments, including savings, and generate RM11.71 billion in GNI by 2020.

"The issue here is not just about FDIs but more to total private investments and whether the total sum is enough to power the country going forward.

"What's needed this year is RM83 billion," said Idris, who is also the Chief Executive Officer of the Performance Management & Delivery Unit (PEMANDU).

Of the RM83 billion targetted, 73 per cent would derive from DDIs while the remaining would come from FDIs, he said.

"It is a dynamic number and will change as we go along. If the domestic company does not have the capacity and foreign companies can invest and contribute to the GNI, we will certainly work with them," he added.

Meanwhile, General Electric President of Asean Stuart L. Dean said Malaysia has become attractive due to the comprehensive ETP, which reflected the government's commitment towards transforming the Malaysian economy.

The well-developed programme has outlined a clear operating scheme which has attracted the company to relook and explore new opportunities particularly in the healthcare industry, he said.

General Electric Malaysia, together with local partners including REDtone International, will invest RM30 million to develop the Diagnostic Services Nexus, a teleradiology hub.

The project will bring a GNI impact of RM540 million and create 1,585 new job opportunities, both by 2020.

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