Malaysian Investment Development Authority (Mida) aims to attract RM55bil of investments in the manufacturing sector this year from RM47.2bil in 2010.
Director-general Datuk Jalilah Baba said Mida was currently negotiating with several serious investors.
“We have about RM14bil worth of investment in the pipeline that will be realised this year,” she told reporters after delivering her presentation on The RM1.4 trillion Question: Strategies To Attract and Boost Private Investments.
In 2010, the RM47.2bil worth of approved investment in manufacturing sector entailed 910 projects and is 44.8% higher than in 2009 when 766 projects worth RM32.6bil were approved.
She said Mida was now focusing on the oil and gas sector and planned to convert its oil and gas unit into a company in order to champion the sector.
“We did serious talks with the big oil and gas companies to invest in Malaysia,” she said.
During the presentation, Jalilah said in order to attract RM1.4 trillion worth of investment in 2020, Mida had outlined some strategies aimed at helping it achieve the target.
“One of them is by offering investment facilitation where we facilitate enquiries and visits for potential investors. We also handling their proposals for speedy approval as we want to make sure there is no ‘roadblocks’ to woo them here,” she said.
She added that Mida also want to give good impression on Malaysia as the right place for investment by working together with the publications and media to promote the country.
“We are also working together with other departments and ministries on the existing guidelines policy and whether we have to change some of them for improvement,” she said.
Mida, she said was aiming to become an effective agency not only for attracting quality investment but also local talents in overseas to come back and work in Malaysia.